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style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dorsey Wright Dynamic Focus 5 ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Dynamic Focus Five</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0000 0.0000 0.0057 0.0087 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 89 278 482 1073 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">168%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.68 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 80% of its net assets (including investment borrowings) in the exchange-traded funds (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">ETFs</span><span style="font-family:Arial;font-size:9.00pt;">”) that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">expenses, the performance of the Index. The ETFs comprising the Index selection universe are advised by First Trust Advisors L.P., the Fund’s investment advisor (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">First Trust</span><span style="font-family:Arial;font-size:9.00pt;">” or the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Advisor</span><span style="font-family:Arial;font-size:9.00pt;">”). There may be ETFs not advised by First Trust that provide </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">similar exposure or employ similar investment strategies that have lower fees or better performance over certain time periods that are not included in the Index. First Trust receives advisory fees from the ETFs which it would not otherwise receive if the ETFs were not constituents of the Index.</span><span style="font-family:Arial;font-size:9.00pt;"> The Index is owned and was developed by Dorsey Wright &amp; Associates, LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Index Provider</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”). The Index Provider has retained Nasdaq, Inc. to calculate and maintain the Index. Nasdaq, Inc. may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to track the performance of five sector- and industry-based exchange-traded funds from the First Trust Portfolios product line that demonstrate powerful relative strength characteristics. The Index is designed to provide targeted exposure to the five ETFs that the Index Provider believes offer the greatest potential to outperform the other ETFs in the selection universe. To be eligible for inclusion in the Index, a security must be an ETF sponsored by First Trust Portfolios. It must be either the First Trust Enhanced Short Maturity ETF (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"FTSM"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), an ultra-short </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">duration ETF, or one that is designed to target a specific sector or industry group or that has a significant overweight toward a particular sector or industry group. Security eligibility is determined at the sole discretion of the Index Provider. FTSM is also evaluated and its inclusion and weight in the Index is adjusted based upon its rank relative to the selection universe of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">sector and industry-based ETFs chosen by the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, relative strength measures a security's performance relative to that of other securities, benchmarks or broad market indexes. Relative strength is a momentum technique that relies on unbiased, unemotional, objective data, rather than biased forecasting and subjective research. Relative strength is a way of recording historical performance patterns, and the Index Provider uses relative strength signals as an indicator for current momentum trends of a security relative to others. The Index uses the price data of the selected First Trust sector- and industry-based ETFs to perform the relative strength analysis. When determining relative strength, the Index Provider takes into account a variety of factors to track movements and trends of securities prices over various time periods. The Index is composed of five ETFs representing at least three broad sectors, defined as the primary weight-holding sector within an ETF, and in certain situations also contains FTSM. The ETFs held by the Fund may invest in non-U.S. securities, including depositary receipts, companies with various market capitalizations and growth and value stocks. The Fund may also invest in ETFs which invest in asset-backed securities, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">floating-rate securities, mortgage-related securities, non-agency securities and U.S. government securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe of the Index begins with all of the First Trust ETFs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index then narrows the eligible universe to FTSM and the First Trust ETFs that are designed to target a specific sector or industry group, or that have a significant overweight towards a particular sector or industry group, as determined by the Index Provider. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The sector- and industry-based First Trust ETFs are then ranked using a relative strength methodology that is based upon each ETF’s market performance. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index Provider then selects the five top-ranking First Trust sector- and industry-based ETFs based on current Index constituency and the Index Provider's proprietary relative strength methodology. The Index will always be comprised of five First Trust sector- and industry-based ETFs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is reconstituted on a semi-monthly basis (occurring in the second and fourth weeks of the month containing a Friday with the exception of the month of December wherein the Index holdings are evaluated once, on the second week of the month containing a Friday). The Index is rebalanced in conjunction with the Index reconstitution. The five First Trust sector- and industry-based ETFs are given equal weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">FTSM is selected for Index inclusion if its relative strength ranking is among the top 67% of all rankings. FTSM's target Index weight is equal to its percentile rank, subject to a 33 percentage point maximum change in weight from one rebalance to the next. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted periodically and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s periodic rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;">extent that the Index is so concentrated. As of December 31, 2025, the Index was composed of the following First Trust ETFs:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">First Trust Dow Jones Internet Index Fund </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Enhanced Short Maturity ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">First Trust Financials AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Indxx Aerospace &amp;</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Defense ETF </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Nasdaq Semiconductor ETF </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Utilities AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction or investment sector. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">FTSM </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">FTSM’s investment objective is to seek current income, consistent with preservation of capital and daily liquidity. Under normal market conditions, FTSM intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed and variable rate debt securities, including securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities, residential and commercial mortgage-backed securities, asset-backed securities, U.S. corporate bonds, fixed income securities issued by non-U.S. corporations and governments, municipal obligations, privately issued securities and other debt securities bearing fixed or floating interest rates. FTSM may also invest in money market securities. FTSM intends to limit its investments in privately-issued, non-agency sponsored mortgage- and asset-backed securities</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and ‘AAA’-rated collateralized loan obligations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“CLOs”</span><span style="font-family:Arial;font-size:9.00pt;">) to 35% of its net assets.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">FTSM may invest up to 10% of its net assets in ‘AAA’-rated CLOs. Under normal market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">conditions, FTSM’s portfolio is expected to have an average duration of less than one year and an average maturity of less than three years. Additional information regarding FTSM, including its prospectus and most recent annual report, is available </span><span style="font-family:Arial;font-size:9.00pt;">without charge by visiting http://www.ftportfolios.com/Retail/Etf/EtfFundNews.aspx?Ticker=FTSM.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AEROSPACE AND DEFENSE COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that invest significantly in aerospace and defense </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies. Aerospace and defense companies are subject to numerous risks, including fierce competition, consolidation, adverse political, economic and governmental developments, substantial research and development costs, cuts in government funding, product and technology obsolescence, limited numbers of potential customers and decreased demand for new equipment. In addition, companies involved in the commercial aerospace industry are also subject to aircraft order cancellations, changes in aircraft-leasing contracts, excess capacity, cutbacks in profitable business travel, fuel price hikes, labor union settlements, adverse changes in international politics and relations, intense global competition, government regulation and cyclical market patterns. Aerospace and defense companies rely heavily on U.S. Government and other government demand for their products and services. As a result, these companies could be adversely impacted by future reductions or changes in government spending. Such government spending on aerospace and defense is not generally correlated with economic cycles, but rather with general political support for this type of spending. There is no assurance that future levels of spending on aerospace and defense will increase or that such spending will not decrease in the future. Competition, labor relations and the price of fuel can impact aerospace and defense companies. In addition, deregulation of airlines has substantially decreased the U.S. Government’s role in the air transport industry while promoting competition. However, the profitability of individual carriers as well as the entire industry could be impacted by the regulations and policies of various domestic and foreign </span><span style="font-family:Arial;font-size:9.00pt;">governments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASSET-BACKED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that holds asset-backed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. Asset-backed securities are debt securities typically created by buying and pooling loans or other receivables other than mortgage loans and creating securities backed by those similar type assets. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. These securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of underlying assets, may result in a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">reduction in the value of such asset-backed securities and losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to call risk. Some debt securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may be redeemed, or “called,” at the option of the issuer before their stated maturity date. In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The ETF is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The ETF would </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in the Fund’s income.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CLO RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold CLOs. CLOs bear many of the same risks as other forms of asset-backed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, including credit risk, interest rate risk, liquidity risk and valuation risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk, expected maturity, priority of payment and yield. CLOs may experience substantial losses. Losses on underlying loans are typically borne first by the holders of subordinate tranches. Investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, when the asset class broadly declines, or during periods of market anticipation of defaults and investor aversion to CLO securities as a class. Certain CLO tranches may contain underlying loans that are "payment-in-kind" assets, where interest is paid through the issuance of additional debt rather than cash, which could have negative effects on the performance of a </span><span style="font-family:Arial;font-size:9.00pt;">CLO tranche.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">CONCENTRATED INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The Fund may</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">invest a significant percentage of its assets in a small number of ETFs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to subjecting the Fund to the risks of investing in such ETFs as described in this prospectus</span><span style="font-family:Arial;font-size:9.00pt;">, this subjects the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to the</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">risk that</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a decline in the value of one or more ETFs could have a significant negative impact on the Fund's net asset </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">value and your investment</span><span style="font-family:Arial;font-size:9.00pt;">. In addition,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the overall performance of the Fund will be largely dependent on the performance </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of this small number of ETFs</span><span style="font-family:Arial;font-size:9.00pt;">, and if any of those ETFs experiences negative performance or fails to achieve its investment </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">objective,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund and your investment could be significantly negatively impacted. Additionally, if the Fund owns a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">percentage of the outstanding shares of an ETF</span><span style="font-family:Arial;font-size:9.00pt;">, large purchases and sales of the ETF's shares by the Fund may create a number </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of risks for the ETF and its shareholders (including the Fund)</span><span style="font-family:Arial;font-size:9.00pt;">, including impacts to the</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">ETF's size,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">market price,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">liquidity,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">bid/ask </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">spreads,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">portfolio turnover and transaction costs, tax efficiency and ability to trade underlying securities advantageously. These risks may be exacerbated for newer ETFs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONFLICT OF INTEREST RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in other ETFs that are also advised by, or are otherwise affiliated with, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Advisor. Because the Fund pays management fees in connection with its investments in other ETFs, the Advisor has a financial incentive to cause the Fund to invest in ETFs for which it also serves as investment advisor. The Advisor may invest in an affiliated ETF even in circumstances where an unaffiliated ETF may have lower fees or better performance over certain </span><span style="font-family:Arial;font-size:9.00pt;">time periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to credit risk. An issuer or other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">obligated party of a debt security held by an ETF may be unable or unwilling to make dividend, interest and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the issuer’s ability or unwillingness </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that holds debt securities. Investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or exchange offers that modify </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually subordinated, less liquid, or </span><span style="font-family:Arial;font-size:9.00pt;">of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold depositary receipts. Depositary receipts represent equity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interests in a foreign company that trade on a local stock exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to trade at a discount or premium to the market price of the depositary receipts.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold equity securities. The value of an underlying fund's shares will </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">fluctuate with changes in the value of the equity securities in which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market </span><span style="font-family:Arial;font-size:9.00pt;">as a whole, or they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to extension risk. Extension </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that holds floating rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. Floating rate securities are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. As a result, the coupon on floating rate securities will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the security. A floating rate security’s coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate securities may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would decrease the value of the security.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that utilize a growth style of investing. Stocks exhibiting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">growth characteristics tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in current or expected earnings and may lack dividend payments that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to income risk. The Fund’s income </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX REBALANCE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Pursuant to the methodology that the Index Provider uses to calculate and maintain the Index, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may own a significant portion of the First Trust ETFs included in the Fund. Any such ETF may be removed from the Index in the event that it does not comply with the eligibility requirements of the Index. As a result, the Fund may be forced to sell shares of certain First Trust ETFs at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Index to, for example, correct an error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may increase the Fund’s costs and market exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to inflation risk. Inflation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of money. As inflation increases, the present value of the Fund’s assets and distributions may decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to interest rate risk. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is subject to interest rate risk because the value of the debt securities held by the ETFs in which the Fund invests will decline with rising market interest rates. Interest rate risk is the risk that the value of the debt securities in an underlying fund’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration. </span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNET COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The Fund invests in ETFs that invest significantly in internet companies. Internet companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company's business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or </span><span style="font-family:Arial;font-size:9.00pt;">adapt its services or infrastructure, which could have a material adverse effect on an Internet company's business.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold the securities of large capitalization </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large </span><span style="font-family:Arial;font-size:9.00pt;">capitalization companies also tends to trail the overall market during different market cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to liquidity risk. The ETF may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">hold certain investments that may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the ETF may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the ETF currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on the ETF's shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that holds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage-related securities. Mortgage-related securities are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk and extension risk, given that mortgage loans generally allow borrowers to refinance. In periods of declining interest rates, borrowers may be more apt to prepay their mortgage sooner than expected. This can reduce the returns to the security holder as the amount of interest related to the price may be reduced while the proceeds may have to be reinvested at lower prevailing interest rates. This is prepayment risk. In periods of rising interest rates, borrowers may be less likely to refinance than expected thus extending the cash flows of the security such that there is increased downward price sensitivity to interest rate changes. This is extension risk. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with prepayment risk, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-AGENCY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that holds non-agency </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. Investments in asset-backed or mortgage-backed securities offered by non-governmental issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. There are no direct or indirect government or agency guarantees of payments in loan pools created by non-government issuers. Securities issued by private issuers are subject to the credit risks of the issuers. An unexpectedly high rate of defaults on the loan pool may adversely affect the value of a non-agency security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of pools that include subprime loans. Non-agency securities are typically traded “over-the-counter” rather than on a securities exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, the non-agency mortgage-related securities held by the Fund may be particularly difficult to value because of the complexities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">involved in assessing the value of the underlying loans and the value of these securities can change dramatically over time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold non-U.S. securities. Non-U.S. securities are subject to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">standards, and less government supervision and regulation of securities exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that is subject to prepayment risk. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the ETF may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment in the ETF to change.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SEMICONDUCTOR COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that invest significantly in semiconductor companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Semiconductor companies are primarily involved in the design, distribution, manufacture and sale of semiconductors. Semiconductor companies are significantly affected by rapid obsolescence, intense competition and global demand. The securities of such issuers are subject to the risk that they will underperform the market as a whole due to legislative or regulatory </span><span style="font-family:Arial;font-size:9.00pt;">changes. The prices of the securities of semiconductor companies may fluctuate widely in response to such events.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold the securities of small and/or mid capitalization companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in an ETF that holds U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">government securities. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UTILITIES COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that invest significantly in utilities companies. Utilities companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">include companies producing or providing gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">government regulation, domestic and international politics, price and supply fluctuations, volatile interest rates and energy </span><span style="font-family:Arial;font-size:9.00pt;">conservation may negatively affect utilities companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in an ETF that holds securities or other assets that may be valued on the basis of factors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that utilize a value style of investing. The intrinsic value of a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dorsey Wright Dynamic Focus 5 ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">18.69%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-18.53%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1869 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1853 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0246 0.0464 0.0735 2016-03-17 0.0138 0.0405 0.0691 0.0144 0.0334 0.0574 0.0280 0.0508 0.0774 0.1788 0.1442 0.1512 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dorsey Wright Focus 5 ETF (FV)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dorsey Wright Focus 5 ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Focus Five</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0000 0.0000 0.0059 0.0089 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 91 284 493 1096 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">60%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the exchange-traded funds (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">ETFs</span><span style="font-family:Arial;font-size:9.00pt;">”) that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">expenses, the performance of the Index. The ETFs comprising the Index selection universe are advised by First Trust Advisors L.P., the Fund’s investment advisor. </span><span style="font-family:Arial;font-size:9.00pt;">There may be ETFs not advised by First Trust Advisors L.P. that provide similar exposure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or employ similar investment strategies that have lower fees or better performance over certain time periods that are not included in the Index. First Trust Advisors L.P. receives advisory fees from the ETFs which it would not otherwise receive if the ETFs were not constituents of the Index.</span><span style="font-family:Arial;font-size:9.00pt;"> The Index is owned and was developed by Dorsey Wright &amp; Associates, LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider has retained Nasdaq, Inc. to calculate and maintain the Index. Nasdaq, Inc. may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to track the performance of five sector- and industry-based exchange-traded funds from the First Trust Portfolios product line that demonstrate powerful relative strength characteristics. The Index is designed to provide targeted exposure to the five ETFs that the Index Provider believes offer the greatest potential to outperform the other ETFs in the selection universe. The Index Provider believes that the most adaptive tool to achieve the goal of discerning the strongest trends versus that of the weakest is relative strength. According to the Index Provider, relative strength measures a security's performance relative to that of other securities, benchmarks or broad market indexes. Relative strength is a momentum technique that relies on unbiased, unemotional, objective data, rather than biased forecasting and subjective research. Relative strength is a way of recording historical performance patterns, and the Index Provider uses relative strength signals as an indicator for current momentum trends of a security relative to others. The Index uses the price data of the selected First Trust sector- and industry-based ETFs to perform the relative strength analysis. When determining relative strength, the Index Provider takes into account a variety of factors to track movements and trends of securities prices over various time periods. The Index is composed of five ETFs representing at least three broad sectors, defined as the primary weight-holding sector within an ETF. The ETFs held by the Fund may invest in non-U.S. securities, including depositary receipts, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies with various market capitalizations and growth and value stocks. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe of the Index begins with all of the First Trust ETFs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index Provider then identifies the First Trust ETFs that are designed to target a specific sector or industry group, or that have a significant overweight towards a particular sector or industry group, as determined by the Index Provider. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The components are then ranked using a relative strength methodology that is based upon each ETF’s market performance. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index Provider selects the five top-ranking First Trust ETFs based on current Index constituency and the Index Provider's proprietary relative strength methodology. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is reconstituted on a semi-monthly basis (occurring in the second and fourth weeks of the month containing a Friday with the exception of the month of December wherein the Index holdings are evaluated once, on the second week of the month containing a Friday). The Index is rebalanced in conjunction with the Index reconstitution. The five First Trust ETFs are given equal weight in the Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted periodically and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s periodic rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;">extent that the Index is so concentrated. As of December 31, 2025, the Index was composed of the following First Trust ETFs:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">First Trust Dow Jones Internet Index Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">First Trust Financials AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Indxx Aerospace &amp;</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Defense ETF </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Nasdaq Semiconductor ETF </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Utilities AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction or investment sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AEROSPACE AND DEFENSE COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that invest significantly in aerospace and defense </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies. Aerospace and defense companies are subject to numerous risks, including fierce competition, consolidation, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">adverse political, economic and governmental developments, substantial research and development costs, cuts in government funding, product and technology obsolescence, limited numbers of potential customers and decreased demand for new equipment. In addition, companies involved in the commercial aerospace industry are also subject to aircraft order cancellations, changes in aircraft-leasing contracts, excess capacity, cutbacks in profitable business travel, fuel price hikes, labor union settlements, adverse changes in international politics and relations, intense global competition, government regulation and cyclical market patterns. Aerospace and defense companies rely heavily on U.S. Government and other government demand for their products and services. As a result, these companies could be adversely impacted by future reductions or changes in government spending. Such government spending on aerospace and defense is not generally correlated with economic cycles, but rather with general political support for this type of spending. There is no assurance that future levels of spending on aerospace and defense will increase or that such spending will not decrease in the future. Competition, labor relations and the price of fuel can impact aerospace and defense companies. In addition, deregulation of airlines has substantially decreased the U.S. Government’s role in the air transport industry while promoting competition. However, the profitability of individual carriers as well as the entire industry could be impacted by the regulations and policies of various domestic and foreign </span><span style="font-family:Arial;font-size:9.00pt;">governments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">CONCENTRATED INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The Fund may</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">invest a significant percentage of its assets in a small number of ETFs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to subjecting the Fund to the risks of investing in such ETFs as described in this prospectus</span><span style="font-family:Arial;font-size:9.00pt;">, this subjects the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to the</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">risk that</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a decline in the value of one or more ETFs could have a significant negative impact on the Fund's net asset </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">value and your investment</span><span style="font-family:Arial;font-size:9.00pt;">. In addition,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the overall performance of the Fund will be largely dependent on the performance </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of this small number of ETFs</span><span style="font-family:Arial;font-size:9.00pt;">, and if any of those ETFs experiences negative performance or fails to achieve its investment </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">objective,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund and your investment could be significantly negatively impacted. Additionally, if the Fund owns a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">percentage of the outstanding shares of an ETF</span><span style="font-family:Arial;font-size:9.00pt;">, large purchases and sales of the ETF's shares by the Fund may create a number </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of risks for the ETF and its shareholders (including the Fund)</span><span style="font-family:Arial;font-size:9.00pt;">, including impacts to the</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">ETF's size,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">market price,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">liquidity,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">bid/ask </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">spreads,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">portfolio turnover and transaction costs, tax efficiency and ability to trade underlying securities advantageously. These risks may be exacerbated for newer ETFs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONFLICT OF INTEREST RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in other ETFs that are also advised by, or are otherwise affiliated with, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Advisor. Because the Fund pays management fees in connection with its investments in other ETFs, the Advisor has a financial incentive to cause the Fund to invest in ETFs for which it also serves as investment advisor. The Advisor may invest in an affiliated ETF even in circumstances where an unaffiliated ETF may have lower fees or better performance over certain </span><span style="font-family:Arial;font-size:9.00pt;">time periods.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold depositary receipts. Depositary receipts represent equity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interests in a foreign company that trade on a local stock exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to trade at a discount or premium to the market price of the depositary receipts.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold equity securities. The value of the Fund's shares will fluctuate </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with changes in the value of the equity securities in which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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 </span><span style="font-family:Arial;font-size:9.00pt;">whole, or they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that utilize a growth style of investing. Stocks exhibiting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">growth characteristics tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in current or expected earnings and may lack dividend payments that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX REBALANCE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Pursuant to the methodology that the Index Provider uses to calculate and maintain the Index, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may own a significant portion of the First Trust ETFs included in the Fund. Any such ETF may be removed from the Index in the event that it does not comply with the eligibility requirements of the Index. As a result, the Fund may be forced to sell shares of certain First Trust ETFs at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Index to, for example, correct an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may increase the Fund’s costs and market exposure.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNET COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The Fund invests in ETFs that invest significantly in internet companies. Internet companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company's business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or </span><span style="font-family:Arial;font-size:9.00pt;">adapt its services or infrastructure, which could have a material adverse effect on an Internet company's business.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold the securities of large capitalization </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large </span><span style="font-family:Arial;font-size:9.00pt;">capitalization companies also tends to trail the overall market during different market cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold non-U.S. securities. Non-U.S. securities are subject to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">standards, and less government supervision and regulation of securities exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SEMICONDUCTOR COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that invest significantly in semiconductor companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Semiconductor companies are primarily involved in the design, distribution, manufacture and sale of semiconductors. Semiconductor companies are significantly affected by rapid obsolescence, intense competition and global demand. The securities of such issuers are subject to the risk that they will underperform the market as a whole due to legislative or regulatory </span><span style="font-family:Arial;font-size:9.00pt;">changes. The prices of the securities of semiconductor companies may fluctuate widely in response to such events.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold the securities of small and/or mid capitalization companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UTILITIES COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that invest significantly in utilities companies. Utilities companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">include companies producing or providing gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply fluctuations, volatile interest rates and energy </span><span style="font-family:Arial;font-size:9.00pt;">conservation may negatively affect utilities companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that utilize a value style of investing. The intrinsic value of a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dorsey Wright Focus 5 ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">24.00%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-18.19%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2018</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2400 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1819 2018-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0727 0.0986 0.1096 0.1070 2014-03-05 0.0698 0.0961 0.1071 0.1048 0.0430 0.0769 0.0896 0.0886 0.0762 0.1025 0.1135 0.1107 0.1788 0.1442 0.1482 0.1359 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dorsey Wright International Focus 5 ETF (IFV)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dorsey Wright International Focus 5 ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright International Focus Five</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0000 0.0000 0.0084 0.0114 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 116 362 628 1386 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">80%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.80 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund normally invests at least 90% of its net assets (including investment borrowings) in the exchange-traded funds (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“ETFs”</span><span style="font-family:Arial;font-size:9.00pt;">) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The ETFs comprising the Index selection universe are advised by First Trust Advisors L.P., the Fund’s investment advisor. </span><span style="font-family:Arial;font-size:9.00pt;">There may be ETFs not advised by First Trust Advisors L.P. that provide similar exposure or employ </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">similar investment strategies that have lower fees or better performance over certain time periods that are not included in the Index. First Trust Advisors L.P. receives advisory fees from the ETFs which it would not otherwise receive if the ETFs were not constituents of the Index.