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0.4739 0.1994 0.1248 -0.0344 0.2656 -0.0001 0.2486 -0.0524 0.0410 0.1000 0.0819 -0.0241 0.1315 0.2187 0.3446 N-1A First Trust Exchange-Traded Fund 2026-05-01 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Capital Strength</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> ETF (FTCS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Capital Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called The Capital Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0048 0.0000 0.0005 0.0053 0.0000 0.0053 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.65% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 54 170 296 665 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">117%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.17 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index seeks to provide exposure to well-capitalized companies with strong market positions. The companies are screened for strong balance sheets, a high degree of liquidity, the ability to generate earnings growth and a record of financial strength and profit growth. According to the Index Provider, the Index’s initial universe consists of the securities comprising the Nasdaq US Benchmark</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index, a float adjusted market capitalization-weighted index designed to track the performance of securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assigned to the U.S. The Index then excludes all securities that don't meet the size and liquidity requirements of the Index and multiple classes of the same issuer. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> In order to be eligible for inclusion in the Index, a security must also be a common stock </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or real estate investment trust (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"REIT"</span><span style="font-family:Arial;font-size:9.00pt;">), have at least $1 billion in cash or short-term investments, after removing restricted </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cash, have a long-term debt to market capitalization ratio less than 30%, have a positive shareholder equity and have a return on equity that is greater than 15%. The eligible securities are then ranked based upon a combination of their three-month annualized realized volatility and twelve-month realized volatility. Securities ranked outside the lowest 15 within each Industry, as determined by the Industry Classification Benchmark (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"ICB"</span><span style="font-family:Arial;font-size:9.00pt;">), are excluded. The 50 securities with the lowest combined </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ranks are chosen for inclusion in the Index. In the case of ties in combined ranks, the security with highest free float market capitalization is chosen for inclusion in the Index. Each security is equal weighted in the Index. The Fund may invest in companies </span><span style="font-family:Arial;font-size:9.00pt;">with various market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies and industrials companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction </span><span style="font-family:Arial;font-size:9.00pt;">or investment sector. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> and The Capital Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index are trademarks (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Marks”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) of Nasdaq, Inc. (collectively with its affiliates </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Nasdaq”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Marks are licensed for use with the Fund by the Fund’s investment advisor. The Fund has 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 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in any way as investment advice by Nasdaq. Nasdaq makes no warranties and bears no liability with respect to the Fund.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies and industrials companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LOW VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Low volatility stocks are likely to underperform the broader </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market during periods of rapidly rising stock prices.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On June 4, 2013, the Fund’s underlying index changed from the Credit Suisse U.S. Value Index, Powered by HOLT</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> to The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Capital Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and total returns shown for the periods prior to June 4, 2013, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are not necessarily indicative of the performance the Fund, based on its current index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Since the Fund's </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">new underlying index had an inception date of March 20, 2013, it was not in existence for all of the periods disclosed.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Capital Strength</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">18.05%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-17.47%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1805 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1747 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0639 0.0785 0.1066 0.0972 2006-07-06 0.0594 0.0729 0.1008 0.0911 0.0378 0.0591 0.0850 0.0803 0.0700 0.0847 0.1133 0.1788 0.1442 0.1482 0.1113 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">On June 4, 2013, the Fund’s underlying index changed from the Credit Suisse U.S. Value Index, Powered by HOLT</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;"> to The Capital Strength</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">Index. Therefore, the Fund’s performance and historical returns shown for the periods prior to June 4, 2013, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Fund’s new underlying index had an inception date of March 20, 2013, it was not in existence for some of the periods disclosed.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dow Jones Internet Index Fund (FDN)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dow Jones Internet Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and yield (before the Fund’s fees and expenses) of an equity index called the Dow Jones Internet Composite Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0000 0.0010 0.0049 0.0000 0.0049 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 50 157 274 616 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">15%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.15 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider reserves the right to make exceptions when applying the methodology if the need arises. In addition, the Index Provider may revise Index policy covering rules for selecting companies, treatment of dividends, share counts or other matters. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index comprises constituents of the S&amp;P Total Market Index classified as part of the Internet Commerce and Internet Services sectors as defined by the Index Provider. The Index is a composite of the constituents of two sub-indices, the Dow Jones Internet Commerce Index and the Dow Jones Internet Services Index. At each rebalancing, the Index consists of 40 companies from two different sectors that form its sub-indices: 15 companies classified as part of Internet Commerce and 25 classified as part of Internet Services. For each sector, the sources from which companies generate the majority of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">sales/revenues are as follows: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Internet Commerce.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Online retail, search, financial services, investment products, social media, advertising, travel platforms, internet radio, blockchain technologies and cryptocurrency. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Internet Services.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Various services performed via the Internet, cloud computing, enterprise software, networking capabilities, website creation tools and digital marketing platforms. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, to be eligible for inclusion in the Index, a security must generate at least 50% of its sales/revenues from the Internet, have a minimum of three months’ trading history and meet the size and liquidity requirements of the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> According to the Index Provider, eligible securities are ranked first by float-adjusted market capitalization and then </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">by six-month median daily value traded. A final rank is then calculated based on an equally weighted average of those two rankings. Securities are then sorted in descending order by final rank within the Internet Commerce and Internet Services sectors, respectively. If companies share the same final rank, the company with the larger float-adjusted market capitalization is ranked higher. The Index then first selects all companies ranked within the top 10 for Internet Commerce and top 15 for Internet Services. Next, the Index selects current constituent companies ranked within the top 25 for Internet Commerce and top 45 for Internet Services in order of final rank until the company count reaches 15 for Internet Commerce and 25 for Internet Services. If, after this step, the company count has not reached the target count within a sector, the Index selects the highest-ranked non-component within that respective sector until the component count is achieved. Securities selected for inclusion in the Index are then weighted by float-adjusted market capitalization, subject to a single security weight cap of 10%. The cumulative weight of all companies within the Index with a weight greater than 4.5% cannot exceed 45% of the </span><span style="font-family:Arial;font-size:9.00pt;">Index. The Fund may invest in small, mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 41 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in communication services companies, consumer discretionary companies and information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 41 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in communication services companies, consumer discretionary companies and information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COMMUNICATION SERVICES COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Communication services companies may be subject to specific risks </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">associated with legislative or regulatory changes, adverse market conditions, intellectual property use and/or increased competition. Communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence and government regulation and competition, both domestically and internationally. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company’s profitability. While all companies may be susceptible to network security breaches, certain communication services companies may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONSUMER DISCRETIONARY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Consumer discretionary companies, such as retailers, media companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and consumer services companies, provide non-essential goods and services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect the demand for, and success of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNET COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Internet companies are subject to rapid changes in technology, hacking or other cyber security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company's business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">a material adverse effect on an Internet company's business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and be highly invested in certain issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dow Jones Internet Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">37.88%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-32.28%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3788 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3228 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1059 0.0486 0.1369 0.1426 2006-06-19 0.1059 0.0486 0.1369 0.1425 0.0627 0.0378 0.1156 0.1280 0.1115 0.0538 0.1429 0.1487 0.1788 0.1442 0.1482 0.1126 0.2381 0.2050 0.2389 0.1716 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dow Jones Select MicroCap Index Fund (FDM)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dow Jones Select MicroCap Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price and yield (before the Fund’s fees and expenses) of an equity index called the Dow Jones Select MicroCap Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">SM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0000 0.0015 0.0065 -0.0005 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 61 203 357 806 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">83%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.83 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is composed entirely of micro-capitalization companies as defined by the Index Provider. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider reserves </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the right to make exceptions when applying the methodology if the need arises. In addition, the Index Provider may revise </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index policy covering rules for selecting companies, treatment of dividends, share counts or other matters. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index measures the performance of U.S. micro-cap companies meeting specific size, liquidity, and fundamental eligibility criteria. According to the Index Provider, all stocks with a full market capitalization equal to or less than the micro-cap market capitalization threshold in the Dow Jones U.S. Total Stock Market Index comprise the Index’s initial universe. At each rebalancing, the Index selects constituents from the eligible universe based on size, trading volume, and financial indicators. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. Securities </span><span style="font-family:Arial;font-size:9.00pt;">must satisfy all three of the following to be eligible for Index inclusion: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Be within the top 1,000 stocks by full market capitalization </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Be within the top 1,000 stocks by three-month average value traded </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Be within the top 1,500 stocks by one-month average value traded </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The remaining eligible universe is ranked by each of the five ratios below. Stocks that rank within the specified range on at least one of these ratios are excluded. Individual securities for which the specified financial ratio or return data is not available </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are not included as part of the corresponding ranking. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Trailing P/E ratio (highest 20% are excluded) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Trailing price/sales ratio (highest 20% are excluded) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Per-share profit change for the previous quarter (lowest 20% are excluded) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Operating profit margin (lowest 20% are excluded) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Six-month total return (lowest 20% are excluded) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Once this exclusion process is complete, any remaining stocks with a negative or missing P/E ratio or negative operating profit margin are excluded. Any remaining securities are selected for inclusion in the Index and are weighted based on float-adjusted market capitalization. Float-adjusted market capitalization reflects what the Index Provider believes to be the outstanding </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shares minus non-publicly held shares multiplied by the market price. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 150 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in financial companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s investments will change as the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 150 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in financial companies, although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET CAPITALIZATION DEVIATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no assurance that the securities held by the Fund will stay within </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be given the opportunity to invest fully in a certain market capitalization range.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MICRO-CAP COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Micro-capitalization companies may be more vulnerable to adverse general market or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">economic developments, may be less liquid, and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volume, products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dow Jones Select MicroCap Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">28.82%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-38.22%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2882 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3822 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1862 0.1248 0.1090 0.0832 2005-09-27 0.1786 0.1173 0.1021 0.0781 0.1098 0.0958 0.0862 0.0683 0.1945 0.1320 0.1165 0.0906 0.1281 0.0609 0.0962 0.0822 0.1715 0.1315 0.1429 0.1080 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Morningstar Dividend Leaders Index Fund (FDL)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Morningstar Dividend Leaders Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield (before the Fund’s fees and expenses) of an equity index called the Morningstar</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Leaders Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">SM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0000 0.0013 0.0043 0.0000 0.0043 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.45% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 44 138 241 542 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">58%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Morningstar, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">serves as the index calculation agent. The Index Provider continually reviews the Index methodology to account for factors such as evolving market trends, feedback received from market participants or as an endeavor to adopt evolving best practices in the industry. Such reviews may cause the Index Provider to change the Index construction or calculation methodology, as well as the Index's treatment of various corporate actions. Such changes can impact the Index’s selection universe, portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">composition or the Index’s on-going maintenance. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to target the 100 highest-yielding stocks from the Morningstar Dividend Composite Index, which screens for records of consistent dividend payments and stocks' capacity to sustain their dividends. The securities comprising the Morningstar</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> US Market Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">SM</span><span style="font-family:Arial;font-size:9.00pt;"> (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="font-family:Arial;font-size:9.00pt;">) serve as the Fund’s selection universe. The Base Index measures the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">performance of large-, mid- and small-cap stocks in the U.S., representing the top 97% of the investable universe by market capitalization. According to the Index Provider, to be eligible for inclusion in the Base Index, a security must be listed on a qualifying U.S. securities exchange and be issued by a company incorporated in the United States or its territories and whose primary stock market activities are conducted in the United States. Securities issued by companies incorporated outside the United States and its territories may nonetheless be included in the Base Index if the company files a Form 10-K/10-Q or equivalents, and its primary business activities, as measured by the geographic distribution of revenue and assets, are conducted in the United States. The Base Index also excludes securities based on liquidity standards, among other criteria, determined by the Index Provider.</span><span style="font-family:Arial;font-size:9.00pt;"> Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">From this universe, according to the Index Provider, the Index further excludes any securities issuing dividend payments that do not constitute qualifying income (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, real estate investment trusts). In order to be eligible for inclusion in the Index, a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">security must also have a positive dividend yield, a five-year dividend per share growth greater than or equal to 0 and a dividend coverage ratio greater than 1. A security’s coverage ratio equals its one-year forecast of earnings per share divided by its indicated dividend per share. All remaining securities are then ranked by indicated dividend yield and the top 100 securities are selected for inclusion in the Index. The Index weights the component securities based upon an indicated dividend dollar weighted methodology. Weights are adjusted so that no </span><span style="font-family:Arial;font-size:9.00pt;">company has a weight of greater than 10% and companies with a weight of more than 5% do not collectively exceed 50% of the entire portfolio. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 86 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in energy companies, although this may change from time to time</span><span style="font-family:Arial;font-size:9.00pt;">. The Fund’s investments will change as the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The success of energy companies may be cyclical and highly dependent on energy prices. The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural </span><span style="font-family:Arial;font-size:9.00pt;">disasters.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and be highly invested in certain issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Morningstar Dividend Leaders Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">15.31%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-30.57%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1531 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3057 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1488 0.1298 0.1078 0.0828 2006-03-09 0.1297 0.1110 0.0899 0.0662 0.0876 0.0940 0.0784 0.0595 0.1549 0.1354 0.1134 0.0882 0.1788 0.1442 0.1482 0.1098 0.1591 0.1133 0.1053 0.0820 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust NASDAQ-100 Ex-Technology Sector Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq-100 Ex-Tech Sector</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0017 0.0057 0.0000 0.0057 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 58 183 318 714 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">16%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.16 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to measure the performance of the non-technology companies in the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;">. The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, in order to be eligible for inclusion in the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;">, a security must meet the following </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">criteria: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> the issuer of the security’s primary U.S. listing must be exclusively listed on the Nasdaq Global Select Market or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Nasdaq Global Market; (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> the security must not be issued by a company classified as being in the financial industry according </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to the Industry Classification Benchmark; and; (iii)</span><span style="font-family:Arial;font-size:9.00pt;"> the security must meet the liquidity requirements and other eligibility criteria </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;">. The Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> selects 100 securities based on market capitalizations, subject to certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">buffers designed to limit turnover. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> The Index includes all the securities from the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> not classified under the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">technology industry, according to the Industry Classification Benchmark, and equally weights each security. The Fund may </span><span style="font-family:Arial;font-size:9.00pt;">invest in common stocks and depositary receipts issued by mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 56 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in industrial companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that have created structures known as variable interest </span><span style="font-family:Arial;font-size:9.00pt;">entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 56 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in industrial companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government.</span><span style="font-family:Arial;font-size:9.00pt;"> Intervention by the Chinese government </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index , a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a</span><span style="font-family:Arial;font-size:9.00pt;"> broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index , a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a</span><span style="font-family:Arial;font-size:9.00pt;"> broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust NASDAQ-100 Ex-Technology Sector Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">27.43%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-15.39%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2743 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1539 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0791 0.0555 0.0983 0.0948 2007-02-08 0.0738 0.0516 0.0954 0.0923 0.0468 0.0414 0.0796 0.0806 0.0854 0.0604 0.1040 0.1011 0.1737 0.1359 0.1459 0.1060 0.1715 0.1315 0.1429 0.1040 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust NASDAQ-100-Technology Sector Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq-100 Technology Sector</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0015 0.0055 0.0000 0.0055 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 56 176 307 689 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">38%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to measure the performance of the technology companies in the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;">. The Nasdaq-100 </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. According to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Index Provider, in order to be eligible for inclusion in the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;">, a security must meet the following criteria: </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(i)</span><span style="font-family:Arial;font-size:9.00pt;"> the issuer of the security’s primary U.S. listing must be exclusively listed on the Nasdaq Global Select Market or the Nasdaq </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Global Market; (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> the security must not be issued by a company classified as being in the financial industry according to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Industry Classification Benchmark; and; (iii)</span><span style="font-family:Arial;font-size:9.00pt;"> the security must meet the liquidity requirements and other eligibility criteria of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;">. The Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> selects 100 securities based on market capitalizations, subject to certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">buffers designed to limit turnover. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> The Index includes all the securities from the Nasdaq-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> classified under the technology </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry, according to the Industry Classification Benchmark, and equally weights each security. The Fund may invest in common </span><span style="font-family:Arial;font-size:9.00pt;">stocks and depositary receipts issued by mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 45 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in information technology companies, although this may change from time to time. The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust NASDAQ-100-Technology Sector Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">29.56%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-24.86%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2956 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2486 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2244 0.1083 0.1895 0.1375 2006-04-19 0.2244 0.1080 0.1870 0.1353 0.1329 0.0861 0.1618 0.1214 0.2314 0.1147 0.1967 0.1446 0.1788 0.1442 0.1482 0.1087 0.2404 0.2091 0.2430 0.1658 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust NASDAQ</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> ABA Community Bank Index Fund (QABA)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust NASDAQ</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ABA Community Bank Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq OMX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ABA Community Bank</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0023 0.0063 -0.0003 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 61 199 348 783 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.20 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is jointly owned and was developed by Nasdaq, Inc. and the American Bankers Association (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ABA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is calculated and maintained by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to measure the performance of a subset of securities included in the ABA Nasdaq Community Bank Index. According to the Index Provider, to be eligible for inclusion in the ABA Nasdaq Community Bank Index, the issuer must be listed on The Nasdaq Stock Market and either be allocated to the banks supersector, according to the Industry Classification Benchmark, or determined to be a bank, thrift or holding company of such by ABA Community Bank. From this initial universe, the ABA Nasdaq Community Bank Index excludes the securities of the 50 largest banks or thrifts and their holding companies by asset size, as determined by the most recently available call report data as compiled by the Federal Deposit Insurance Corporation (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“FDIC”</span><span style="font-family:Arial;font-size:9.00pt;">). According to the Index Provider, the ABA Nasdaq Community Bank Index also excludes securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issued by banks or thrifts with either an international specialization or a credit card specialization (and holding companies if such banks or thrifts constitute the majority of the relevant holding company’s assets), as determined by the most recently available call report data as compiled by the FDIC. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Index Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> The Index selects the securities from the ABA Nasdaq Community Bank Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that also meet minimum size, liquidity and other eligibility requirements for inclusion in the Index. The Fund may invest in </span><span style="font-family:Arial;font-size:9.00pt;">companies with various market capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Securities selected for inclusion in the Index are weighted according to market capitalization. However, the maximum weight for an individual component security is capped at 25% and securities weighing more than 5% cannot collectively exceed 50% of the entire portfolio. If either threshold is broken, the Index would be rebalanced using a modified market capitalization-weighting such that the maximum weight of any security will not exceed 8% and no more than five securities are at that cap. The excess weight of any capped security would be distributed proportionally across the remaining securities. If after redistribution, any of the five highest-ranked securities are weighted below 8%, these securities would not be capped. Next, any remaining securities with weights in excess of 4% would be capped at 4% and the excess weight would be redistributed proportionally across the remaining securities. The process would be repeated, if necessary, to derive the final </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">weights. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 149 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in financial companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 149 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in financial companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COMMUNITY BANK RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Community banks were significantly impacted by the downturn in the United States and world </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">economies that began with the decline in the subprime mortgage lending market in the United States. These conditions have brought about legislative and regulatory changes, changes in short-term and long-term interest rates, inflation and changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in government monetary and fiscal policies, all of which have had a significant impact on the banking business. Community banks may also be affected by anticipated government fiscal policy initiatives relating to the current period of historically low interest rates and the market reaction to those initiatives. Unlike larger national or other regional banks that are more geographically diversified, a community bank’s financial performance may be highly dependent upon the business environment in certain geographic regions of the United States and may be adversely impacted by any downturn or unfavorable economic or employment developments in its local market and the United States as a whole. In particular, this environment impacts the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">loans. Also, the securities of community banks are often subject to low trading volume and low analyst coverage.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust NASDAQ</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> ABA Community Bank Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">41.89%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-36.34%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.4189 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3634 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0452 0.0741 0.0613 0.0855 2009-06-29 0.0343 0.0634 0.0517 0.0772 0.0265 0.0530 0.0441 0.0676 0.0508 0.0804 0.0678 0.0923 0.1434 0.1491 0.1292 0.1311 0.1715 0.1315 0.1429 0.1472 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust NASDAQ</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Clean Edge</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Green Energy Index Fund (QCLN)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust NASDAQ</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Clean Edge</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Green Energy Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Clean Edge</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Green Energy</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0019 0.0059 0.0000 0.0059 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 60 189 329 738 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">23%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.23 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. and Clean Edge, Inc. (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Clean Edge”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> and together </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with Nasdaq Inc., the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track the performance of a set of companies that are classified by Clean Edge as manufacturers, developers, distributors and/or installers of clean-energy technologies. According to the Index Provider, to be eligible for inclusion in the Index, a security must be issued by companies classified, according to Clean Edge, as technology manufacturers, </span><span style="font-family:Arial;font-size:9.00pt;">developers, distributors, and/or installers in one or more of the following sub-sectors: </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Advanced Materials</span><span style="font-family:Arial;font-size:9.00pt;"> (silicon, lithium, bio-based, and/or other materials and processes that enable clean-energy and low-carbon technologies) </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Energy Intelligence</span><span style="font-family:Arial;font-size:9.00pt;"> (conservation, efficiency, smart meters, energy management systems, LEDs, smart grid, superconductors, power controls, etc.) </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Energy Storage &amp; Conversion</span><span style="font-family:Arial;font-size:9.00pt;"> (advanced batteries, power conversion, electric vehicles, hybrid drivetrains, hydrogen, fuel cells for stationary, portable, and transportation applications, etc.) </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Renewable Electricity Generation</span><span style="font-family:Arial;font-size:9.00pt;"> (solar, wind, geothermal, water power, etc.) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, a security’s issuer must be determined by Clean Edge to have a demonstrated ability to capture the potential of the clean-energy sector by receiving a majority (50% or more) of its revenue from clean-energy and low-carbon activities, or, in the case wherein a company has multiple business units and revenue streams, have substantial exposure to the clean-energy and low-carbon sector. In order to be eligible for inclusion in the Index, a security must meet the security eligibility criteria for security type and multiple classes of securities, be listed on a qualifying U.S. securities exchange, and meet the size, price, liquidity and other eligibility requirements of the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to conditions controlled by the Index Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> Additionally, in order to be eligible for inclusion </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in the Index, a security’s issuer must not be identified by the U.S. Securities and Exchange Commission as having used to audit its financial statements an accounting firm that has been identified by the Public Company Accounting Oversight Board under the Holding Foreign Companies Accountable Act. Securities selected for inclusion in the Index are weighted according to modified market capitalization methodology. Securities are weighted according to their market capitalization, however no security may exceed 8% of the Index. The excess weight of any capped security is distributed proportionally across the other component securities. If after redistribution any of the five highest ranked securities are weighted below 8%, these securities are not capped. Next, any remaining securities with weights in excess of 4% are capped at 4% and the excess weight is redistributed proportionally across the remaining securities. The process is repeated, if necessary, to derive the final weights. