FCAL First Trust California Municipal High Income

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 138 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:

December 23, 2022

Record Date:

December 27, 2022

Payable Date:

December 30, 2022

Ticker

Exchange

Fund Name

Frequency

Ordinary Income Per Share Amount

Long-Term Capital Gain Per Share Amount

 

 

ACTIVELY MANAGED EXCHANGE-TRADED FUNDS

 

 

 

First Trust Exchange-Traded Fund III

 

FCAL

Nasdaq

First Trust California Municipal High Income ETF

Monthly

 

$0.1100

 

FEMB

Nasdaq

First Trust Emerging Markets Local Currency Bond ETF

Monthly

 

$0.1250

 

FMB

Nasdaq

First Trust Managed Municipal ETF

Monthly

 

$0.1205

 

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

 

$0.0925

 

FPEI

NYSE Arca

First Trust Institutional Preferred Securities and Income ETF

Monthly

 

$0.0886

 

FSMB

NYSE Arca

First Trust Short Duration Managed Municipal ETF

Monthly

 

$0.0350

 

FTLS

NYSE Arca

First Trust Long/Short Equity ETF

Quarterly

 

$0.3300

 

FUMB

NYSE Arca

First Trust Ultra Short Duration Municipal ETF

Monthly

 

$0.0310

 

HDMV

NYSE Arca

First Trust Horizon Managed Volatility Developed International ETF

Quarterly

 

$0.1327

 

HSMV

NYSE Arca

First Trust Horizon Managed Volatility Small/Mid ETF

Quarterly

 

$0.1710

 

HUSV

NYSE Arca

First Trust Horizon Managed Volatility Domestic ETF

Quarterly

 

$0.1599

 

MARB

NYSE Arca

First Trust Merger Arbitrage ETF

Quarterly

 

$0.2000

 

RFDI

Nasdaq

First Trust RiverFront Dynamic Developed International ETF

Quarterly

 

$0.5409

 

RFEM

Nasdaq

First Trust RiverFront Dynamic Emerging Markets ETF

Quarterly

 

$1.4596

 

RFEU

Nasdaq

First Trust RiverFront Dynamic Europe ETF

Quarterly

 

$1.2151

 

 

First Trust Exchange-Traded Fund IV

 

ECLN

NYSE Arca

First Trust EIP Carbon Impact ETF

Quarterly

 

$0.1564

 

$0.0294

EIPX

NYSE Arca

FT Energy Income Partners Strategy ETF

Quarterly

 

$0.0685

 

 

EMLP

NYSE Arca

First Trust North American Energy Infrastructure Fund

Quarterly

 

$0.2094

 

 

FSIG

NYSE Arca

First Trust Limited Duration Investment Grade Corporate ETF

Monthly

 

$0.0600

 

 

FTSL

Nasdaq

First Trust Senior Loan Fund

Monthly

 

$0.2700

 

 

FTSM

Nasdaq

First Trust Enhanced Short Maturity ETF

Monthly

 

$0.1910

 

 

HISF

Nasdaq

First Trust High Income Strategic Focus ETF

Monthly

 

$0.1550

 

 

HYLS

Nasdaq

First Trust Tactical High Yield ETF

Monthly

 

$0.2150

 

 

LGOV

NYSE Arca

First Trust Long Duration Opportunities ETF

Monthly

 

$0.0475

 

 

LMBS

Nasdaq

First Trust Low Duration Opportunities ETF

Monthly

 

$0.1300

 

 

RDVI

Cboe BZX

FT Cboe Vest Rising Dividend Achievers Target Income ETF

Monthly

 

$0.1612

 

 

 

 

First Trust Exchange-Traded Fund VI

 

FTHI

Nasdaq

First Trust BuyWrite Income ETF

Monthly

 

$0.1370

 

 

FTQI

Nasdaq

First Trust Nasdaq BuyWrite Income ETF

Monthly

$0.1790

 

 

 

First Trust Exchange-Traded Fund VIII

 

AFLG

NYSE Arca

First Trust Active Factor Large Cap ETF

Quarterly

 

$0.1634

 

AFMC

NYSE Arca

First Trust Active Factor Mid Cap ETF

Quarterly

 

$0.1144

 

AFSM

NYSE Arca

First Trust Active Factor Small Cap ETF

Quarterly

 

$0.1478

 

