First Trust Senior Loan Fund (FTSL)

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: July 22, 2025 Record Date: July 22, 2025 Payable Date: July 31, 2025 Ticker   Exchange   Fund Name   Frequency   Ordinary Income Per Share Amount     ACTIVELY MANAGED EXCHANGE-TRADED FUNDS     First Trust Exchange-Traded Fund III   FCAL.

Floating rate bank loans, like those in the First Trust Senior Loan Fund (FTSL), are attractive in a high-interest-rate environment due to their high yield and risk/return profile. FTSL is actively managed, allowing it to capitalize on market mispricings and adapt to changing conditions better than passive funds. The fund is well-diversified with 222 positions, a 30-Day SEC Yield of 7.76%, and a weighted effective duration of 0.58 years.

FTSL is a simple senior loan ETF, with an above-average 7.7% dividend yield. Senior loans were one of the best-performing income investments of 2022 and 2023, with FTSL outperforming most of its peers. Outperformance has diminished these past few months. Fed hikes and narrow credit spreads could pressure senior loans and FTSL further.

The First Trust Senior Loan Fund ETF is used as a prime example of a "Hold" investment, emphasizing its stable dividend yield and low volatility. The thesis discusses potential downside risks, such as rising default rates and interest rate hikes, and outlines scenarios that could lead to a "Sell" rating. The article clarifies the distinction between "Hold" and "Sell" ratings in investment analysis, focusing on dividend-paying securities with limited upside potential.

Morgan Stanley Investment Management's active senior loan ETF is a compelling offering in the current environment. Investors have increasingly looked to senior loan ETFs in recent history instead of high yield bonds.

First Trust Senior Loan Fund ETF is an exchange-traded fund that invests in leveraged loans. Despite rising interest rates, leveraged loans have delivered robust returns in the past year due to their floating-rate nature. The fund has gained over 6.5% since our last rating, with low volatility, and currently offers a 30-day SEC yield in excess of 8%.

When the Exchange conference starts on Monday, advisors will have a new active floating rate bond ETF to learn about. It's one that's backed by a firm with a rich heritage in the investment style.

Amid the prospect of higher interest rates for a longer-than-expected period, investors are flocking to bank loan ETFs.

Senior loan ETFs can offer protection against rising interest rates.

Investing in a bank loan ETF can offer a compelling yield while helping maintain defensive portfolio positioning. In the current environment, investors who want to generate as much yield as possible might look to bank loans instead of high yield bonds.

The First Trust Senior Loan Fund is an actively managed ETF that primarily invests in first lien senior floating-rate bank loans, with a current yield of 8.4%. The fund has low market risk due to its floating rate nature and low duration, but it does carry credit risk, as market sell-offs can widen spreads on underlying loans. The transition from LIBOR to SOFR in the leveraged loan market has been slow, potentially leading to higher yields for FTSL if issuers have to start paying an Alternative Base Rate.

Leveraged loan defaults are heading for the third-worst year in history as Federal Reserve interest rate hikes take a toll, according to Goldman Sachs.

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: May 23, 2023 Record Date: May 24, 2023 Payable Date: May 31, 2023 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund III FCAL Nasdaq First Trust California Municipal High Income ETF Monthly $0.1125 FEMB Nasdaq First Trust Emerging Markets Local Currency Bond ETF Monthly $0.1250 FMB Nasdaq First Trust Managed Municipal ETF Monthly $0.1275 FMHI Nasdaq First Trust Municipal High Income ETF Monthly $0.1525 FMNY NYSE Arca First Trust New York Municipal High Income ETF Monthly $0.0700 FPE NYSE Arca First Trust Preferred Securities and Income ETF Monthly $0.1038 FPEI NYSE Arca First Trust Institutional Preferred Securities and Income ETF Monthly $0.0946 FSMB NYSE Arca First Trust Short Duration Managed Municipal ETF Monthly $0.0390 FUMB NYSE Arca First Trust Ultra Short Duration Municipal ETF Monthly $0.0370 First Trust Exchange-Traded Fund IV DOGG Cboe BZX FT Cboe Vest DJIA® Dogs 10 Target Income ETF Monthly $0.1552 FCVT Nasdaq First Trust SSI Strategic Convertible Securities ETF Monthly $0.0400 FSIG NYSE Arca First Trust Limited Duration Investment Grade Corporate ETF Monthly $0.0700 FTSL Nasdaq First Trust Senior Loan Fund Monthly $0.2850 HISF Nasdaq First Trust High Income Strategic Focus ETF Monthly $0.1483 HYLS Nasdaq First Trust Tactical High Yield ETF Monthly $0.1900 LGOV NYSE Arca First Trust Long Duration Opportunities ETF Monthly $0.0600 LMBS Nasdaq First Trust Low Duration Opportunities ETF Monthly $0.1350 RDVI Cboe BZX FT Cboe Vest Rising Dividend Achievers Target Income ETF Monthly $0.1582 First Trust Exchange-Traded Fund VI FTHI Nasdaq First Trust BuyWrite Income ETF Monthly $0.1510 FTQI Nasdaq First Trust Nasdaq BuyWrite Income ETF Monthly $0.1940 First Trust Exchange-Traded Fund VIII DEED NYSE Arca First Trust TCW Securitized Plus ETF Monthly $0.1000 EFIX NYSE Arca First Trust TCW Emerging Markets Debt ETF Monthly $0.0900 FIXD Nasdaq First Trust TCW Opportunistic Fixed Income ETF Monthly $0.1250 LDSF Nasdaq First Trust Low Duration Strategic Focus ETF Monthly $0.0625 MFLX Nasdaq First Trust Flexible Municipal High Income ETF Monthly $0.0540 UCON NYSE Arca First Trust TCW Unconstrained Plus Bond ETF Monthly $0.0850 INDEX EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund VI MDIV Nasdaq Multi-Asset Diversified Income Index Fund Monthly $0.1049 TA is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $194 billion as of April 30, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting https://www.ftportfolios.com. A prospectus should be read carefully before investing. Principal Risk Factors: Risks are inherent in all investing. Certain risks that may be applicable to a fund are identified below but not all of the material risks relevant to each fund are included below and not all of the risks below apply to each fund. The material risks of investing in each fund are spelled out in its prospectus, statement of additional information and other regulatory filings. The order of the below risk factors does not indicate the significance of any particular risk factor. Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. A Fund's shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund's investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, natural disasters or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. An Index ETF seeks investment results that correspond generally to the price and yield of an index. You should anticipate that the value of an Index Fund's shares will decline, more or less, in correlation with any decline in the value of the index. An Index Fund's return may not match the return of the index. Unlike a Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by a Fund. Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units. If the Fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to the Fund's net asset value and possibly face delisting. One of the principal risks of investing in a Fund is market risk. Market risk is the risk that a particular security owned by a Fund, Fund shares or securities in general may fall in value. An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund's investment portfolio, the portfolio managers, management teams, advisor or sub-advisor, will apply investment techniques and risk analyses that may not have the desired result. A Fund that is concentrated in securities of companies in a certain sector or industry involves additional risks, including limited diversification. An investment in a Fund concentrated in a single country or region may be subject to greater risks of adverse events and may experience greater volatility than a Fund that is more broadly diversified geographically. Certain Funds may invest in small capitalization and mid-capitalization companies. Such companies may experience greater price volatility than larger, more established companies. An investment in a Fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. A Fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market. Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of investing in emerging markets 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. Investments in sovereign bonds involve special risks because the governmental authority that controls the repayment of the debt may be unwilling or unable to repay the principal and/or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Preferred securities, high-yield securities, corporate bonds, government bonds, municipal bonds and senior loans are subject to credit risk, call risk, income risk, interest rate risk, inflation risk and prepayment risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by a Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund's fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in a Fund will decline because of rising market interest rates. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a Fund's income. Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high yield securities is smaller and less liquid than that for investment grade securities. The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund. In the event a borrower fails to pay scheduled interest or principal payments on a senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated. Income from municipal bonds held by a Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks. The values of certain synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because such synthetic convertibles are composed of two or more separate securities or instruments, each with its own market value. A Fund is subject to the credit risk associated with the counterparty creating the synthetic convertible instrument. Synthetic convertible securities may also be subject to the risks associated with derivatives. Exchange-traded notes (ETNs) are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. The value of an ETN may be influenced by various factors. Real estate investment trusts (REITs) and real estate operating companies (REOCs) are subject to certain risks, including changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Master limited partnerships (MLPs) are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that a MLP could be taxed as a corporation, resulting in decreased returns from such MLP. The use of futures, options, and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when a Fund's portfolio managers use derivatives to enhance a Fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by a Fund. A Fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in a Fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities. A Fund's investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Alternative investments may employ complex strategies, have unique investment and risk characteristics and may not be appropriate for all investors. Certain Funds may invest in other investment companies, including closed-end funds (CEFs), ETFs and affiliated ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a Fund's investment performance and risks may be related to the investment and performance of the underlying funds. A Fund may invest in U.S. government obligations. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. Income from the First Trust Managed Municipal ETF (FMB), the First Trust California Municipal High Income ETF (FCAL), the First Trust Municipal High Income ETF (FMHI), the First Trust Short Duration Managed Municipal ETF (FSMB), and the First Trust Ultra Short Duration Municipal ETF (FUMB) may be subject to the federal alternative minimum income tax. FMB, FCAL, FMHI, FSMB, and FUMB may invest in zero coupon bonds which may be highly volatile as interest rates rise and fall. FCAL invests principally in municipal debt securities from issuers located in California. Such concentration exposes the Fund to political, fiscal, and economic conditions affecting California municipal issuers and may affect the value of the Fund’s investments. Short selling creates special risks which could result in increased volatility of returns. In times of unusual or adverse market, economic, regulatory or political conditions, a Fund may not be able, fully or partially, to implement its short selling strategy. Certain Funds may invest in distressed securities and many distressed securities are illiquid or trade in low volumes and thus may be more difficult to value. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books. Certain Funds are classified as "non-diversified" and 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 concentrated in certain issuers. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. Although the funds and the Advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Nasdaq and Nasdaq U.S. Multi-Asset Diversified IncomeTM Index are registered trademarks and service marks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS. Cboe® is a registered trademark of Cboe Exchange, Inc., which has been licensed for use in the name of the fund. The fund is not sponsored, endorsed, sold or marketed by Cboe Exchange, Inc. or any of its affiliates ("Cboe") or their respective third-party providers, and Cboe and its third-party providers make no representation regarding the advisability of investing in the fund and shall have no liability whatsoever in connection with the fund. The "Dow Jones Industrial Average" (the "index") is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by First Trust Advisors L.P. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); "Dow Jones®" and "DJIA" are trademarks of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Advisors L.P. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: April 21, 2023 Record Date: April 24, 2023 Payable Date: April 28, 2023 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund III FCAL Nasdaq First Trust California Municipal High Income ETF Monthly $0.1125 FEMB Nasdaq First Trust Emerging Markets Local Currency Bond ETF Monthly $0.1250 FMB Nasdaq First Trust Managed Municipal ETF Monthly $0.1300 FMHI Nasdaq First Trust Municipal High Income ETF Monthly $0.1525 FMNY NYSE Arca First Trust New York Municipal High Income ETF Monthly $0.0700 FPE NYSE Arca First Trust Preferred Securities and Income ETF Monthly $0.0687 FPEI NYSE Arca First Trust Institutional Preferred Securities and Income ETF Monthly $0.0806 FSMB NYSE Arca First Trust Short Duration Managed Municipal ETF Monthly $0.0380 FUMB NYSE Arca First Trust Ultra Short Duration Municipal ETF Monthly $0.0360 First Trust Exchange-Traded Fund IV FCVT Nasdaq First Trust SSI Strategic Convertible Securities ETF Monthly $0.0400 FSIG NYSE Arca First Trust Limited Duration Investment Grade Corporate ETF Monthly $0.0700 FTSL Nasdaq First Trust Senior Loan Fund Monthly $0.2850 HISF Nasdaq First Trust High Income Strategic Focus ETF Monthly $0.1483 HYLS Nasdaq First Trust Tactical High Yield ETF Monthly $0.1900 LGOV NYSE Arca First Trust Long Duration Opportunities ETF Monthly $0.0600 LMBS Nasdaq First Trust Low Duration Opportunities ETF Monthly $0.1350 RDVI Cboe BZX FT Cboe Vest Rising Dividend Achievers Target Income ETF Monthly $0.1656 First Trust Exchange-Traded Fund VI FTHI Nasdaq First Trust BuyWrite Income ETF Monthly $0.1510 FTQI Nasdaq First Trust Nasdaq BuyWrite Income ETF Monthly $0.1940 First Trust Exchange-Traded