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund may invest in depositary receipts and companies with various market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 52 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies and information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that </span><span style="font-family:Arial;font-size:9.00pt;">have created structures known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 52 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies and information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CLEAN ENERGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Renewable and alternative energy companies can be significantly affected by the following </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">factors: obsolescence of existing technology, short product cycles, legislation resulting in more strict government regulations and enforcement policies, fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, the supply of and demand for oil and gas, world events and economic conditions. In addition, shares of clean energy companies have been significantly more volatile than shares of companies operating in other more established industries and the securities included in the Fund may be subject to sharp price declines. This industry is relatively nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">having greater investment risk.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and be highly invested in certain issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government.</span><span style="font-family:Arial;font-size:9.00pt;"> Intervention by the Chinese government </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust NASDAQ</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Clean Edge</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Green Energy Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">58.73%</span><span style="font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-19.03%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.5873 2020-12-31 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1903 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3166 -0.0828 0.1151 0.0487 2007-02-08 0.3150 -0.0844 0.1121 0.0465 0.1873 -0.0610 0.0941 0.0388 0.3204 -0.0808 0.1166 0.0508 0.1281 0.0609 0.0962 0.0753 0.1715 0.1315 0.1429 0.1040 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Natural Gas ETF (FCG)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Natural Gas ETF (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq FactSet Natural Gas</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0019 0.0059 0.0000 0.0059 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 60 189 329 738 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">31%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index. The Index is developed and owned by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and is calculated and maintained by </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq. The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track public companies that derive a substantial portion of their revenues from midstream activities and/or the exploration and production of natural gas. According to the Index Provider, to be eligible for inclusion in the Index, a security must be listed on a qualifying U.S. securities exchange and be issued by a company </span><span style="font-family:Arial;font-size:9.00pt;">engaged in midstream activities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(specifically natural gas pipeline and storage, or gathering and processing) or </span><span style="font-family:Arial;font-size:9.00pt;">the exploration and production of crude oil and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">natural gas, according to FactSet</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">If engaged in midstream activities, the issuer must be a Master Limited Partnership</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"MLP"</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If engaged in the exploration and production of crude oil and </span><span style="font-family:Arial;font-size:9.00pt;">natural gas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the issuer’s natural gas proved reserves must account </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for 30% or </span><span style="font-family:Arial;font-size:9.00pt;">more of its total proved reserves. Natural gas shall be converted to Barrels of Oil Equivalent (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“BOE”</span><span style="font-family:Arial;font-size:9.00pt;">) using the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry standard conversion of 1 BOE equals 6,000 cubic feet. In addition, according to the Index Provider, the Index removes all duplicate (multiple share classes) securities and securities that do not meet the size, float, seasoning, and liquidity requirements of the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> Security types eligible for the Index generally include common stocks, depositary receipts and MLP interests.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Ineligible</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">security</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">types generally include royalty trusts, based on data provided by FactSet. Securities that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">meet the applicable security eligibility criteria are considered for inclusion in the Index.</span><span style="font-family:Arial;font-size:9.00pt;"> All operating companies and the 10 MLPs with the highest free float market capitalizations are included in the Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index uses modified linear-weighted methodology where Index securities are weighted based on their market capitalization and liquidity ranks. The Index allocates 15% of its weight to securities issued by MLPs and 85% of its weight to securities issued by operating companies. The initial weights are then adjusted within each of these two segments so that no security has a weight that exceeds 50% of the ratio between that security’s three-month average daily </span><span style="font-family:Arial;font-size:9.00pt;">value traded and $100 million </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or that exceeds 4% of the ratio between that security’s free float market capitalization and $1 billion. The maximum weight </span><span style="font-family:Arial;font-size:9.00pt;">of any security is 4.5%. The Fund may invest in companies with various market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 40 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in energy companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 40 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in energy companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The success of energy companies may be cyclical and highly dependent on energy prices. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">disasters.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of existing investors, and risks related to the general partner's right to require unit-holders to sell their common units at an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">undesirable time or price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s ability to meet its investment objective relies in part upon the level of taxable income it receives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from the MLPs in which it invests, a factor over which the Fund has no control. The benefit the Fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income at the applicable corporate tax rate. This would have the effect of reducing the amount of cash available for distribution by an MLP and could result in a significant reduction in the value of the Fund’s investment. The classification of an MLP as a corporation for U. S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from an MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">previously issued. See "Deferred Tax Liability Risk."</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NATURAL GAS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> One of natural gas companies’ primary risks is the competitive risk associated with the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">prices of alternative fuels, such as coal and oil. For example, major natural gas customers such as industrial users and electric power generators often have the ability to switch between the use of coal, oil or natural gas. During periods when competing fuels are less expensive, the revenues of gas utility companies may decline with a corresponding impact on earnings. After years of booming production, natural gas firms have recently begun scaling back after record low prices and huge surpluses. Weather is another risk that may affect natural gas companies. Mild weather contributes to a scaled back demand for natural gas and declining stock prices for natural gas companies. Additionally, natural gas companies are sensitive to increased interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">rates because of the capital intensive nature of their business. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Furthermore, there are additional risks and hazards that are inherent to natural gas companies that may cause the price of natural gas to widely fluctuate. The exploration for, and production of, natural gas is an uncertain process with many risks. The cost of drilling, completing and operating wells for natural gas is often uncertain, and a number of factors can delay or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">prevent drilling operations or production, including: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">unexpected drilling conditions; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">pressure or irregularities in formations; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">equipment failures or repairs; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fires or other accidents; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adverse weather conditions; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">pipeline ruptures or spills; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shortages or delays in the availability of drilling rigs and the delivery of equipment.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Natural Gas ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">81.18%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-65.00%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.8118 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.6500 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> -0.0216 0.2501 0.0312 -0.0585 2007-05-08 -0.0328 0.2362 0.0203 -0.0652 -0.0128 0.2002 0.0187 -0.0398 -0.0153 0.2583 0.0322 -0.0565 0.0769 0.2358 0.0777 0.0443 0.1715 0.1315 0.1429 0.1031 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust NYSE</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Arca</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Biotechnology Index Fund (FBT)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust NYSE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Arca</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Biotechnology Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield (before the Fund’s fees and expenses) of an equity index called the NYSE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Arca</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Biotechnology Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0015 0.0055 0.0000 0.0055 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 56 176 307 689 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">37%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.37 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Provider reserves the right to, at any time, change the number of stocks comprising the Index by adding or deleting one or more stocks, or replacing one or more stocks contained in the Index with one or more substitute stocks of its choice, if in the Index Provider's discretion such addition, deletion or substitution is necessary or appropriate to maintain the quality and/or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">character of the Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is a rules-based, equal-weighted equity benchmark designed to track the performance of 30 leading biotechnology companies. Biotechnology companies are designated as those classified within the Biotechnology sub-industry group of the ICE Uniform Sector Classification schema. The Biotechnology sub-industry group includes (i) the Biotech Therapeutics sub-industry: companies engaged in the research and development of therapeutic treatments (including companies in the trial phase of therapeutic development), but are not focused on the commercialization and mass production of pharmaceutical drugs and (ii) the Biotech Tools &amp; Diagnostics sub-industry: companies engaged in the production and provisioning of tools, systems or processes that enable biotechnology practices (including companies that provide assaying equipment, sequencing techniques or systems, DNA processing, or cellular processing). According to the Index Provider, in order to be eligible for inclusion in the Index, a common stock or depositary receipt must be listed on a qualifying U.S. securities exchange, meet the size and liquidity standards of the Index and be in a sub-industry group classification of Biotechnology based on the ICE Uniform Sector Classification schema. According to the Index Provider, preferred securities that have characteristics resembling that of equity securities like common stocks are also included in the starting universe and duplicate (multiple share classes) securities are removed. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> Eligible securities are then ranked in descending order based on the following factors. These three distinct ranks are then combined to yield one comprehensive rank based on their respective weights: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">a. 50%: Net sales (revenue) over the last 12 months; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">b. 25%: Ratio of net sales (revenue) to R&amp;D (research and development) expenditures over the last 12 months; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">c. 25%: Percentage change in R&amp;D expenditures (over the last 12 months) from those three years prior. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Based on their comprehensive rank, any existing Index constituents that rank within the top 36 securities are selected for inclusion in the Index. Next, the highest ranked 30 non-constituent securities are selected for inclusion in the Index until the target count of 30 securities is reached. Additionally, the total number of Index constituents classified to the Biotech Tools &amp; Diagnostics sub-industry is capped at 6 constituents. If the limit is reached, the lowest ranked Biotech Tools &amp; Diagnostics constituents are replaced with the next highest ranked Biotech Therapeutics non-constituents until this rule is met. The securities selected for inclusion in the Index are equally weighted. The Fund may invest in companies with various market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 30 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in health care companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 30 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in health care companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BIOTECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Biotechnology companies invest heavily in research and development which may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">necessarily lead to commercially successful products. Biotechnology companies are subject to increased governmental regulation which may delay or inhibit the release of new products. The effects of high development costs and increased regulation may be exacerbated by a company’s inability to raise prices to cover costs because of managed care pressure or price controls. Many biotechnology companies are dependent upon their ability to use and enforce intellectual property rights and patents. Any impairment of such rights may have adverse financial consequences. Biotechnology stocks, especially those issued by smaller, less-seasoned companies, tend to be more volatile than the overall market. Biotechnology companies can also be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">insurance costs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HEALTH CARE COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Health care companies, such as companies providing medical and healthcare goods and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services, companies engaged in manufacturing medical equipment, supplies and pharmaceuticals, as well as operating health care facilities and the provision of managed health care, may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Health care companies are also subject to competitive forces that may result </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in price discounting, may be thinly capitalized and susceptible to product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PHARMACEUTICAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Pharmaceuticals companies may be affected by industry competition, dependency </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">on a limited number of products, obsolescence of products, government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability. Pharmaceutical are subject to competitive forces that may make it difficult to raise prices of their products and may result in price discounting. The profitability of some pharmaceuticals companies may be dependent on a relatively limited number of products. The research and development costs required to bring a new product to market are substantial with no guarantee that the product will ever become profitable. Many new products are subject to gaining the approval of the U.S. Food and Drug Administration (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FDA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), which can be long </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and costly. Many pharmaceutical companies are heavily dependent on patents and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Pharmaceuticals companies may also </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be subject to extensive litigation based on product liability and similar claims.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, two market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">indices and </span><span style="font-family:Arial;font-size:9.00pt;">a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, two market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">indices and </span><span style="font-family:Arial;font-size:9.00pt;">a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust NYSE</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Arca</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Biotechnology Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">27.78%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-22.50%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2016</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2778 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2250 2016-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2409 0.0429 0.0625 0.1280 2006-06-19 0.2409 0.0423 0.0622 0.1275 0.1426 0.0330 0.0503 0.1137 0.2477 0.0478 0.0679 0.1338 0.1371 0.0754 0.0981 0.1089 0.3343 0.0452 0.0557 0.1167 0.1788 0.1442 0.1482 0.1126 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust S&amp;P REIT Index Fund (FRI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust S&amp;P REIT Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the S&amp;P United States REIT Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0000 0.0021 0.0051 -0.0001 0.0050 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.50% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 51 163 284 640 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">6%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.06 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider reserves the right to make exceptions when applying the methodology if the need arises. In addition, the Index Provider may revise Index policy covering rules for selecting companies, treatment of dividends, share counts or other matters. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index seeks to measure the performance of publicly-traded real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) domiciled in the United </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">States that meet certain eligibility requirements. Generally, REITs are companies that own and most often actively manage income-generating commercial real estate. Some REITs make or invest in loans and other obligations that are secured by real </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">estate collateral. REITs receive special tax considerations and can be a liquid method of investing in real estate. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The S&amp;P Global Property Index, which is a market capitalization-weighted index that contains property companies engaged in real estate ownership, development and/or management that trade in developed and emerging countries, serves as the initial universe for the Index. According to the Index Provider, the constituents of the S&amp;P Global Property Index are drawn from the S&amp;P Global Broad Market Index, which is an index that measures global stock market performance and excludes </span><span style="font-family:Arial;font-size:9.00pt;">securities issued by companies with a float-adjusted market capitalization of less than $100 million. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index does not include timber REITs, mortgage REITs, tower REITs or mortgage-backed REITs. Securities selected for inclusion in the Index are weighted pursuant to a float-adjusted market capitalization weighted methodology. The Index Provider may make changes to the Index’s methodology or constituents on an as-needed basis. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund may contain securities issued by small, mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 131 securities and the Fund had significant investments in real estate companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be </span><span style="font-family:Arial;font-size:9.00pt;">exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 131 securities and the Fund had significant investments in real estate companies, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REAL ESTATE COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Real estate companies include REITs and other companies involved in the operation and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">development of commercial, residential and industrial real estate. An investment in a real estate company may be subject to risks similar to those associated with direct ownership of real estate, including the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real estate companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. The price of a real estate company’s securities may also drop because of dividend </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">reductions, lowered credit ratings, poor management, or other factors that affect companies in general.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust S&amp;P REIT Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">16.18%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2021</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-27.01%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1618 2021-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2701 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0282 0.0616 0.0510 0.0449 2007-05-08 0.0158 0.0499 0.0388 0.0336 0.0166 0.0428 0.0343 0.0302 0.0301 0.0658 0.0559 0.0317 0.0606 0.0507 0.0455 0.1715 0.1315 0.1429 0.1031 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">On November 6, 2008, the Fund’s underlying index changed from the S&amp;P REIT Composite Index to the S&amp;P United States REIT Index. Effective December 31, 2008, the S&amp;P REIT Composite Index was discontinued. Therefore, the Fund’s performance and historical returns shown for the periods prior to November 6, 2008, are not necessarily indicative of the performance that the Fund, based on its current Index, would have generated. The inception date of the Index was June 30, 2008. Returns for the Index are only disclosed for those periods in which the Index was in existence for the whole period.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust US Equity Opportunities ETF (FPX)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust US Equity Opportunities ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the IPOX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-100 U.S. Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0016 0.0001 0.0057 0.0000 0.0057 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 58 183 318 714 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">83%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.83 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by IPOX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Schuster LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Solactive serves </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the index calculation agent. It is the sole responsibility of the Index Provider to decide on all matters relating to the Index methodology and Index constituent selection. The Index Provider may make exceptions to the Index methodology regarding </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituent inclusion, exclusion and weighting. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index seeks exposure to the top 100 largest and most liquid U.S. companies that have recently gone public, including initial public offerings (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“IPOs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and spin-offs, as well as select acquirers of recent IPOs. An IPO is a public offering in which the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shares of stock in a company are sold to the general public for the first time on an exchange. According to the Index Provider, the Index captures approximately 85% of the total market cap created via U.S. IPO and spin-off activity over the past 4 years, providing comprehensive exposure to the U.S. new listings market. The Index utilizes the Index Provider's proven and proprietary index technology to select the 100 largest and most liquid recent IPOs and spin-offs from the IPOX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. Composite </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index, which is a market-cap weighted index measuring the performance of all newly public U.S. listed companies primarily through IPO and spin-off. The Index employs a market-cap weighting scheme with a 10% cap on all constituents to ensure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">diversification. The Fund may invest in securities of small, mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 100 securities and the Fund had significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in </span><span style="font-family:Arial;font-size:9.00pt;">industrials companies and information technology companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In certain circumstances, such as pending corporate actions, economically significant IPOs, or spin-offs, mergers or acquisitions involving Index constituents, the Index Provider may make exceptions to the initial screening rebalancing and exit process described above. In addition, subject to the terms of the license agreement that permits the Fund to use the Index, the Index Provider may have the ability to change the Index methodology, terminate the license agreement or cease compiling, calculating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and publishing the Index, in each case without the consent of the Fund, the Advisor or the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 100 securities and the Fund had significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in </span><span style="font-family:Arial;font-size:9.00pt;">industrials companies and information technology companies, although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">IPO RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Shares issued by companies that have recently conducted an IPO are often subject to extreme price volatility and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">speculative trading due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer’s business model, quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. Such stocks may have exhibited price appreciation in connection with the IPO that is not sustained, and it is not uncommon for stocks to decline in value in the period following the IPO. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that the Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of additional shares and by concentration of control in existing management and principal shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and be highly invested in certain issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust US Equity Opportunities ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">33.35%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-24.55%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3335 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2455 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3775 0.0719 0.1299 0.1204 2006-04-12 0.3745 0.0700 0.1273 0.1173 0.2234 0.0554 0.1075 0.1044 0.3800 0.0766 0.1350 0.1264 0.1788 0.1442 0.1482 0.1096 0.1715 0.1315 0.1429 0.1067 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Value Line</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Dividend Index Fund (FVD)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Value Line</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Index Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Value Line</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0048 0.0000 0.0014 0.0062 0.0000 0.0062 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.70% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 63 199 346 774 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">65%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.65 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed by Value Line Publishing, LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and calculated by ICE Data Indices, LLC as the calculation agent on behalf of the Index Provider. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index begins with the universe of stocks that the Index Provider gives a Safety</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Ranking of #1 or #2 using the Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Provider’s proprietary Value Line</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Safety</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Ranking System (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Safety Ranking System”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). All registered investment companies, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited partnerships and foreign securities not listed in the U.S. are removed from this universe. From those stocks, the Index Provider selects those companies with a higher than average dividend yield, as compared to the indicated dividend yield of the Standard &amp; Poor's 500 Composite Stock Price Index. Any securities that do not meet the size requirements of the Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are eliminated and the remaining securities are equally weighted. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to information published by Value Line, the Safety Ranking System seeks to measure the total risk of a stock relative to the approximately 1,700</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> other stocks comprising the Index’s initial universe. The Safety Ranking System assigns a rank of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">#1 (safest) to #5 (riskiest) to each of the securities in the initial universe based on each security’s expected total risk relative to the other securities in the universe. According to information published by Value Line, the Safety Rank is derived from a stock’s “price stability score” and “financial strength rating.” A stock’s “price stability score” is based on a ranking of the standard deviation (a measure of volatility) of weekly percent changes in the price of a stock. A company’s “financial strength rating” is the Index Provider’s measure of the company’s financial condition. The Index excludes all securities that are not assigned a Safety Rank of #1 or #2. Because the Safety Ranking System assigns ranks weekly and the Index reconstitutes monthly, the Index may, for the remainder of any given monthly period, contain securities that are no longer assigned a Safety Rank of #1 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or #2. The Fund may invest in common stocks and depositary receipts of small, mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted monthly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s monthly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 236 securities.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 236 securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and two market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On December 15, 2006, the Fund acquired the assets and adopted the financial and performance history of First Trust Value Line</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Predecessor FVD Fund,”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> a closed-end fund), which had an inception date of August 19, 2003. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inception date total returns at net asset value include the sales load of $0.675 per share on the initial offering. The investment goals, strategies and policies of the Fund are substantially similar to those of the Predecessor FVD Fund. Because the Fund's </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index had an inception date of the Index was July 3, 2006, it was not in existence for all of the periods disclosed.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and two market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Value Line</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Dividend Index Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">12.32%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-22.54%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1232 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2254 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0819 0.0795 0.0923 0.0919 2003-08-19 0.0715 0.0699 0.0822 0.0784 0.0484 0.0579 0.0700 0.0709 0.0896 0.0872 0.1007 0.1788 0.1442 0.1482 0.1107 0.1319 0.1296 0.1173 0.0933 0.1212 0.1243 0.1083 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Water ETF (FIW)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Water ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the ISE Clean Edge Water</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0000 0.0010 0.0050 0.0000 0.0050 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.60% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 51 160 280 628 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">14%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.14 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed and owned by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and is calculated and maintained by </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq. The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index integrity. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track the performance of companies that derive a substantial portion of their revenues from the potable water and wastewater industry, according to Clean Edge. Such industry exposure includes </span><span style="font-family:Arial;font-size:9.00pt;">utilities</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">&amp; distributors, water </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">infrastructure (pumps, pipes, and valves), </span><span style="font-family:Arial;font-size:9.00pt;">treatment &amp;</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">testing (purification and filtration), and ancillary products &amp; services (consulting, construction, and metering). According to the Index Provider, to be eligible for inclusion in the Index, a security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">must be listed on a qualifying U.S. securities exchange and be issued by a company that derives a substantial portion of its </span><span style="font-family:Arial;font-size:9.00pt;">revenue from the potable water and wastewater industry. In addition, the Index removes all duplicate (multiple share classes) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities and securities that do not meet the size, float, seasoning, and liquidity requirements of the Index. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> Eligible security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">types generally include common stocks, ordinary shares and depositary receipts. The Fund may invest in securities with various </span><span style="font-family:Arial;font-size:9.00pt;">market capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Securities that meet the eligibility criteria are ranked in descending order by market capitalization and the top 36 securities are selected for inclusion in the Index. According to the Index Provider, the Index uses a modified market capitalization-weighted methodology. Component securities are weighted according to the following market capitalization rank-based schedule, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">whereby a rank of 1 represents the highest market capitalization: </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Index securities ranked 1 </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– 10 by market capitalization are assigned weights of 4%; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Index securities ranked 11 </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– 15 by market capitalization are assigned weights of 3.5%; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Index securities ranked 16 </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– 20 by market capitalization are assigned weights of 3%; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Index securities ranked 21 </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– 30 by market capitalization are assigned weights of 2%; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Index securities ranked 31 </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– 36 by market capitalization are assigned weights of 1.25%. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 36 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in industrials companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 36 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in industrials companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WATER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Water companies can be significantly affected by the availability of water, the level of rainfall and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the occurrence of other climatic and environmental events, changes in water consumption and water conservation. Water companies may also be negatively affected by changes in governmental regulation and spending, technological advances and increases in inflation, interest rates or the cost of raw materials. Water companies may be subject to liability for environmental damage, depletion of resources, conflicts with local communities over water rights and mandated expenditures for safety </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and pollution control.