CRPT

NYSE Arca

First Trust SkyBridge Crypto Industry and Digital Economy ETF

Quarterly

 

$0.00105

 

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

 

$0.1374

 

FIXD

Nasdaq

First Trust TCW Opportunistic Fixed Income ETF

Monthly

 

$0.1600

 

LDSF

Nasdaq

First Trust Low Duration Strategic Focus ETF

Monthly

 

$0.0560

 

MFLX

Nasdaq

First Trust Flexible Municipal High Income ETF

Monthly

 

$0.0540

 

UCON

NYSE Arca

First Trust TCW Unconstrained Plus Bond ETF

Monthly

 

$0.1150

 

XPND

NYSE Arca

First Trust Expanded Technology ETF

Quarterly

 

$0.0264

 

 

 

INDEX EXCHANGE-TRADED FUNDS

 

 

 

First Trust Exchange-Traded AlphaDEX® Fund

 

FAB

Nasdaq

First Trust Multi Cap Value AlphaDEX® Fund

Quarterly

 

$0.4778

 

FAD

Nasdaq

First Trust Multi Cap Growth AlphaDEX® Fund

Quarterly

 

$0.2779

 

FEX

Nasdaq

First Trust Large Cap Core AlphaDEX® Fund

Quarterly

 

$0.4725

 

FNK

Nasdaq

First Trust Mid Cap Value AlphaDEX® Fund

Quarterly

 

$0.2575

 

FNX

Nasdaq

First Trust Mid Cap Core AlphaDEX® Fund

Quarterly

 

$0.3782

 

FNY

Nasdaq

First Trust Mid Cap Growth AlphaDEX® Fund

Quarterly

 

$0.1112

 

FTA

Nasdaq

First Trust Large Cap Value AlphaDEX® Fund

Quarterly

 

$0.5323

 

FTC

Nasdaq

First Trust Large Cap Growth AlphaDEX® Fund

Quarterly

 

$0.3255

 

FXD

NYSE Arca

First Trust Consumer Discretionary AlphaDEX® Fund

Quarterly

 

$0.1429

 

FXG

NYSE Arca

First Trust Consumer Staples AlphaDEX® Fund

Quarterly

 

$0.5443

 

FXH

NYSE Arca

First Trust Health Care AlphaDEX® Fund

Quarterly

 

$0.1214

 

FXL

NYSE Arca

First Trust Technology AlphaDEX® Fund

Quarterly

 

$0.0766

 

FXN

NYSE Arca

First Trust Energy AlphaDEX® Fund

Quarterly

 

$0.1252

 

FXO

NYSE Arca

First Trust Financials AlphaDEX® Fund

Quarterly

 

$0.3697

 

FXR

NYSE Arca

First Trust Industrials/Producer Durables AlphaDEX® Fund

Quarterly

 

$0.1409

 

FXU

NYSE Arca

First Trust Utilities AlphaDEX® Fund

Quarterly

 

$0.2757

 

FXZ

NYSE Arca

First Trust Materials AlphaDEX® Fund

Quarterly

 

$0.2566

 

FYT

Nasdaq

First Trust Small Cap Value AlphaDEX® Fund

Quarterly

 

$0.2457

 

FYX

Nasdaq

First Trust Small Cap Core AlphaDEX® Fund

Quarterly

 

$0.3300

 

 

 

First Trust Exchange-Traded AlphaDEX® Fund II

 

FBZ

Nasdaq

First Trust Brazil AlphaDEX® Fund

Quarterly

 

$0.1018

 

FCA

Nasdaq

First Trust China AlphaDEX® Fund

Quarterly

 

$0.5991

 

FDT

Nasdaq

First Trust Developed Markets ex-US AlphaDEX® Fund

Quarterly

 

$0.1878

 

FDTS

Nasdaq

First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund

Quarterly

 

$0.5962

 

FEM

Nasdaq

First Trust Emerging Markets AlphaDEX® Fund

Quarterly

 

$0.2039

 

FEMS

Nasdaq

First Trust Emerging Markets Small Cap AlphaDEX® Fund

Quarterly

 

$0.0920

 

FEUZ

Nasdaq

First Trust Eurozone AlphaDEX® ETF

Quarterly

 

$0.0408

 

FGM

Nasdaq

First Trust Germany AlphaDEX® Fund

Quarterly

 

$0.2014

 