</span><span style="font-family:Arial;font-size:9.00pt;"> The ETFs hold non-U.S. equity securities, including depositary receipts, of all market capitalization </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ranges. In general, “non-U.S.” shall mean securities issued or guaranteed by companies organized under the laws of countries other than the United States (including emerging markets). The Index is owned and was developed by Dorsey Wright &amp; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Associates, LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider has retained Nasdaq, Inc. to calculate and maintain the Index. Nasdaq, Inc. may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of five </span><span style="font-family:Arial;font-size:9.00pt;">ETFs from the First Trust Portfolios </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">product line that demonstrate powerful relative strength characteristics. The Index is designed to provide targeted exposure to the five ETFs that the Index Provider believes offer the greatest potential to outperform the other ETFs in the selection universe. The Index Provider believes that the most adaptive tool to achieve the goal of discerning the strongest trends versus that of the weakest is relative strength. According to the Index Provider, relative strength measures a security's performance relative to that of other securities, benchmarks or broad market indexes. Relative strength is a momentum technique that relies on unbiased, unemotional, objective data, rather than biased forecasting and subjective research. Relative strength is a way of recording historical performance patterns, and the Index Provider uses relative strength signals as an indicator for current momentum trends of a security relative to others. The Index uses the price data of the selected First Trust ETFs to perform relative strength analysis. When determining relative strength, the Index Provider takes into account a variety of factors to track movements and trends of securities prices over various time periods. The ETFs held by the Fund may invest </span><span style="font-family:Arial;font-size:9.00pt;">in growth and value stocks and U.S. dollar denominated and non-U.S. dollar denominated securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe of the Index begins with all of the First Trust ETFs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index Provider then identifies the First Trust ETFs that are designed to target a specific country or region excluding the United States, or that have a significant overweight towards a particular country or region excluding the United States, as determined by the Index Provider. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The components are then ranked using a relative strength methodology that is based upon each ETF’s market performance and characteristics that the Index Provider believes offer the greatest potential to outperform the other ETFs in the selection universe. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index Provider then selects the five top-ranking First Trust ETFs according to the proprietary relative strength methodology for inclusion in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is reconstituted on a semi-monthly basis in the first and third weeks of the month containing a Friday. The ETFs are only sold when they fall sufficiently out of favor versus the other members of the inventory on a relative strength basis. A new ETF is only added to the Index when an ETF in the Index is sold. When an addition or deletion is made, the Index is rebalanced so that each position is equally weighted. Security additions and deletions are made periodically and will become effective after the close of trading on the Friday following the announced effective date of the changes. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted periodically and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s periodic rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of the following First Trust ETFs: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">First Trust China AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Europe AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;line-height:9.84pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Fund </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Eurozone AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;line-height:9.84pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">ETF </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">First Trust Germany AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">First Trust United Kingdom AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction or investment sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CHINA RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold securities of Chinese issuers. As such, an underlying fund is subject to certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks specifically associated with investments in the securities of Chinese issuers, including those issuers with securities listed on the Hong Kong Stock Exchange. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in China or for U.S. authorities to pursue. The central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">have a negative impact on China’s export industry and a commensurately negative impact on an underlying fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONCENTRATED INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest a significant percentage of its assets in a small number of ETFs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to subjecting the Fund to the risks of investing in such ETFs as described in this prospectus, this subjects the Fund to the risk that a decline in the value of one or more ETFs could have a significant negative impact on the Fund's net asset value and your investment. In addition, the overall performance of the Fund will be largely dependent on the performance of this small number of ETFs, and if any of those ETFs experiences negative performance or fails to achieve its investment objective, the Fund and your investment could be significantly negatively impacted. Additionally, if the Fund owns a significant percentage of the outstanding shares of an ETF, large purchases and sales of the ETF's shares by the Fund may create a number of risks for the ETF and its shareholders (including the Fund), including impacts to the ETF's size, market price, liquidity, bid/ask spreads, portfolio turnover and transaction costs, tax efficiency and ability to trade underlying securities advantageously. These </span><span style="font-family:Arial;font-size:9.00pt;">risks may be exacerbated for newer ETFs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONFLICT OF INTEREST RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in other ETFs that are also advised by, or are otherwise affiliated with, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Advisor. Because the Fund pays management fees in connection with its investments in other ETFs, the Advisor has a financial incentive to cause the Fund to invest in ETFs for which it also serves as investment advisor. The Advisor may invest in an affiliated ETF even in circumstances where an unaffiliated ETF may have lower fees or better performance over certain </span><span style="font-family:Arial;font-size:9.00pt;">time periods.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in </span><span style="font-family:Arial;font-size:9.00pt;">an underlying ETF’s portfolio. The Fund’s net asset value could decline if a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">currency to which </span><span style="font-family:Arial;font-size:9.00pt;">an underlying ETF has exposure depreciates against the U.S. dollar or if there are delays or limits on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a </span><span style="font-family:Arial;font-size:9.00pt;">result, the value of an investment in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold depositary receipts. Depositary receipts represent equity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interests in a foreign company that trade on a local stock exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to trade at a discount or premium to the market price of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold securities of issuers located in emerging market countries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investments in securities issued by governments and companies operating in emerging market countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. The index the Fund seeks to track may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold equity securities. The value of the Fund's shares will fluctuate </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with changes in the value of the equity securities in which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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 </span><span style="font-family:Arial;font-size:9.00pt;">whole, or they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold securities of European issuers. As such, an underlying fund is subject to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain risks specifically associated with investments in the securities of European issuers. Political or economic disruptions in European countries, even in countries in which an underlying fund is not invested, may adversely affect security values and thus the underlying fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), and the member states no longer control their own monetary policies by directing independent interest rates for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Brexit”</span><span style="font-family:Arial;font-size:9.00pt;">). After years of negotiations between the United Kingdom and the EU, a withdrawal agreement was </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">reached whereby the United Kingdom formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom’s withdrawal are difficult to gauge and cannot be fully known. Its departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries or sparking additional member states to contemplate departing the EU (thereby perpetuating political instability </span><span style="font-family:Arial;font-size:9.00pt;">in the region).</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GERMANY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold securities of German issuers. As such, an underlying fund is subject to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain risks specifically associated with investments in the securities of German issuers. The German economy is dependent to a significant extent on the economies of certain key trading partners, including the United States, France, Italy and other European countries. Reduction in spending on German products and services, or changes in any of the economies may have an adverse impact on the German economy. In addition, heavy regulation of labor and product markets in Germany may have an adverse effect on German issuers. Such regulations may negatively impact economic growth or cause prolonged periods of recession. Concerns regarding the economic health of the EU have led to tremendous downward pressure on certain financial institutions, including German financial services companies. Secessionist movements, such as the Catalan movement in Spain, </span><span style="font-family:Arial;font-size:9.00pt;">may have an adverse effect on the German economy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that utilize a growth style of investing. Stocks exhibiting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">growth characteristics tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in current or expected earnings and may lack dividend payments that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX REBALANCE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Pursuant to the methodology that the Index Provider uses to calculate and maintain the Index, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may own a significant portion of the First Trust ETFs included in the Fund. Any such ETF may be removed from the Index in the event that it does not comply with the eligibility requirements of the Index. As a result, the Fund may be forced to sell shares of certain First Trust ETFs at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Index to, for example, correct an error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may increase the Fund’s costs and market exposure.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold the securities of large capitalization </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large </span><span style="font-family:Arial;font-size:9.00pt;">capitalization companies also tends to trail the overall market during different market cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold non-U.S. securities. Non-U.S. securities are subject to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">standards, and less government supervision and regulation of securities exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in ETFs that hold the securities of small and/or mid capitalization companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNITED KINGDOM RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that hold securities of United Kingdom issuers. Investments in issuers </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">located in the United Kingdom may subject an underlying fund to regulatory, political, currency, security and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the European Union (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and to a lesser extent the United States and China. As a result, the economy of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">United Kingdom may be impacted by changes to the economic health of EU member counties, the United States and China. In 2016, the United Kingdom voted via referendum to leave the EU (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Brexit”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). After years of negotiations between the United </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom and the EU, a withdrawal agreement was reached whereby the United Kingdom formally left the EU. The precise impact on the United Kingdom’s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries, including the United States, China, India and Japan. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the United Kingdom’s loss of its membership in the EU single market. Certain sectors within the United Kingdom’s economy may be particularly affected by Brexit, including the automotive, chemicals, financial services and professional </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">services.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in ETFs that utilize a value style of investing. The intrinsic value of a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dorsey Wright International Focus 5 ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">23.49%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-34.77%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2349 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3477 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3176 0.0482 0.0548 0.0390 2014-07-22 0.3067 0.0381 0.0458 0.0305 0.1877 0.0322 0.0389 0.0263 0.3235 0.0520 0.0617 0.0433 0.3239 0.0791 0.0841 0.0587 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dorsey Wright Momentum &amp; Dividend ETF (DDIV)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dorsey Wright Momentum &amp; Dividend ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Dividend Yield</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">157%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.57 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity including, but not limited to, quantitative inclusion criteria. The Index Provider may also, due to special circumstances, if deemed essential, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">apply discretionary adjustments to ensure and maintain the high quality of the Index construction and calculation. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is comprised of securities selected based on individual stock momentum and dividend yield. In order to be eligible for inclusion in the Index, securities must be included in the Nasdaq US Large Mid Cap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and meet the liquidity requirements of the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Provider to determine Index eligibility. All securities in the Index universe are ranked using a proprietary relative </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">strength (momentum) measure. Each security’s score is based on intermediate and long term price movements relative to a representative market benchmark. A security’s momentum is the rate at which its price is accelerating. Momentum investing strategies are based on the principle that securities that have recently risen or fallen in price will continue that trend and that, </span><span style="font-family:Arial;font-size:9.00pt;">when evaluating two indices/securities, the index/security exhibiting the greater momentum will perform better. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Eligible securities based on the proprietary relative strength analysis described above are ranked based on their current dividend yield. The 50 securities with the highest dividend yields are selected for inclusion in the Index. Index security weights are determined by dividing each Index security’s dividend yield by the sum of the dividend yields of all Index securities. The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may invest in companies with various market capitalizations and REITs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index changes and, as a result, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. 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. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a </span><span style="font-family:Arial;font-size:9.00pt;">market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On September 6, 2018, the Fund’s underlying index changed from the Richard Bernstein Advisors Quality Income Index to the Dorsey Wright Momentum Plus Dividend Yield</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">for an underlying index are only disclosed for those periods in which the index was in existence for the whole period.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a </span><span style="font-family:Arial;font-size:9.00pt;">market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dorsey Wright Momentum &amp; Dividend ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">19.04%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-32.28%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1904 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3228 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1218 0.1392 0.1056 0.0935 2014-03-10 0.1126 0.1264 0.0931 0.0811 0.0718 0.1048 0.0796 0.0698 0.1297 0.1472 0.1212 0.1243 0.1083 0.1016 0.1788 0.1442 0.1482 0.1358 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">On September 6, 2018, the Fund's underlying index changed from the Richard Bernstein Advisors Quality Income Index to the Dorsey Wright Momentum Plus Dividend Yield</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;"> Index (the "Index"). Therefore, the Fund's performance and historical returns shown for the periods prior to September 6, 2018, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Index had an inception date of July 2, 2018, it was not in existence for all of the periods disclosed.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust NASDAQ Technology Dividend Index Fund (TDIV)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust NASDAQ Technology Dividend Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Technology Dividend</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0000 0.0000 0.0050 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 51 160 280 628 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">24%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.24 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of up to 100 technology and telecommunications companies that pay regular or common dividends. To be selected for the Index, a company must be classified under the technology industry or telecommunications industry as defined by the Industry Classification Benchmark and meet the minimum size, liquidity, listing and seasoning requirements of the index. The Index may include common stock, ordinary shares and depositary receipts. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index </span><span style="font-family:Arial;font-size:9.00pt;">Provider</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">to determine Index eligibility. The Fund may invest in companies with various market capitalizations and companies located in emerging markets. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, a security must have paid a regular or common dividend within the past 12 months, must not have had a decrease in common dividends per share paid within the past 12 months and must have a dividend yield of at least 0.5% to be eligible for inclusion in the Index. From the eligible securities, the 100 securities with the highest dividend paid per share over the previous 12 months are included in the Index. The Index employs a modified dividend value-weighted methodology in which securities' initial weights are determined by dividing each Index security’s trailing 12-month dividend value by the sum of all Index securities’ trailing 12-month dividend values. The dividend value is calculated by multiplying dividends paid within the past 12 months by the current shares outstanding. Initial Index weights are then adjusted separately by sector where technology companies are given a collective weight of 80% and telecommunication companies are given a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">collective weight of 20%. The Index weighting methodology includes caps to prevent high concentrations of any stock. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted semi-annually and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was comprised of 92 securities. As of December 31, 2025, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund had significant investments in information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction </span><span style="font-family:Arial;font-size:9.00pt;">or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was comprised of 92 securities. As of December 31, 2025, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund had significant investments in information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. The index the Fund seeks to track may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Company Act of 1940,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">amended (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased </span><span style="font-family:Arial;font-size:9.00pt;">volatility and be highly invested in certain issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust NASDAQ Technology Dividend Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">23.08%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-17.50%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2308 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1750 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2519 0.1655 0.1687 0.1517 2012-08-13 0.2442 0.1567 0.1582 0.1407 0.1487 0.1288 0.1370 0.1239 0.2595 0.1726 0.1762 0.1590 0.1788 0.1442 0.1482 0.1465 0.2404 0.2091 0.2430 0.2173 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust RBA American Industrial Renaissance</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> ETF (AIRR)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust RBA American Industrial Renaissance</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an index called the Richard Bernstein Advisors American Industrial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Renaissance</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0000 0.0000 0.0069 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 70 221 384 859 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">60%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Richard Bernstein Advisors LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“RBA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider has retained the ICE Data Indices, LLC to calculate and maintain the Index. The Index may be adjusted by the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index Provider for intra-rebalance corporate actions in order to maintain the continuity of the Index level and composition. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of small and mid cap U.S. companies in the industrial and community banking sectors. According to the Index Provider, the Index’s initial universe consists of all </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities in the Russell 2500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, which is screened to eliminate companies not focused on infrastructure, manufacturing, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transportation and related services such as banking by limiting to industrial sector companies chosen from the following industries: (a)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Aerospace &amp; Defense; (b) Air Freight &amp; Logistics; (c) Building Products; (d) Commercial Services &amp; Supplies; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(e)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Construction &amp; Engineering; (f) Electrical Equipment; (g) Ground Transportation; (h) Industrial Conglomerates; (i) Machinery; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(j)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Marine Transportation; (k) Trading Companies &amp; Distributors; and (l) Transportation Infrastructure. The Index Provider then </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">excludes non-industrial service companies (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> parking services, restaurant cleaning services, etc.). The Index Provider chooses </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">banks from states considered to be traditional manufacturing hubs, such as Pennsylvania, Wisconsin, Michigan, Ohio, Illinois, Indiana and Iowa. To ensure that the Index is composed of securities of companies that source the majority of their revenues from the United States, all securities issued by companies with non-U.S. sales of greater than or equal to 25% are excluded from the Index. Lastly, to be eligible for inclusion in the Index, securities must meet the listing, share price minimum, size and liquidity requirements of the Index and must be issued by companies that have a positive mean 12-months forward earnings consensus estimate. The Index Provider uses a proprietary, rules-based portfolio optimization model to risk-weight the securities. No constituent will exceed approximately 4% of the total Index, with a minimum weight of at least 0.5%. Bank </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities will be limited to a maximum of approximately 10% of the Index. The Fund may invest in depositary receipts. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 52 securities. As of December 31, 2025, the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">had significant investments in industrials companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment </span><span style="font-family:Arial;font-size:9.00pt;">sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 52 securities. As of December 31, 2025, the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">had significant investments in industrials companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COMMUNITY BANK RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Community banks were significantly impacted by the downturn in the United States and world </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">economies that began with the decline in the subprime mortgage lending market in the United States. These conditions have brought about legislative and regulatory changes, changes in short-term and long-term interest rates, inflation and changes in government monetary and fiscal policies, all of which have had a significant impact on the banking business. Unlike larger national or other regional banks that are more geographically diversified, a community bank’s financial performance may be highly dependent upon the business environment in certain geographic regions of the United States and may be adversely impacted by any downturn or unfavorable economic or employment developments in its local market and the United States as a whole. In particular, this environment impacts the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans. Also, the securities of community banks are often subject to low trading </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volume and low analyst coverage.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, two broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market indices and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, two broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market indices and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust RBA American Industrial Renaissance</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">31.89%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-31.00%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3189 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3100 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2792 0.2397 0.1976 0.1471 2014-03-10 0.2780 0.2388 0.1967 0.1460 0.1652 0.1976 0.1706 0.1258 0.2890 0.2490 0.2064 0.1558 0.1788 0.1442 0.1482 0.1358 0.1942 0.1366 0.1302 0.1150 0.1191 0.0726 0.1040 0.0878 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Rising Dividend Achievers ETF (RDVY)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Rising Dividend Achievers ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq US Rising Dividend Achievers</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0047 0.0000 0.0000 0.0047 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 48 151 263 591 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">69%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.69 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, developed, calculated and maintained by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index measures the performance of a selection of securities that have increased their dividend value over the previous three year and five year annual periods. </span><span style="font-family:Arial;font-size:9.00pt;">The Index is comprised of four Sub-Portfolios. The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index’s security eligibility criteria are evaluated within each Sub-Portfolio to determine which securities qualify for Index inclusion.</span><span style="font-family:Arial;font-size:9.00pt;"> In order to be eligible for inclusion in the Index, a security must be included in the Nasdaq US Benchmark Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">meet the size and liquidity requirements of the Index, and must not be classified as a Mortgage Real Estate Investment Trust or a Real Estate Investment Trust according to the Industry Classification Benchmark </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“ICB”</span><span style="font-family:Arial;font-size:9.00pt;">). A security must also be issued </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">by companies that meet the following characteristics: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> have paid a dividend in the trailing twelve-month period greater than </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the dividend paid in the trailing twelve-month period three and five years prior; (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> have a positive earnings-per-share in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">trailing 12-month period greater than earnings-per-share in the trailing 12-month period three years prior; (iii)</span><span style="font-family:Arial;font-size:9.00pt;"> have a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cash-to-debt ratio greater than 50%; and (iv)</span><span style="font-family:Arial;font-size:9.00pt;"> have a trailing 12-month period payout ratio no greater than 65%. Securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from the same issuer will be subject</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">to conditions controlled by the Index Provider to determine Index eligibility. The Fund may invest in companies with various market capitalizations and depositary receipts. </span><span style="font-family:Arial;font-size:9.00pt;">According to the Index Provider, each Sub-Portfolio is reconstituted annually during its designated Index reconstitution quarter. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If a company has a combined weight of 3% or more from the Sub-Portfolios not undergoing an Index reconstitution, the company will be ineligible for inclusion in the reconstituting Sub-Portfolio. During each Sub-Portfolio’s reconstitution, the securities </span><span style="font-family:Arial;font-size:9.00pt;">that meet the eligibility thresholds are ranked in descending order by dollar dividend increase over the previous </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">five year period and by current dividend yield and ascending order by payout ratio. These ranks are aggregated into a single </span><span style="font-family:Arial;font-size:9.00pt;">combined rank with up to 50 securities with the lowest (most favorable)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">combined ranks selected for inclusion in the Index. At least 33 of</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the selected companies must be classified as large-cap, according to the Index Provider. In the event of a tie, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the security with the higher dividend yield is given priority. </span><span style="font-family:Arial;font-size:9.00pt;">If an ICB industry is represented by more than 15 securities, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry’s </span><span style="font-family:Arial;font-size:9.00pt;">highest-ranked component is removed from the selection of up to 50 securities and is replaced with the next-ranked </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">eligible security </span><span style="font-family:Arial;font-size:9.00pt;">not from that industry. If necessary, the large-cap requirement may be relaxed in order to satisfy this constraint. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The selected securities for the reconstituting Sub-Portfolio are equally weighted and then combined with the Sub-Portfolios not undergoing a reconstitution to form the Index. Additionally, the Index is rebalanced annually in March so that each of the four Sub-Portfolios is equally weighted among each other, each representing 25% of the total Index weight. If an Index security </span><span style="font-family:Arial;font-size:9.00pt;">is present in multiple Sub-Portfolios, its combined weight across these Sub-Portfolios is used in the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Each Sub-Portfolio is reconstituted and rebalanced annually,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">resulting in at least a part of the Index being reconstituted and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rebalanced each quarter</span><span style="font-family:Arial;font-size:9.00pt;"> and the Fund will make corresponding changes to its portfolio shortly after the Index changes are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies and information technology companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index changes and, as a result, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies and information technology companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a </span><span style="font-family:Arial;font-size:9.00pt;">market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a </span><span style="font-family:Arial;font-size:9.00pt;">market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Rising Dividend Achievers ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">22.77%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-28.24%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2277 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2824 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1896 0.1365 0.1483 0.1298 2014-01-06 0.1838 0.1286 0.1401 0.1214 0.1120 0.1052 0.1203 0.1049 0.1960 0.1425 0.1546 0.1358 0.1212 0.1243 0.1083 0.1026 0.1788 0.1442 0.1482 0.1367 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust S&amp;P International Dividend Aristocrats ETF (FID)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust S&amp;P International Dividend Aristocrats ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an index called the S&amp;P International Dividend Aristocrats </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">51%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.51 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by S&amp;P Dow Jones Indices, LLC a division of S&amp;P Global (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SPDJI”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider reserves the right to make exceptions when applying the methodology </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">if the need arises. In addition, the Index Provider may revise Index policy covering rules for selecting companies, treatment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of dividends, share counts or other matters. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index measures the performance of non-U.S. companies within the S&amp;P Global Dividend Aristocrats Index (the "</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Base Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">"), which measures the performance of 100 of the highest dividend yielding companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">within the S&amp;P Global Broad Market Index. The S&amp;P Global Broad Market Index is an equity index measuring global stock market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">performance that includes companies domiciled in both developed and emerging markets. The Base Index narrows this initial universe by removing securities that do not meet the size, liquidity, stock class and listing venue requirements of the index. Selected securities for the Base Index must also meet the following eligibility requirements as of the last business day of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December of each year (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Annual Reconstitution Reference Date”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">): </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Dividend Growth.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Securities must have increased dividends or maintained stable dividends every year for at least the prior ten consecutive years. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Payout Ratio.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Securities must have a positive dividend payout ratio and non-current index components must have a maximum of 100% dividend payout ratio for addition to the index. The dividend payout ratio is the amount of dividend paid to stockholders relative to the amount of total net income of a company. It is calculated by dividing a security’s dividend-per-share amount by its earnings-per-share amount, using data from the prior twelve months. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Dividend Yield.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Securities must have a maximum 10% indicated dividend yield. A security’s indicated dividend yield is calculated by multiplying the amount of its most recent dividend payment by the number of dividend payments per year, and then dividing that number by the company’s stock price. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Base Index ranks the securities that meet these eligibility requirements based upon their indicated dividend yield as of the Annual Reconstitution Reference Date. The 100 securities with the highest indicated dividend yield are selected for inclusion in the Base Index, with the number of securities from each country capped at 20. If the number of securities from a country reaches 20, the highest yielding securities from other countries are selected until the number of securities in the Base Index reaches 100. If the eligible highest yielding securities are overly concentrated (beyond 35 securities) in an individual Global Industry Classification Standard (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) sector, the next highest yielding securities from the sector </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with less than 35 securities are selected until the number of securities in the Base Index reaches 100. If the number of eligible Base Index constituent securities is fewer than 100 at the time of the annual rebalancing, then the minimum float-adjusted market capitalization requirement is lowered and the requirement that a constituent security have increased or maintained stable dividends every year for at least the prior ten consecutive years is reduced so that a security may be eligible if it has </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">increased or maintained stable dividends every year for the prior seven consecutive years. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">From these 100 securities included in the Base Index, all U.S. domiciled securities are removed from the universe and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index selects all remaining companies. At each rebalancing, the Index selects a minimum of 80 constituents. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index constituents are weighted by indicated annual dividend yield in order to achieve a relatively high dividend yield. At each rebalancing, the weight for each Index constituent is capped at 3%, and the weight of each country and GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> sector is capped at 25%, respectively. The Fund may invest in companies with various market capitalizations and U.S. dollar denominated and non-U.S. dollar denominated securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced semi-annually and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. In addition, to the annual rebalancing and the monthly dividend review (the constituents are reviewed on a monthly basis for ongoing eligibility), the indices also undergo a secondary review for adherence to the constituent weighting criteria. Any changes due to the realignment of constituent weights with the weighting criteria or the removal of stocks no longer eligible for index inclusion become effective after the close of the last trading date of July. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, utilities companies, Canadian issuers, Asian </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers and European issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, utilities companies, Canadian issuers, Asian </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers and European issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain of these economies may be adversely affected by trade or policy disputes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. Governments of certain Asian countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CANADA RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in the securities of Canadian issuers. As such, the Fund is subject to certain risks specifically </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">associated with investments in the securities of Canadian issuers. The Canadian economy is heavily dependent on the demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. Canada is a top producer of zinc and uranium and a global source of many other natural resources, such as gold, nickel, aluminum, and lead. Conditions that weaken demand for such products worldwide could have a negative impact on the Canadian economy as a whole. Changes to the U.S. economy may significantly affect the Canadian economy because the United States is Canada’s largest trading partner and foreign investor. These and other factors could have a negative impact </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on the Fund and its investments in Canada.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. The index the Fund seeks to track may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and the member states no longer control their own monetary policies by directing independent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Brexit”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). After years of negotiations between the United Kingdom and the EU, a withdrawal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">agreement was reached whereby the United Kingdom formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom’s withdrawal are difficult to gauge and cannot be fully known. Its departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries or sparking additional member states to contemplate departing the EU (thereby perpetuating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">political instability in the region).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">UTILITIES COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Utilities companies include companies producing or providing gas, electricity or water. These </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply </span><span style="font-family:Arial;font-size:9.00pt;">fluctuations, volatile interest rates and energy conservation may negatively affect utilities companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On August 30, 2018, the Fund’s underlying index changed from the Nasdaq International Multi-Asset Diversified Income</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index to the S&amp;P International Dividend Aristocrats Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">for an underlying index are only disclosed for those periods in which the index was in existence for the whole period.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust S&amp;P International Dividend Aristocrats ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">16.19%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-29.05%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1619 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2905 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3221 0.0929 0.0709 0.0491 2013-08-22 0.2983 0.0744 0.0518 0.0292 0.1899 0.0636 0.0463 0.0280 0.3427 0.1087 0.5214 0.1269 0.0937 0.0703 0.3185 0.0946 0.0855 0.0710 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">On August 30, 2018, the Fund's underlying index changed from the Nasdaq International Multi-Asset Diversified Income</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;"> Index to the S&amp;P International Dividend Aristocrats Index. Therefore, the Fund’s performance and historical returns shown for the periods prior to August 30, 2018, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Index had an inception date of April 30, 2018, it was not in existence for all of the periods disclosed. The old index was terminated on November 23, 2018, so performance data does not exist for these time periods.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">Multi-Asset Diversified Income Index Fund (MDIV)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Multi-Asset Diversified Income Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and yield (before the Fund’s fees and expenses) of an index called the Nasdaq US Multi-Asset Diversified Income</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0023 0.0083 -0.0012 0.0071 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">January 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund's investment advisor's agreement to waive certain acquired fund fees and expenses will be terminated following January 31, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 73 253 449 1014 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">68%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.68 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and/or depositary receipts, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“REITs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities, master limited partnerships (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“MLPs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange-traded fund (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ETF”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">before fees and expenses, the performance of the Index. The Index is owned, developed, calculated and maintained by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in order to ensure Index integrity. The ETF in which the Fund invests may be advised by First Trust Advisors L.P., the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment advisor. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to provide exposure to multiple asset segments, each selected to seek a consistent and high yield performance. The Index is made up of five segments, each comprised of a constituent index focusing on a specific asset class. These five asset segments are: equity securities, REITs, preferred securities, MLPs and high yield corporate bonds. The Index allocates 20% of its weight to the equity securities segment, 20% of its weight to the REIT segment, 20% of its weight to the preferred stocks segment, 20% of its weight to the MLP segment and 20% of its weight to the high yield corporate bond segment. The Index provides exposure to the high yield corporate bond segment through an ETF that invests in high yield corporate debt securities. Each constituent index methodology utilizes separate and distinct eligibility and selection rules for each asset segment that are set forth below. The Fund may invest in companies with various market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">capitalizations, floating-rate securities and non-U.S. securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Equity Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, to be eligible for inclusion as part of the equity securities constituent index, a security must meet the following criteria: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> be a member of the Nasdaq US Benchmark</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Nasdaq Benchmark</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">); (ii) not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">be classified as a Real Estate Investment Trust or Mortgage Real Estate Investment Trust by the Industry Classification Benchmark (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ICB”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">); (iii) meet the minimum size requirements of the index; (iv) meet the minimum liquidity requirements of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the index; (v)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have paid a regular dividend for each of the last three consecutive years and have not suspended or discontinued </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its dividend payment; (vi)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have positive total earnings over the trailing twelve month period; (vii) have a dividend payout ratio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">less than or equal to 80%; and (viii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have one year realized volatility less than the Nasdaq US Benchmark</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index one-year realized volatility plus 15%. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Of the eligible companies, the top 50 securities ranked by dividend yield over the trailing twelve-month period are selected. If less than 50 securities are eligible, the securities that are next eligible based on the volatility screen are added until there are 50 constituent index securities. The securities are weighted based on modified dividend yield by dividing each security’s trailing twelve-month dividend yield by the aggregate trailing twelve-month dividend yield of all constituent index securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">No single security can have a weight greater than 8% of the constituent index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">REITs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, to be eligible for inclusion as part of the REIT constituent index, a security must meet the following criteria: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> be a member of the Nasdaq US Benchmark</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index; (ii) be classified as a Real Estate Investment Trust </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or Mortgage Real Estate Investment Trust by the ICB; (iii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> meet the minimum size requirements of the index; (iv) meet the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">minimum liquidity requirements of the index; (v)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have paid a regular dividend for each of the last three consecutive years and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have not suspended or discontinued its dividend payment; (vi)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have positive total earnings over the trailing twelve month </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">period; (vii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have a dividend payout ratio less than or equal to 150%; and (viii) have one-year realized volatility less than the Nasdaq US Benchmark Real Estate Investment Trusts</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index one-year realized volatility plus 15%. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Of the eligible companies, the top 25 securities ranked by dividend yield over the trailing twelve-month period are selected. If less than 25 securities are eligible, the securities that are next eligible based on the volatility screen are added until there are 25 constituent index securities. The securities are weighted based on modified dividend yield by dividing each security’s trailing twelve-month dividend yield by the aggregate trailing twelve-month dividend yield of all constituent index securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">No single security can have a weight greater than 8% of the constituent index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Preferred Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, to be eligible for inclusion as part of the preferred securities constituent index, a security must meet the following criteria: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> be a member of the Nasdaq US Multi-Asset Preferred Security</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Nasdaq </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Preferred</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">); (ii) meet the minimum size requirements of the index; (iii) meet the minimum liquidity requirements of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the index; (iv)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> have not suspended or discontinued its dividend payment; and (v) have one year realized volatility less than the Nasdaq Preferred</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index one-year realized volatility plus 15%. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Of the eligible companies, the 25 securities with the lowest combined score based on the highest dividend yield and lowest realized volatility over the trailing twelve-month period are selected. In the event of a tie, the security with the higher dividend yield will be selected. The securities are weighted based on modified dividend yield by dividing each security’s trailing twelve-month dividend yield by the aggregate trailing twelve-month dividend yield of all constituent index securities. No single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">security can have a weight greater than 8% of the constituent index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">MLPs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, to be eligible for inclusion as part of the MLP constituent index, a security must meet the following criteria: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> be classified as a limited partnership; (ii) be classified as Energy or Industrials at the industry level by the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ICB; (iii)</span><span style="font-family:Arial;font-size:9.00pt;"> meet the minimum size requirements of the index; (iv) meet the minimum liquidity requirements of the index; (v) have </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not suspended or discontinued its dividend payment; and (</span><span style="font-family:Arial;font-size:9.00pt;">vi) have one year realized volatility less than the DWA MLP Select Index one-year realized volatility plus 15%. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Of the eligible companies, the 25 securities with the lowest combined score based on the highest dividend yield and lowest realized volatility over the trailing twelve-month period are selected. In the event of a tie, the security with the higher dividend yield will be selected. If fewer than 25 securities remain after the screens, the securities that are next eligible based on the volatility screen are added until there are no more eligible securities or the index reaches 25 index securities, whichever comes first. The index may have fewer than 25 securities if there are not enough eligible securities. The securities are weighted based on modified dividend yield by dividing each security’s trailing twelve-month dividend yield by the aggregate trailing twelve-month dividend yield of all constituent index securities. No single security can have a weight greater than 8% of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituent index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">High Yield Corporate Bonds </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, to be included as part of the high yield corporate bonds constituent index, a security must be a U.S.-listed ETF tracking a high yield corporate debt strategy and have assets under management of at least $100</span><span style="font-family:Arial;font-size:9.00pt;"> million. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The index will be composed of a single ETF </span><span style="font-family:Arial;font-size:9.00pt;">advised by First Trust Advisors L.P. There may be ETFs not advised by First Trust </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Advisors L.P. that provide similar exposure or employ similar investment strategies that have lower fees or better performance over certain time periods that are not included in the Index. First Trust Advisors L.P. receives advisory fees from the ETF which </span><span style="font-family:Arial;font-size:9.00pt;">it would not otherwise receive if the ETF was not a constituent of the index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 114 securities. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, although this may change from time to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated </span><span style="font-family:Arial;font-size:9.00pt;">with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 114 securities. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, although this may change from time to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Floating rate securities are structured so that the security’s coupon rate fluctuates based </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the level of a reference rate. As a result, the coupon on floating rate securities will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the security. A floating rate security’s coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate securities may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the level of the reference rate which would decrease the value of the security.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX REBALANCE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Pursuant to the methodology that the Index Provider uses to calculate and maintain the Index, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may own a significant portion of the First Trust ETFs included in the Fund. Any such ETF may be removed from the Index in the event that it does not comply with the eligibility requirements of the Index. As a result, the Fund may be forced to sell shares of certain First Trust ETFs at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Index to, for example, correct an error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may increase the Fund’s costs and market exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value and the bid/ask spread on the Fund's shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests of existing investors, and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. On March 15, 2018, the Federal Energy Regulatory Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FERC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) changed its long-standing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">tax allowance policy which no longer permits MLPs to include in their cost of service an income tax allowance. This has had a negative impact on the performance of some MLPs affected by this decision. This policy change and any similar policy changes in the future could adversely impact an MLP’s business, financial condition, results of operations and cash flows and ability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to pay cash distributions or dividends.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s ability to meet its investment objective relies in part upon the level of taxable income it receives </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from the MLPs in which it invests, a factor over which the Fund has no control. The benefit the Fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income at the applicable corporate tax rate. This would have the effect of reducing the amount of cash available for distribution by an MLP and could result in a significant reduction in the value of the Fund’s investment. The classification of an MLP as a corporation for U. S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from an MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting </span><span style="font-family:Arial;font-size:9.00pt;">previously issued. See "Deferred Tax Liability Risk."</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. 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. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in an ETF that holds securities or other assets that may be valued on the basis of factors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Multi-Asset Diversified Income Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">18.70%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-36.45%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1870 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3645 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0394 0.0723 0.0474 0.0439 2012-08-13 0.0127 0.0457 0.0210 0.0178 0.0232 0.0441 0.0242 0.0215 0.0453 0.0782 0.0535 0.0502 0.1788 0.1442 0.1482 0.1465 0.1212 0.1243 0.1083 0.1125 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dorsey Wright Momentum &amp; Low Volatility ETF (DVOL)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dorsey Wright Momentum &amp; Low Volatility ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Low </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Volatility</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">152%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.52 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity including, but not limited to, quantitative inclusion criteria. The Index Provider may also, due to special circumstances, if deemed essential, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">apply discretionary adjustments to ensure and maintain the high quality of the Index construction and calculation. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is comprised of securities selected based on individual stock momentum and volatility. In order to be eligible for inclusion in the Index, securities must meet the eligibility criteria of and be included in the Nasdaq </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">US Large Mid Cap</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index. A security must also meet the liquidity requirements of the Index in order to be eligible for inclusion </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Provider to determine Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">eligibility</span><span style="font-family:Arial;font-size:9.00pt;">. All securities in the Index universe are ranked using a proprietary relative strength (momentum) measure. Each </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">security’s score is based on intermediate and long term price movements relative to a representative market benchmark. A security’s momentum is the rate at which its price is accelerating. Momentum investing strategies are based on the principle that securities that have recently risen or fallen in price will continue that trend and that, when evaluating two indices/securities, </span><span style="font-family:Arial;font-size:9.00pt;">the index/security exhibiting the greater momentum will perform better. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Eligible securities based on the proprietary relative strength analysis described above are assigned a volatility score based upon the daily percentage price changes over the trailing year. The 50 securities with the lowest volatility scores are selected for inclusion in the Index. Index security weights are determined by dividing each Index security’s volatility score inverse by the sum of the volatility score inverses of all Index securities. The Fund may invest in real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and industrial companies</span><span style="font-family:Arial;font-size:9.00pt;">, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s Investments will change as the Index changes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and industrial companies</span><span style="font-family:Arial;font-size:9.00pt;">, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;">including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LOW VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Low volatility stocks are likely to underperform the broader </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market during periods of rapidly rising stock prices.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. 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. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dorsey Wright Momentum &amp; Low Volatility ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">15.58%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2021</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-19.24%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1558 2021-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1924 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0434 0.0839 0.0912 2018-09-05 0.0398 0.0797 0.0865 0.0257 0.0640 0.0709 0.0504 0.0908 0.0983 0.1788 0.1442 0.1434 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dorsey Wright Momentum &amp; Value ETF (DVLU)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dorsey Wright Momentum &amp; Value ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Value</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">187%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.87 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity including, but not limited to, quantitative inclusion criteria. The Index Provider may also, due to special circumstances, if deemed essential, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">apply discretionary adjustments to ensure and maintain the high quality of the Index construction and calculation. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is comprised of securities selected based on individual stock momentum and value. In order to be eligible for inclusion in the Index, securities must meet the eligibility criteria of and be included in the Nasdaq </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">US Large Mid Cap</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index. A security must also meet the liquidity requirements of the Index in order to be eligible for inclusion </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Provider to determine Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">eligibility</span><span style="font-family:Arial;font-size:9.00pt;">. All securities in the Index universe are ranked using a proprietary relative strength (momentum) measure. Each </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">security’s score is based on intermediate and long term price movements relative to a representative market benchmark. A security’s momentum is the rate at which its price is accelerating. Momentum investing strategies are based on the principle that securities that have recently risen or fallen in price will continue that trend and that, when evaluating two indices/securities, </span><span style="font-family:Arial;font-size:9.00pt;">the index/security exhibiting the greater momentum will perform better. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, eligible securities based on the proprietary relative strength analysis described above are individually ranked on four value metrics: (1)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> price-to-sales ratio; (2) price-to-book ratio; (3) price-to-earnings ratio; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(4)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> price-to-cash flow ratio. Each metric is scored individually and given a percentile score. A combined value score is calculated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">by averaging the percentile scores for the individual metrics. A security must have values for a minimum of three of the four metrics. Any security with fewer than three scores is excluded. No penalty is given to securities having only three of the four metrics. The 50 securities with the highest combined value scores are selected for Index inclusion. Index security weights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are determined by dividing each Index security’s value score by the sum of the value scores of all Index securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s investments will change as the Index changes and, as a result, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Fund had significant investments in financial companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dorsey Wright Momentum &amp; Value ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">24.39%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2021</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-38.23%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2439 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3823 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2354 0.1633 0.0988 2018-09-05 0.2313 0.1568 0.0922 0.1391 0.1285 0.0759 0.2442 0.1715 0.1061 0.1788 0.1442 0.1434 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust SMID Cap Rising Dividend Achievers ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq US Small Mid Cap Rising Dividend </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Achievers</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0058 0.0000 0.0000 0.0058 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 59 186 324 726 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">85%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.85 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index was developed and is owned, calculated and maintained by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of a selection of securities that have increased their dividend value over the previous three year and five year annual periods. </span><span style="font-family:Arial;font-size:9.00pt;">The Index is comprised of four </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Sub-Portfolios. The Index’s security eligibility criteria are evaluated within each Sub-Portfolio to determine which securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">qualify for Index inclusion.</span><span style="font-family:Arial;font-size:9.00pt;"> According to the Index Provider, to be eligible for inclusion in the Index, a security must be included </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in</span><span style="font-family:Arial;font-size:9.00pt;"> the Nasdaq US Mid Cap</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index or the Nasdaq US Small Cap</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index, not be classified as a Mortgage Real Estate Investment </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Trust or Real Estate Investment Trust at the sector level according to the Industry Classification Benchmark (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“ICB”</span><span style="font-family:Arial;font-size:9.00pt;">), and meet the size and liquidity requirements of the Index in addition to the following criteria: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">have paid a dividend in the trailing twelve-month period greater than the dividend paid in the trailing twelve-month period three and five years prior; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">have a positive earnings per share in the trailing twelve-month period greater than the earnings per share in the trailing twelve-month period three years prior; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">have a cash-to-debt ratio greater than 25%; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">have a trailing twelve-month period payout ratio (trailing twelve-month dividends per share divided by trailing twelve-month earnings per share) no greater than 65%. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Each Sub-Portfolio is reconstituted annually during its designated Index reconstitution quarter. If a company has a combined weight of 1.2% or more from the Sub-Portfolios not undergoing an Index reconstitution</span><span style="font-family:Arial;font-size:9.00pt;">, and the free float market capitalization </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of the company is below the median free float market capitalization of all companies in the Index, the company will be ineligible for inclusion in the reconstituting Sub-Portfolio. During each Sub-Portfolio’s reconstitution,</span><span style="font-family:Arial;font-size:9.00pt;"> the securities that meet the eligibility </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">thresholds are</span><span style="font-family:Arial;font-size:9.00pt;"> ranked by five year dollar dividend increase in descending order, current dividend yield in descending order </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and payout ratio in ascending order. The resulting ranks are aggregated into a single </span><span style="font-family:Arial;font-size:9.00pt;">combined rank with up to 125 securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with the lowest </span><span style="font-family:Arial;font-size:9.00pt;">(most favorable)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">combined ranks selected for inclusion in the Index. In the event of a tie, the security with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the higher dividend yield is given priority. If </span><span style="font-family:Arial;font-size:9.00pt;">an ICB industry is represented by more than 37 securities, the industry’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">highest</span><span style="font-family:Arial;font-size:9.00pt;">-ranked component is removed from the selection</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of up to 125 securities and</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">is replaced with the next-ranked eligible </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">security not from that industry. If </span><span style="font-family:Arial;font-size:9.00pt;">the Nasdaq US Mid Cap</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index or the Nasdaq US Small Cap</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">is represented by more </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">than </span><span style="font-family:Arial;font-size:9.00pt;">93 securities, the highest-ranked component is removed from the selection of up to 125 securities and is replaced with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the next</span><span style="font-family:Arial;font-size:9.00pt;">-ranked eligible security from the other index. The selected securities for the reconstituting Sub-Portfolio are equally </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">weighted and then combined with the Sub Portfolios not undergoing a reconstitution to form the Index</span><span style="font-family:Arial;font-size:9.00pt;">. Additionally,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is rebalanced annually in March so that each of the four Sub-</span><span style="font-family:Arial;font-size:9.00pt;">Portfolios is equally weighted among each other,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">each </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">representing 25% of the total Index weight</span><span style="font-family:Arial;font-size:9.00pt;">. If an Index security is present in multiple Sub-Portfolios, its combined weight across these Sub-Portfolios is used in the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Each Sub-Portfolio is reconstituted and rebalanced annually, resulting in at least a part of the Index being reconstituted and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rebalanced each quarter</span><span style="font-family:Arial;font-size:9.00pt;"> and the Fund will make corresponding changes to its portfolio shortly after the Index changes are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 176 securities with market capitalizations ranging from $1.38 billion to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:9.00pt;">48.83 billion. The securities of companies represented in the Index generally have market capitalizations that are consistent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with the name of the Index. During each quarterly rebalance, securities that no longer meet the size and liquidity requirements of the Index will be removed from the Index. </span><span style="font-family:Arial;font-size:9.00pt;">As of December 31, 2025, the Fund had significant investments in financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies and </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investment will change as the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">As of December 31, 2025, the Fund had significant investments in financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies and </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET CAPITALIZATION DEVIATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no assurance that the securities held by the Fund will stay within </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be given the opportunity to invest fully in a certain market capitalization range.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a market index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The </span><span style="font-family:Arial;font-size:9.00pt;">Fund’s performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a market index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust SMID Cap Rising Dividend Achievers ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">30.44%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-33.97%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3044 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3397 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0842 0.1201 0.1020 2017-11-01 0.0781 0.1122 0.0943 0.0496 0.0917 0.0787 0.0913 0.1274 0.1090 0.0704 0.0857 0.0879 0.1715 0.1315 0.1390 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Indxx Innovative Transaction &amp; Process ETF (LEGR)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Indxx Innovative Transaction &amp; Process ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Indxx Blockchain Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0000 0.0000 0.0065 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 66 208 362 810 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">15%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.15 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, developed, maintained and sponsored by Indxx, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">reserves the right to use qualitative judgment to include, exclude, adjust, or postpone the inclusion of a stock in the Index. Continued Index membership of a constituent is not necessarily subject to the guidelines provided in the Index methodology. A stock may be considered for exclusion by the Index Provider on the basis of corporate governance, accounting policies, lack </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of transparency and lack of representation, despite meeting all the criteria provided in the Index methodology. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to track the performance of companies that are either actively using, investing in, developing, or have products that are poised to benefit from blockchain technology. The Index seeks to include only companies that have devoted material resources or made material commitments to the use of blockchain technologies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Blockchain is a type of distributed ledger, or decentralized database that keeps continuously updated digital records of who owns a particular asset (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, cryptocurrency, contracts, information, etc.). It is kept and validated simultaneously by a network </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of computers, similar to a shared spreadsheet that no one person can change without the agreement of the others. A blockchain is comprised of unchangeable, digitally recorded data in packages called “blocks.” These digitally recorded blocks of data are stored in a linear “chain.” Each block in the chain contains data (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, a transaction), that is cryptographically connected to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">previous-block in the chain, ensuring all data in the overall “blockchain” has not been tampered with and remains unchanged. Blockchain networks can be private with restricted membership similar to an intranet, or public like the Internet, accessible to any person in the world. The entire chain is continually updated so that every ledger in the network is the same, giving each member the ability to prove who owns what at any given time. Blockchain technology has the potential to increase efficiency for various business processes, including recordkeeping, payment processing and inventory management, among others. See “Additional Information on the Fund’s Investment Objective and Strategies” for an additional discussion of blockchain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">technology. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, the securities included in the Index are selected in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies must have either their primary listing or their incorporation in developed or emerging markets as defined by the Index Provider; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities must be a common stock, depositary receipt or real estate investment trust; </span><span style="font-family:Arial;font-size:9.00pt;">3.</span><span style="font-family:Arial;font-size:9.00pt;">securities from the same issuer will be subject</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">to conditions controlled</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">by the Index Provider to determine Index eligibility; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies that don't meet the minimum size, liquidity, seasoning and float requirements are removed; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies trading at a price of $10,000 or above per share are removed unless they are a current constituent in the Index; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">from the eligible universe, each company is assigned to a tier based on how they are to benefit from blockchain technology; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">i.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Tier 1 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– Active Enablers – companies that are actively developing blockchain technology products or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">systems for their own use internally, but also for sale and support to other companies; companies that are direct service providers for blockchain technology; or, companies that have business models that rely on delivering products or services that utilize blockchain technology; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ii.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Tier 2 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– Active Users – companies that are using blockchain technology which is generally supported </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">by an Active Enabler; or, companies that have at least one use or test case implementing blockchain technology; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">iii.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Tier 3 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– Active Explorers – companies that have publicly disclosed that they are active in exploring the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">incorporation of blockchain technology into their business; or, companies that have a press release on their website or a news article stating that they have started working on the blockchain technology space; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">7.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies assigned to Tiers 1 and 2 are eligible for inclusion in the Index; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">8.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the top 100 companies by market capitalization are included in the Index (if fewer than 100 companies qualify for inclusion in the Index, then all the constituents will be included in the Index); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">9.