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Water ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">19.61%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-20.04%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1961 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2004 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0719 0.0924 0.1449 0.1032 2007-05-08 0.0688 0.0895 0.1416 0.0999 0.0425 0.0717 0.1207 0.0876 0.0778 0.0997 0.1517 0.1102 0.1715 0.1315 0.1429 0.1031 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dow 30 Equal Weight ETF (EDOW)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dow 30 Equal Weight ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">yield (before the Fund’s fees and expenses) of an index called the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Equal Weight Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0000 0.0000 0.0050 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 51 160 280 628 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">16%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.16 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an “indexing” investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider reserves the right to make exceptions when applying the methodology if the need arises. In </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">addition, the Index Provider may revise Index policy covering rules for selecting companies, treatment of dividends, share </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">counts or other matters. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is the equal weight version of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“DJIA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The DJIA is a 30-stock, price-weighted </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">index that measures the performance of some of the largest U.S. companies. The DJIA includes constituents from a variety of sectors, with the exception of the Global Industry Classification Standard (GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">(R)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) Transportation Industry Group from the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Industrials Sector and the Utilities Sector (as of the date of this prospectus). According to the Index Provider, the DJIA is maintained by the Averages Committee, which is composed of three representatives of the S&amp;P Dow Jones Indices and two representatives of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">The Wall Street Journal</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. According to the Index Provider, while stock selection is not governed by quantitative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rules, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Maintaining adequate sector representation within the index is also a consideration in the selection process for the DJIA. According to the Index Provider, companies should be incorporated and headquartered in the U.S., and a plurality of revenues should be derived from the U.S. Changes to the DJIA are made on an as-needed basis. In the event that there is a change in the components of the DJIA, the component removed from the DJIA will simultaneously be removed from the Index, and the component that replaces the removed component will be added to the Index at the same </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">weight as the component that was removed. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted as needed and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 30 securities.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 30 securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. </span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dow 30 Equal Weight ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">16.62%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-22.01%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1662 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2201 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1547 0.1066 0.1107 2017-08-08 0.1482 0.0987 0.1024 0.0914 0.0805 0.0859 0.1611 0.1125 0.1171 0.1492 0.1158 0.1202 0.1788 0.1442 0.1477 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Lunt U.S. Factor Rotation ETF (FCTR)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Lunt U.S. Factor Rotation ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), seeks investment results that correspond generally to the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and yield (before the Fund’s fees and expenses) of an equity index called the Lunt Capital Large Cap Factor Rotation Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0000 0.0000 0.0065 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 66 208 362 810 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">371%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 3.71 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an “indexing” investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and was developed by Lunt Capital Management, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and is calculated and maintained by Nasdaq, Inc. Nasdaq, Inc. may, from time to time, exercise reasonable discretion as it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deems appropriate in order to ensure Index integrity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track the performance of securities exhibiting desirable factor exposure. According to the Index Provider, the Index selects securities from four single factor-oriented indexes based on the Index Provider's proprietary capital factor allocation methodology. Within the Index’s selection universe, each factor is represented by two sub-indices, each of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which selects 50 stocks from the Nasdaq US 500 Large Cap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. One sub-index selects 50 stocks exhibiting the highest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">levels of the factor and the other selects 50 stocks exhibiting the lowest levels of the factor. The factors are briefly defined, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and their associated sub-indices are set forth below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Momentum </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">is the statistical measurement of the price performance of a security versus a market average, another security or a universe of securities. The sub-indices representing this factor are rebalanced semi-annually and evaluate the average of a security’s trailing 12-month, 9-month, 6-month, 3-month and 1-month price returns. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Family US Momentum</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index that is designed to track the performance of a portfolio of securities exhibiting strong momentum characteristics. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Laggard US Momentum</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index that is designed to track the performance of a portfolio of securities exhibiting poor momentum characteristics. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Value</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> is the statistical measurement of a security’s price relative to the fundamental value of that security. The sub-indices representing this factor are rebalanced semi-annually and select securities based on a value score that evaluates several factors, including a security’s book value to price ratio, sales to enterprise value ratio and earnings-to-price ratio. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Family US Value</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index seeking to select a portfolio of securities exhibiting desirable valuation characteristics. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Laggard US Value</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index seeking to select a portfolio of securities exhibiting undesirable valuation characteristics. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Quality </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">is the statistical measurement of the strength of a security’s fundamentals. The sub-indices representing this factor are rebalanced annually and evaluate several criteria, including, but not limited to, a security’s earnings-per-share, operating margin, sales growth and return on equity. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Family US Quality</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index seeking to select a portfolio of securities exhibiting high degrees of pricing power. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Laggard US Quality</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index seeking to select a portfolio of securities exhibiting low degrees of pricing power. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Volatility</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> is the statistical measurement of the magnitude of a security’s price fluctuations over time. The sub-indices representing this factor are rebalanced semi-annually and evaluate a security’s realized volatility over trailing 12-month, 9-month, 6-month and 3-month and 1-month time periods. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Family US Low Volatility</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index that is designed to track the performance of a portfolio of securities exhibiting low volatility characteristics. </span><span style="color:#000000;font-family:Arial;font-size:7.20pt;">○</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Nasdaq Factor Laggard US Low Volatility</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"> Index</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">: an index that is designed to track the performance of a portfolio of securities exhibiting high volatility characteristics. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index tracks the components and weights of four of the above eight indexes, selected according to the Index Provider's proprietary capital factor allocation methodology. The aggregate weight assigned to each sub-index is dependent upon the Index’s holdings prior to the Index’s evaluation. If, upon the evaluation, the same four sub-indices are selected for inclusion in the Index, then no rebalance will occur. If, however, one or more sub-indices are to be replaced, the weight assigned to the sub-indices already included in the Index (if any) remains unchanged and the aggregate weight of the sub-indices that are removed is redistributed equally to the newly included sub-indices. Within each sub-index, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the securities are weighted by factor score. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted monthly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s periodic rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 172 securities. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 172 securities. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LOW VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Low volatility stocks are likely to underperform the broader </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market during periods of rapidly rising stock prices.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MOMENTUM INVESTING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund employs a “momentum” style of investing that emphasizes selecting stocks that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">have had higher recent price performance compared to other stocks. Momentum can change quickly and stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. In addition, there may be periods when the momentum style of investing is out of favor and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment performance of the Fund may suffer.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">QUALITY STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A quality style of investing emphasizes companies with strong fundamentals. However, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that the Fund will correctly identify companies with strong fundamentals or that selected companies will maintain strong fundamentals. In addition, quality stocks are subject to the risk that the returns on quality securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">less than returns on other styles of investing or the overall stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Lunt U.S. Factor Rotation ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">35.02%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-22.51%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3502 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2251 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0847 0.0474 0.0885 2018-07-25 0.0836 0.0439 0.0847 0.0503 0.0351 0.0692 0.0919 0.0550 0.0965 0.1732 0.1380 0.1437 0.1788 0.1442 0.1437 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment objective of the FT Vest Gold Strategy Quarterly Buffer ETF (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Fund</span><span style="font-family:Arial;font-size:9.00pt;">”) is to seek to provide investors with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">returns (before fees and expenses) that match the price return of the SPDR</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Gold Trust (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF”</span><span style="font-family:Arial;font-size:9.00pt;">), up to a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">predetermined upside cap of </span><span style="font-family:Arial;font-size:9.00pt;">11.51% while providing a buffer (before fees and expenses) against Underlying ETF losses between -5% and -15% over the period from March 2, 2026 through May 29, 2026.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0000 0.0000 0.0001 0.0091 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 93 290 504 1120 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest substantially all of its assets in U.S. Treasury securities, cash and cash equivalents, and in the shares of a wholly-owned subsidiary (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Subsidiary”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that holds FLexible EXchange</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that reference the price performance of the SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Gold Trust (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). FLEX Options are customized </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Underlying ETF is an exchange-traded investment trust that holds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">physical gold bars.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> World Gold Trust Services, LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“WGTS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) serves as the Underlying ETF’s sponsor and HSBC plc serves as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Underlying ETF’s custodian. The Underlying ETF's custodian may utilize subcustodians that hold the Underlying ETF's gold on its behalf. The Underlying ETF is not expected to pay dividends. See “The Underlying ETF” for more information. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund’s investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Vest"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Sub-Advisor"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. All investments in FLEX Options on the Underlying ETF will be undertaken by the Subsidiary. The Fund does not invest directly in FLEX Options on the Underlying ETF. The Fund gains exposure to these investments exclusively by investing in the Subsidiary. The Subsidiary is advised by First Trust Advisors L.P., the Fund’s investment advisor, and sub-advised by Vest, the Sub-Advisor. The Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investment in the Subsidiary is intended to provide the Fund with exposure to gold, a commodity, within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in commodities. Although the Fund’s FLEX Options positions provide exposure to the Underlying ETF, and not gold directly, the Underlying ETF is a grantor trust and its shareholders are treated, for U.S. federal income tax purposes, as if they directly owned a pro rata share of the Underlying ETF’s assets. The Subsidiary has the same investment objective as the Fund, but unlike the Fund, it may invest without limitation in FLEX Options on the Underlying ETF. Except as otherwise noted, for purposes of this prospectus, references to the Fund’s investments include the Fund’s indirect investments through </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Subsidiary. The Fund will invest up to approximately 25% of its total assets in the Subsidiary. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund uses short-term U.S. Treasury securities, cash and cash equivalents, and, through the Subsidiary, FLEX Options to employ a “target outcome strategy.” Target outcome strategies seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund, which include a buffer (before fees and expenses) against losses between -5% and -15% of the Underlying ETF and a cap of </span><span style="font-family:Arial;font-size:9.00pt;">11.51% (before </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">fees and expenses), are based on the price performance of the Underlying ETF over an approximate three-month period (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">“Target Outcome Period”</span><span style="font-family:Arial;font-size:9.00pt;">). When the Fund's fees and expenses are taken into account, the cap is 11.28% and the buffer is </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">between -5.23% and -15.23%. The cap and buffer will be further reduced by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. The target outcomes the Fund seeks for investors that hold Fund shares for an entire Target Outcome Period are as follows, though there can be no guarantee these results will </span><span style="font-family:Arial;font-size:9.00pt;">be achieved: </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Underlying ETF appreciates over the Target Outcome Period, the combination of the Fund’s U.S. Treasury securities, cash and cash equivalents, and the FLEX Options held by the Fund through the Subsidiary seeks to provide upside participation matching the performance of the share price of the Underlying ETF, up to a cap that is determined at the start of the Target Outcome Period. The cap for the current Target Outcome Period is 11.51%, prior to taking into account the Fund’s fees and expenses. </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Underlying ETF decreases over the Target Outcome Period by up to 5% or less, the combination of the Fund’s U.S. Treasury securities, cash and cash equivalents and the FLEX Options held by the Fund through the Subsidiary provides a payoff at expiration that is intended to match that of the Underlying ETF up to -5% over the Target Outcome Period before fees and expenses (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund's shareholders will bear all Underlying ETF losses between 0% and -5% on a one-to-one basis, meaning if the Underlying ETF loses 5%, the Fund loses 5% (before fees and expenses)). </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Underlying ETF decreases over the Target Outcome Period by more than 5% but less than or equal to 15%, the combination of the Fund’s U.S. Treasury securities, cash and cash equivalents, and the FLEX Options held by the Fund through the Subsidiary provides a payoff at expiration that is intended to protect investors from Underlying ETF losses between -5% and-15% over the Target Outcome Period before fees and expenses (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> if the Underlying ETF loses 15%, the Fund loses 5% (before fees and expenses)). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">If the Underlying ETF decreases in price by more than 15% over the Target Outcome Period, the combination of the Fund’s U.S. Treasury securities, cash and cash equivalents, and the FLEX Options held by the Fund through the Subsidiary provide a payoff at expiration that is 10% less than the percentage loss on the Underlying ETF with a maximum loss of approximately 90% over the Target Outcome Period before fees and expenses. An investor that purchases shares at a price below the lower range of the buffer has the potential to lose their entire investment and may not experience any benefit from the buffer. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">See the bar chart and line graph set forth in the section entitled "Buffer and Cap" for more information. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The current Target Outcome Period will begin on March </span><span style="font-family:Arial;font-size:9.00pt;">2, 2026 and end on May 29, 2026. Subsequent Target Outcome </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Periods will begin on the day the prior Target Outcome Period ends and will end on the approximate three-month anniversary of that new Target Outcome Period. On the first day of each new Target Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Target Outcome Period. This means that the cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap and buffer, and the Fund’s value relative to each, should be considered before investing in the Fund. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will be perpetually offered and not terminate after the current or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Fund’s website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within </span><span style="font-family:Arial;font-size:9.00pt;">the anticipated cap range. See “Subsequent Target Outcome Periods” for more information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">An investor that purchases Fund shares other than on the first day of a Target Outcome Period and/or sells Fund shares prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;">While the cap and buffer are designed to provide the intended outcomes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">only for investors that hold their shares throughout the complete term of the Target Outcome Period, an investor can expect their shares to generally move in the same direction as the Underlying ETF during the Target Outcome Period. However, during the Target Outcome Period, an investor’s shares may not experience price movement to the same extent as the price movement of the Underlying ETF. During the Target Outcome Period, there may be periods of significant disparity between the Fund’s Net Asset Value (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"NAV"</span><span style="font-family:Arial;font-size:9.00pt;">) and the Underlying ETF’s price performance. As the Underlying ETF’s price and the Fund’s NAV change </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">over the Target Outcome Period, an investor acquiring Fund shares after the start of the Target Outcome Period will likely have a different return potential than an investor who purchased Fund shares at the start of the Target Outcome Period. This is because while the cap and buffer for the Target Outcome Period are fixed levels that are calculated in relation to the Underlying ETF price and the Fund's NAV at the start of a Target Outcome Period and remain constant throughout the Target Outcome Period, an investor purchasing Fund shares at market value during the Target Outcome Period likely purchased Fund shares at a price that is different from the Fund’s NAV at the start of the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, the NAV that the cap and buffer </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">reference). For example, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has decreased in value by at least 5% from the value of the Fund on the first day of the Target Outcome Period, that investor’s buffer will essentially be decreased by the amount of the decrease in the Underlying ETF’s value exceeding 5%. Conversely, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Underlying ETF’s value. See “Buffer and Cap” below for additional information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">To achieve the target </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">outcomes sought by the Fund for a Target Outcome Period, an investor must hold Fund shares for that entire Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;">An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">comparable to those of the Underlying ETF over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Underlying ETF and any gains above the prior cap will be forfeit. Similarly, an investor that holds Fund shares through multiple Target Outcome Periods will be unable to recapture losses from prior Target Outcome Periods because at the end of each Target Outcome Period, a new buffer will be established based on the then current price of the Underlying ETF and any losses experienced below the prior buffer will be locked in. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods </span><span style="font-family:Arial;font-size:9.00pt;">such that, over multiple Target Outcome Periods, the Fund may have losses that exceed those of the Underlying ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Buffer and Cap </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide a buffer of Underlying ETF losses of between -5% and -15% at the end of each Target Outcome Period. The buffer designation identifies the Fund’s objective to provide a buffer of 10% against Underlying ETF losses between -5% and -15%. The Fund will bear the first 5% of losses, and after the Underlying ETF has decreased in price by more than 15%, the Fund will experience subsequent losses on a one-to-one basis (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> if the Underlying ETF loses 20%, the Fund loses </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">10% </span><span style="font-family:Arial;font-size:9.00pt;">(before fees and expenses)). The buffer is before taking into account the Fund’s fees and expenses charged to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">shareholders. When the Fund's fees and expenses are taken into account, the buffer is between -5.23% and -15.23%. The buffer will be further reduced by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund does not seek to provide a buffer on losses between -5% and -15% of the Underlying ETF at any time other than the end of the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has decreased in value by 15% or more from the value of the Fund on the first day of the Target Outcome Period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">“Initial Fund Value”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">), that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">investor’s buffer will essentially be zero (meaning the investor can lose its entire investment). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares at a time when the Fund has decreased in value by more than 5% but less than 15% from the Initial Fund Value, that investor’s buffer will be reduced by the difference between -5% and the NAV of the Fund on the date the investor purchases the shares. However, that investor’s potential gain will be larger than the Fund’s cap for the Target Outcome Period because the investor may experience the full gain if the Fund recovers the value it has lost from the first day of the Target Outcome Period through the date the investor purchased its Fund shares plus any additional gains between the Initial Fund Value and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the cap. The cap and buffer relative to the Initial Fund Value, however, will not change over the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Conversely, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from its Initial Fund Value for a Target Outcome Period, then that investor's cap will essentially be decreased by the amount of increase in the Fund's value from the Initial Fund Value, and the investor will experience losses prior to gaining the protection offered by the buffer (because the Fund must first decrease in value to 5% less than its Initial Fund Value for the Target Outcome Period before subsequent losses will be protected by the buffer). While the Fund seeks to limit losses to 90% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for shareholders who hold Fund shares for an entire Target Outcome Period, there is no guarantee it will successfully do so. Depending on the Fund's NAV at the time of purchase, a shareholder that purchases Fund shares after the first day of a Target Outcome Period may lose their entire investment if the Fund has decreased in value below the buffer. An investment in the Fund is only appropriate for shareholders willing to bear those losses. Despite the intended buffer, a shareholder could lose </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">their entire investment. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The returns of the Fund are subject to a cap of </span><span style="font-family:Arial;font-size:9.00pt;">11.51% (before fees and expenses) and 11.28% (after fees and expenses, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) for the Target Outcome Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period before fees and expenses. In the event the Underlying ETF experiences gains over a Target Outcome Period, the Fund seeks to provide investment returns (before fees and expenses) that match the percentage increase of the Underlying ETF, but any percentage gains over amount of the cap will not be experienced by the Fund. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">This means that if the Underlying ETF experiences gains for a Target Outcome Period in excess </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">of the cap for that Target Outcome Period, the Fund will not benefit from those excess gains. Therefore, regardless of the performance of the Underlying ETF, the cap is the maximum return an investor can achieve from an investment in </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">the Fund for that Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap is set on the first day of each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap is provided prior to taking into account annual Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">management fees of 0.90% of the Fund's daily net assets, brokerage commissions, trading fees, taxes and any extraordinary expenses incurred by the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Such extraordinary expenses (incurred outside of the ordinary operation of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund) may include, for example, unexpected litigation, regulatory or tax expenses. The cap and buffer could be lower if the Fund incurs extraordinary expenses or other costs and expenses that are not borne by the Advisor under its unitary management fee. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">underlying FLEX Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap, and the Fund’s value relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares during a Target Outcome Period, and the Fund has already increased in value above its Initial Fund Value for that Target Outcome Period to a level near to the cap, an investor purchasing Fund shares will have limited to no gain potential for the remainder of the Target Outcome Period (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap). However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which they purchased Fund shares and 5% below the Initial Fund Value for the Target Outcome Period before subsequent losses will be protected by the buffer. If an investor buys Fund shares when the price exceeds the cap, an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">investor will not experience any gain regardless of the performance of the Underlying ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following bar chart and line graph illustrate the hypothetical returns that the combination of the U.S. Treasury securities, cash and cash equivalents, and FLEX Options seek to provide with respect to the price performance of the Underlying ETF in certain illustrative scenarios over the course of the Target Outcome Period. The hypothetical cap level in the bar chart and line graph below is for illustration only and the actual cap may be different. The bar chart and line graph do not take into account payment by the Fund of fees and expenses. The bar chart and line graph only provide an example of the Fund's desired outcomes for investors holding through the entire Target Outcome Period, and are not necessarily indicative of Fund performance. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">There </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">is no guarantee that the Fund will be successful in providing these investment outcomes for any Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The graph above represents the Fund’s hypothetical intended return profile based upon the performance of the Underlying ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The hypothetical cap level in the graphs above is for illustration only and the actual cap may be different. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the graph above, the dotted line represents the Underlying ETF’s performance, and the blue and orange lines represent the return profile gross of fees and expenses sought by the Fund in relation to the Underlying ETF’s indicated performance. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Investors purchasing shares of the Fund during a Target Outcome Period will experience different results. The Fund’s website, http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BGLD, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, if purchased on that date and held through the end of the Target Outcome Period, including the Fund’s value relative to the cap and buffer. Before purchasing Fund shares, an investor should visit the Fund's website to review this information and understand the possible outcomes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">of an investment in Fund shares on a particular day and held through the end of the Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="font-family:Arial;font-size:9.00pt;">). The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries </span><span style="font-family:Arial;font-size:9.00pt;">except to the extent that the Underlying ETF invests more than 25% of its assets in an industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">General Information on the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For each Target Outcome Period, the Fund will invest in both purchased and written put and call FLEX Options that reference the Underlying ETF. Because the value of the Fund is based on FLEX Options that reference the Underlying ETF and not the Underlying ETF directly, variations in the value of the FLEX Options impact the correlation between the Fund’s NAV and the price of the Underlying ETF. FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), a market clearinghouse. The OCC guarantees performance by each of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the section entitled “Fund Investments” below. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the settlement of the FLEX Options due to bankruptcy or other adverse reasons. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FLEX Options that the Fund will hold through the Subsidiary that reference the Underlying ETF will give the Fund the right or the obligation to either receive or deliver shares of the Underlying ETF, or the right or the obligation to either receive or deliver a cash payment on the option expiration date based upon the difference between the Underlying ETF’s value and a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Option expiration date. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund, through the Subsidiary, will generally, under normal conditions, hold three kinds of FLEX Options for each Target Outcome Period. The Fund, through the Subsidiary, will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF or a cash payment), while simultaneously selling (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, writing) a call option (giving the Fund the obligation </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to deliver shares of the Underlying ETF or a cash payment) and a put option (giving the Fund the right to deliver shares of the Underlying ETF or a cash payment). The Fund intends to structure the FLEX Options so that any amount owed by the Fund on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options and the U.S. Treasury securities and cash and cash equivalents. As a result, the FLEX Options will be fully covered and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchanges on which the FLEX Options are listed do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the </span><span style="font-family:Arial;font-size:9.00pt;">option contracts, but may charge transaction fees. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On the FLEX Option’s expiration date, the Fund, through the Subsidiary, intends to sell the FLEX Options prior to their expiration or cash-settle the FLEX Options and use the resulting proceeds to purchase new FLEX Options for the next Target Outcome </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF is an exchange-traded investment trust that holds physical gold bars. World Gold Trust Services, LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“WGTS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) serves as the Underlying ETF’s sponsor and HSBC Bank plc serves as the Underlying ETF’s custodian. The Underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">ETF's custodian may utilize subcustodians that hold the Underlying ETF's gold on its behalf. The Underlying ETF is not expected to pay dividends. You can find the Underlying ETF’s prospectus and other information about the ETF, including the most recent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">reports to shareholders, online at spdrgoldshares.com. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Underlying ETF’s annual reports) to obtain an understanding of the Underlying ETF’s business and financial prospects. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated October 4, 2022 (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">GLD</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">” refers to the Underlying ETF; other defined terms have been modified and are limited to this excerpt). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The investment objective of GLD is for its shares to reflect the performance of the price of gold bullion, less GLD’s expenses. WGTS believes that, for many investors, GLD's shares represent a cost-effective investment in gold. GLD’s shares represent units of fractional undivided beneficial interest in and ownership of GLD and trade under the ticker symbol “GLD” on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">NYSE Arca. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">GLD is treated as a “grantor trust” for U.S. federal income tax purposes. As a result, GLD itself is not subject to U.S. federal income tax. Instead, GLD’s income and expenses “flow through” to the shareholders, and the Trustee will report the GLD’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">income, gains, losses and deductions to the Internal Revenue Service on that basis.. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">…An allocated account is an account with a bullion dealer, which may also be a bank, to which individually identified gold bars owned by the account holder are credited. The gold bars in an allocated gold account are specific to that account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fine weight. All of the GLD’s gold is fully allocated at the end of each business day. GLD’s custodian provides the trustee with regular reports detailing the gold transfers in and out of GLD’s allocated account at the custodian and identifying the gold bars held in GLD’s allocated account at the custodian. Gold held in GLD’s allocated account is the property of GLD and is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not traded, leased or loaned under any circumstances. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Subsequent Target Outcome Periods </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will alert existing shareholders to the new cap at the beginning of each new Target Outcome Period in the following </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">manner: </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">1. Approximately one week prior to the end of the current Target Outcome Period, the Fund will make a sticker filing that will alert existing shareholders that the Target Outcome Period is approaching its conclusion and disclose the anticipated cap range for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within </span><span style="font-family:Arial;font-size:9.00pt;">the anticipated cap range. This filing will be mailed to existing shareholders and posted on the Fund's website. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">2. Following the close of business on the last day of the Target Outcome Period, the Fund will make a sticker filing that discloses the Fund’s cap for the next Target Outcome Period. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">website</span><span style="font-family:Arial;font-size:9.00pt;">. Investors should monitor the Fund's website, set forth below, for current information on the next Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">3. On the first day of the new Target Outcome Period, the Fund will file a full prospectus that incorporates the sticker filing from the previous evening which replaces the caps/dates associated with the previous Target Outcome Period with the caps/dates associated with the new Target Outcome Period. Correspondingly, the Fund will file a revised summary prospectus </span><span style="font-family:Arial;font-size:9.00pt;">that reflects such changes. This filing will be posted on the Fund's website. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The information referenced above will also be available on the Fund's website at</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BGLD</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Underlying ETF is an exchange-traded investment trust that holds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">physical gold bars.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BUFFERED LOSS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ETF losses if the Underlying ETF decreases over the Target Outcome Period by -5% to -15%. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns </span><span style="font-family:Arial;font-size:9.00pt;">(before fees and expenses) that match the price return of the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Underlying ETF (up to the cap), while limiting downside losses, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. In the event an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the buffer that the Fund seeks to provide may not be available. If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has decreased in value by 15% or more from the value of the Fund on the first day of the Target Outcome Period (the “Initial Fund Value”), that investor’s buffer will essentially be zero (meaning the investor can lose its entire investment). If an investor purchases Fund shares at a time when the Fund has decreased in value by more than 5% but less than 15% from the Initial Fund Value, that investor’s buffer will be reduced by the difference between -5% and the NAV of the Fund on the date the investor purchases the shares. An investor that holds Fund shares through multiple Target Outcome Periods will be unable to recapture losses from prior Target Outcome Periods because at the end of each Target Outcome Period, a new buffer will be established based on the then current price of the Underlying ETF and any losses experienced below the prior buffer will </span><span style="font-family:Arial;font-size:9.00pt;">be locked in.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAP CHANGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the same for consecutive Target Outcome Periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAPPED UPSIDE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s strategy seeks to provide returns (before fees and expenses) that match those of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Underlying ETF for Fund shares purchased on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor likely will not match those that the Fund seeks to achieve. If the Underlying ETF experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period and the Fund has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their Fund shares (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap), however, the investor will remain vulnerable to downside risks. If an investor buys Fund shares when the price exceeds the cap, an investor will not experience any gain regardless of the performance of the Underlying ETF. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Underlying ETF over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Underlying ETF and any gains above the prior cap will be forfeit. Moreover, the quarterly imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that, over multiple Target Outcome Periods, the Fund may have losses that exceed those of the Underlying ETF.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COMMODITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. The values of physical commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments, and factors affecting a particular region, industry or commodity, such as drought, floods, or other weather conditions, livestock disease, changes in storage costs, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. The commodity markets are subject to temporary distortions or other disruptions due to, among other factors, lack of liquidity, the participation of speculators, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and government regulation and other actions.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded options, non-customized options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The FLEX Options held by the Fund will be exercisable at the strike price only on their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The FLEX Options are also subject to correlation risk, meaning the value of the FLEX Options does not increase or decrease at the same rate as the Underlying ETF (although they generally move in the same direction) or its underlying securities. The value of the FLEX Options prior to the expiration date may vary because of factors other than the value of the Underlying ETF, such as interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, a change in the actual and perceived volatility of the stock market and the Underlying ETF and the remaining time to expiration. FLEX Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the FLEX Options will require more reliance on the investment adviser’s judgment than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the FLEX Options which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SUBSIDIARY INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">offered to investors in registered investment companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TARGET OUTCOME PERIOD RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investment strategy is designed to deliver returns (before fees and expenses) </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that match the Underlying ETF if Fund shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor’s investment in Fund shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to </span><span style="font-family:Arial;font-size:9.00pt;">the cap for the investor’s investment period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to treat any income it may derive from FLEX Options on the Underlying ETF received by the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Subsidiary as “qualifying income” under the provisions of the Internal Revenue Code of 1986, as amended, applicable to “regulated investment companies” (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">RIC</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">s”). The Internal Revenue Service had issued numerous private letter rulings (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">PLR</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">s”) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the Internal Revenue Service. In March of 2019, the Internal Revenue Service published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income, if the income is related to the Fund’s business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. The Fund intends to treat any income it may derive from FLEX Options on the Underlying ETF received by the Subsidiary as “qualifying income” for the rules applicable to RICs. Treasury Regulations provide that income from a corporation similar to the Subsidiary is qualifying income, if (i) the income is distributed to the Fund in the same year the Fund is required to recognize the income or (ii) the income is related to the Fund’s business of investing in stocks or securities. The Fund intends to cause the Subsidiary to make distributions that would allow the Fund to meet the first requirement. The Fund generally will be required to recognize the income of the Subsidiary, regardless of whether the Fund receives a distribution of the Subsidiary’s income, and this income would be subject to the distribution requirement for qualification as a RIC and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would be taken into account for purposes of the 4% excise tax. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Underlying ETF may be susceptible to an increased risk of loss, including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses due to adverse events that affect the Underlying ETF's investments more than the market as a whole, to the extent that the Underlying ETF's investments are concentrated in the securities and/or other assets of a particular issuer or issuers, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF GOLD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will have exposure to gold through its investments (through the Subsidiary) in FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Options on the Underlying ETF, which invests substantially all of its assets in physical gold bullion. The price of gold bullion can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical gold bullion has sales commission, storage, insurance and auditing expenses. Investments in gold generally may be speculative and subject to greater price volatility than investments in other types of assets. The price of metals, such as gold, is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. There is a risk that some or all of the Underlying ETF’s gold bars held by its custodian or any subcustodian could be lost, damaged or stolen. Access to the Underlying ETF’s gold bars could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Underlying ETF and, consequently, an investment based on the value of the Underlying ETF’s shares. Additionally, the Underlying ETF does not insure its gold and a loss may be suffered with respect to the Underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ETF’s gold which is not covered by insurance and for which no party is liable for damages.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Subsidiary invests in FLEX Options that reference an ETF, which subjects the Subsidiary to certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the risks of owning shares of an ETF as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to the absence of an active market risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. Certain options on an ETF may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">gains or losses depending on the holding period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a gold price benchmark and a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a gold price benchmark and a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest Gold Strategy Quarterly Buffer ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">14.11%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-5.94%</span><span style="font-family:Arial;font-size:9.00pt;">September 30, 2022</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1411 2025-03-31 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0594 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3446 0.1151 2021-01-20 0.1760 0.0578 0.2040 0.0639 0.6741 0.1889 0.1788 0.1400 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Gold Strategy Target Income ETF</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> (IGLD)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Gold Strategy Target Income ETF</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> seeks to deliver participation in the price returns of the SPDR Gold Trust (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) while providing a consistent level of income.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0000 0.0000 0.0085 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 87 271 471 1049 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to deliver participation in the price returns of the SPDR Gold Trust (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) while providing a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">consistent level of income through a portfolio substantially composed of short-term U.S. Treasury securities, cash and cash equivalents, and in the shares of a wholly-owned subsidiary (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Subsidiary”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that holds FLexible Exchange Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that reference the price performance of the Underlying ETF. The Fund’s investment sub-advisor is Vest Financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As discussed in greater detail below, the Fund will not fully participate in gains experienced by the Underlying ETF. Additional information regarding the Underlying ETF is set forth below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In seeking to achieve its objective, the Fund, through the Subsidiary, will generally purchase or sell FLEX Options. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. In general, an option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying asset) at a specified price (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“strike price”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund will gain exposure to increases in value experienced by the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Underlying ETF through the purchase of call options. As a buyer of these options, the Fund pays a premium to the seller of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the options. The Fund will gain exposure to decreases in value experienced by the Underlying ETF through the sale of put options. As the seller of these options, the Fund receives a premium from the buyer of the options. Each of these FLEX Options is expected to have a term of approximately one year. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">In combination, the purchased call and sold put options generally provide exposure to price returns of the Underlying ETF both on the upside and downside. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Additionally, as a means to generate income, the Fund will employ a “partial covered call strategy” that seeks to sell call options having a strike price roughly equal to the value of the Underlying ETF at the inception of the Fund or each subsequent roll of the strategy (such options are said to be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“at-the-money”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Such sold call options are expected to have a notional value less </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">than or equal to the total notional value of the Fund's investments in purchased call options and sold put options on the Underlying ETF, such that the short position in each sold call option is "covered" by a portion of the purchased call options and sold put options on the Underlying ETF. However, the total notional value of the sold call options will not exceed 100% of the notional value of the Fund's investments in purchased call options and sold put options on the Underlying ETF. This strategy effectively converts a portion of the upside price return growth of the Underlying ETF into current income. By doing so, the Fund is giving up full participation potential in Underlying ETF gains in exchange for call option premiums. To execute this strategy, the Fund will sell call options with an expiration date less than or equal to approximately one month in the future (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Target Income Period”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The amount of call options sold by the Fund is based on a calculation designed to result in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund generating income over the Target Income Period on the average assets of the Fund from premiums from writing call options that is approximately 3.85% higher annually than the annual yield from one-month U.S. Treasury securities, before </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund fees and expenses. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s sale of call options to generate the desired level of income affects the degree to which the Fund will participate in increases in value experienced by the Underlying ETF over the Target Income period. The more call options the Fund needs to sell in order to generate the desired level of income, the less the Fund will participate in Underlying ETF gains. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;text-decoration:underline;">This means </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">that if the Underlying ETF experiences an increase in value, the Fund will likely not experience that increase to the same extent, and may significantly underperform the Underlying ETF over the Target Income Period</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The degree of participation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in Underlying ETF gains will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the call options. The Fund’s rate of participation in Underlying ETF gains is approximately the ratio of the notional value of the Fund’s purchased call options to the notional value of the Fund’s sold call options. For instance, if the notional value of the Fund’s purchased call options is approximately 75% greater than the notional value of the Fund’s sold call options, the Fund would be expected to participate in approximately 75% of the price return gains experienced by the Underlying ETF over the Target Income Period, in addition to providing the consistent level of income. In that same example, for every 10% increase in the value of the Underlying ETF, the Fund would experience an approximately 7.5% increase in value (before Fund fees and expenses). In general, the Fund expects to participate in between 50% and 100% of Underlying ETF gains (before </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fees and expenses), although such participation is subject to market conditions and may be below those levels. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The sale of call options to generate income will not have the same impact on any decreases experienced by the Underlying ETF over the Target Income Period. The Fund expects to fully participate in all Underlying ETF losses (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> if the Underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">ETF decreases in value by 5%, the Fund should be expected to decrease in value by approximately 5%, before Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expenses). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">General Information on the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the section entitled "Fund Investments" below. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">due to bankruptcy or other adverse reasons. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FLEX Options that the Fund will hold through the Subsidiary that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF or cash-settle the FLEX Options on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the FLEX Option </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF is an exchange-traded investment trust that holds physical gold bars.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> World Gold Trust Services, LLC serves </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the Underlying ETF’s sponsor and HSBC Bank plc serves as the Underlying ETF’s custodian. The Underlying ETF's custodian may utilize subcustodians that hold the Underlying ETF's gold on its behalf. The Underlying ETF is not expected to pay dividends. You can find the Underlying ETF’s prospectus and other information about the ETF, including the most recent reports to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders, online at spdrgoldshares.com. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Underlying ETF’s annual reports) to obtain an understanding of the Underlying ETF’s business and financial prospects. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated October 4, 2022 (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“GLD”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> refers to the Underlying ETF; other defined terms have been modified and are limited to this excerpt). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The investment objective of GLD is for its shares to reflect the performance of the price of gold bullion, less GLD’s expenses. WGTS believes that, for many investors, GLD's shares represent a cost-effective investment in gold. GLD’s shares represent units of fractional undivided beneficial interest in and ownership of GLD and trade under the ticker symbol “GLD” on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">NYSE Arca. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">GLD is treated as a “grantor trust” for U.S. federal income tax purposes. As a result, GLD itself is not subject to U.S. federal income tax. Instead, GLD’s income and expenses “flow through” to the shareholders, and the Trustee will report the GLD’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">income, gains, losses and deductions to the Internal Revenue Service on that basis… </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">…An allocated account is an account with a bullion dealer, which may also be a bank, to which individually identified gold bars owned by the account holder are credited. The gold bars in an allocated gold account are specific to that account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fine weight. All of the GLD’s gold is fully allocated at the end of each business day. GLD’s custodian provides the trustee with regular reports detailing the gold transfers in and out of GLD’s allocated account at the custodian and identifying the gold bars held in GLD’s allocated account at the custodian. Gold held in GLD’s allocated account is the property of GLD and is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not traded, leased or loaned under any circumstances.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF is an exchange-traded investment trust that holds physical gold bars.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rises above the strike price. As the purchaser of a call option, the Fund will generally only exercise the option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder and the American style options sold by the Fund may be exercised at any time before the option expiration date. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market </span><span style="font-family:Arial;font-size:9.00pt;">for certain options. Options may also involve the use of leverage, which could result in greater price volatility than other markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COMMODITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. The values of physical commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments, and factors affecting a particular region, industry or commodity, such as drought, floods, or other weather conditions, livestock disease, changes in storage costs, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. The commodity markets are subject to temporary distortions or other disruptions due to, among other factors, lack of liquidity, the participation of speculators, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and government regulation and other actions.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVERED CALL STRATEGY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The writer of a covered call option forgoes any profit from increases in the market value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the underlying security covering the call option above the sum of the premium and the strike price of the call but retains the risk of loss if the underlying security declines in value. The premiums received from the options may not be sufficient to offset any losses sustained on the underlying stocks over time. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">option holder is more likely to exercise the option, which may negatively affect the Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the distribution effectively represents a return of the purchase price. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income, which for non-corporate shareholders are subject to federal income tax at rates of up to 20%. The Fund’s investment strategy may also limit its ability to distribute dividends eligible for the dividends-received deduction for corporate shareholders. For these reasons, a significant portion of distributions received by Fund shareholders may be subject to tax at effective tax rates </span><span style="font-family:Arial;font-size:9.00pt;">that are higher than the rates that would apply if the Fund were to engage in a different investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded options, non-customized options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities. The Fund's strategy may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">provide the level of income sought by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain ETPs in which the Fund may invest utilize leverage. Leverage may result in losses that exceed the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in an underlying ETP’s exposure to an asset or class of assets and may cause the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the underlying fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SUBSIDIARY INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">offered to investors in registered investment companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to treat any income it may derive from FLEX Options on the Underlying ETF received by the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Subsidiary as “qualifying income” under the provisions of the Internal Revenue Code of 1986, as amended, applicable to “regulated investment companies” (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">RIC</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">s”). The Internal Revenue Service had issued numerous private letter rulings (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">PLR</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">s”) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the Internal Revenue Service. In March of 2019, the Internal Revenue Service published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income, if the income is related to the Fund’s business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. The Fund intends to treat any income it may derive from FLEX Options on the Underlying ETF received by the Subsidiary as “qualifying income” for the rules applicable to RICs. Treasury Regulations provide that income from a corporation similar to the Subsidiary is qualifying income, if (i) the income is distributed to the Fund in the same year the Fund is required to recognize the income or (ii) the income is related to the Fund’s business of investing in stocks or securities. The Fund intends to cause the Subsidiary to make distributions that would allow the Fund to meet the first requirement. The Fund generally will be required to recognize the income of the Subsidiary, regardless of whether the Fund receives a distribution of the Subsidiary’s income, and this income would be subject to the distribution requirement for qualification as a RIC and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would be taken into account for purposes of the 4% excise tax. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Underlying ETF may be susceptible to an increased risk of loss, including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses due to adverse events that affect the Underlying ETF's investments more than the market as a whole, to the extent that the Underlying ETF's investments are concentrated in the securities and/or other assets of a particular issuer or issuers, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF GOLD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will have exposure to gold through its investments (through the Subsidiary) in FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Options on the Underlying ETF, which invests substantially all of its assets in physical gold bullion. The price of gold bullion can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical gold bullion has sales commission, storage, insurance and auditing expenses. Investments in gold generally may be speculative and subject to greater price volatility than investments in other types of assets. The price of metals, such as gold, is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. There is a risk that some or all of the Underlying ETF’s gold bars held by its custodian or any subcustodian could be lost, damaged or stolen. Access to the Underlying ETF’s gold bars could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Underlying ETF and, consequently, an investment based on the value of the Underlying ETF’s shares. Additionally, the Underlying ETF does not insure its gold and a loss may be suffered with respect to the Underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ETF’s gold which is not covered by insurance and for which no party is liable for damages.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Subsidiary invests in FLEX Options that reference an ETF, which subjects the Subsidiary to certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the risks of owning shares of an ETF as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to the absence of an active market risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. Certain options on an ETF may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">gains or losses depending on the holding period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a gold price benchmark and a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a gold price benchmark and a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based </span><span style="font-family:Arial;font-size:9.00pt;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest Gold Strategy Target Income ETF</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">12.59%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-6.84%</span><span style="font-family:Arial;font-size:9.00pt;">September 30, 2022</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1259 2025-03-31 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0684 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.4739 0.1468 2021-03-02 0.4106 0.1046 0.2758 0.0938 0.6741 0.2121 0.1788 0.1419 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Dividend Strength ETF (FTDS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Dividend Strength ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called The Dividend Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0000 0.0031 0.0081 -0.0011 0.0070 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extraordinary expenses) from exceeding 0.70% of average daily net assets will be terminated following April 30, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 72 248 439 991 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">132%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.32 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to maintain Index integrity. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any investment borrowings) in dividend-paying securities. The Fund may invest in common stocks, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and small, mid and large cap companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track the performance of companies with strong market positions and high dividend yields. The Index screens companies for strong balance sheets, a high degree of liquidity and a record of high dividend yields. The Index’s initial selection universe is composed of all the securities comprising the Nasdaq US Benchmark</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index. The Nasdaq US Benchmark</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is a float-adjusted market capitalization-weighted index designed to track the performance of securities assigned to the U.S. by Nasdaq. According to the Index Provider, to be eligible for inclusion in the Index, a security must meet the size and liquidity standards of the Index. The Index then screens duplicate (multiple share classes) securities. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> To be included in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index, a security’s issuer must have: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> a long-term debt to market cap ratio of less than 40%; (ii) positive shareholder equity; </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(iii)</span><span style="font-family:Arial;font-size:9.00pt;"> return on equity of greater than 10%; (iv) a 5-year compounded dividend growth rate greater than 5%; and (v) a payout ratio less than 50%. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index Provider then ranks all eligible securities based on their dividend yield with a rank of 1 representing the highest value within each Industry, as determined by the Industry Classification Benchmark (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"ICB"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The top 15 securities per industry </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are combined and ranked based on dividend yield with a rank of 1 representing the highest value. The 50 securities with the lowest rank (highest dividend yields) are selected for inclusion in the final portfolio and are then equally-weighted. In the case </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of ties in dividend yield ranks, the security with highest free float market capitalization is selected. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly based on the Index's rules-based methodology, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;">April</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">16, 2026, the Index was composed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of 50 securities and the Fund had significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">energy companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry or a group of industries to the extent that the Index is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;">April</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">16, 2026, the Index was composed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of 50 securities and the Fund had significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">energy companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, </span><span style="font-family:Arial;font-size:9.00pt;">or sub-advisor, as applicable, among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The success of energy companies may be cyclical and highly dependent on energy prices. The </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural </span><span style="font-family:Arial;font-size:9.00pt;">disasters.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, due to changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">way and therefore the Fund’s returns would be more greatly influenced by the returns of the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s market price may be below the Fund’s net asset value during certain periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, dividend rates, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error </span><span style="font-family:Arial;font-size:9.00pt;">in the selection of index constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund has an investment strategy that may frequently involve buying and selling portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. High portfolio turnover may result in the Fund paying higher levels of transaction costs, including brokerage commissions, dealer mark-ups and other costs and may generate greater tax liabilities for shareholders. Portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">risk may cause the Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and two market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On April 29, 2022, the Fund's underlying index changed from the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Total US Market</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index to The Dividend </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">performance that the Fund, based on its current Index, would have generated. Because the Fund’s underlying Index has an inception date of March 7, 2022, performance data for the Index is not available for the period shown in the bar chart and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">table.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and two market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Dividend Strength ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">27.56%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-31.57%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2756 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3157 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1335 0.0873 0.1038 0.0706 2006-12-05 0.1258 0.0793 0.0971 0.0648 0.0788 0.0648 0.0820 0.0560 0.1423 0.1788 0.1442 0.1482 0.1073 0.1212 0.1243 0.1083 0.0812 0.1591 0.1133 0.1053 0.0768 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">On April 29, 2022, the Fund's underlying index changed from the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;"> Total US Market Index to The Dividend Strength</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">Index. Therefore, the Fund’s performance and total returns shown are not necessarily indicative of the performance the Fund, based on its current index, would have generated.