 

FJP

Nasdaq

First Trust Japan AlphaDEX® Fund

Quarterly

 

$0.1635

 

 

FKU

Nasdaq

First Trust United Kingdom AlphaDEX® Fund

Quarterly

 

$0.0719

 

 

FLN

Nasdaq

First Trust Latin America AlphaDEX® Fund

Quarterly

 

$0.1823

 

 

FPA

Nasdaq

First Trust Asia Pacific ex-Japan AlphaDEX® Fund

Quarterly

 

$0.3294

 

 

FSZ

Nasdaq

First Trust Switzerland AlphaDEX® Fund

Quarterly

 

$0.0897

 

 

NFTY

Nasdaq

First Trust India NIFTY 50 Equal Weight ETF

Quarterly

 

$0.7618

 

$0.2919

 

 

First Trust Exchange-Traded Fund

 

EDOW

NYSE Arca

First Trust Dow 30 Equal Weight ETF

Quarterly

 

$0.1442

 

FCG

NYSE Arca

First Trust Natural Gas ETF

Quarterly

 

$0.2590

 

FCTR

Cboe BZX

First Trust Lunt U.S. Factor Rotation ETF

Quarterly

 

$0.0716

 

FDL

NYSE Arca

First Trust Morningstar Dividend Leaders Index Fund

Quarterly

 

$0.3891

 

FDM

NYSE Arca

First Trust Dow Jones Select MicroCap Index Fund

Quarterly

 

$0.3400

 

FIW

NYSE Arca

First Trust Water ETF

Quarterly

 

$0.1589

 

FPX

NYSE Arca

First Trust US Equity Opportunities ETF

Quarterly

 

$0.5006

 

FRI

NYSE Arca

First Trust S&P REIT Index Fund

Quarterly

 

$0.2402

 

FTCS

Nasdaq

First Trust Capital Strength ETF

Quarterly

 

$0.2915

 

FTDS

Nasdaq

First Trust Dividend Strength ETF

Quarterly

 

$0.3796

 

FTGS

Nasdaq

First Trust Growth Strength ETF

Quarterly

 

$0.0428

 

FVD

NYSE Arca

First Trust Value Line® Dividend Index Fund

Quarterly

 

$0.2748

 

MISL

NYSE Arca

First Trust Indxx Aerospace & Defense ETF

Quarterly

 

$0.0169

 

QABA

Nasdaq

First Trust NASDAQ® ABA Community Bank Index Fund

Quarterly

 

$0.2782

 

QCLN

Nasdaq

First Trust NASDAQ® Clean Edge® Green Energy Index Fund

Quarterly

 

$0.0855

 

QQEW

Nasdaq

First Trust NASDAQ-100 Equal Weighted Index Fund

Quarterly

 

$0.1754

 

QQXT

Nasdaq

First Trust NASDAQ-100 Ex-Technology Sector Index Fund

Quarterly

 

$0.1861

 

QTEC

Nasdaq

First Trust NASDAQ-100-Technology Sector Index Fund

Quarterly

 

$0.0828

 

 

 

First Trust Exchange-Traded Fund II

 

ARVR

Nasdaq

First Trust Indxx Metaverse ETF

Quarterly

 

$0.0654

 

BICK

Nasdaq

First Trust BICK Index Fund

Quarterly

 

$0.3625

 

CARZ

Nasdaq

First Trust S-Network Future Vehicles & Technology ETF

Quarterly

 

$0.2362

 

CIBR

Nasdaq

First Trust Nasdaq Cybersecurity ETF

Quarterly

 

$0.0954

 

DTRE

NYSE Arca

First Trust Alerian Disruptive Technology Real Estate ETF

Quarterly

 

$0.4215

 

FAN

NYSE Arca

First Trust Global Wind Energy ETF

Quarterly

 

$0.0440

 

FDD

NYSE Arca

First Trust STOXX® European Select Dividend Index Fund

Quarterly

 

$0.0451

 

FGD

NYSE Arca

First Trust Dow Jones Global Select Dividend Index Fund

Quarterly

 

$0.3862

 

FPXE

Nasdaq

First Trust IPOX Europe Equity Opportunities ETF

Quarterly

 

$0.0326

 

FPXI

Nasdaq

First Trust International Equity Opportunities ETF

Quarterly

 

$0.1149

 