Fund VIII DEED NYSE Arca First Trust TCW Securitized Plus ETF Monthly $0.1000 EFIX NYSE Arca First Trust TCW Emerging Markets Debt ETF Monthly $0.0900 FIXD Nasdaq First Trust TCW Opportunistic Fixed Income ETF Monthly $0.1250 LDSF Nasdaq First Trust Low Duration Strategic Focus ETF Monthly $0.0625 MFLX Nasdaq First Trust Flexible Municipal High Income ETF Monthly $0.0540 UCON NYSE Arca First Trust TCW Unconstrained Plus Bond ETF Monthly $0.0850 INDEX EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund VI MDIV Nasdaq Multi-Asset Diversified Income Index Fund Monthly $0.0217 FTA is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $195 billion as of March 31, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting https://www.ftportfolios.com. A prospectus should be read carefully before investing. Principal Risk Factors: Risks are inherent in all investing. Certain risks that may be applicable to a fund are identified below but not all of the material risks relevant to each fund are included below and not all of the risks below apply to each fund. The material risks of investing in each fund are spelled out in its prospectus, statement of additional information and other regulatory filings. The order of the below risk factors does not indicate the significance of any particular risk factor. Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. A Fund's shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund's investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. An Index ETF seeks investment results that correspond generally to the price and yield of an index. You should anticipate that the value of an Index Fund's shares will decline, more or less, in correlation with any decline in the value of the index. An Index Fund's return may not match the return of the index. Unlike a Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by a Fund. Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units. If the Fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to the Fund's net asset value and possibly face delisting. One of the principal risks of investing in a Fund is market risk. Market risk is the risk that a particular security owned by a Fund, Fund shares or securities in general may fall in value. An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund's investment portfolio, the portfolio managers, management teams, advisor or sub-advisor, will apply investment techniques and risk analyses that may not have the desired result. A Fund that is concentrated in securities of companies in a certain sector or industry involves additional risks, including limited diversification. An investment in a Fund concentrated in a single country or region may be subject to greater risks of adverse events and may experience greater volatility than a Fund that is more broadly diversified geographically. Certain Funds may invest in small capitalization and mid-capitalization companies. Such companies may experience greater price volatility than larger, more established companies. An investment in a Fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. A Fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market. Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of investing in emerging markets 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. Investments in sovereign bonds involve special risks because the governmental authority that controls the repayment of the debt may be unwilling or unable to repay the principal and/or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Preferred securities, high-yield securities, corporate bonds, government bonds, municipal bonds and senior loans are subject to credit risk, call risk, income risk, interest rate risk, inflation risk and prepayment risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by a Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund's fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in a Fund will decline because of rising market interest rates. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a Fund's income. Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high yield securities is smaller and less liquid than that for investment grade securities. The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund. In the event a borrower fails to pay scheduled interest or principal payments on a senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated. Income from municipal bonds held by a Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks. The values of certain synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because such synthetic convertibles are composed of two or more separate securities or instruments, each with its own market value. A Fund is subject to the credit risk associated with the counterparty creating the synthetic convertible instrument. Synthetic convertible securities may also be subject to the risks associated with derivatives. Exchange-traded notes (ETNs) are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. The value of an ETN may be influenced by various factors. Real estate investment trusts (REITs) and real estate operating companies (REOCs) are subject to certain risks, including changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Master limited partnerships (MLPs) are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that a MLP could be taxed as a corporation, resulting in decreased returns from such MLP. The use of futures, options, and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when a Fund's portfolio managers use derivatives to enhance a Fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by a Fund. A Fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in a Fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities. A Fund's investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Alternative investments may employ complex strategies, have unique investment and risk characteristics and may not be appropriate for all investors. Certain Funds may invest in other investment companies, including closed-end funds (CEFs), ETFs and affiliated ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a Fund's investment performance and risks may be related to the investment and performance of the underlying funds. A Fund may invest in U.S. government obligations. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. Income from the First Trust Managed Municipal ETF (FMB), the First Trust California Municipal High Income ETF (FCAL), the First Trust Municipal High Income ETF (FMHI), the First Trust Short Duration Managed Municipal ETF (FSMB), and the First Trust Ultra Short Duration Municipal ETF (FUMB) may be subject to the federal alternative minimum income tax. FMB, FCAL, FMHI, FSMB, and FUMB may invest in zero coupon bonds which may be highly volatile as interest rates rise and fall. FCAL invests principally in municipal debt securities from issuers located in California. Such concentration exposes the Fund to political, fiscal, and economic conditions affecting California municipal issuers and may affect the value of the Fund’s investments. Short selling creates special risks which could result in increased volatility of returns. In times of unusual or adverse market, economic, regulatory or political conditions, a Fund may not be able, fully or partially, to implement its short selling strategy. Certain Funds may invest in distressed securities and many distressed securities are illiquid or trade in low volumes and thus may be more difficult to value. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books. Certain Funds are classified as "non-diversified" and 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 concentrated in certain issuers. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. Although the funds and the Advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Nasdaq and NASDAQ U.S. Multi-Asset Diversified Income IndexSM are registered trademarks and service marks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 127 exchange-traded fund(s) (each a “Fund,” collectively, the “Funds”) advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: March 24, 2023 Record Date: March 27, 2023 Payable Date: March 31, 2023 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund III FCAL Nasdaq First Trust California Municipal High Income ETF Monthly $0.1115 FEMB Nasdaq First Trust Emerging Markets Local Currency Bond ETF Monthly $0.1250 FMB Nasdaq First Trust Managed Municipal ETF Monthly $0.1300 FMHI Nasdaq First Trust Municipal High Income ETF Monthly $0.1525 FMNY NYSE Arca First Trust New York Municipal High Income ETF Monthly $0.0700 FPE NYSE Arca First Trust Preferred Securities and Income ETF Monthly $0.0989 FPEI NYSE Arca First Trust Institutional Preferred Securities and Income ETF Monthly $0.0884 FSMB NYSE Arca First Trust Short Duration Managed Municipal ETF Monthly $0.0380 FTLS NYSE Arca First Trust Long/Short Equity ETF Quarterly $0.1286 FUMB NYSE Arca First Trust Ultra Short Duration Municipal ETF Monthly $0.0360 HDMV NYSE Arca First Trust Horizon Managed Volatility Developed International ETF Quarterly $0.1471 HSMV NYSE Arca First Trust Horizon Managed Volatility Small/Mid ETF Quarterly $0.0840 HUSV NYSE Arca First Trust Horizon Managed Volatility Domestic ETF Quarterly $0.1645 First Trust Exchange-Traded Fund IV ECLN NYSE Arca First Trust EIP Carbon Impact ETF Quarterly $0.1138 EIPX NYSE Arca FT Energy Income Partners Strategy ETF Quarterly $0.1671 EMLP NYSE Arca First Trust North American Energy Infrastructure Fund Quarterly $0.2688 FCVT Nasdaq First Trust SSI Strategic Convertible Securities ETF Monthly $0.0400 FSIG NYSE Arca First Trust Limited Duration Investment Grade Corporate ETF Monthly $0.0650 FTSL Nasdaq First Trust Senior Loan Fund Monthly $0.2850 HISF Nasdaq First Trust High Income Strategic Focus ETF Monthly $0.1483 HYLS Nasdaq First Trust Tactical High Yield ETF Monthly $0.2000 LGOV NYSE Arca First Trust Long Duration Opportunities ETF Monthly $0.0550 LMBS Nasdaq First Trust Low Duration Opportunities ETF Monthly $0.1350 RDVI Cboe BZX FT Cboe Vest Rising Dividend Achievers Target Income ETF Monthly $0.1602 First Trust Exchange-Traded Fund V FMF NYSE Arca First Trust Managed Futures Strategy Fund Quarterly $0.2806 First Trust Exchange-Traded Fund VI FTHI Nasdaq First Trust BuyWrite Income ETF Monthly $0.1450 FTQI Nasdaq First Trust Nasdaq BuyWrite Income ETF Monthly $0.1790 First Trust Exchange-Traded Fund VII FAAR Nasdaq First Trust Alternative Absolute Return Strategy ETF Quarterly $0.1588 FTGC Nasdaq First Trust Global Tactical Commodity Strategy Fund Quarterly $0.1604 First Trust Exchange-Traded Fund VIII AFLG NYSE Arca First Trust Active Factor Large Cap ETF Quarterly $0.0630 AFSM NYSE Arca First Trust Active Factor Small Cap ETF Quarterly $0.0423 DEED NYSE Arca First Trust TCW Securitized Plus ETF Monthly $0.0900 EFIX NYSE Arca First Trust TCW Emerging Markets Debt ETF Monthly $0.0800 ERM NYSE Arca EquityCompass Risk Manager ETF Quarterly $0.1424 FIXD Nasdaq First Trust TCW Opportunistic Fixed Income ETF Monthly $0.1250 LDSF Nasdaq First Trust Low Duration Strategic Focus ETF Monthly $0.0570 MFLX Nasdaq First Trust Flexible Municipal High Income ETF Monthly $0.0540 UCON NYSE Arca First Trust TCW Unconstrained Plus Bond ETF Monthly $0.0850 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount XPND NYSE Arca First Trust Expanded Technology ETF Quarterly $0.0211 INDEX EXCHANGE-TRADED FUNDS First Trust Exchange-Traded AlphaDEX® Fund FAB Nasdaq First Trust Multi Cap Value AlphaDEX® Fund Quarterly $0.2688 FAD Nasdaq First Trust Multi Cap Growth AlphaDEX® Fund Quarterly $0.2035 FEX Nasdaq First Trust Large Cap Core AlphaDEX® Fund Quarterly $0.2963 FNK Nasdaq First Trust Mid Cap Value AlphaDEX® Fund Quarterly $0.1551 FNX Nasdaq First Trust Mid Cap Core AlphaDEX® Fund Quarterly $0.2754 FNY Nasdaq First Trust Mid Cap Growth AlphaDEX® Fund Quarterly $0.0830 FTA Nasdaq First Trust Large Cap Value AlphaDEX® Fund Quarterly $0.2862 FTC Nasdaq First Trust Large Cap Growth AlphaDEX® Fund Quarterly $0.2538 FXD NYSE Arca First Trust Consumer Discretionary AlphaDEX® Fund Quarterly $0.1413 FXG NYSE Arca First Trust Consumer Staples AlphaDEX® Fund Quarterly $0.1916 FXH NYSE Arca First Trust Health Care AlphaDEX® Fund Quarterly $0.0438 FXL NYSE Arca First Trust Technology AlphaDEX® Fund Quarterly $0.0799 FXN NYSE Arca First Trust Energy AlphaDEX® Fund Quarterly $0.2393 FXO NYSE Arca First Trust Financials AlphaDEX® Fund Quarterly $0.2096 FXR NYSE Arca First Trust Industrials/Producer Durables AlphaDEX® Fund Quarterly $0.0952 FXU NYSE Arca First Trust Utilities AlphaDEX® Fund Quarterly $0.1439 FXZ NYSE Arca First Trust Materials AlphaDEX® Fund Quarterly $0.2467 FYC Nasdaq First Trust Small Cap Growth AlphaDEX® Fund Quarterly $0.0589 FYT Nasdaq First Trust Small Cap Value AlphaDEX® Fund Quarterly $0.1347 FYX Nasdaq First Trust Small Cap Core AlphaDEX® Fund Quarterly $0.2184 First Trust Exchange-Traded AlphaDEX® Fund II FBZ Nasdaq First Trust Brazil AlphaDEX® Fund Quarterly $0.6085 FDT Nasdaq First Trust Developed Markets ex-US AlphaDEX® Fund Quarterly $0.2049 FDTS Nasdaq First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund Quarterly $0.1045 FEM Nasdaq First Trust Emerging Markets AlphaDEX® Fund Quarterly $0.0425 FEMS Nasdaq First Trust Emerging Markets Small Cap AlphaDEX® Fund Quarterly $0.1001 FEP Nasdaq First Trust Europe AlphaDEX® Fund Quarterly $0.0288 FJP Nasdaq First Trust Japan AlphaDEX® Fund Quarterly $0.0843 FKU Nasdaq First Trust United Kingdom AlphaDEX® Fund Quarterly $0.1067 FLN Nasdaq First Trust Latin America AlphaDEX® Fund Quarterly $0.0368 FPA Nasdaq First Trust Asia Pacific ex-Japan AlphaDEX® Fund Quarterly $0.2359 FSZ Nasdaq First Trust Switzerland AlphaDEX® Fund Quarterly $0.0922 NFTY Nasdaq First Trust India NIFTY 50 Equal Weight ETF Quarterly $0.0527 First Trust Exchange-Traded Fund EDOW NYSE Arca First Trust Dow 30 Equal Weight ETF Quarterly $0.1453 FCG NYSE Arca First Trust Natural Gas ETF Quarterly $0.2044 FCTR Cboe BZX First Trust Lunt U.S. Factor Rotation ETF Quarterly $0.0745 FDL NYSE Arca First Trust Morningstar Dividend Leaders Index Fund Quarterly $0.3097 FDM NYSE Arca First Trust Dow Jones Select MicroCap Index Fund Quarterly $0.1762 FIW NYSE Arca First Trust Water ETF Quarterly $0.0830 FPX NYSE Arca First Trust US Equity Opportunities ETF Quarterly $0.1370 FRI NYSE Arca First Trust S&P REIT Index Fund Quarterly $0.2309 FTCS Nasdaq First Trust Capital Strength ETF Quarterly $0.2921 FTDS Nasdaq First Trust Dividend Strength ETF Quarterly $0.2161 FTGS Nasdaq First Trust Growth Strength ETF Quarterly $0.0638 FVD NYSE Arca First Trust Value Line® Dividend Index Fund Quarterly $0.2076 MISL NYSE Arca First Trust Indxx Aerospace & Defense ETF Quarterly $0.0122 QABA Nasdaq First Trust NASDAQ® ABA Community Bank Index Fund Quarterly $0.3463 QCLN Nasdaq First Trust NASDAQ® Clean Edge® Green Energy Index Fund Quarterly $0.0522 QQEW Nasdaq First Trust NASDAQ-100 Equal Weighted Index Fund Quarterly $0.1824 QQXT Nasdaq First Trust NASDAQ-100 Ex-Technology Sector Index Fund Quarterly $0.2169 QTEC Nasdaq First Trust NASDAQ-100-Technology Sector Index Fund Quarterly $0.1173 First Trust Exchange-Traded Fund II CARZ Nasdaq First Trust S-Network Future Vehicles & Technology ETF Quarterly $0.1058 DTRE NYSE Arca First Trust Alerian Disruptive Technology Real Estate ETF Quarterly $0.1417 FAN NYSE Arca First Trust Global Wind Energy ETF Quarterly $0.0406 FDD NYSE Arca First Trust STOXX® European Select Dividend Index Fund Quarterly $0.0361 FDNI Nasdaq First Trust Dow Jones International Internet ETF Quarterly $0.0897 FGD NYSE Arca First Trust Dow Jones Global Select Dividend Index Fund Quarterly $0.1088 FPXI Nasdaq First Trust International Equity Opportunities ETF Quarterly $0.0046 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount FTRI Nasdaq First Trust Indxx Global Natural Resources Income ETF Quarterly $0.1569 GRID Nasdaq First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund Quarterly $0.0799 NXTG Nasdaq First Trust Indxx NextG ETF Quarterly $0.0488 RBLD NYSE Arca First Trust Alerian U.S. NextGen Infrastructure ETF Quarterly $0.0866 First Trust Exchange-Traded Fund IV KNG Cboe BZX FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® Quarterly $0.5097 First Trust Exchange-Traded Fund VI AIRR Nasdaq First Trust RBA American Industrial Renaissance® ETF Quarterly $0.0291 DALI Nasdaq First Trust Dorsey Wright DALI 1 ETF Quarterly $0.0633 DDIV Nasdaq First Trust Dorsey Wright Momentum & Dividend ETF Quarterly $0.2401 DVLU Nasdaq First Trust Dorsey Wright Momentum & Value ETF Quarterly $0.1013 DVOL Nasdaq First Trust Dorsey Wright Momentum & Low Volatility ETF Quarterly $0.0987 FICS Nasdaq First Trust International Developed Capital Strength ETF Quarterly $0.0545 FID Nasdaq First Trust S&P International Dividend Aristocrats ETF Quarterly $0.0277 FTXG Nasdaq First Trust Nasdaq Food & Beverage ETF Quarterly $0.0633 FTXH Nasdaq First Trust Nasdaq Pharmaceuticals ETF Quarterly $0.1001 FTXL Nasdaq First Trust Nasdaq Semiconductor ETF Quarterly $0.0889 FTXN Nasdaq First Trust Nasdaq Oil & Gas ETF Quarterly $0.1529 FTXO Nasdaq First Trust Nasdaq Bank ETF Quarterly $0.1436 FTXR Nasdaq First Trust Nasdaq Transportation ETF Quarterly $0.1516 FV Nasdaq First Trust Dorsey Wright Focus 5 ETF Quarterly $0.1428 FVC Nasdaq First Trust Dorsey Wright Dynamic Focus 5 ETF Quarterly $0.1529 IFV Nasdaq First Trust Dorsey Wright International Focus 5 ETF Quarterly $0.0266 LEGR Nasdaq First Trust Indxx Innovative Transaction & Process ETF Quarterly $0.1101 MDIV Nasdaq Multi-Asset Diversified Income Index Fund Monthly $0.1360 RDVY Nasdaq First Trust Rising Dividend Achievers ETF Quarterly $0.2114 RNDV Nasdaq US Equity Dividend Select ETF Quarterly $0.1747 RNLC Nasdaq Large Cap US Equity Select ETF Quarterly $0.0946 RNMC Nasdaq Mid Cap US Equity Select ETF Quarterly $0.0838 RNSC Nasdaq Small Cap US Equity Select ETF Quarterly $0.0976 ROBT Nasdaq First Trust Nasdaq Artificial Intelligence and Robotics ETF Quarterly $0.0107 SDVY Nasdaq First Trust SMID Cap Rising Dividend Achievers ETF Quarterly $0.1322 TDIV Nasdaq First Trust NASDAQ Technology Dividend Index Fund Quarterly $0.1784 FTA is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $196 billion as of February 28, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting https://www.ftportfolios.com. A prospectus should be read carefully before investing. Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to a Fund are identified below. The material risks of investing in a Fund are spelled out in the Fund's prospectus, statement of additional information and other regulatory filings. The order of the below risk factors does not indicate the significance of any particular risk factor. Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. A Fund's shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund's investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. An Index ETF seeks investment results that correspond generally to the price and yield of an index. You should anticipate that the value of an Index Fund's shares will decline, more or less, in correlation with any decline in the value of the index. An Index Fund's return may not match the return of the index. Unlike a Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by a Fund. Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from a Fund by authorized participants, in very large creation/redemption units. If a Fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to a Fund's net asset value and possibly face delisting. One of the principal risks of investing in a Fund is market risk. Market risk is the risk that a particular security owned by a Fund, Fund shares or securities in general may fall in value. An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund's investment portfolio, the portfolio managers, management teams, advisor or sub-advisor, will apply investment techniques and risk analyses that may not have the desired result. A Fund that is concentrated in securities of companies in a certain sector or industry involves additional risks, including limited diversification. An investment in a Fund concentrated in a single country or region may be subject to greater risks of adverse events and may experience greater volatility than a Fund that is more broadly diversified geographically. Certain Funds may invest in small-capitalization and mid-capitalization companies. Such companies may experience greater price volatility than larger, more established companies. There is no guarantee that the issuers of the securities in any Fund will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time. An investment in a Fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. A Fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market. Investments in sovereign bonds involve special risks because the governmental authority that controls the repayment of the debt may be unwilling or unable to repay the principal and/or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. A Fund that invests in the European region is subject to certain risks because member states in the European Union no longer control their own monetary policies, money supply and official interest rates for the Euro. Rather, such control is exercised by the European Central Bank. The Swiss economy is dependent on the economies of other European nations as key trading partners. Any reduction in spending by other European countries could have a negative effect on the Swiss economy. The European sovereign-debt crisis has resulted in a weakened Euro and has put into question the future financial prospects of the surrounding region. The ongoing implementation of the European Union provisions and Euro conversion process may materially impact revenues, expenses or income and increase competition for other European companies, which could have an effect on the Swiss economy. Certain securities held by certain of the Funds are subject to credit risk, call risk, income risk, inflation risk, interest rate risk, prepayment risk, and zero coupon risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by a Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund's fixed-income investments could decline during periods of falling interest rates. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Interest rate risk is the risk that the value of the fixed-income securities in a Fund will decline because of rising market interest rates. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a Fund's income. Zero coupon risk is the risk that zero coupon bonds may be highly volatile as interest rates rise or fall. Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high-yield securities is smaller and less liquid than that for investment grade securities. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund. Income from municipal bonds held by a Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Income from municipal bonds held by a Fund may be subject to the federal alternative minimum income tax. Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks. The values of certain synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because such synthetic convertibles are composed of two or more separate securities or instruments, each with its own market value. A Fund is subject to the credit risk associated with the counterparty creating the synthetic convertible instrument. Synthetic convertible securities may also be subject to the risks associated with derivatives. Exchange-traded notes (“ETNs”) are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. The value of an ETN may be influenced by various factors. Real estate investment trusts (“REITs”) and real estate operating companies (“REOCs”) are subject to certain risks, including changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Master limited partnerships (“MLPs”) are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that an MLP could be taxed as a corporation, resulting in decreased returns from such MLP. Blockchain technology is an entirely new and relatively untested technology and may never be implemented to a scale that provides identifiable economic benefit to the companies included in a blockchain index. Blockchain systems could be vulnerable to fraud. There is little regulation of blockchain technology and because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that it may be subject to widespread and inconsistent regulation. The values of the companies included in a blockchain 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. 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 or manipulation. A Fund may invest in robotics and artificial intelligence 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 effect on a company's operating results. The use of futures, options, and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when a Fund's portfolio managers use derivatives to enhance a Fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by a Fund. The stocks of companies that have recently conducted an initial public offering have exhibited above-average price appreciation in connection with the initial public offering prior to inclusion in a Fund, which may not continue, and these investments may be subject to additional risks, price volatility and speculative trading. A Fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in a Fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities. A Fund's investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Alternative investments may employ complex strategies, have unique investment and risk characteristics and may not be appropriate for all investors. Certain Funds may invest in other investment companies, including closed-end funds (“CEFs”), ETFs and affiliated ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a Fund's investment performance and risks may be related to the investment and performance of the underlying funds. A Fund may invest in U.S. government obligations. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. Short selling creates special risks which could result in increased volatility of returns. In times of unusual or adverse market, economic, regulatory or political conditions, a Fund may not be able, fully or partially, to implement its short selling strategy. Certain Funds may invest in distressed securities, and many distressed securities are illiquid or trade in low volumes and thus may be more difficult to value. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books. Because the shares of CEFs cannot be redeemed upon demand, shares of many CEFs will trade on exchanges at market prices rather than net asset value, which may cause the shares to trade at a price greater than the net asset value (“NAV”) (premium) or less than NAV (discount). There can be no assurance that the market discount on shares of any CEF purchased by a Fund will ever decrease or that when a Fund seeks to sell shares of a CEF, it can receive the NAV for those shares. A Fund may also be exposed to higher volatility in the market due to indirect use of leverage through its investment in CEFs. CEFs may issue senior securities in an attempt to enhance returns. Certain Funds have fewer assets than larger, more established funds, and like other relatively new funds, large inflows and outflows may impact such Funds' market exposure for limited periods of time. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. Although the funds and the Advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. "AlphaDEX®" is a registered trademark of First Trust Portfolios L.P. First Trust Portfolios L.P. has obtained a patent for the AlphaDEX® stock selection methodology from the United States Patent and Trademark Office. Nasdaq®, NASDAQ-100®, NASDAQ-100 Index®, NASDAQ-100 Technology Sector IndexSM, NASDAQ-100 Ex-Tech Sector IndexSM, NASDAQ-100 Equal Weighted IndexSM, NASDAQ OMX Global Auto IndexSM and Nasdaq CTA Artificial Intelligence and Robotics IndexSM, are trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS. Nasdaq® and Clean Edge® are the registered trademarks (the "Marks") of Nasdaq, Inc. ("Nasdaq") and Clean Edge, Inc. ("Clean Edge") respectively. Nasdaq and Clean Edge are, collectively with their affiliates, the "Corporations". The Marks are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. The Funds should not be construed in any way as investment advice by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS. Nasdaq® and NASDAQ OMX® ABA Community Bank IndexSM are trademarks of Nasdaq, Inc. and American Bankers Association, (Nasdaq and ABA, collectively with their affiliates, are referred to as the "Corporations") and are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND. Nasdaq®, NASDAQ Technology Dividend IndexSM, NASDAQ US Multi-Asset Diversified Income IndexSM and NASDAQ US Rising Dividend Achievers IndexSM are registered trademarks and service marks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS. The Capital Strength IndexTM is the trademark (the "Mark") of Nasdaq. The Mark is licensed for use by First Trust Portfolios L.P. The Funds have not been passed on by Nasdaq as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by Nasdaq. The Fund should not be construed in any way as investment advice by Nasdaq. NASDAQ MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE FUND OR THE CAPITAL STRENGTH INDEXTM. "Value Line®", "Value Line® 100 Index" and "Value Line® Dividend Index" are trademarks or registered trademarks of Value Line, Inc. ("Value Line") in the United States and other countries and have been licensed for use for certain purposes by FTA. These products are not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy. First Trust Advisors L.P. is not affiliated with any Value Line company. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by FTA. The First Trust S&P REIT Index Fund is not sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding shares of the First Trust S&P REIT Index Fund. Morningstar is a registered trademark of Morningstar, Inc. and has been licensed for use by FTA. The First Trust Morningstar Dividend Leaders Index Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in First Trust Morningstar Dividend Leaders Index Fund. The Dow Jones Select MicroCap IndexSM and Dow Jones Global Select Dividend IndexSM are products of S&P Dow Jones Indices LLC ("SPDJI") and have been licensed for use by First Trust. Dow Jones®, Dow Jones Select MicroCap IndexSM, and Dow Jones Global Select Dividend IndexSM are trademarks of Dow Jones Trademark Holdings LLC ("Dow Jones"), and have been licensed to SPDJI and have been sublicensed for use for certain purposes by FTA on behalf of the Funds. First Trust's ETFs, based on Dow Jones Indexes, are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones or their respective affiliates, and none of them makes any representation regarding the advisability of investing in such products. The STOXX Europe Select Dividend 30 Index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The ETF based on the index is in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto. A patent with respect to the IPOX® index methodology has been issued (U.S. Pat. No. 7,698,197). IPOX® is a registered international trademark of IPOX® Schuster LLC (www.ipoxschuster.com). The First Trust Natural Gas ETF, First Trust Water ETF, First Trust