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies from Tier 1 and Tier 2 will each make up 50% of the Index, with companies equally-weighted within each tier. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, only Tiers 1 and 2 are eligible for inclusion in the Index because the Index Provider believes they are actively investing resources into products or services that utilize blockchain technology. The Index Provider may adjust the rebalance/reconstitution schedule in the future to accommodate the evolution of the target universe. The Fund may also </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">invest in U.S. dollar denominated and non-U.S. dollar denominated securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 101 securities with market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">capitalizations ranging from $</span><span style="font-family:Arial;font-size:9.00pt;">7.71 billion to $4.53 trillion. As of December 31, 2025, the Fund had significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in financial companies, information technology companies, Asian issuers and European issuers, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund's investments will change as the Index changes and, as a result, the Fund may have significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks </span><span style="font-family:Arial;font-size:9.00pt;">associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 101 securities with market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">capitalizations ranging from $</span><span style="font-family:Arial;font-size:9.00pt;">7.71 billion to $4.53 trillion. As of December 31, 2025, the Fund had significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in financial companies, information technology companies, Asian issuers and European issuers, although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. Governments of certain Asian countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BLOCKCHAIN TECHNOLOGY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Blockchain technology is an entirely new and relatively untested technology which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operates as a distributed ledger. The risks associated with blockchain technology may not emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Access to a given blockchain requires an individualized key, which, if compromised, could result in loss due to theft, destruction or inaccessibility. There is little regulation of blockchain technology other than the intrinsic public nature of the blockchain system. Any future regulatory developments could affect the viability and expansion of the use of blockchain technology. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation. Blockchain technology is not a product or service that provides identifiable revenue for companies that implement, or otherwise use it. Therefore, the values of the companies included in an Index may not be a reflection of their connection to blockchain technology, but may be based on other business operations. Currently, blockchain technology is primarily used for the recording of transactions in digital currency, which are extremely speculative, unregulated and volatile. Problems in digital currency markets could have a wider effect on companies associated with blockchain technology. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Index. There are currently a number of competing blockchain platforms with competing intellectual property claims. The uncertainty inherent in these competing technologies could cause companies to use alternatives to blockchain. Finally, because digital assets registered in a blockchain do not have a standardized exchange, like a stock market, there is less liquidity for such assets and greater possibility of fraud </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or manipulation.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. The Index the Fund seeks to track may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and the member states no longer control their own monetary policies by directing independent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Brexit”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). After years of negotiations between the United Kingdom and the EU, a withdrawal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">agreement was reached whereby the United Kingdom formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom’s withdrawal are difficult to gauge and cannot be fully known. Its departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries or sparking additional member states to contemplate departing the EU (thereby perpetuating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">political instability in the region).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market valueand the bid/ask spread on the Fund's shares </span><span style="font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. 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. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occurbecause the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the Nasdaq may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Indxx Innovative Transaction &amp; Process ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">20.07%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-21.83%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2007 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2183 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3087 0.1225 0.1126 2018-01-24 0.2981 0.1119 0.1034 0.1822 0.0918 0.0865 0.3214 0.1331 0.1230 0.1788 0.1442 0.1359 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Nasdaq Artificial Intelligence and Robotics ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq CTA Artificial Intelligence and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Robotics</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0000 0.0000 0.0065 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 66 208 362 810 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">52%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.52 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, calculated and maintained by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Nasdaq, Inc. and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Consumer Technology Association (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“CTA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) have jointly developed the eligibility and selection criteria and rules for the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">integrity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of companies engaged in the artificial intelligence (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“AI”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and robotics segment of the technology, industrial, medical and other economic sectors. The Fund may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">invest in depositary receipts, U.S. dollar denominated and non-U.S. dollar denominated securities and securities issued by </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies operating in emerging markets. The Index Provider classifies a country as “emerging” based on a number of criteria including, but not limited to, gross national income per capita, national market capitalization and national trading volume. Emerging market countries are generally characterized by lower market efficiency and less strict standards in accounting and securities regulation than developed markets. The Index Provider classifies companies as operating in a country primarily by their country of incorporation, domicile and primary exchange listing. According to the Index Provider, the Index includes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies in AI or robotics that are classified as one of the following three groups: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Engagers: companies that design, create, integrate, or deliver robotics and/or AI in the form of products, software, or systems; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Enablers: companies that develop the building block components for robotics or AI, such as advanced machinery, autonomous systems/self-driving vehicles, semiconductors and databases used for machine learning; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Enhancers: companies that provide their own value-added services within the AI and robotics ecosystem, but which are not core to their product or service offering. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, securities are selected for inclusion in the Index in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the starting universe consists of companies listed on an Index-eligible global stock exchange (a global exchange will be deemed ineligible if securities cannot be readily obtained either due to foreign investment restrictions or otherwise) classified by CTA as an AI or robotics company; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies that do not meet minimum size, float and liquidity requirements are excluded; </span><span style="font-family:Arial;font-size:9.00pt;">3.</span><span style="font-family:Arial;font-size:9.00pt;">securities from the same issuer will be subject to conditions controlled by the Index</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Provider</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">to determine Index eligibility; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">each remaining company is ranked by its CTA AI Intensity Ratings, which capture the perceived degree of a company’s AI sector involvement within one of the three categories: Enabler, Engager and Enhancer; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Index then selects the top 30 companies within each category, including ties, based on their CTA AI Intensity Ratings; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the index divides the overall portfolio weight between the three categories as follows: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">i.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Engagers: 60%; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ii.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Enablers: 25%; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">iii.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Enhancers: 15%; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">7.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies are equally weighted within their respective categories. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 110 securities with market capitalizations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ranging from $</span><span style="font-family:Arial;font-size:9.00pt;">772.62 million to $4.53 trillion. </span><span style="font-family:Arial;font-size:9.00pt;">As of December 31, 2025, the Fund had significant investments in information </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index changes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">As of December 31, 2025, the Fund had significant investments in information </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. The Index the Fund seeks to track may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market valueand the bid/ask spread on the Fund's shares </span><span style="font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ROBOTICS AND ARTIFICIAL INTELLIGENCE COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in robotics and artificial intelligence </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies, which may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress, and government regulation. These companies are also heavily dependent on intellectual property rights, and challenges to or misappropriation of such rights could have a material adverse effect on such companies. Securities of robotics and artificial intelligence companies tend to be more volatile than securities of companies that rely less heavily on technology. Robotics and artificial intelligence companies typically engage in significant amounts of spending on research and development, and rapid changes to the field could have a material adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effect on a company’s operating results.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occurbecause the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the Nasdaq may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Robotics Artificial Intelligence ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">32.44%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-21.34%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3244 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2134 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1516 0.0095 0.0757 2018-02-21 0.1516 0.0084 0.0743 0.0897 0.0068 0.0600 0.1590 0.0148 0.0820 0.1788 0.1442 0.1442 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust International Developed Capital Strength</span><span style="font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial;font-size:12.60pt;font-weight:bold;"> ETF (FICS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust International Developed Capital Strength</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> ETF (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an index called The International Developed Capital Strength </span><span style="font-family:Arial;font-size:9.00pt;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Index"</span><span style="font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0070 0.0000 0.0000 0.0070 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 72 224 390 871 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">51%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.51 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 90% of its net assets (including investment borrowings) in the securities that comprise The International Developed Capital Strength Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund will use the net total return version of the Index, which reinvests cash dividends on the ex-date and adjusts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for an Index security’s country of incorporation withholding rate. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity, for example, in response to stock splits, spin-offs or other corporate actions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of well-capitalized companies in the developed markets outside of the U.S. with strong market positions that have the potential to provide their stockholders with a greater degree of stability and performance over time. The Index Provider classifies a country as “developed” based on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quantitative criteria including: (1)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> having at least $20 thousand gross national income per capita for three consecutive years; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(2)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> having at least a $30 billion market capitalization; (3) having at least a $10 billion annual turnover; (4) having at least a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">45% float ratio; and (5)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> having at least ten securities that meet all the eligibility requirements for the Nasdaq Global</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For countries that meet these quantitative criteria, the Index Provider also applies qualitative criteria, such as screening for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">markets that may have restrictions on foreign investment, currency convertibility or capital. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index’s initial universe consists of the securities comprising the Nasdaq Developed ex-US</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index, a float adjusted market capitalization-weighted index designed to track the performance of securities in countries, excluding the U.S., which are designated as developed markets. The Index then excludes all securities that do not meet the liquidity requirements of the Index, securities issued by companies with less than $500 million in cash or short-term investments (after removing restricted cash), companies with a long-term debt to market capitalization ratio greater than or equal to 30%, companies with a return on equity that is 15% or less and companies that do not have a positive shareholder equity. </span><span style="font-family:Arial;font-size:9.00pt;">Securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from the same issuer will be subject</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">to conditions controlled by the Index Provider to determine Index eligibility. The Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">then ranks the remaining securities by free float-adjusted market capitalization and excludes all securities not ranked in the top 500. Float-adjusted market capitalization reflects the outstanding shares minus non-publicly held shares multiplied by the market price. In the event that the selection universe contains fewer than 50 securities, the 15% return on equity criterion is removed, and the securities with the highest return on equity are added to the selection universe until it contains 60 securities. The remaining securities are then given two ranks, one based on three-month annualized realized volatility and one based on twelve-month realized volatility. Volatility is a statistical measure of the magnitude of changes in the security’s return without regard to the direction of those changes, and higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The 50 securities with the lowest combined volatility ranks are chosen for inclusion in the Index. In the case of ties in combined ranks, the security with highest free float market capitalization </span><span style="font-family:Arial;font-size:9.00pt;">is selected. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index Provider then enacts a review to determine if any industry (as determined by the Industry Classification Benchmark (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ICB”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">)), or country has a weight greater than 30%. If an industry or country has a weight greater than 30%, the worst-ranking </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">security by volatility will be removed and replaced with the next eligible security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the 51st ranked by volatility) from a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">different industry or country. This process is repeated until no industry or country has a weight greater than 30%. Once finalized, each security is equal weighted, meaning each security has an equal Index market value. The Fund may invest in real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), companies with various market capitalizations and U.S. dollar denominated and non-U.S. dollar denominated securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 50 securities. As of December 31, 2025, the Fund had significant investments in financial companies</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and European issuers, although this may change from time </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in jurisdictions or investment sectors that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated </span><span style="font-family:Arial;font-size:9.00pt;">with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index was composed of 50 securities. As of December 31, 2025, the Fund had significant investments in financial companies</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and European issuers, although this may change from time </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and the member states no longer control their own monetary policies by directing independent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Brexit”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). After years of negotiations between the United Kingdom and the EU, a withdrawal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">agreement was reached whereby the United Kingdom formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom’s withdrawal are difficult to gauge and cannot be fully known. Its departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries or sparking additional member states to contemplate departing the EU (thereby perpetuating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">political instability in the region).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on days when the net asset value of the Fund could be significantly affected by events </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LOW VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Low volatility stocks are likely to underperform the broader market during periods of rapidly rising stock prices when market volatility is high. Low volatility stocks also may not protect </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">against market declines.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. 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. Because the market price of REIT stocks may change based upon investors' collective perceptions of future earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates. REITs are pooled investment vehicles that have their own expenses. As a shareholder in a REIT, the Fund bears its ratable share of the REIT’s expenses, subjecting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shareholders to additional expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain ETFs in which the Fund may invest hold the securities of small and/or mid capitalization </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies. Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust International Developed Capital Strength</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">12.40%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-12.80%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1240 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1280 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2086 0.0714 0.0766 2020-12-15 0.1993 0.0643 0.0695 0.1233 0.0525 0.0566 0.2140 0.0784 0.0846 0.3185 0.0946 0.0979 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust S&amp;P 500 Economic Moat ETF (EMOT)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust S&amp;P 500 Economic Moat ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the S&amp;P 500 Economic Moat Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">18%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.18 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the total return performance of the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is owned and was developed by S&amp;P Dow Jones Indices, LLC a division of S&amp;P Global (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SPDJI”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider reserves the right to make exceptions when applying the methodology if the need arises to ensure that the Index continues to achieve its objective. In addition, the Index Provider may revise Index policy covering rules for selecting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies, treatment of dividends, share counts or other matters. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index measures the equal-weighted performance of a target count of 50 stocks </span><span style="font-family:Arial;font-size:9.00pt;">from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> not classified as part of the Global Industry Classification Standard (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"GICS</span><span style="font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"</span><span style="font-family:Arial;font-size:9.00pt;">) real estate sector with sustainable </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">competitive advantages evidenced by sustained high gross margin, </span><span style="font-family:Arial;font-size:9.00pt;">high sustained return on invested capital (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"ROIC"</span><span style="font-family:Arial;font-size:9.00pt;">), and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">high market share</span><span style="font-family:Arial;font-size:9.00pt;"> score. According to the Index Provider, the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index measures the performance of the large-cap </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">segment of the U.S. market, is considered to be a proxy of the U.S. equity market, and is composed of 500 constituent </span><span style="font-family:Arial;font-size:9.00pt;">companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index’s starting universe consists of all the securities comprising the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, excluding the GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> real estate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">sector. According to the Index Provider, all eligible securities are assigned an “Economic Moat” score based on the following metrics: (1) gross margin (gross income divided by revenue) and the 5-year standard deviation of gross margin; (2) the 5-year average of ROIC (a company's net income divided by the sum of its average total debt and equity); and (3) market share score </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(calculated based on a company’s Related Business Risk Groups (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“RBRG”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) Exposure and related revenues). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Economic Moat score is a composite score based on the average z-scores of each of the above metrics. A “z-score” is a method of standardizing a variable to combine it with other variables that may have a different scale or unit of measurement. Securities with above average values for each metric have a higher z-score, while securities with below average values have a lower z-score. In the average, the 5-year standard deviation of gross margin, for which a lower value is preferred, is represented by an inverted z-score. For stocks classified in the GICS</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> financials sector, the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">does not calculate gross margin or the 5-year standard deviation of gross margin, and therefore, will not be applied to the Economic Moat score calculation. The Index Provider selects the top 50 securities with the highest Economic Moat score for inclusion in the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. The Index constituents are equally weighted. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced semi-annually, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index had significant exposure to consumer discretionary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies and </span><span style="font-family:Arial;font-size:9.00pt;">information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">change as the Index changes and, as a result, the Fund may have significant investments in a given investment sector or industry that it may not have had as of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025. To the extent the Fund invests a significant portion of its assets in a given investment sector or industry, the Fund may be exposed to the risks associated with that investment sector or industry. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">1940 Act</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”).</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of December 31, </span><span style="font-family:Arial;font-size:9.00pt;">2025, the Index had significant exposure to consumer discretionary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies and </span><span style="font-family:Arial;font-size:9.00pt;">information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONSUMER DISCRETIONARY COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Consumer discretionary companies, such as retailers, media companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and consumer services companies, provide non-essential goods and services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also </span><span style="font-family:Arial;font-size:9.00pt;">affect the demand for, and success of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return will not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’</span><span style="font-family:Arial;font-size:9.00pt;">s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value compared to those of the Index and a broad-based securities market index</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s performance </span><span style="font-family:Arial;font-size:9.00pt;">information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’</span><span style="font-family:Arial;font-size:9.00pt;">s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value compared to those of the Index and a broad-based securities market index</span><span style="font-family:Arial;font-size:9.00pt;">. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust S&amp;P 500 Economic Moat ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the period shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">8.66%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-0.21%</span><span style="font-family:Arial;font-size:9.00pt;">December 31, 2025</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0866 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0021 2025-12-31 <span style="font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1413 0.1321 2024-06-26 0.1373 0.1284 0.0836 0.0998 0.1486 0.1394 0.1788 0.1735 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust RBA Deglobalization ETF (DGLO)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust RBA Deglobalization ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Richard Bernstein Advisors U.S. Deglobalization Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0070 0.0000 0.0000 0.0070 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">“Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 72 224 390 871 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period August</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">6,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through September</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">30, 2025, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Richard Bernstein Advisors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider has retained the ICE Data Indices, LLC to calculate and maintain the Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of </span><span style="font-family:Arial;font-size:9.00pt;">all cap U.S. companies that will benefit </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from accelerating deglobalization and its implications. Deglobalization is the process of decreasing interconnectedness and interdependence between countries, particularly in terms of economic and/or trade relations, which is typically marked by a decline in international trade and investment and a reduction in the dependence on global supply chains. The implications of deglobalization can be a prioritization of domestic production, </span><span style="font-family:Arial;font-size:9.00pt;">imposing of tariffs on foreign goods, tightening immigration, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and potential warfare, all of which have implications for economic growth, inflation, and labor markets. According to the Index Provider, the Index provides exposure to industrial, energy and materials companies focused on infrastructure, aerospace &amp; defense, transportation and other services, </span><span style="font-family:Arial;font-size:9.00pt;">which the Index Provider believes are inflation beneficiaries and may benefit from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">increased </span><span style="font-family:Arial;font-size:9.00pt;">geopolitical conflict. Cybersecurity companies are also included as the Index Provider believes they are increasingly </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">important in today’s world.</span><span style="font-family:Arial;font-size:9.00pt;"> Since deglobalization has implications for inflation, specifically causing a persistent increase in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation due to disruptions to the flows of labor, goods and commodities and the shifting of production to less-efficient economies, companies that are strategically positioned can benefit. These inflation beneficiaries and/or inflation-resilient companies thrive relative to other sectors/industries when inflation is higher than normal. Companies that own or control real assets (which get more valuable with inflation), have pricing power, deal with commodities (pricing directly correlated to inflation), or have strong operating leverage (revenue benefits more than costs in inflationary environments) are all inflation beneficiaries and can perform well during periods of deglobalization that bring on higher inflation. Additionally, national security becomes more important as trade and political relations are strained. This results in more demand for defense (both physical and cyber) which can spur increases in military budgets and defense contracts. Companies positioned in these industries can </span><span style="font-family:Arial;font-size:9.00pt;">benefit disproportionately relative to those outside of the national security scope. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, the Index’s initial universe consists of all equity securities in the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">From this list of eligible securities, a security must also meet </span><span style="font-family:Arial;font-size:9.00pt;">exchange listing, minimum market capitalization, share price and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">liquidity requirements. A security must also </span><span style="font-family:Arial;font-size:9.00pt;">source the majority of its revenue from within the U.S., have positive 12-month </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">forward earnings estimates and </span><span style="font-family:Arial;font-size:9.00pt;">be either: (i) in the Global Industry Classification Standard (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“GICS”</span><span style="font-family:Arial;font-size:9.00pt;">) Energy, Materials, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Industrials sector; and/or (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> involved in cybersecurity and included in the NYSE</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> FactSet</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Global Cyber Security Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Industries that could be disadvantaged from deglobalization (such as Air Freight) or that have no relationship to deglobalization (such as Passenger Ground Transportation or Printing), as determined by the Index Provider, are omitted from consideration </span><span style="font-family:Arial;font-size:9.00pt;">for the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the remaining eligible securities are then assigned a proprietary “Deglobalization Score” that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">positively scores companies based on the following inputs: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">At least 75% of revenue coming from the U.S.; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Positive 12-month forward earnings estimate; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Net Debt to EBITDA less than the company's sub-industry average; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Exposure to the Aerospace &amp; Defense industry. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, securities are then selected using </span><span style="font-family:Arial;font-size:9.00pt;">a mean-variance optimization process that maximizes the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Deglobalization Score and </span><span style="font-family:Arial;font-size:9.00pt;">assigns weights to securities based on their contribution to the Index’s overall portfolio risk. Because </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the underlying portfolio is theme-based and not company specific, the </span><span style="font-family:Arial;font-size:9.00pt;">optimizer is designed to minimize stock-specific risk </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">while adhering to the specified constraints of the Index theme. </span><span style="font-family:Arial;font-size:9.00pt;">No constituent will exceed approximately 4% of the total index, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with a minimum weight of at least 0.5%.</span><span style="font-family:Arial;font-size:9.00pt;"> When a stock within the optimization process hits the 4% maximum weight constraint, the process begins to assign additional weight to other securities in an order that maintains the optimization approach. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. The Index may be adjusted by the Index Provider for intra-rebalance corporate actions occurring at the Index constituent level in order to mitigate or eliminate the effect of those events on the Index’s performance and maintain the continuity of the Index level and composition. The Index Provider may also adjust the Index between rebalances due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">a constituent not being available for trading (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> merger, acquisition, delisting or bankruptcy). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. While the Index does not have a limit on the number of constituent securities, the selection process typically results in 60-150 constituent securities. As of </span><span style="font-family:Arial;font-size:9.00pt;">December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Index was composed of 108 securities. As of December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund expects to have significant investments in industrials companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund's </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of </span><span style="font-family:Arial;font-size:9.00pt;">December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025. To the extent the Fund invests a significant portion </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction </span><span style="font-family:Arial;font-size:9.00pt;">or investment sector. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. While the Index does not have a limit on the number of constituent securities, the selection process typically results in 60-150 constituent securities. As of </span><span style="font-family:Arial;font-size:9.00pt;">December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Index was composed of 108 securities. As of December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund expects to have significant investments in industrials companies, although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBERSECURITY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Cybersecurity companies are companies that provide products and services intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to protect the integrity of data and network operations for private and public networks, computers and mobile devices. Like other technology and industrials companies, cybersecurity companies are generally subject to the risks of 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. These companies may also be smaller and less experienced companies, with limited product lines, markets, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">qualified personnel or financial resources.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The success of energy companies may be cyclical and highly dependent on energy prices. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">disasters.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. 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, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MATERIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Materials and processing companies are involved in the extraction or processing of raw </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">materials such as metals, ore and forestry products. These companies are sensitive to changes in the business cycle and fluctuations in the supply and demand for raw materials. Further, certain materials and processing companies can be affected by shifts in the housing market, as many produced raw materials are components of construction projects. Rising wage costs can also impact companies that rely on skilled labor. In addition, materials and processing companies may be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">depletion of resources and mandated expenditures for safety and pollution control devices.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.30%. See the Fund’s Statement of Additional Information for more information on the breakpoints. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.50%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.70%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Pursuant to a contractual agreement between the Trust, on behalf of the Fund, and First Trust Advisors, L.P., the Fund’s investment advisor, the management fees paid to the Fund’s investment advisor will be reduced by the proportional amount of the management fees earned by the Fund on assets invested in other investment companies advised by the Fund’s investment advisor. This contractual agreement shall continue until the earliest of (i) January 31, 2027, (ii) its termination at the direction of the Board of Trustees or (iii) upon the termination of the investment management agreement by and between the Fund, the Trust and the Fund’s investment advisor. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.60%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. On September 6, 2018, the Fund's underlying index changed from the Richard Bernstein Advisors Quality Income Index to the Dorsey Wright Momentum Plus Dividend YieldTM Index (the "Index"). Therefore, the Fund's performance and historical returns shown for the periods prior to September 6, 2018, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Index had an inception date of July 2, 2018, it was not in existence for all of the periods disclosed. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. “Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. On August 30, 2018, the Fund's underlying index changed from the Nasdaq International Multi-Asset Diversified IncomeTM Index to the S&P International Dividend Aristocrats Index. Therefore, the Fund’s performance and historical returns shown for the periods prior to August 30, 2018, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Index had an inception date of April 30, 2018, it was not in existence for all of the periods disclosed. The old index was terminated on November 23, 2018, so performance data does not exist for these time periods.