FTAG

Nasdaq

First Trust Indxx Global Agriculture ETF

Quarterly

 

$0.1737

 

FTRI

Nasdaq

First Trust Indxx Global Natural Resources Income ETF

Quarterly

 

$0.1858

 

GRID

Nasdaq

First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund

Quarterly

 

$0.2730

 

NXTG

Nasdaq

First Trust Indxx NextG ETF

Quarterly

 

$0.1972

 

RBLD

NYSE Arca

First Trust Alerian U.S. NextGen Infrastructure ETF

Quarterly

 

$0.2477

 

 

 

First Trust Exchange-Traded Fund IV

 

KNG

Cboe BZX

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF®

Quarterly

 

$0.5286

 

 

First Trust Exchange-Traded Fund VI

AIRR

Nasdaq

First Trust RBA American Industrial Renaissance® ETF

Quarterly

 

$0.0487

 

DALI

Nasdaq

First Trust Dorsey Wright DALI 1 ETF

Quarterly

 

$0.1226

 

DDIV

Nasdaq

First Trust Dorsey Wright Momentum & Dividend ETF

Quarterly

 

$0.4598

 

DVLU

Nasdaq

First Trust Dorsey Wright Momentum & Value ETF

Quarterly

 

$0.2033

 

DVOL

Nasdaq

First Trust Dorsey Wright Momentum & Low Volatility ETF

Quarterly

 

$0.1435

 

FICS

Nasdaq

First Trust International Developed Capital Strength ETF

Quarterly

 

$0.0773

 

FID

Nasdaq

First Trust S&P International Dividend Aristocrats ETF

Quarterly

 

$0.1979

 

FTXG

Nasdaq

First Trust Nasdaq Food & Beverage ETF

Quarterly

 

$0.1445

 

FTXH

Nasdaq

First Trust Nasdaq Pharmaceuticals ETF

Quarterly

 

$0.1253

 

FTXL

Nasdaq

First Trust Nasdaq Semiconductor ETF

Quarterly

 

$0.1867

 

FTXN

Nasdaq

First Trust Nasdaq Oil & Gas ETF

Quarterly

 

$0.1901

 

FTXO

Nasdaq

First Trust Nasdaq Bank ETF

Quarterly

 

$0.2416

 

FTXR

Nasdaq

First Trust Nasdaq Transportation ETF

Quarterly

 

$0.1665

 

FV

Nasdaq

First Trust Dorsey Wright Focus 5 ETF

Quarterly

 

$0.2329

 

FVC

Nasdaq

First Trust Dorsey Wright Dynamic Focus 5 ETF

Quarterly

 

$0.2713

 

IFV

Nasdaq

First Trust Dorsey Wright International Focus 5 ETF

Quarterly

 

$0.1422

 

ISHP

Nasdaq

First Trust S-Network E-Commerce ETF

Quarterly

 

$0.0301

 

LEGR

Nasdaq

First Trust Indxx Innovative Transaction & Process ETF

Quarterly

 

$0.0943

 

MDIV

Nasdaq

Multi-Asset Diversified Income Index Fund

Monthly

 

$0.1114

 

RDVY

Nasdaq

First Trust Rising Dividend Achievers ETF

Quarterly

 

$0.3756

 

RNDM

Nasdaq

Developed International Equity Select ETF

Quarterly

 

$0.2389

 

RNDV

Nasdaq

US Equity Dividend Select ETF

Quarterly

 

$0.2132

 

RNEM

Nasdaq

Emerging Markets Equity Select ETF

Quarterly

 

$0.0537

 

RNLC

Nasdaq

Large Cap US Equity Select ETF

Quarterly

 

$0.1501

 

RNMC

Nasdaq

Mid Cap US Equity Select ETF

Quarterly

 

$0.2242

 

RNSC

Nasdaq

Small Cap US Equity Select ETF

Quarterly

 

$0.1970

 

ROBT

Nasdaq

First Trust Nasdaq Artificial Intelligence and Robotics ETF

Quarterly

 

$0.0535

 

SDVY

Nasdaq

First Trust SMID Cap Rising Dividend Achievers ETF

Quarterly

 

$0.2302

 

TDIV

Nasdaq

First Trust NASDAQ Technology Dividend Index Fund

Quarterly

 

$0.4176

 

 

 

 

 

 

 

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 $199 billion as of November 30, 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 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.

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