Global Engineering and Construction ETF, First Trust Global Wind Energy ETF, First Trust Cloud Computing ETF and First Trust BICK Index Fund are not sponsored, endorsed, sold or promoted by the International Securities Exchange (“ISE”). ISE makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. ISE's only relationship to First Trust is the licensing of certain trademarks and trade names of ISE and of the indexes which are determined, composed and calculated by ISE without regard to First Trust or the Funds. The FTSE EPRA/NAREIT Developed Index is calculated by FTSE International Limited ("FTSE"). FTSE does not sponsor, endorse or promote the First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund. All copyright in the index values and constituent list vests in FTSE and/or its licensors. FTA and the First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund has obtained full license from FTSE to use such copyright in the creation of the First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund. "FTSE®", "FT-SE®" and "Footsie®" are trademarks jointly owned by the London Stock Exchange Plc and the Financial Times Limited and are used by FTSE under license. "NAREIT®" is the trademark of the National Association of Real Estate Investment Trusts and "EPRA®" is the trademark of the European Public Real Estate Association and are used by FTSE under license. First Trust Dorsey Wright Focus 5 ETF, First Trust Dorsey Wright International Focus 5 ETF and First Trust Dorsey Wright Dynamic Focus 5 ETF are not sponsored, endorsed, sold or promoted by Dorsey Wright. Dorsey Wright makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. Dorsey Wright's only relationship to First Trust is the licensing of certain trademarks and trade names of Dorsey Wright and of the index, which is determined, composed and calculated by Dorsey Wright without regard to First Trust or the Funds. First Trust Indxx Global Agriculture ETF and First Trust Indxx Global Natural Resources Income ETF are not sponsored, endorsed, sold or promoted by Indxx, LLC. Indxx, LLC makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. Indxx, LLC's only relationship to First Trust is the licensing of certain trademarks and trade names of Indxx, LLC, the Indxx Global Natural Resources Income Index and the Indxx Global Agriculture Index which are determined, composed and calculated by Indxx, LLC without regard to First Trust or the Funds. The Dow Jones Industrial Average® Equal Weight Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by First Trust. Dow Jones® and Dow Jones Industrial Average® Equal Weight Index are trademarks of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed to SPDJI and have been sublicensed for use for certain purposes by First Trust on behalf of the Fund. The First Trust Dow 30 Equal Weight Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones or their respective affiliates and none of them makes any representation regarding the advisability of investing in such product. "Indxx" and "Indxx Blockchain Index" are trademarks of Indxx, LLC and have been licensed for use for certain purposes by First Trust Advisors L.P. First Trust Indxx Innovative Transaction & Process ETF is based on the Indxx Blockchain Index and is not sponsored, endorsed, sold or promoted by Indxx, LLC, and Indxx, LLC makes no representation regarding the advisability of trading in such product. The Lunt Capital Large Cap Factor Rotation Index (The “Index”) is the property of Lunt Capital Management, Inc., which has contracted with Nasdaq, Inc. to calculate and maintain the Index. The First Trust Lunt U.S. Factor Rotation ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the index to track general stock performance. The First Trust Dorsey Wright Momentum & Dividend ETF, the First Trust Dorsey Wright Momentum & Value ETF and the First Trust Dorsey Wright Momentum & Low Volatility ETF (collectively, the “Funds”) are not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Funds. The Corporations make no representation or warranty, express or implied to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly, or the ability of the indexes to track general stock performance. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by First Trust Advisors L.P. The First Trust S&P International Dividend Aristocrats ETF is not sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding shares of the First Trust S&P International Dividend Aristocrats ETF. The First Trust India NIFTY 50 Equal Weight ETF is not sponsored, endorsed, sold or promoted by NSE Indices Limited. NSE Indices Limited does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund linked to the NIFTY 50 Equal Weight Index or particularly in the ability of the NIFTY 50 Equal Weight Index to track general stock market performance in India. The First Trust Dorsey Wright DALI 1 ETF is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. Nasdaq, Inc. makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of trading in the Fund. Nasdaq Inc.'s only relationship to First Trust is the licensing of certain trademarks and trade names of Nasdaq, Inc. and of the index, which is determined, composed and calculated by Nasdaq, Inc. or its agent, without regard to First Trust or the Fund. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"), a division of S&P Global; Cboe® is a registered trademark of Cboe. The Cboe S&P 500® Dividend Aristocrats Target Income Index Monthly Series, S&P, and Cboe trademarks have been licensed for use by the Sub-Advisor, and in turn, sub-licensed by the Advisor, including for use by the Fund. The Fund is not sponsored, endorsed, sold, or promoted by Cboe and/or its affiliates (the "Cboe Group"), or S&P and/or its affiliates (together, the "S&P Group"). Neither the Cboe Group nor the S&P Group make any representation regarding the advisability of investing in the Fund and shall have no liability whatsoever in connection with the Fund. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: January 24, 2023 Record Date: January 25, 2023 Payable Date: January 31, 2023 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund III FCAL Nasdaq First Trust California Municipal High Income ETF Monthly $0.1115 FEMB Nasdaq First Trust Emerging Markets Local Currency Bond ETF Monthly $0.1250 FMB Nasdaq First Trust Managed Municipal ETF Monthly $0.1265 FMHI Nasdaq First Trust Municipal High Income ETF Monthly $0.1510 FMNY NYSE Arca First Trust New York Municipal High Income ETF Monthly $0.0700 FPE NYSE Arca First Trust Preferred Securities and Income ETF Monthly $0.0718 FPEI NYSE Arca First Trust Institutional Preferred Securities and Income ETF Monthly $0.0824 FSMB NYSE Arca First Trust Short Duration Managed Municipal ETF Monthly $0.0350 FUMB NYSE Arca First Trust Ultra Short Duration Municipal ETF Monthly $0.0320 First Trust Exchange-Traded Fund IV FCVT Nasdaq First Trust SSI Strategic Convertible Securities ETF Monthly $0.0400 FSIG NYSE Arca First Trust Limited Duration Investment Grade Corporate ETF Monthly $0.0600 FTSL Nasdaq First Trust Senior Loan Fund Monthly $0.2850 HISF Nasdaq First Trust High Income Strategic Focus ETF Monthly $0.1517 HYLS Nasdaq First Trust Tactical High Yield ETF Monthly $0.2190 LGOV NYSE Arca First Trust Long Duration Opportunities ETF Monthly $0.0550 LMBS Nasdaq First Trust Low Duration Opportunities ETF Monthly $0.1350 RDVI Cboe BZX FT Cboe Vest Rising Dividend Achievers Target Income ETF Monthly $0.1641 First Trust Exchange-Traded Fund VI FTHI Nasdaq First Trust BuyWrite Income ETF Monthly $0.1450 FTQI Nasdaq First Trust Nasdaq BuyWrite Income ETF Monthly $0.1790 First Trust Exchange-Traded Fund VIII DEED NYSE Arca First Trust TCW Securitized Plus ETF Monthly $0.0900 EFIX NYSE Arca First Trust TCW Emerging Markets Debt ETF Monthly $0.0800 FIXD Nasdaq First Trust TCW Opportunistic Fixed Income ETF Monthly $0.1500 LDSF Nasdaq First Trust Low Duration Strategic Focus ETF Monthly $0.0570 MFLX Nasdaq First Trust Flexible Municipal High Income ETF Monthly $0.0540 UCON NYSE Arca First Trust TCW Unconstrained Plus Bond ETF Monthly $0.1000 INDEX EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund VI MDIV Nasdaq Multi-Asset Diversified Income Index Fund Monthly $0.0599 FTA is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $190 billion as of December 31, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting https://www.ftportfolios.com. A prospectus should be read carefully before investing. Principal Risk Factors: Risks are inherent in all investing. Certain risks that may be applicable to a fund are identified below but not all of the material risks relevant to each fund are included below and not all of the risks below apply to each fund. The material risks of investing in each fund are spelled out in its prospectus, statement of additional information and other regulatory filings. The order of the below risk factors does not indicate the significance of any particular risk factor. Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. A Fund's shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund's investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. An Index ETF seeks investment results that correspond generally to the price and yield of an index. You should anticipate that the value of an Index Fund's shares will decline, more or less, in correlation with any decline in the value of the index. An Index Fund's return may not match the return of the index. Unlike a Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by a Fund. Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units. If the Fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to the Fund's net asset value and possibly face delisting. One of the principal risks of investing in a Fund is market risk. Market risk is the risk that a particular security owned by a Fund, Fund shares or securities in general may fall in value. An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund's investment portfolio, the portfolio managers, management teams, advisor or sub-advisor, will apply investment techniques and risk analyses that may not have the desired result. A Fund that is concentrated in securities of companies in a certain sector or industry involves additional risks, including limited diversification. An investment in a Fund concentrated in a single country or region may be subject to greater risks of adverse events and may experience greater volatility than a Fund that is more broadly diversified geographically. Certain Funds may invest in small capitalization and mid-capitalization companies. Such companies may experience greater price volatility than larger, more established companies. An investment in a Fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. A Fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market. Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of investing in emerging markets 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. Investments in sovereign bonds involve special risks because the governmental authority that controls the repayment of the debt may be unwilling or unable to repay the principal and/or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Preferred securities, high-yield securities, corporate bonds, government bonds, municipal bonds and senior loans are subject to credit risk, call risk, income risk, interest rate risk, inflation risk and prepayment risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by a Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund's fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in a Fund will decline because of rising market interest rates. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a Fund's income. Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high yield securities is smaller and less liquid than that for investment grade securities. The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund. In the event a borrower fails to pay scheduled interest or principal payments on a senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated. Income from municipal bonds held by a Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks. The values of certain synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because such synthetic convertibles are composed of two or more separate securities or instruments, each with its own market value. A Fund is subject to the credit risk associated with the counterparty creating the synthetic convertible instrument. Synthetic convertible securities may also be subject to the risks associated with derivatives. Exchange-traded notes (ETNs) are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. The value of an ETN may be influenced by various factors. Real estate investment trusts (REITs) and real estate operating companies (REOCs) are subject to certain risks, including changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Master limited partnerships (MLPs) are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that a MLP could be taxed as a corporation, resulting in decreased returns from such MLP. The use of futures, options, and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when a Fund's portfolio managers use derivatives to enhance a Fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by a Fund. A Fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in a Fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities. A Fund's investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Alternative investments may employ complex strategies, have unique investment and risk characteristics and may not be appropriate for all investors. Certain Funds may invest in other investment companies, including closed-end funds (CEFs), ETFs and affiliated ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a Fund's investment performance and risks may be related to the investment and performance of the underlying funds. A Fund may invest in U.S. government obligations. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. Income from the First Trust Managed Municipal ETF (FMB), the First Trust California Municipal High Income ETF (FCAL), the First Trust Municipal High Income ETF (FMHI), the First Trust Short Duration Managed Municipal ETF (FSMB), and the First Trust Ultra Short Duration Municipal ETF (FUMB) may be subject to the federal alternative minimum income tax. FMB, FCAL, FMHI, FSMB, and FUMB may invest in zero coupon bonds which may be highly volatile as interest rates rise and fall. FCAL invests principally in municipal debt securities from issuers located in California. Such concentration exposes the Fund to political, fiscal, and economic conditions affecting California municipal issuers and may affect the value of the Fund’s investments. Short selling creates special risks which could result in increased volatility of returns. In times of unusual or adverse market, economic, regulatory or political conditions, a Fund may not be able, fully or partially, to implement its short selling strategy. Certain Funds may invest in distressed securities and many distressed securities are illiquid or trade in low volumes and thus may be more difficult to value. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books. Certain Funds are classified as "non-diversified" and 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 concentrated in certain issuers. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. Although the funds and the Advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Nasdaq and NASDAQ U.S. Multi-Asset Diversified Income Index℠ are registered trademarks and service marks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by FTA. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.