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Indxx Aerospace &amp; Defense ETF (MISL)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Indxx Aerospace &amp; Defense ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Indxx US Aerospace &amp; Defense Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">22%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is developed, maintained and sponsored by Indxx, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider is not affiliated with the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund, the Fund’s investment advisor or the Fund’s distributor. The Index is a rules-based index, however, the Index Provider reserves the right to use qualitative judgment to include, exclude, adjust, or postpone the inclusion of a stock in the Index which is the ordinary course discretion that the Index Provider has to modify which securities qualify for inclusion in the Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in accordance with the rules of its selection methodology. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index is designed to measure the performance of companies involved in the Aerospace &amp; Defense sector, as defined by the Index Provider. The Index consists of common stocks of companies domiciled in the U.S. The Index excludes all securities that do not meet the listing, price, size, float and liquidity requirements of the Index and duplicate (multiple share classes) companies to create the initial universe. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">conditions controlled by the Index Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> All the companies from the initial universe which </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">belong to the Aerospace &amp; Defense Industry are included in the selection list. The Index Provider defines the Aerospace &amp; Defense Industry to include companies engaged in business activities associated with the following aerospace and defense </span><span style="font-family:Arial;font-size:9.00pt;">sub-themes: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Advanced Aerospace and Defense </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Hypersonic: Companies involved in developing hypersonic warfare weapons technology for defense related applications. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Directed Energy: Companies involved in developing weapons like high power microwaves, laser technology products and electromagnetic weapons for defense related applications. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Space Technologies: Companies involved in developing rockets, satellites and launch vehicles. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Unmanned Aerial Vehicle/Advance Air Mobility: Companies that develop military aircraft that are guided by remote control or programmed autonomously and companies involved in developing an air transportation system that moves cargo and people for defense related applications. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Autonomous, Cybersecurity and C5ISR Systems: Companies involved in providing autonomous, cybersecurity, and C5ISR solutions to improve national security, enhance public safety and design better combat results. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Traditional Aerospace and Defense </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Includes companies that manufacture construction material, electronics, and telecommunications equipment used in the manufacture of aircraft for both defense and commercial aviation. Avionics, power and control system, interiors, manufacturing of airframe rotables, landing gear and other accessories are examples of common applications in both defense and commercial aviation. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">These sub-themes also include the commercial (non-government/defense) applications of such activities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">From the starting universe, only companies that derive at least 50% of revenues from aerospace and defense activities in one or more of the sub-themes identified above will be eligible for inclusion in the Index, according to the Index Provider. These companies have their principal business strategies and/or growth prospects inextricably linked to aerospace and defense. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, from the list of eligible companies, the top 50 companies by market capitalization will be selected. In the event there are less than 50 eligible companies, all eligible companies will be selected (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, there may be fewer </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">than 50 companies in the Index). The selected securities are assigned weights based on their market capitalization. A single security cap of 8% is applied to securities and the extra weight is redistributed amongst the uncapped securities. The aggregate weight of securities with weights greater than or equal to 5% must not exceed 45%. In case the aggregate weight of such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities exceeds 45%, a secondary cap of 4% is applied to all remaining securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted semi-annually, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 38 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in industrials companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 38 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in industrials companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AEROSPACE AND DEFENSE COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Aerospace and defense companies are subject to numerous risks, including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">fierce competition, consolidation, adverse political, economic and governmental developments, substantial research and development costs, cuts in government funding, product and technology obsolescence, limited numbers of potential customers and decreased demand for new equipment. In addition, companies involved in the commercial aerospace industry are also subject to aircraft order cancellations, changes in aircraft-leasing contracts, excess capacity, cutbacks in profitable business travel, fuel price hikes, labor union settlements, adverse changes in international politics and relations, intense global competition, government regulation and cyclical market patterns. Aerospace and defense companies rely heavily on U.S. Government and other government demand for their products and services. As a result, these companies could be adversely impacted by future reductions or changes in government spending. Such government spending on aerospace and defense is not generally correlated with economic cycles, but rather with general political support for this type of spending. There is no assurance that future levels of spending on aerospace and defense will increase or that such spending will not decrease in the future. Competition, labor relations and the price of fuel can impact aerospace and defense companies. In addition, deregulation of airlines has substantially decreased the U.S. Government’s role in the air transport industry while promoting competition. However, the profitability of individual carriers as well as the entire industry could be impacted by the regulations </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and policies of various domestic and foreign governments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Indxx Aerospace &amp; Defense ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">23.57%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-6.27%</span><span style="font-family:Arial;font-size:9.00pt;">September 30, 2023</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2357 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0627 2023-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.4124 0.2620 2022-10-25 0.4098 0.2589 0.2439 0.2085 0.4213 0.2697 0.1788 0.2149 0.4415 0.2380 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Growth Strength</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-weight:bold;position:relative;top:-4.25pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> ETF (FTGS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Growth Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called The Growth Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">105%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.05 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index seeks to provide exposure to well-capitalized companies with strong market positions. The companies are screened for strong balance sheets, a high degree of liquidity, the ability to generate earnings and cash flow growth and a record of financial strength and profit growth. The Index is composed of 50 securities selected objectively based on cash on hand, debt ratios and revenue and cash flow growth. The Index’s initial selection universe is </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">composed of all the securities comprising the Nasdaq US Benchmark</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index. The Index then excludes all securities that do </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not meet the size and liquidity requirements of the Index and duplicate (multiple share classes) companies. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> To be eligible for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">inclusion in the Index, a security must have at least $1 billion in cash or short-term equivalents, after removing restricted cash, have a long-term debt to market capitalization ratio less than 30%, have a positive shareholder equity and have a return on equity greater than 15%. A security must also have positive cash flow and revenue figures three years prior to be eligible for inclusion in the Index. The eligible securities are then ranked by their three-year revenue percentage growth and three-year cash flow percentage growth. Those rankings are then combined equally and securities ranked outside the lowest 15 by combined rank within each Industry, as determined by the Industry Classification Benchmark (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"ICB"</span><span style="font-family:Arial;font-size:9.00pt;">), are excluded. In the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">event that multiple securities share the fifteenth-lowest combined rank, only the security among them with the highest free float market capitalization may be selected. The 50 securities with the lowest combined ranks are chosen for inclusion in the Index. In the case of ties in combined ranks, the security with highest free float market capitalization is selected. Once finalized, </span><span style="font-family:Arial;font-size:9.00pt;">each security is equally-weighted. The Fund may invest in real estate investment trusts (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Growth Strength</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">TM</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">15.09%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-5.18%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1509 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0518 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1283 0.1958 2022-10-25 0.1275 0.1935 0.0759 0.1543 0.1348 0.2027 0.1788 0.2149 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Bloomberg Inflation Sensitive Equity ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the price and yield, before fees and expenses, of an equity index called the Bloomberg Inflation Sensitive Equity Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">111%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.11 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the total return performance of the Index, which includes dividends paid by the common stocks in the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is developed, maintained and sponsored by Bloomberg Index Services Limited (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider is not affiliated with the Fund, the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investment advisor or the Fund’s distributor. The Index is a rules-based index; however, the Index Provider reserves the right to use expert judgment or discretion with regards to Index restatements, extraordinary circumstances during a market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">emergency, data interruptions, issues and closures and significant acquisitions involving a non-Index company. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index seeks investments that demonstrate a strong positive correlation with inflation. The Index’s starting universe consists of companies from the Bloomberg US 3000 Index as of the Index selection date. Only companies classified in the energy, industrials, materials and real estate sectors, according to the Index Provider, are eligible for consideration. The Index Provider then removes any securities which do not trade on an eligible exchange, duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity, size and geographic requirements. </span><span style="font-family:Arial;font-size:9.00pt;">Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">From the starting universe, the Index ranks each company by market capitalization within each sector. The 50 largest companies by “free float” market capitalizations, relative to each of the four sectors, are eligible for inclusion. The term “free float” is used to capture the portion of an issuer’s outstanding securities that can be publicly traded, and thus excludes locked-in securities held by an issuer's affiliates, officers or promoters or securities subject to some other restrictive arrangement that prevents them from being freely traded. Next, the Index calculates the debt-to-market capitalization ratio for each company and removes the lowest 10% of companies within each sector. The Index then calculates and ranks companies based on two inflation metrics: (1) high beta to 2-year inflation breakeven and (2) high beta to Bloomberg Commodities Index. "Beta" is a measure of a stock's volatility in relation to the overall market. For the high beta to 2-year inflation breakeven metric, the Index computes a beta calculation against the US Breakeven 2 Year Inflation Index, which is calculated by subtracting the real yield of the inflation linked maturity curve from the yield of the closest nominal Treasury maturity. For the high beta to Bloomberg Commodities Index metric, the Index computes a beta calculation against the Bloomberg Commodity Total Return Index, which is composed of futures contracts and reflects the returns on a fully collateralized investment, which are the returns of the index and returns on cash collateral invested in 13-week (3-month) U.S. Treasury bills. From there, the Index combines the betas from the two inflation metrics. Within each sector, the top 22 of remaining companies by their combined inflation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">metric score remain eligible for selection. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, from the remaining eligible companies, the top 50 companies with the highest free-cash-flow yield based on a trailing 12-month period will be selected, subject to a maximum of 20 stocks from a single sector. "Free-cash-flow yield" compares the free cash flow per share a company is expected to earn against its market value per share. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selected companies will be equally weighted. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced semi-annually, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, invest more than 25% of Fund assets) in an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry or a group of industries to the extent that the Index is so concentrated. As of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026, the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in energy companies and </span><span style="font-family:Arial;font-size:9.00pt;">materials companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment </span><span style="font-family:Arial;font-size:9.00pt;">sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, invest more than 25% of Fund assets) in an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industry or a group of industries to the extent that the Index is so concentrated. As of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026, the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in energy companies and </span><span style="font-family:Arial;font-size:9.00pt;">materials companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The success of energy companies may be cyclical and highly dependent on energy prices. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">disasters.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of the stock(s) with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MATERIALS COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Materials and processing companies are involved in the extraction or processing of raw </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">materials such as metals, ore and forestry products. These companies are sensitive to changes in the business cycle and fluctuations in the supply and demand for raw materials. Further, certain materials and processing companies can be affected by shifts in the housing market, as many produced raw materials are components of construction projects. Rising wage costs can also impact companies that rely on skilled labor. In addition, materials and processing companies may be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, </span><span style="font-family:Arial;font-size:9.00pt;">depletion of resources and mandated expenditures for safety and pollution control devices.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Bloomberg Inflation Sensitive Equity ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">11.93%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2024</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-6.64%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1193 2024-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0664 2024-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0773 0.0750 2023-03-13 0.0707 0.0659 0.0456 0.0538 0.0854 0.0820 0.1788 0.2447 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust S&amp;P 500 Diversified Free Cash Flow ETF (FCFY)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust S&amp;P 500 Diversified Free Cash Flow ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Sector-Neutral FCF Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0000 0.0000 0.0060 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 61 192 335 750 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">78%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.78 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the total return performance of the Index, which includes dividends paid by the common stocks in the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is owned and was developed by S&amp;P Dow Jones Indices, LLC a division of S&amp;P Global (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SPDJI”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider reserves the right to make exceptions when </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">applying the methodology if the need arises to ensure that the Index continues to achieve its objective. In addition, the Index Provider may revise Index policy covering rules for selecting companies, treatment of dividends, share counts or other matters. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index measures the performance of companies within the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index that exhibit </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">high free cash flow yield (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"FCF Yield"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) relative to other companies within the same Global Industry Classification Standard </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) sector. The Index sector weights adjust to mirror the sector weights of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Free cash flow (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"FCF"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the cash remaining after a company has paid day-to-day operating expenses, including interest and taxes, as well as capital expenditures. See the section entitled “Free Cash Flow Yield Calculations” for a description of the FCF and FCF Yield calculations. The S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index measures the performance of the large-cap segment of the U.S. market, is considered to be a proxy of the U.S. equity market and is composed of 500 constituent companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index’s starting universe consists of all the securities comprising the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index. The Index Provider then removes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">all duplicate (multiple share classes) securities and ranks all eligible companies in descending order by FCF Yield within their respective GICS</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> sectors. Securities from the same issuer will be subject to conditions controlled by the Index Provider to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">determine Index eligibility.</span><span style="font-family:Arial;font-size:9.00pt;"> Next, the Index Provider selects all companies ranked in the top 20% of the respective GICS</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> sector, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rounding up. Next, the Index Provider excludes companies with the lowest non-positive FCF Yield until such an exclusion would result in the final count of companies in a sector to be fewer than 10% of the company count within such sector in the S&amp;P </span><span style="font-family:Arial;font-size:9.00pt;">500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">At each reconstitution, the Index sector weights mirror the sector weights of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, with constituents weighted </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">by FCF Yield within each GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> sector, subject to a 0.25% floor and a 5.00% ceiling. If all selected companies within a respective </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Sector are non-positive FCF Yield companies, the Index Provider equally distributes the weight between the companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">If selected companies within a respective GICS</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Sector include positive and non-positive FCF Yield companies, all companies start with the floor weight of 0.25%, redistribute the remaining weight equally to the positive FCF Yield companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is reconstituted and rebalanced semi-annually, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index consisted of 100 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in information technology companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s investments will </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">change as the Index changes and, as a result, the Fund may have significant investments in a given jurisdiction, investment sector or industry that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction, investment sector or industry, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction, investment sector or industry. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index consisted of 100 securities and the Fund had significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in information technology companies, although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in the securities of issuers within the same country, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by it, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">way and therefore the Fund’s returns would be more greatly influenced by the returns of the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust S&amp;P 500 Diversified Free Cash Flow ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">9.16%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-3.59%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0916 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0359 2024-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1662 0.1641 2023-08-22 0.1587 0.1559 0.0981 0.1239 0.1742 0.1718 0.1788 0.2188 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust WCM Developing World Equity ETF (WCME)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The First Trust WCM Developing World Equity ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0095 0.0000 0.0000 0.0095 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 97 303 525 1166 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As a result of a reorganization (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Reorganization”</span><span style="font-family:Arial;font-size:9.00pt;">), the Fund acquired all of the assets, subject to the liabilities, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of WCM Developing World Equity Fund, an open-end management company and a series of Investment Managers Series Trust (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Predecessor Fund”</span><span style="font-family:Arial;font-size:9.00pt;">). During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">62%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.62 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in developing countries. Such equity securities may include common stock and depositary receipts (including American Depositary Receipts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ADRs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), European Depositary Receipts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“EDRs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), Canadian </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Depositary Receipts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“CDRs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and Global Depositary Receipts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“GDRs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">)). ADRs and CDRs are receipts that represent interests </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets. The Fund may also invest in securities denominated in non-U.S. currencies and securities of companies domiciled in China that list and trade directly on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Chinese stock exchanges (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“China A Shares”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In determining whether a country is a developing country, the Fund’s investment sub-advisor, WCM Investment Management, LLC (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="font-family:Arial;font-size:9.00pt;">), will consider, among other things: (i) whether the country is considered to be a developing country </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as classified by the World Bank or included in any of the Morgan Stanley Capital International (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“MSCI”</span><span style="font-family:Arial;font-size:9.00pt;">) emerging markets or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">frontier markets indices; (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> the country’s per capita gross domestic product; (iii) the percentage of the country’s economy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that is industrialized; (iv)</span><span style="font-family:Arial;font-size:9.00pt;"> market capitalization as a percentage of the country’s gross domestic product; and (v) the overall </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">regulatory environment of the country, including the presence of governmental regulation limiting or banning foreign ownership and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. For example, the Sub-Advisor expects that most countries classified by the World Bank as having low- to middle-income economies, or that are included in any of the </span><span style="font-family:Arial;font-size:9.00pt;">MSCI emerging markets or frontier markets indices, will be treated as developing countries. The Sub-Advisor considers a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">company to be located in a country: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> if the company has been organized under the laws of, has its principal offices in, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">has its securities principally traded in, the country; or (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> if the company derives at least 50% of its revenues or net profits </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from, or has at least 50% of its assets or production capacities in, the country. Under normal market conditions, the Fund invests in the equity securities of companies located in at least three different countries outside of the United States, and the Fund may invest in securities of any market capitalization. From time to time, the Fund may invest a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;">assets in the securities of companies located in one or a few developing countries or regions. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Sub-Advisor’s investment process </span><span style="font-family:Arial;font-size:9.00pt;">is based on bottom-up, fundamental research, which involves examining and ranking </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies based on the following factors: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> the company’s corporate performance; (ii) the company’s competitive position; </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(iii)</span><span style="font-family:Arial;font-size:9.00pt;"> the company’s potential future growth; and (iv) the company’s intrinsic value, which is determined using a discounted </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cash flow model, historical EV/EBITDA (compares a company’s Enterprise Value (the measure of a company’s total value) to </span><span style="font-family:Arial;font-size:9.00pt;">its Earnings Before Interest, Taxes, Depreciation and Amortization), and next year price to earnings ratio. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of March 31, 2026, the Fund had significant investments in financial companies, information technology companies and Asian issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or investment sector that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. </span><span style="font-family:Arial;font-size:9.00pt;">In order to gain exposure to certain Chinese companies that are unavailable to direct investment by </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">foreign investors, the Fund invests significantly in non-Chinese shell companies that have created structures known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies. The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of March 31, 2026, the Fund had significant investments in financial companies, information technology companies and Asian issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CHINA A SHARE INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investing in China A-shares through a Stock Connect,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a mutual market access program </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">designed to, among other things, enable foreign investment in China via brokers in Hong Kong,</span><span style="font-family:Arial;font-size:9.00pt;"> is subject to trading, clearance, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">settlement and other procedures, which could pose risks to the Fund. Trading through a Stock Connect is subject to a daily quota, which may restrict or preclude the Fund’s ability to invest in Stock Connect securities. Foreign investors, individually and in the aggregate, are subject to ownership limitations on China exchange-listed companies, including those purchased through a Stock Connect. Once the daily quota is reached, orders to purchase additional China A Shares through a Stock Connect </span><span style="font-family:Arial;font-size:9.00pt;">program will be rejected. As such, China A Shares are subject to trading restrictions and suspensions, quota limitations and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese listed securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate. Any of the above circumstances could have a significant </span><span style="font-family:Arial;font-size:9.00pt;">negative impact on the value of China A Shares held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the value of dividends and interest earned from such securities and gains and losses realized on the sale of such securities, and therefore the value of such investments or dividends in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value of an investment in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; market manipulation; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FRONTIER MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Frontier market countries generally have smaller economies and even less developed capital </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The magnification of risks is the result of potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market countries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading in local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the Fund's portfolio managers (listed below) will apply investment techniques and risk analyses </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. </span><span style="font-family:Arial;font-size:9.00pt;">Portfolio holdings that are valued using </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used.</span><span style="font-family:Arial;font-size:9.00pt;"> In addition, there is no assurance that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. While the China Securities Regulatory Commission has released rules and implemented guidelines that permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Plan”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) by and between </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Predecessor Fund and the Trust, on behalf the Fund, pursuant to which the Predecessor Fund would (i) transfer all of its assets to the Fund in exchange solely for newly issued shares of the Fund and the Fund’s assumption of all of the liabilities of the Predecessor Fund, and (ii) immediately distribute such newly issued shares of the Fund to shareholders of the Predecessor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Reorganization”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result of the Reorganization, the Fund has assumed the performance history of the Predecessor Fund. The bar chart and table below provide some indication of the risks of investing in the Predecessor Fund by showing you how the performance of the Predecessor Fund has varied from year to year, from its inception on March 31, 2020 until the date of the Reorganization on October 7, 2024. While the Predecessor Fund and Fund have investment policies and practices that are substantially similar, the Predecessor Fund’s past performance is not necessarily indicative of how the Fund will perform in the future. Accordingly, any Fund performance and historical returns shown below that incorporate Predecessor Fund performance prior to October 7, </span><span style="font-family:Arial;font-size:9.00pt;">2024 is not necessarily indicative of the performance that the Fund would have generated.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund (having assumed the performance of the Predecessor Fund) based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance (having assumed the performance of the Predecessor Fund) from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund (having assumed the performance of the Predecessor Fund) based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance (having assumed the performance of the Predecessor Fund) from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust WCM Developing World Equity ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">16.22%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-13.48%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1622 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1348 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3520 0.0422 0.1188 2020-03-31 0.3479 0.0375 0.1122 0.2082 0.0310 0.0928 0.3357 0.0420 0.1182 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust WCM International Equity ETF (WCMI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The First Trust WCM International Equity ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0000 0.0000 0.0085 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 87 271 471 1049 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As a result of a reorganization (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Reorganization”</span><span style="font-family:Arial;font-size:9.00pt;">), the Fund acquired all of the assets, subject to the liabilities, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of WCM International Equity Fund an open-end management company and, a series of Investment Managers Series Trust (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">“Predecessor Fund”</span><span style="font-family:Arial;font-size:9.00pt;">). During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">111%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 1.11 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. domiciled companies / companies not located in the U.S. Such equity securities may include common stock and depositary receipts (including American Depositary Receipts (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“ADRs”</span><span style="font-family:Arial;font-size:9.00pt;">), European Depositary Receipts </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EDRs”</span><span style="font-family:Arial;font-size:9.00pt;">), Canadian Depositary Receipts (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“CDRs”</span><span style="font-family:Arial;font-size:9.00pt;">) and Global Depositary Receipts (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“GDRs”</span><span style="font-family:Arial;font-size:9.00pt;">)). ADRs and CDRs are receipts that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets. The Fund focuses on companies that the Fund’s investment sub-advisor, WCM Investment Management, LLC (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Sub-Advisor"</span><span style="font-family:Arial;font-size:9.00pt;">) believes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to be undervalued because their businesses are out of favor and/or their stocks are undervalued in comparison to their intrinsic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">values, their peers, or their prospects for growth. The Fund </span><span style="font-family:Arial;font-size:9.00pt;">may also invest in securities denominated in non-U.S. currencies and securities of companies domiciled in China that list and trade directly on Chinese stock exchanges (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“China A Shares”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in equity securities or depositary receipts of companies located in developed countries and in emerging market and frontier market countries. Emerging market and frontier market countries are those countries with low- to middle-income economies as classified by the World Bank, or included in any of the Morgan Stanley Capital International (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“MSCI”</span><span style="font-family:Arial;font-size:9.00pt;">) emerging markets or frontier markets indices. The Fund’s investment Sub-Advisor considers a company to be located </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in a country: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> if the company has been organized under the laws of, has its principal offices in, or has its securities principally </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">traded in, the country; or (ii)</span><span style="font-family:Arial;font-size:9.00pt;"> if the company derives at least 50% of its revenues or net profits from, or has at least 50% of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its assets or production capacities in, the country. Under normal market conditions, the Fund invests in the equity securities of companies located in at least three different countries outside of the United States, and the Fund may invest in securities of any market capitalization. From time to time, the Fund may invest a significant portion of its assets in the securities of </span><span style="font-family:Arial;font-size:9.00pt;">companies domiciled in one or a few countries or regions. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Sub-Advisor’s investment process begins with </span><span style="font-family:Arial;font-size:9.00pt;">a bottom-up, fundamental research approach to identify companies with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">comparatively low valuations compared to other companies of similar market capitalization</span><span style="font-family:Arial;font-size:9.00pt;">, sector,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and/or industry,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on </span><span style="font-family:Arial;font-size:9.00pt;">factors</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as the price-to-earnings ratio,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">price-to-book ratio,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">price-to-cash flow ratio,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">dividend yield, net working capital, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">earnings</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">estimate revisions. The Fund’s Sub-Advisor believes</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">that investment in a company with relatively low</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">afford capital protection from permanent</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">loss and may result in substantial appreciation if the market recognizes the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">company’s </span><span style="font-family:Arial;font-size:9.00pt;">intrinsic value. The Sub-Advisor’s investment process seeks companies that are industry leaders with expanding </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">competitive advantages, strong balance sheets</span><span style="font-family:Arial;font-size:9.00pt;">, and attractive</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">valuations.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">In</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">selecting securities,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the Fund’s Sub-Advisor also considers other factors including,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">among others, potential political,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">monetary policy,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and regulatory impacts. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of March 31, 2026, the Fund had significant investments in issuers located in the United Kingdom, European issuers and Asian issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or investment sector that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. </span><span style="font-family:Arial;font-size:9.00pt;">In order to gain exposure to certain Chinese companies that are unavailable to direct investment by </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">foreign investors, the Fund invests significantly in non-Chinese shell companies that have created structures known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies. The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of March 31, 2026, the Fund had significant investments in issuers located in the United Kingdom, European issuers and Asian issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CHINA A SHARE INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investing in China A-shares through a Stock Connect,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a mutual market access program </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">designed to, among other things, enable foreign investment in China via brokers in Hong Kong,</span><span style="font-family:Arial;font-size:9.00pt;"> is subject to trading, clearance, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">settlement and other procedures, which could pose risks to the Fund. Trading through a Stock Connect is subject to a daily quota, which may restrict or preclude the Fund’s ability to invest in Stock Connect securities. Foreign investors, individually and in the aggregate, are subject to ownership limitations on China exchange-listed companies, including those purchased through a Stock Connect. Once the daily quota is reached, orders to purchase additional China A Shares through a Stock Connect </span><span style="font-family:Arial;font-size:9.00pt;">program will be rejected. As such, China A Shares are subject to trading restrictions and suspensions, quota limitations and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese listed securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate. Any of the above circumstances could have a significant </span><span style="font-family:Arial;font-size:9.00pt;">negative impact on the value of China A Shares held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the value of dividends and interest earned from such securities and gains and losses realized on the sale of such securities, and therefore the value of such investments or dividends in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value of an investment in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; market manipulation; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">confiscatory taxation, seizure, nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FRONTIER MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Frontier market countries generally have smaller economies and even less developed capital </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The magnification of risks is the result of potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market countries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the Fund's portfolio managers (listed below) will apply investment techniques and risk analyses </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNITED KINGDOM RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom issuers. Investments in issuers located in the United Kingdom may subject the Fund to regulatory, political, currency, security and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the EU, and to a lesser extent the United States and China. As a result, the economy of the United Kingdom may be impacted by </span><span style="font-family:Arial;font-size:9.00pt;">the institution of tariffs or other trade barriers as well as changes to the economic condition of EU member counties, the United States and China. The United Kingdom’s economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services sector may have a</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">negative impact on the United Kingdom’s economy.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Continued governmental involvement or control </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in certain sectors may stifle competition in certain sectors or cause adverse effects on economic growth. While the EU-</span><span style="font-family:Arial;font-size:9.00pt;">United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom Trade and Cooperation Agreement governs certain aspects of the EU’</span><span style="font-family:Arial;font-size:9.00pt;">s and United Kingdom’s relationship following </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the United Kingdom’s withdrawal </span><span style="font-family:Arial;font-size:9.00pt;">from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the long-term impact of Brexit is unknown.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Brexit has already resulted in periods </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of volatility in European and global</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">financial markets and uncertainty</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">about the integrity and functioning of the EU, both of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">may persist for an extended period of time.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Any such market disruption in the EU and globally may have a negative </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the value of the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s investments.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Additionally,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the risks related to Brexit could be more pronounced if one or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">more additional EU member states seek to leave the EU</span><span style="font-family:Arial;font-size:9.00pt;">. Certain sectors within the United Kingdom’s economy may be particularly affected by Brexit, including the automotive, chemicals, financial services and professional services.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. </span><span style="font-family:Arial;font-size:9.00pt;">Portfolio holdings that are valued using </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used.</span><span style="font-family:Arial;font-size:9.00pt;"> In addition, there is no assurance that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. While the China Securities Regulatory Commission has released rules and implemented guidelines that permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Plan”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) by and between </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Predecessor Fund and the Trust, on behalf the Fund, pursuant to which the Predecessor Fund would (i) transfer all of its assets to the Fund in exchange solely for newly issued shares of the Fund and the Fund’s assumption of all of the liabilities of the Predecessor Fund, and (ii) immediately distribute such newly issued shares of the Fund to shareholders of the Predecessor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Reorganization”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result of the Reorganization, the Fund has assumed the performance history of the Predecessor Fund. The bar chart and table below provide some indication of the risks of investing in the Predecessor Fund by showing you how the performance of the Predecessor Fund has varied from year to year, from its inception on March 31, 2020 until the date of the Reorganization on October 7, 2024. While the Predecessor Fund and Fund have investment policies and practices that are substantially similar, the Predecessor Fund’s past performance is not necessarily indicative of how the Fund will perform in the future. Accordingly, any Fund performance and historical returns shown below that incorporate Predecessor Fund performance prior to October 7, </span><span style="font-family:Arial;font-size:9.00pt;">2024 is not necessarily indicative of the performance that the Fund would have generated.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund (having assumed the performance of the Predecessor Fund) based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance (having assumed the performance of the Predecessor Fund) from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund (having assumed the performance of the Predecessor Fund) based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance (having assumed the performance of the Predecessor Fund) from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust WCM International Equity ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">16.25%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-13.96%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1625 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1396 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3051 0.0823 0.1409 2020-03-31 0.3010 0.0686 0.1273 0.1807 0.0590 0.1081 0.3239 0.0791 0.1388 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Bitcoin Strategy &amp; Target Income ETF (DFII)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Bitcoin Strategy &amp; Target Income ETF seeks to deliver partial participation in the returns of bitcoin while providing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">a high level of income.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0000 0.0000 0.0085 <span style="font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 87 271 471 1049 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period April</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to bitcoin or income-producing investments. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund does not invest directly in bitcoin.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Rather, the Fund will invest in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">a range of options contracts, including standardized listed options, FLexible EXchange options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that trade over-the-counter (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that will utilize as the reference asset instruments that provide exposure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the returns of bitcoin (each, a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Bitcoin Exposure Instrument"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Bitcoin Exposure Instruments that may be referenced </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">by the Options include exchange-traded grantor trusts that hold bitcoin (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin ETPs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or indexes seeking to track the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">performance of a basket of Bitcoin ETPs (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Bitcoin ETP Indexes"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). For additional information on the Bitcoin Exposure Instruments, please see below and in the section entitled "Additional Information on the Fund's Investment Objective and Strategies." </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Through its investments in Options that reference Bitcoin Exposure Instruments, the Fund seeks to deliver partial participation in the returns of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund will not fully participate in gains experienced by bitcoin. The Fund does not seek to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">achieve any specific level of total return performance compared to the return performance of bitcoin or a Bitcoin Exposure Instrument.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In addition, the Fund is not purchasing bitcoin directly and is not investing in Options that directly </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">reference bitcoin. Accordingly, while the returns of the Bitcoin Exposure Instruments can be expected to be significantly </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">correlated with bitcoin, there will not be perfect correlation. The performance of a Bitcoin Exposure Instrument is expected </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to be lower than the performance of bitcoin because of the fees and expenses charged by Bitcoin ETPs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying asset) at a specified price (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“strike price”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">will gain exposure to increases in value experienced by bitcoin through the purchase of call Options that reference Bitcoin Exposure Instruments. As a buyer of these Options, the Fund pays a premium to the seller of the Options. The Fund will gain exposure to decreases in the value of bitcoin through the sale of put Options that reference Bitcoin Exposure Instruments. As the seller of these Options, the Fund receives a premium from the buyer of the Options. Each of these Options is expected to have an expiration date of one year or less and will be “rolled” to maintain exposure to the Bitcoin Exposure Instrument (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> allow the existing Option on the Bitcoin Exposure Instrument to expire and open another Option on the Bitcoin Exposure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Instrument that will expire at a later date). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">In combination, the purchased call and sold put Options generally provide exposure to price returns of bitcoin both on the upside and downside. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Additionally, as a means to generate income, the Fund will employ a “partial covered call strategy” that seeks to sell call Options having a strike price roughly equal to the value of the Bitcoin Exposure Instrument at the inception of the Fund or each subsequent roll of the Option (such Options are said to be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“at-the-money”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Such Options are expected to have a notional </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value less than or equal to the total notional value of the Fund's investments in Options that reference Bitcoin Exposure Instruments, such that the short position in each call Option is "covered" by a portion of the Options that reference Bitcoin Exposure Instruments. However, the total notional value of the sold call Options will not exceed 100% of the notional value of the Fund's investments in Options that reference Bitcoin Exposure Instruments. This strategy effectively converts a portion of the upside price return growth of the Bitcoin Exposure Instrument into current income. By doing so, the Fund is giving up full participation potential in Bitcoin Exposure Instrument gains in exchange for call Option premiums. To execute this strategy, the Fund will sell call Options with expirations of less than 30 days (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Target Income Period”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The amount of call Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">sold by the Fund is based on a calculation designed to result in the Fund generating income over the Target Income Period on the average assets of the Fund from premiums from writing call Options that is approximately 15% higher annually than the annual yield of one-month U.S. Treasury securities, before Fund fees and expenses. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">There is no guarantee that the Fund's </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">income target will be achieved. The Advisor will periodically assess whether the Fund’s income target remains reasonable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">as market conditions change. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s sale of call Options to generate the desired level of income affects the degree to which the Fund will participate in increases in value experienced by the Bitcoin Exposure Instrument over the Target Income Period. The more call Options the Fund needs to sell in order to generate the desired level of income, the less the Fund will participate in Bitcoin Exposure Instrument gains. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;text-decoration:underline;">This means that if the Bitcoin Exposure Instrument experiences an increase in value, the Fund will likely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">not experience that increase to the same extent and may significantly underperform the Bitcoin Exposure Instrument over the Target Income Period</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The degree of participation in Bitcoin Exposure Instrument gains will depend on the number </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of Options needed to produce the premium target income for the Target Income Period, as well as the prevailing market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">conditions, especially market volatility, at the time the Fund enters into the call Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The sale of call Options to generate income will not have the same impact on any decreases experienced by the Bitcoin Exposure Instrument over the Target Income Period. Excluding the premiums received from the Fund's sale of call options, the Fund expects to fully participate in all Bitcoin Exposure Instrument losses (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> if the Bitcoin Exposure Instrument decreases in value by 5%, the Fund should be expected to decrease in value by approximately 5%, before Fund fees and expenses). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Bitcoin Exposure Instruments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund does not invest directly in bitcoin. Rather, the Fund will invest in a range of Options that reference the Bitcoin Exposure Instruments. The Bitcoin Exposure Instruments that may be referenced by the Options include Bitcoin ETPs or Bitcoin ETP </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Indexes. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETPs are exchange-traded investment products that are not registered under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Bitcoin ETPs seek to generally reflect the price performance of bitcoin by purchasing and storing bitcoin in a digital vault and issuing exchange-listed shares that correspond to the price of bitcoin the Bitcoin ETPs hold. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETP Indexes are designed to track the performance of Bitcoin ETPs listed on eligible exchanges. These Bitcoin ETP Indexes aim to provide a benchmark for the price return performance of Bitcoin ETPs, reflecting the market dynamics and trends of bitcoin investments. The primary objective of a Bitcoin ETP Index is to represent the price return performance of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bitcoin ETPs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin ETP Indexes that the Fund may utilize as the Bitcoin Exposure Instrument include: Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index. The Bitcoin ETPs that the Fund may utilize as the Bitcoin Exposure Instrument include: iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF and ARK 21Shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bitcoin ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For additional information on the Bitcoin Exposure Instruments, please see the section entitled “Additional Information on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s Investment Objective and Strategies.” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Bitcoin Exposure Instrument is subject to the informational requirements of the Securities Exchange Act of 1934, the Bitcoin Exposure Instrument must file reports and other information with the Securities and Exchange Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SEC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">regarding the Bitcoin Exposure Instrument that files electronically with the SEC and state the address of that site </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(http://www.sec.gov). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">General Information on Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will generally, under normal conditions, hold multiple kinds of Options. The Fund may purchase call Options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">put Options, while simultaneously selling (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> writing) call Options and put Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">“buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">risk. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FLEX Options that the Fund will hold that reference a Bitcoin Exposure Instrument will give the Fund the right to receive or deliver shares of the Bitcoin Exposure Instrument or cash-settle the FLEX Options on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Traditional exchange-listed options have standardized terms, such as the type, the reference asset, the strike price and expiration date. Exchange-listed options are also guaranteed for settlement by the OCC. Over-the-counter options are options that are exchanged between private parties in the over-the-counter market rather than on exchanges. Over-the-counter options are not executed and settled through clearinghouses, which may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract. Additionally, any deterioration in a counterparty’s creditworthiness could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adversely affect the option. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest in short-term U.S. Treasury securities and cash and cash-equivalents or may utilize a "box spread." A box spread (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Box Spread</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) is an offsetting set of options that have risk and return characteristics similar to cash equivalents. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i) buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. The Fund's investments in U.S. Treasury securities, cash and cash-equivalents, or options comprising a Box Spread will be classified as "income-producing investments" for purposes of the Fund's 80% investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">test. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is classified as “non-diversified” under the 1940 Act. The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Nevertheless, the Fund may invest more than 25% of its total assets in investments that provide exposure to bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Additional Information on Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer bitcoin network, a decentralized network of computers that operates on cryptographic protocols (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin network”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The ownership of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the “bitcoin protocol.” Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the Bitcoin network and maintain the Bitcoin network’s security are compensated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">end-user-to-end-user transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BITCOIN ETP INDEX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Options that utilize Bitcoin ETP Indexes as the Bitcoin Exposure Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETP Indexes are designed to track the performance of Bitcoin ETPs listed on eligible exchanges. These Bitcoin ETP Indexes aim to provide a benchmark for the price return performance of Bitcoin ETPs, reflecting the market dynamics and trends of bitcoin investments. The Fund is subject to additional risks associated with the calculation of a Bitcoin ETP Index. Specifically, there is no assurance that the index provider of the index will compile the index accurately, or that the index will be determined, composed or calculated accurately. There is no guarantee that the index will operate in line with its methodology </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and the returns of the index may not accurately reflect the returns of bitcoin.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BITCOIN ETP RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Options that utilize Bitcoin ETPs or Bitcoin ETP Indexes as the Bitcoin Exposure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Instrument. Bitcoin ETPs are exchange-traded investment products that seek to match the daily changes in the price of bitcoin, before the payment of its fees and expenses, and trade intra-day on a national securities exchange. Bitcoin ETPs are not registered under the 1940 Act and therefore do not provide investors with the protections afforded by 1940 Act-registered products. Shares of Bitcoin ETPs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of Options that reference Bitcoin ETPs is similar to the risk involved in the purchase or sale of an exchange-traded fund, and generally reflect the risks of owning the bitcoin held by the Bitcoin ETPs. Bitcoin ETPs generally determine the price of bitcoin by reference to a benchmark rate or index. Because the Fund may use Bitcoin ETPs to get its exposure to the price of bitcoin, the risk exists that the value of Bitcoin ETPs will deviate from the price of bitcoin. The Bitcoin ETPs have a short trading history and may be subject to volatility risk, as well as the risks discussed in "Bitcoin Risk" set forth below. Brokerage, tax and other expenses may negatively impact the performance of the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ETPs and, in turn, the value of the Fund’s shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">BITCOIN RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Volatility Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">and uncertainty. The further development of the Bitcoin network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin network </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or the acceptance of bitcoin may adversely affect the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Risk of Loss.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">that impact the digital asset trading venues on which bitcoin trades. The Bitcoin blockchain may contain flaws that can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be exploited by hackers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Whale Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A significant portion of bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence and have the ability to manipulate the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Unregulated Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">bitcoin and the digital asset trading venues on which it trades are largely unregulated, could be determined to be operating out of compliance with regulation and highly fragmented. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of bitcoin. The Fund may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which bitcoin trades. Such actions could significantly reduce the number of venues upon which bitcoin trades and could negatively impact bitcoin exchange-traded products that invest directly or indirectly in bitcoin. In addition, digital asset trading venues, bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of bitcoin and consequently a reduction in the value of bitcoin, bitcoin exchange-traded products and shares of the Fund. Such occurrences could also impair the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its investment objective pursuant to its investment strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">51% Attack Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin network is maintained and secured by a group of validators who “mine” bitcoin, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">involves contributing computer power to the Bitcoin network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the Bitcoin network (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“51% Attack”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), even temporarily, they would have the ability to block new transactions from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, a 51% Attack </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Fork Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A blockchain is a distributed ledger that is updated, shared and maintained across many computers in a network. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– or if groups adopt different upgrades – this can result in a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">“fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the bitcoin community could not agree on whether or not to adopt an upgrade to the bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name bitcoin for its blockchain and held bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. Additionally, a hack of the Bitcoin blockchain or one or more projects that interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of bitcoin, whether it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">leads to another hard fork or not, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Adoption Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin blockchain and its native crypto asset, bitcoin, face numerous challenges to gaining widespread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in bitcoin’s price, which has been and may continue to be substantially dependent on speculation. It is not clear that the Bitcoin blockchain or bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and bitcoin as an alternative payment system, and thereby negatively impact the price of bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, thereby negatively impact the price of bitcoin. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, and thereby negatively impact the price of bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– including hacks, bugs, or failures – could introduce risk or harm confidence </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">in the bitcoin ecosystem, which could negatively impact the price of bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains or adopt other blockchains that support more advanced applications and use cases than the Bitcoin blockchain, such as those specifically designed to support the development, deployment and operation of smart contracts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Ethereum blockchain), which could negatively impact the transaction activity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price of bitcoin. If these or other developments negatively impact the price of bitcoin, this would negatively impact the value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BOX SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A Box Spread is an offsetting set of options that have risk and return characteristics similar to cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equivalents. A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is that it seeks to eliminate market risk tied to price movements associated with the underlying options’ reference asset. Once the Box Spread is initiated, its return from the initiation date through expiration will not change due to price movements in the underlying options’ reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">assets. The Fund may purchase Box Spreads on various indices or securities based on risk and return considerations. If one or more of the individual option positions that comprise a Box Spread are modified or closed separately prior to the option contract’s expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying reference asset’s price movement. Furthermore, the Box Spread’s value is derived in the market and is in part based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. The Fund’s ability to utilize Box Spreads effectively is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices. If the Box Spread does not work as intended, the Fund could have exposure to the underlying reference asset of the options comprising the Box Spread, which is expected to be the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. In such a scenario, the Fund would be subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of equity securities markets. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or when political or economic events affecting an issuer occur.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rises above the strike price. As the purchaser of a call option, the Fund will generally only exercise the option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">other markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVERED CALL STRATEGY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The writer of a covered call option forgoes any profit from increases in the market value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the underlying security covering the call option above the sum of the premium and the strike price of the call but retains the risk of loss if the underlying security declines in value. The premiums received from the options may not be sufficient to offset any losses sustained on the underlying stocks over time. In addition, the Fund’s ability to sell the securities underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">option holder is more likely to exercise the option, which may negatively affect the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET INDUSTRY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The digital asset industry is a new, speculative, and still-developing industry that faces many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks. In this emerging environment, events that are not directly related to the security or utility of the Bitcoin blockchain can nonetheless precipitate a significant decline in the price of bitcoin. For instance, in May 2022, the collapse of the algorithmic stablecoin TerraUSD and its paired crypto asset LUNA destroyed an estimated $60 billion in value in the crypto ecosystem. Although TerraUSD and LUNA operated on their own blockchain (the “Terra” blockchain), the events nonetheless contributed to a sharp decline in the price of bitcoin, which fell 16% from May 1, 2022 to May 31, 2022. As another example, in November 2022, FTX Trading Ltd. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– an offshore digital asset trading venue specializing in crypto derivatives – collapsed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and filed for bankruptcy. While a small fraction of total global trading volume in bitcoin and related derivatives took place on FTX-related venues, the company’s collapse nonetheless contributed to a significant decline in the price of bitcoin, which fell 16%, in November 2022. Additional instability, failures, bankruptcies or other negative events in the digital asset industry, including events that are not necessarily related to the security or utility of the Bitcoin blockchain, could similarly negatively </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">impact the price of bitcoin, and thereby bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET REGULATORY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">legislative or regulatory developments could significantly harm the value of bitcoin exchange-traded products or the Fund’s Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoin, validating or mining </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">activity, digital wallets, the provision of services related to trading and custodying digital assets, the operation of the Bitcoin network or the digital asset markets generally. It is also possible that some of the digital assets to which the Fund may have significant exposure may be determined to be a security or offered or sold as a security under federal and state laws. Such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrences could also impair the Fund’s ability to meet its investment objective pursuant to its investment strategy.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be </span><span style="font-family:Arial;font-size:9.00pt;">currently taxable but will reduce the shareholder's cost </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions </span><span style="font-family:Arial;font-size:9.00pt;">(in excess of earnings and profits) will </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder </span><span style="font-family:Arial;font-size:9.00pt;">even though a portion of the distribution effectively represents a return of the purchase price. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income, which for non-corporate shareholders are subject to federal income tax at rates of up to 20%. The Fund’s investment strategy may also limit its ability to distribute dividends eligible for the dividends-received deduction for corporate shareholders. For these reasons, a significant portion of distributions received by Fund shareholders may be subject to tax at effective tax rates </span><span style="font-family:Arial;font-size:9.00pt;">that are higher than the rates that would apply if the Fund were to engage in a different investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded options, non-customized options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of Options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of Options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of Options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of Options and their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">underlying securities and there may at times not be a liquid secondary market for certain Options.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Options held by the Fund will be exercisable at the strike price only on their expiration date. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Prior to the expiration date, the value of the Options will be determined based upon market quotations or using other recognized pricing methods. The Options are also subject to correlation risk, meaning the value of the Options does not increase or decrease at the same rate as the Bitcoin Exposure Instrument (although they generally move in the same direction) or its underlying securities. The value of the Options prior to the expiration date may vary because of factors other than the value of the Bitcoin Exposure Instrument, such as interest rate changes, changing supply and demand, decreased liquidity of the Options, a change in the actual and perceived volatility of the stock market and the Bitcoin Exposure Instrument and the remaining time to expiration. Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Option will require more reliance on the investment adviser’s judgment than that required for securities for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which there is an active trading market. This creates a risk of mispricing or improper valuation of the </span><span style="font-family:Arial;font-size:9.00pt;">Option which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PUT OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of put options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a put option, the Fund will lose money if the value of the reference index or security falls </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a put option, the Fund will have no control over the exercise of the option by the option holder. As the purchaser of a put option, the Fund will generally only exercise the option if the value of the reference index or security falls below the strike price. If the value of the reference index or security does not fall below the level of the strike price, the option is likely to expire worthless. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the put option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated Investment company” (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">), however, the federal income </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's Options strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Code"</span><span style="font-family:Arial;font-size:9.00pt;">). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in offsetting positions with respect to the Bitcoin Exposure Instrument may affect the character of gains or losses realized by the Fund under the Code’s “straddle” rules and may increase the amount of short-term capital gain realized by the Fund. Certain options the Fund holds may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the Options as the referenced asset or in the case of Options on an index, the issuers of the securities underlying the index, which, assuming the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the Options is not appropriately the referenced asset or the issuers of </span><span style="font-family:Arial;font-size:9.00pt;">the securities underlying the index, the Fund could lose its own status as a RIC. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">intends to treat the income it derives from gains on options referencing the Bitcoin ETPs and indexes of Bitcoin </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ETPs as “qualifying income” for purposes of the RIC qualification rules under Subchapter M of the Code. It has adopted this position in reliance on an opinion obtained from counsel that income from such investments should constitute “qualifying income,” as the Bitcoin ETPs and indexes of Bitcoin ETPs referenced by the options constitute “securities” under Section 2(a)(36) of the 1940 Act. However, this opinion is not binding upon the Internal Revenue Service (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“IRS”</span><span style="font-family:Arial;font-size:9.00pt;">). If the IRS were to successfully </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assert that the Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a RIC under Subchapter M if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial </span><span style="font-family:Arial;font-size:9.00pt;">losses for, Fund shareholders. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">On November 15, 2024, the U.S. Commodity Futures Trading Commission issued a staff advisory concluding that it is likely that the options and the interests in the Bitcoin ETPs referenced by the options would be judicially held to be a security. In 2009, the IRS adopted the position that, in determining the income and diversification tests of a RIC under Section 851 of the Code, the grantor trust rules of I.R.C. § 671, et seq, are applied before the definition of security is applied in I.R.C. § 851. In 2016, the IRS announced that it viewed determining the definition of security for the purposes of I.R.C. § 851 was more properly in the jurisdiction of the SEC. In 2023, the U.S. Supreme Court indicated that federal administrative agencies no longer needed to be given deference merely because their position was reasonable if the position of the agency is not consistent with the statute. Although the IRS has not formally announced a change in position in regard to whether the grantor trust rules are applied first, the combination of the 2016 announcement and the 2023 Supreme Court decision suggest that the best interpretation of the statute is to apply I.R.C. § 851’s plain language. If the grantor trust rules are applied first in reference to the Bitcoin ETPs or indexes of Bitcoin ETPs and the options, the options would reference bitcoin. Although the issue is not free from doubt, it is likely that bitcoin would be classified as a commodity for purposes of I.R.C. § 851 and produce income that would not be qualifying income under the RIC tests. However, under the plain language of the statute, gains from securities (as determined under the 1940 Act) are qualifying income. Options on publicly traded grantor trusts are securities for the </span><span style="font-family:Arial;font-size:9.00pt;">purposes of the 1940 Act. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund's RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist the Fund in meeting its target outcome.</span><span style="font-family:Arial;font-size:9.00pt;"> See “Federal Tax Matters” below for more information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Bitcoin Strategy Floor15 ETF </span><span style="font-family:Arial;font-size:12.60pt;font-weight:bold;margin-left:3.5pt;">– April (BFAP)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment objective of the FT Vest Bitcoin Strategy Floor15 ETF </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– April (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Fund</span><span style="font-family:Arial;font-size:9.00pt;">”) is to seek to provide investors with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin Reference Instrument”</span><span style="font-family:Arial;font-size:9.00pt;">), up to a predetermined upside </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cap of </span><span style="font-family:Arial;font-size:9.00pt;">26.79% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses, over the period from April 1, 2026 through April</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">9, 2027.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0000 0.0000 0.0090 <span style="font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 92 287 498 1108 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period April</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">3,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund's "floor" as described herein. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In seeking to achieve its objective, the Fund will invest in option contracts, which include FLexible EXchange</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), standardized listed options and/or over-the-counter options (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that each utilize the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents (including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">"box spreads"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Index.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> However, the Bitcoin Reference Instrument utilized by the Fund may change from one Target Outcome Period to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">next. In future Target Outcome Periods, the Fund may utilize the following as the Bitcoin Reference Instrument: an exchange-traded grantor trust that holds bitcoin (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin ETP”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or indexes seeking to track the performance of a basket of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETPs (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Bitcoin ETP Indexes"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund does not invest directly in bitcoin.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prior to the beginning of a new Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Outcome Period, the Fund will provide notice to shareholders identifying the Bitcoin Reference Instrument for the upcoming Target Outcome Period. For additional information on the Bitcoin Reference Instrument for the current Target Outcome Period, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">please see below. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund uses short-term U.S. Treasury securities, cash and cash equivalents, and Options on the Bitcoin Reference Instrument to employ a </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“target outcome strategy.”</span><span style="font-family:Arial;font-size:9.00pt;"> Target outcome strategies seek to produce pre-determined investment outcomes based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the performance of the Bitcoin Reference Instrument. The pre-determined outcomes sought by the Fund, which include a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"floor"</span><span style="font-family:Arial;font-size:9.00pt;">) and a cap of 26.79% </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(before fees and expenses), are based on the price performance of the Bitcoin Reference Instrument over an approximate one-year period (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Target Outcome Period”</span><span style="font-family:Arial;font-size:9.00pt;">). When the Fund's fees and expenses are taken into account, the cap is 25.87% </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the floor is </span><span style="font-family:Arial;font-size:9.00pt;">15.92%. The cap will be further reduced and the maximum loss incurred by the floor will be further extended </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. The target outcomes the Fund seeks for investors that hold Fund shares for an entire Target Outcome Period are as follows, </span><span style="font-family:Arial;font-size:9.00pt;">though there can be no guarantee these results will be achieved: </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument appreciates over the Target Outcome Period, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide upside participation matching the performance of the Bitcoin Reference Instrument, up to a cap that is determined at the start of the Target Outcome Period. The cap for the current Target Outcome Period is 26.79%, prior to taking into account the Fund’s fees and expenses. To the extent the Bitcoin Reference Instrument appreciates over the Target Outcome Period in excess of the cap over that period, the Fund will not benefit from the excess gains experienced by the Bitcoin Reference Instrument. </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by up to 15% or less, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide a payoff at expiration that is intended to match that of the Bitcoin Reference Instrument up to a maximum loss of 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund’s shareholders will bear all Bitcoin Reference Instrument losses up to 15% on a one-to-one basis, meaning if the Bitcoin Reference Instrument loses 10%, the Fund loses 10% (before fees and expenses)). </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by more than 15%, the combination of the U.S. Treasury securities, cash and cash equivalents, and the Options held by the Fund seeks to provide a payoff at expiration that is intended to protect investors from Bitcoin Reference Instrument losses greater than 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">See the bar chart and line graph set forth in the section entitled "Floor and Cap" for more information. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The current Target Outcome Period will begin on April </span><span style="font-family:Arial;font-size:9.00pt;">1, 2026 and end on April</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">9, 2027. Subsequent Target Outcome Periods </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">will begin on the </span><span style="font-family:Arial;font-size:9.00pt;">next business day after the prior Target Outcome Period ends and will end on the approximate one-year </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anniversary of that new Target Outcome Period. On the first day of each new Target Outcome Period, the Fund resets by investing in a new set of Options that are designed to provide a new cap for the new Target Outcome Period. This means that the cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. The floor will remain approximately the same for each Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap and floor, and the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund’s value relative to each, should be considered before investing in the Fund.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund will be perpetually offered and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not terminate after the current or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Fund’s website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range and Bitcoin Reference Instrument for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated </span><span style="font-family:Arial;font-size:9.00pt;">cap range. See “Subsequent Target Outcome Periods” for more information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">The outcomes described in this prospectus are specifically designed to apply only if you buy shares on the first day of the Target Outcome Period and continue to hold them on the last day of the Target Outcome Period.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> An investor that </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares other than on the first day of a Target Outcome Period and/or sells Fund shares prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;">While the cap and floor are designed to provide the intended outcomes only for investors </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that hold their shares throughout the complete term of the Target Outcome Period, an investor can expect their shares to generally move in the same direction as the Bitcoin Reference Instrument during the Target Outcome Period. However, during the Target Outcome Period, an investor’s shares may not experience price movement to the same extent as the price movement </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Bitcoin Reference Instrument. During the Target Outcome Period, there may be periods of significant disparity between the Fund’s net asset value (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"NAV"</span><span style="font-family:Arial;font-size:9.00pt;">) and the Bitcoin Reference Instrument’s price performance. As the Bitcoin Reference </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Instrument’s price and the Fund’s NAV change over the Target Outcome Period, an investor acquiring Fund shares after the start of the Target Outcome Period will likely have a different return potential than an investor who purchased Fund shares at the start of the Target Outcome Period. This is because while the cap and floor for the Target Outcome Period are approximately fixed levels that are calculated in relation to the Bitcoin Reference Instrument price and the Fund's NAV at the start of a Target Outcome Period and remain constant throughout the Target Outcome Period, an investor purchasing Fund shares at market value during the Target Outcome Period likely purchased Fund shares at a price that is different from the Fund’s NAV at the start of the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, the NAV that the cap and floor reference). If an investor purchases </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund's value and that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor. See “Floor and Cap” below for additional information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">To achieve the target outcomes sought by the Fund for a Target </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Outcome Period, an investor must hold Fund shares for that entire Target Outcome Period</span><span style="font-family:Arial;font-size:9.00pt;">. An investor that holds Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above the prior cap will be forfeit. Similarly, an investor that holds Fund shares through multiple Target Outcome Periods will be unable to recapture losses from prior Target Outcome Periods because at the end of each Target Outcome Period, a new floor will be established based on the then current price of the </span><span style="font-family:Arial;font-size:9.00pt;">Bitcoin Reference Instrument and any losses experienced before the prior floor will be locked in. Moreover, the annual </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that exceed those of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Floor and Cap </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide maximum losses of 15% (before fees and expenses) of Bitcoin Reference Instrument losses over each Target Outcome Period. The Fund will bear the first 15% of losses down to the floor, and after the Bitcoin Reference Instrument has decreased in price by more than 15%, the Fund is designed to prevent all subsequent losses beyond 15% (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). The floor is before taking </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">into account the Fund’s fees and expenses charged to shareholders. When the Fund’s fees and expenses are taken into account, the floor is </span><span style="font-family:Arial;font-size:9.00pt;">15.92%. The maximum loss incurred by the floor will be further extended by any brokerage commissions, trading </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">fees, taxes and extraordinary expenses not included in the Fund’s management fee.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> The Fund does not seek to provide a floor at any time other than the end of the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">“Initial Fund Value”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">), that investor may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">experience losses that exceed 15% prior to gaining the protection offered by the floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> This is because the 15% floor the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund seeks to provide is based upon the Initial Fund Value. Additionally, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from its Initial Fund Value for a Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund’s value from the Initial Fund Value. While the Fund seeks to limit losses to 15% for shareholders who hold Fund shares for an entire Target Outcome Period, there is no guarantee it will successfully do so. An investment in the Fund is only appropriate for shareholders willing to bear those </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">losses. Despite the intended floor, a shareholder could lose their entire investment. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The returns of the Fund are subject to a cap of </span><span style="font-family:Arial;font-size:9.00pt;">26.79% (before fees and expenses) and 25.87% (after fees and expenses, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) for the Target Outcome Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period (before fees and expenses). In the event the Bitcoin Reference Instrument experiences gains over a Target Outcome Period, the Fund seeks to provide investment returns (before fees and expenses) that match the percentage increase of the Bitcoin Reference Instrument, but any percentage gains over amount of the cap will not be experienced by the Fund. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">This means that if the Bitcoin Reference Instrument experiences </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">gains for a Target Outcome Period in excess of the cap for that Target Outcome Period, the Fund will not benefit from those excess gains. Therefore, regardless of the performance of the Bitcoin Reference Instrument, the cap is the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">maximum return an investor can achieve from an investment in the Fund for that Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap is set on the first day of each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap is provided prior to taking into account annual Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">management fees of 0.90% of the Fund's daily net assets, brokerage commissions, trading fees, taxes and any </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">extraordinary expenses incurred by the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Such extraordinary expenses (incurred outside of the ordinary operation of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund) may include, for example, unexpected litigation, regulatory or tax expenses. The cap could be reduced and the maximum loss incurred by the floor could be further extended if the Fund incurs extraordinary expenses or other costs and expenses that are not borne by the Advisor under its unitary management fee. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Instrument volatility, and the relationship of puts and calls on the underlying Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap level and floor are a result of the design of the Fund’s principal investment strategy. In order to provide exposure to the price returns of the Bitcoin Reference Instrument, the Fund purchases a series of Options and sells a series of Options on the first day of the Target Outcome Period. As the purchaser of Options, the Fund is obligated to pay a premium to the seller of those Options. The Fund receives a premium for the sale of Options. The portfolio managers will calculate the amount of premiums that the Fund will owe on the Options acquired and the amount of premiums the Fund will collect for the Options sold and will then go into the market and sell Options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid or received per unit of the Bitcoin Reference Instrument, when combined with the U.S. Treasury securities, cash and cash equivalents is approximately equal to the price per unit of the Bitcoin Reference Instrument. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cap is the highest strike price of the sold Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap, and the Fund’s value relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares during a Target Outcome Period, and the Fund has already increased in value above its Initial Fund Value for that Target Outcome Period to a level near to the cap, an investor purchasing Fund shares will have limited to no gain potential for the remainder of the Target Outcome Period (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap). However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which they purchased Fund shares and the Initial Fund Value for the Target Outcome Period and another 15% before subsequent losses will be protected by the floor. If an investor buys Fund shares when the price exceeds the cap, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The following bar chart and line graph illustrate the hypothetical returns that the combination of the U.S. Treasury securities, cash and cash equivalents, and Options seek to provide with respect to the price performance of the Bitcoin Reference Instrument in certain illustrative scenarios over the course of the Target Outcome Period. The hypothetical cap level in the bar chart and line graph below is for illustration only and the actual cap may be different. The bar chart and line graph do not take into account payment by the Fund of fees and expenses. The bar chart and line graph only provide an example of the Fund's desired outcomes for investors holding through the entire Target Outcome Period, and are not necessarily indicative of Fund performance. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The graph above represents the Fund’s hypothetical intended return profile based upon the performance of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The hypothetical cap level in the graphs above is for illustration only and the actual cap may be different. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the graph above, the dotted line represents the Bitcoin Reference Instrument’s performance, and the blue and orange lines represent the return profile gross of fees and expenses sought by the Fund in relation to the Bitcoin Reference Instrument’s indicated performance. The blue line positioned from -15% and rising above 0% represents the price return of the Bitcoin Reference Instrument and the orange line represents the 15% floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Investors purchasing shares of the Fund during a Target Outcome Period will experience different results. The Fund’s website, http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFAP, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, if purchased on that date and held through the end of the Target Outcome Period, including the Fund’s value relative to the cap and floor. Before purchasing Fund shares, an investor should visit the Fund's website to review this information and understand the possible outcomes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">of an investment in Fund shares on a particular day and held through the end of the Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the "</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">1940 Act</span><span style="font-family:Arial;font-size:9.00pt;">"). The Fund will not </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. </span><span style="font-family:Arial;font-size:9.00pt;">Nevertheless, the Fund may invest more than 25% of its total assets in investments that provide exposure to bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">General Information on Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For each Target Outcome Period, the Fund may invest in both purchased and written put and call Options that reference the Bitcoin Reference Instrument. Because the value of the Fund is based on Options that reference the Bitcoin Reference Instrument and not the Bitcoin Reference Instrument directly, variations in the value of the Options impact the correlation between the Fund’s NAV and the price of the Bitcoin Reference Instrument. The Options that the Fund will hold that reference the Bitcoin Reference Instrument will give the Fund the right or the obligation to either receive or deliver a cash payment on the Option expiration date based upon the difference between the Bitcoin Reference Instrument's value and a strike price, depending on whether the Option is a put or call Option and whether the Fund purchases or sells the Option. The Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">held by the Fund are European style options, which are exercisable at the strike price only on the Option expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will generally, under normal conditions, hold multiple kinds of Options for each Target Outcome Period. The Fund may purchase call Options and put Options, while simultaneously selling (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, writing) call Options and put Options. The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">intends to structure the Options so that any amount owed by the Fund on the written Options will be covered by payouts at expiration from the purchased Options and the U.S. Treasury securities and cash and cash equivalents. As a result, the Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">will be fully covered and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written Options and pays premiums in exchange for the purchased Options. The Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and securities exchanges on which the listed Options and FLEX Options are listed do not charge ongoing fees to writers </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or purchasers of the listed options and FLEX Options during their life for continuing to hold the option contracts, but may charge transaction fees. Each of the Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the Options purchased and sold on the first day of the Target Outcome </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Period, subject to the Fund's investment in Options on The Cboe Mini Bitcoin U.S. ETF Index, as described below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and Options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the section entitled "Fund Investments" below. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">due to bankruptcy or other adverse reasons. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Traditional exchange-listed Options have standardized terms, such as the type, the reference asset, the strike price and expiration date. Exchange-listed Options are also guaranteed for settlement by the OCC. Over-the-counter Options are options that are exchanged between private parties in the over-the-counter market rather than on exchanges. Over-the-counter Options are not executed and settled through clearinghouses, which may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract. Additionally, any deterioration in a counterparty’s creditworthiness could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adversely affect the option. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On the Option’s expiration date, the Fund intends to sell the Options prior to their expiration or cash-settle the Options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">use the resulting proceeds to purchase new Options for the next Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Additional Information on Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer bitcoin network, a decentralized network of computers that operates on cryptographic protocols (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin network”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The ownership of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the “bitcoin protocol.” Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the Bitcoin network and maintain the Bitcoin network’s security are compensated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">end-user-to-end-user transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Bitcoin Reference Instrument </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin ETP Indexes that the Fund may utilize as the Bitcoin Reference Instrument include: Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index. The Bitcoin ETPs that the Fund may utilize as the Bitcoin Reference Instrument include: iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF and ARK 21Shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bitcoin ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For additional information on the Bitcoin Reference Instruments, please see the section entitled "Additional Information on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund's Investment Objective and Strategies." </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF Index. The Fund may also invest in Options based on the Cboe Mini Bitcoin U.S. ETF Index. The Cboe Mini Bitcoin U.S. ETF Index is based on 1/10th </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the value of the Cboe Bitcoin U.S. ETF Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Bitcoin Reference Instrument is subject to the informational requirements of the Securities Exchange Act of 1934, the Bitcoin Reference Instrument must file reports and other information with the Securities and Exchange Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SEC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">regarding the Bitcoin Reference Instrument that files electronically with the SEC and state the address of that site </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(http://www.sec.gov). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Subsequent Target Outcome Periods </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will alert existing shareholders to the Bitcoin Reference Instrument and the new cap at the beginning of each new </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Target Outcome Period in the following manner: </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">1. Approximately one week prior to the end of the current Target Outcome Period, the Fund will make a sticker filing that will alert existing shareholders that the Target Outcome Period is approaching its conclusion and disclose the Bitcoin Reference Instrument and the anticipated cap range for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated cap range. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">2. Following the close of business on the last day of the Target Outcome Period, the Fund will make a sticker filing that discloses the Bitcoin Reference Instrument and the Fund’s cap for the next Target Outcome Period. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. Investors should monitor the Fund's website, set forth below, for current information on the next Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">3. On the first day of the new Target Outcome Period, the Fund will file a full prospectus that incorporates the sticker filing from the previous evening which replaces the caps/dates associated with the previous Target Outcome Period with the caps/dates associated with the new Target Outcome Period and updates references to the Bitcoin Reference Instrument (if necessary). Correspondingly, the Fund will file a revised summary prospectus that reflects such changes.</span><span style="font-family:Arial;font-size:9.00pt;"> This filing will be posted on the Fund's website. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The information referenced above will also be available on the Fund's website at </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFAP.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BITCOIN REFERENCE INSTRUMENT RISK</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The Bitcoin Reference Instrument for the current Target Outcome Period is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Cboe Bitcoin U.S. ETF Index , an index composed of Bitcoin ETPs. Bitcoin ETPs are exchange-traded investment products that seek to match the daily changes in the price of bitcoin, before the payment of its fees and expenses, and trade intra-day on a national securities exchange. Bitcoin ETPs are not registered under the 1940 Act and therefore do not provide investors with the protections afforded by 1940 Act-registered products. Shares of Bitcoin ETPs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of Options that reference Bitcoin ETPs is similar to the risk involved in the purchase or sale of an exchange-traded fund, and generally reflect the risks of owning the bitcoin held by the Bitcoin ETPs. Bitcoin ETPs generally determine the price of bitcoin by reference to a benchmark rate or index. Because the Fund may use Bitcoin ETPs to get its exposure to the price of bitcoin, the risk exists that the value of Bitcoin ETPs will deviate from the price of bitcoin. The Bitcoin ETPs have a short trading history and may be subject to volatility risk, as well as the risks discussed in "Bitcoin Risk" set forth below. Brokerage, tax and other expenses may negatively impact the performance of the Bitcoin ETPs and, in turn, the value of the Fund’s shares. Additionally, the Fund is subject to additional risks associated with the calculation of a Bitcoin ETP Index. Specifically, there is no assurance that the index provider of the index will compile the index accurately, or that the index will be determined, composed or calculated accurately. There is no guarantee that the index will operate in line with its methodology and the returns of the index may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not accurately reflect the returns of bitcoin.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">BITCOIN RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Volatility Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">and uncertainty. The further development of the Bitcoin network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin network </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or the acceptance of bitcoin may adversely affect the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Risk of Loss.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">that impact the digital asset trading venues on which bitcoin trades. The Bitcoin blockchain may contain flaws that can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be exploited by hackers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Whale Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A significant portion of bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence and have the ability to manipulate the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Unregulated Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">bitcoin and the digital asset trading venues on which it trades are largely unregulated, could be determined to be operating out of compliance with regulation and highly fragmented. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of bitcoin. The Fund may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which bitcoin trades. Such actions could significantly reduce the number of venues upon which bitcoin trades and could negatively impact bitcoin exchange-traded products that invest directly or indirectly in bitcoin. In addition, digital asset trading venues, bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of bitcoin and consequently a reduction in the value of bitcoin, bitcoin exchange-traded products and shares of the Fund. Such occurrences could also impair the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its investment objective pursuant to its investment strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">51% Attack Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin network is maintained and secured by a group of validators who “mine” bitcoin, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">involves contributing computer power to the Bitcoin network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the Bitcoin network (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“51% Attack”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), even temporarily, they would have the ability to block new transactions from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, a 51% Attack </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Fork Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A blockchain is a distributed ledger that is updated, shared and maintained across many computers in a network. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– or if groups adopt different upgrades – this can result in a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">“fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the bitcoin community could not agree on whether or not to adopt an upgrade to the bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name bitcoin for its blockchain and held bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. Additionally, a hack of the Bitcoin blockchain or one or more projects that interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of bitcoin, whether it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">leads to another hard fork or not, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Adoption Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin blockchain and its native crypto asset, bitcoin, face numerous challenges to gaining widespread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in bitcoin’s price, which has been and may continue to be substantially dependent on speculation. It is not clear that the Bitcoin blockchain or bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and bitcoin as an alternative payment system, and thereby negatively impact the price of bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, thereby negatively impact the price of bitcoin. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, and thereby negatively impact the price of bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– including hacks, bugs, or failures – could introduce risk or harm confidence </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">in the bitcoin ecosystem, which could negatively impact the price of bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains or adopt other blockchains that support more advanced applications and use cases than the Bitcoin blockchain, such as those specifically designed to support the development, deployment and operation of smart contracts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Ethereum blockchain), which could negatively impact the transaction activity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">of bitcoin. If these or other developments negatively impact the price of bitcoin, this would negatively impact the value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BOX SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A Box Spread is an offsetting set of options that have risk and return characteristics similar to cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equivalents. A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is that it seeks to eliminate market risk tied to price movements associated with the underlying options’ reference asset. Once the Box Spread is initiated, its return from the initiation date through expiration will not change due to price movements in the underlying options’ reference assets. The Fund may purchase Box Spreads on various indices or securities based on risk and return considerations. If one or more of the individual option positions that comprise a Box Spread are modified or closed separately prior to the option contract’s expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying reference asset’s price movement. Furthermore, the Box Spread’s value is derived in the market and is in part based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. The Fund’s ability to utilize Box Spreads effectively is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices. If the Box Spread does not work as intended, the Fund could have exposure to the underlying reference asset of the options comprising the Box Spread, which is expected to be the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. In such a scenario, the Fund would be subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of equity securities markets. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or when political or economic events affecting an issuer occur.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rises above the strike price. As the purchaser of a call Option, the Fund will generally only exercise the Option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the Option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">other markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAP CHANGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the same for consecutive Target Outcome Periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAPPED UPSIDE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s strategy seeks to provide returns (before fees and expenses) that match those of the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument for Fund shares purchased on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor likely will not match those that the Fund seeks to achieve. If the Bitcoin Reference Instrument experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period and the Fund has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their Fund shares (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap), however, the investor will remain vulnerable to downside risks. If an investor buys Fund shares when the price exceeds the cap, an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the prior cap will be forfeit. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exceed those of the Bitcoin Reference Instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET INDUSTRY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The digital asset industry is a new, speculative, and still-developing industry that faces many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks. In this emerging environment, events that are not directly related to the security or utility of the Bitcoin blockchain can nonetheless precipitate a significant decline in the price of bitcoin. For instance, in May 2022, the collapse of the algorithmic stablecoin TerraUSD and its paired crypto asset LUNA destroyed an estimated $60 billion in value in the crypto ecosystem. Although TerraUSD and LUNA operated on their own blockchain (the “Terra” blockchain), the events nonetheless contributed to a sharp decline in the price of bitcoin, which fell 16% from May 1, 2022 to May 31, 2022. As another example, in November 2022, FTX Trading Ltd. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– an offshore digital asset trading venue specializing in crypto derivatives – collapsed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and filed for bankruptcy. While a small fraction of total global trading volume in bitcoin and related derivatives took place on FTX-related venues, the company’s collapse nonetheless contributed to a significant decline in the price of bitcoin, which fell 16%, in November 2022. Additional instability, failures, bankruptcies or other negative events in the digital asset industry, including events that are not necessarily related to the security or utility of the Bitcoin blockchain, could similarly negatively </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">impact the price of bitcoin, and thereby bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET REGULATORY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">legislative or regulatory developments could significantly harm the value of bitcoin exchange-traded products or the Fund’s Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoin, validating or mining activity, digital wallets, the provision of services related to trading and custodying digital assets, the operation of the Bitcoin network or the digital asset markets generally. It is also possible that some of the digital assets to which the Fund may have significant exposure may be determined to be a security or offered or sold as a security under federal and state laws. Such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrences could also impair the Fund’s ability to meet its investment objective pursuant to its investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded Options, non-customized Options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOOR RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no guarantee that the Fund will be successful in its strategy to provide a maximum loss of 15% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of Bitcoin Reference Instrument losses if the Bitcoin Reference Instrument decreases over the Target Outcome Period by greater than 15%. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns (before fees and expenses) that match the price return of the Bitcoin Reference Instrument (up to the cap), while preventing losses in excess of the floor, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. In the event an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the floor that the Fund seeks to provide may not be available. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the Initial Fund Value, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of Options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of Options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of Options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of Options and their </span><span style="font-family:Arial;font-size:9.00pt;">underlying securities and there may at times not be a liquid secondary market for certain Options.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Options held by the Fund will be exercisable at the strike price only on their expiration date. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Prior to the expiration date, the value of the Options will be determined based upon market quotations or using other recognized pricing methods. The Options are also subject to correlation risk, meaning the value of the Options does not increase or decrease at the same rate as the Bitcoin Reference Instrument (although they generally move in the same direction) or its underlying securities. The value of the Options prior to the expiration date may vary because of factors other than the value of the Bitcoin Reference Instrument, such as interest rate changes, changing supply and demand, decreased liquidity of the Options, a change in the actual and perceived volatility of the stock market and the Bitcoin Reference Instrument and the remaining time to expiration. Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Option will require more reliance on the investment adviser’s judgment than that required for securities for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which there is an active trading market. This creates a risk of mispricing or improper valuation of the </span><span style="font-family:Arial;font-size:9.00pt;">Option which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PUT OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of put options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a put option, the Fund will lose money if the value of the reference index or security falls </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from the sale of the option. When writing a put option, the Fund will have no control over the exercise of the option by the option holder. As the purchaser of a put option, the Fund will generally only exercise the option if the value of the reference index or security falls below the strike price. If the value of the reference index or security does not fall below the level of the strike price, the option is likely to expire worthless. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the put option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated Investment company” (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">), however, the federal income </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's Options strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Code"</span><span style="font-family:Arial;font-size:9.00pt;">). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in offsetting positions with respect to the Bitcoin Reference Instrument may affect the character of gains or losses realized by the Fund under the Code’s “straddle” rules and may increase the amount of short-term capital gain realized by the Fund. Certain options the Fund holds may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the Options as the referenced asset or in the case of Options on an index, the issuers of the securities underlying the index, which, assuming the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the Options is not appropriately the referenced asset or the issuers of </span><span style="font-family:Arial;font-size:9.00pt;">the securities underlying the index, the Fund could lose its own status as a RIC. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">intends to treat the income it derives from gains on options referencing the Bitcoin ETPs and indexes of Bitcoin </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ETPs as “qualifying income” for purposes of the RIC qualification rules under Subchapter M of the Code. It has adopted this position in reliance on an opinion obtained from counsel that income from such investments should constitute “qualifying income,” as the Bitcoin ETPs and indexes of Bitcoin ETPs referenced by the options constitute “securities” under Section 2(a)(36) of the 1940 Act. However, this opinion is not binding upon the Internal Revenue Service (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“IRS”</span><span style="font-family:Arial;font-size:9.00pt;">). If the IRS were to successfully </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assert that the Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a RIC under Subchapter M if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial </span><span style="font-family:Arial;font-size:9.00pt;">losses for, Fund shareholders. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">On November 15, 2024, the U.S. Commodity Futures Trading Commission issued a staff advisory concluding that it is likely that the options and the interests in the Bitcoin ETPs referenced by the options would be judicially held to be a security. In 2009, the IRS adopted the position that, in determining the income and diversification tests of a RIC under Section 851 of the Code, the grantor trust rules of I.R.C. § 671, et seq, are applied before the definition of security is applied in I.R.C. § 851. In 2016, the IRS announced that it viewed determining the definition of security for the purposes of I.R.C. § 851 was more properly in the jurisdiction of the SEC. In 2023, the U.S. Supreme Court indicated that federal administrative agencies no longer needed to be given deference merely because their position was reasonable if the position of the agency is not consistent with the statute. Although the IRS has not formally announced a change in position in regard to whether the grantor trust rules are applied first, the combination of the 2016 announcement and the 2023 Supreme Court decision suggest that the best interpretation of the statute is to apply I.R.C. § 851’s plain language. If the grantor trust rules are applied first in reference to the Bitcoin ETPs or indexes of Bitcoin ETPs and the options, the options would reference bitcoin. Although the issue is not free from doubt, it is likely that bitcoin would be classified as a commodity for purposes of I.R.C. § 851 and produce income </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that would not be qualifying income under the RIC tests. However, under the plain language of the statute, gains from securities (as determined under the 1940 Act) are qualifying income. Options on publicly traded grantor trusts are securities for the </span><span style="font-family:Arial;font-size:9.00pt;">purposes of the 1940 Act. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund's RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist the Fund in meeting its target outcome.</span><span style="font-family:Arial;font-size:9.00pt;"> See “Federal Tax Matters” below for more information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TARGET OUTCOME PERIOD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment strategy is designed to deliver returns (before fees and expenses) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that match the Bitcoin Reference Instrument if Fund shares are bought on the day on which the Fund enters into the Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the first day of a Target Outcome Period) and held until those Options expire at the end of the Target Outcome Period </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor’s investment in Fund shares may not be partially protected against a decline in the value of the Bitcoin Reference Instrument and may not participate in a gain in the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Bitcoin Reference Instrument up to the cap for the investor’s investment period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Bitcoin Strategy Floor15 ETF </span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;margin-left:3.5pt;">– July (BFJL)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment objective of the FT Vest Bitcoin Strategy Floor15 ETF </span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– July (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Fund</span><span style="font-family:Arial;font-size:9.00pt;">”) is to seek to provide investors with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin Reference Instrument”</span><span style="font-family:Arial;font-size:9.00pt;">), up to a predetermined upside </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cap of 31.26% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin </span><span style="font-family:Arial;font-size:9.00pt;">Reference Instrument losses, over the period from July 1, 2025 through June 30, 2026.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0000 0.0000 0.0090 <span style="font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 92 287 498 1108 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period June</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">30,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund's "floor" as described herein. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In seeking to achieve its objective, the Fund will invest in option contracts, which include FLexible EXchange</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), standardized listed options and/or over-the-counter options (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that each utilize the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents (including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">"box spreads"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Index.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> However, the Bitcoin Reference Instrument utilized by the Fund may change from one Target Outcome Period to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">next. In future Target Outcome Periods, the Fund may utilize the following as the Bitcoin Reference Instrument: an exchange-traded grantor trust that holds bitcoin (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin ETP”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or indexes seeking to track the performance of a basket of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETPs (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Bitcoin ETP Indexes"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund does not invest directly in bitcoin.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prior to the beginning of a new Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Outcome Period, the Fund will provide notice to shareholders identifying the Bitcoin Reference Instrument for the upcoming Target Outcome Period. For additional information on the Bitcoin Reference Instrument for the current Target Outcome Period, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">please see below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund uses short-term U.S. Treasury securities, cash and cash equivalents, and Options on the Bitcoin Reference Instrument to employ a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“target outcome strategy.”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Target outcome strategies seek to produce pre-determined investment outcomes based </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the performance of the Bitcoin Reference Instrument. The pre-determined outcomes sought by the Fund, which include a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"floor"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and a cap of 31.26% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(before fees and expenses), are based on the price performance of the Bitcoin Reference Instrument over an approximate one-year period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Target Outcome Period”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). When the Fund's fees and expenses are taken into account, the cap is 30.36% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and the floor is 15.90%. The cap will be further reduced and the maximum loss incurred by the floor will be further extended by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. The target outcomes the Fund seeks for investors that hold Fund shares for an entire Target Outcome Period are as follows, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">though there can be no guarantee these results will be achieved: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument appreciates over the Target Outcome Period, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide upside participation matching the performance of the Bitcoin Reference Instrument, up to a cap that is determined at the start of the Target Outcome Period. The cap for the current Target Outcome Period is 31.26%, prior to taking into account the Fund’s fees and expenses. To the extent the Bitcoin Reference Instrument appreciates over the Target Outcome Period in excess of the cap over that period, the Fund will not benefit from the excess gains experienced by the Bitcoin Reference Instrument. </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by up to 15% or less, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide a payoff at expiration that is intended to match that of the Bitcoin Reference Instrument up to a maximum loss of 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund’s shareholders will bear all Bitcoin Reference Instrument losses up to 15% on a one-to-one basis, meaning if the Bitcoin Reference Instrument loses 10%, the Fund loses 10% (before fees and expenses)). </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by more than 15%, the combination of the U.S. Treasury securities, cash and cash equivalents, and the Options held by the Fund seeks to provide a payoff at expiration that is intended to protect investors from Bitcoin Reference Instrument losses greater than 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">See the bar chart and line graph set forth in the section entitled "Floor and Cap" for more information. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The current Target Outcome Period will begin on July 1, 2025 and end on June 30, 2026. Subsequent Target Outcome Periods will begin on the </span><span style="font-family:Arial;font-size:9.00pt;">next business day after the prior Target Outcome Period ends and will end on the approximate one-year </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anniversary of that new Target Outcome Period. On the first day of each new Target Outcome Period, the Fund resets by investing in a new set of Options that are designed to provide a new cap for the new Target Outcome Period. This means that the cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. The floor will remain approximately the same for each Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap and floor, and the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund’s value relative to each, should be considered before investing in the Fund.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund will be perpetually offered and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not terminate after the current or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Fund’s website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range and Bitcoin Reference Instrument for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated </span><span style="font-family:Arial;font-size:9.00pt;">cap range. See “Subsequent Target Outcome Periods” for more information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">The outcomes described in this prospectus are specifically designed to apply only if you buy shares on the first day of the Target Outcome Period and continue to hold them on the last day of the Target Outcome Period.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> An investor that </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares other than on the first day of a Target Outcome Period and/or sells Fund shares prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;">While the cap and floor are designed to provide the intended outcomes only for investors </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that hold their shares throughout the complete term of the Target Outcome Period, an investor can expect their shares to generally move in the same direction as the Bitcoin Reference Instrument during the Target Outcome Period. However, during the Target Outcome Period, an investor’s shares may not experience price movement to the same extent as the price movement </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Bitcoin Reference Instrument. During the Target Outcome Period, there may be periods of significant disparity between the Fund’s net asset value (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"NAV"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and the Bitcoin Reference Instrument’s price performance. As the Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Instrument’s price and the Fund’s NAV change over the Target Outcome Period, an investor acquiring Fund shares after the start of the Target Outcome Period will likely have a different return potential than an investor who purchased Fund shares at the start of the Target Outcome Period. This is because while the cap and floor for the Target Outcome Period are approximately fixed levels that are calculated in relation to the Bitcoin Reference Instrument price and the Fund's NAV at the start of a Target Outcome Period and remain constant throughout the Target Outcome Period, an investor purchasing Fund shares at market value during the Target Outcome Period likely purchased Fund shares at a price that is different from the Fund’s NAV at the start of the Target Outcome Period (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the NAV that the cap and floor reference). If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund's value and that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor. See “Floor and Cap” below for additional information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">To achieve the target outcomes sought by the Fund for a Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Outcome Period, an investor must hold Fund shares for that entire Target Outcome Period</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. An investor that holds Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above the prior cap will be forfeit. Similarly, an investor that holds Fund shares through multiple Target Outcome Periods will be unable to recapture losses from prior Target Outcome Periods because at the end of each Target Outcome Period, a new floor will be established based on the then current price of the Bitcoin Reference Instrument and any losses experienced before the prior floor will be locked in. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that exceed those of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Floor and Cap </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide maximum losses of 15% (before fees and expenses) of Bitcoin Reference Instrument losses over each Target Outcome Period. The Fund will bear the first 15% of losses down to the floor, and after the Bitcoin Reference Instrument has decreased in price by more than 15%, the Fund is designed to prevent all subsequent losses beyond 15% (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). The floor is before taking </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">into account the Fund’s fees and expenses charged to shareholders. When the Fund’s fees and expenses are taken into account, the floor is 15.90%. The maximum loss incurred by the floor will be further extended by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> The Fund does not seek to provide a floor at any time other than the end of the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">“Initial Fund Value”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">), that investor may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">experience losses that exceed 15% prior to gaining the protection offered by the floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> This is because the 15% floor the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund seeks to provide is based upon the Initial Fund Value. Additionally, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from its Initial Fund Value for a Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund’s value from the Initial Fund Value. While the Fund seeks to limit losses to 15% for shareholders who hold Fund shares for an entire Target Outcome Period, there is no guarantee it will successfully do so. An investment in the Fund is only appropriate for shareholders willing to bear those </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">losses. Despite the intended floor, a shareholder could lose their entire investment. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The returns of the Fund are subject to a cap of 31.26% (before fees and expenses) and 30.36% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) for the Target Outcome Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period (before fees and expenses). In the event the Bitcoin Reference Instrument experiences gains over a Target Outcome Period, the Fund seeks to provide investment returns (before fees and expenses) that match the percentage increase of the Bitcoin Reference Instrument, but any percentage gains over amount of the cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">This means that if the Bitcoin Reference Instrument experiences </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">gains for a Target Outcome Period in excess of the cap for that Target Outcome Period, the Fund will not benefit from those excess gains. Therefore, regardless of the performance of the Bitcoin Reference Instrument, the cap is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">maximum return an investor can achieve from an investment in the Fund for that Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap is set on the first day of each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap is provided prior to taking into account annual Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">management fees of 0.90% of the Fund's daily net assets, brokerage commissions, trading fees, taxes and any </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">extraordinary expenses incurred by the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Such extraordinary expenses (incurred outside of the ordinary operation of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund) may include, for example, unexpected litigation, regulatory or tax expenses. The cap could be reduced and the maximum loss incurred by the floor could be further extended if the Fund incurs extraordinary expenses or other costs and expenses that are not borne by the Advisor under its unitary management fee. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Instrument volatility, and the relationship of puts and calls on the underlying Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap level and floor are a result of the design of the Fund’s principal investment strategy. In order to provide exposure to the price returns of the Bitcoin Reference Instrument, the Fund purchases a series of Options and sells a series of Options on the first day of the Target Outcome Period. As the purchaser of Options, the Fund is obligated to pay a premium to the seller of those Options. The Fund receives a premium for the sale of Options. The portfolio managers will calculate the amount of premiums that the Fund will owe on the Options acquired and the amount of premiums the Fund will collect for the Options sold and will then go into the market and sell Options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid or received per unit of the Bitcoin Reference Instrument, when combined with the U.S. Treasury securities, cash and cash equivalents is approximately equal to the price per unit of the Bitcoin Reference Instrument. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cap is the highest strike price of the sold Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap, and the Fund’s value relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares during a Target Outcome Period, and the Fund has already increased in value above its Initial Fund Value for that Target Outcome Period to a level near to the cap, an investor purchasing Fund shares will have limited to no gain potential for the remainder of the Target Outcome Period (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap). However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which they purchased Fund shares and the Initial Fund Value for the Target Outcome Period and another 15% before subsequent losses will be protected by the floor. If an investor buys Fund shares when the price exceeds the cap, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The following bar chart and line graph illustrate the hypothetical returns that the combination of the U.S. Treasury securities, cash and cash equivalents, and Options seek to provide with respect to the price performance of the Bitcoin Reference Instrument in certain illustrative scenarios over the course of the Target Outcome Period. The hypothetical cap level in the bar chart and line graph below is for illustration only and the actual cap may be different. The bar chart and line graph do not take into account payment by the Fund of fees and expenses. The bar chart and line graph only provide an example of the Fund's desired outcomes for investors holding through the entire Target Outcome Period, and are not necessarily indicative of Fund performance. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The graph above represents the Fund’s hypothetical intended return profile based upon the performance of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The hypothetical cap level in the graphs above is for illustration only and the actual cap may be different. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the graph above, the dotted line represents the Bitcoin Reference Instrument’s performance, and the blue and orange lines represent the return profile gross of fees and expenses sought by the Fund in relation to the Bitcoin Reference Instrument’s indicated performance. The blue line positioned from -15% and rising above 0% represents the price return of the Bitcoin Reference Instrument and the orange line represents the 15% floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Investors purchasing shares of the Fund during a Target Outcome Period will experience different results. The Fund’s website, http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFJL, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, if purchased on that date and held through the end of the Target Outcome Period, including the Fund’s value relative to the cap and floor. Before purchasing Fund shares, an investor should visit the Fund's website to review this information and understand the possible outcomes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">of an investment in Fund shares on a particular day and held through the end of the Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the "</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">1940 Act</span><span style="font-family:Arial;font-size:9.00pt;">"). The Fund will not </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. </span><span style="font-family:Arial;font-size:9.00pt;">Nevertheless, the Fund may invest more than 25% of its total assets in investments that provide exposure to bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">General Information on Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For each Target Outcome Period, the Fund may invest in both purchased and written put and call Options that reference the Bitcoin Reference Instrument. Because the value of the Fund is based on Options that reference the Bitcoin Reference Instrument and not the Bitcoin Reference Instrument directly, variations in the value of the Options impact the correlation between the Fund’s NAV and the price of the Bitcoin Reference Instrument. The Options that the Fund will hold that reference the Bitcoin Reference Instrument will give the Fund the right or the obligation to either receive or deliver a cash payment on the Option expiration date based upon the difference between the Bitcoin Reference Instrument's value and a strike price, depending on whether the Option is a put or call Option and whether the Fund purchases or sells the Option. The Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">held by the Fund are European style options, which are exercisable at the strike price only on the Option expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will generally, under normal conditions, hold multiple kinds of Options for each Target Outcome Period. The Fund may purchase call Options and put Options, while simultaneously selling (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, writing) call Options and put Options. The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">intends to structure the Options so that any amount owed by the Fund on the written Options will be covered by payouts at expiration from the purchased Options and the U.S. Treasury securities and cash and cash equivalents. As a result, the Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">will be fully covered and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written Options and pays premiums in exchange for the purchased Options. The Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and securities exchanges on which the listed Options and FLEX Options are listed do not charge ongoing fees to writers </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or purchasers of the listed options and FLEX Options during their life for continuing to hold the option contracts, but may charge transaction fees. Each of the Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the Options purchased and sold on the first day of the Target Outcome </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Period, subject to the Fund's investment in Options on The Cboe Mini Bitcoin U.S. ETF Index, as described below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and Options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the section entitled "Fund Investments" below. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">due to bankruptcy or other adverse reasons. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Traditional exchange-listed Options have standardized terms, such as the type, the reference asset, the strike price and expiration date. Exchange-listed Options are also guaranteed for settlement by the OCC. Over-the-counter Options are options that are exchanged between private parties in the over-the-counter market rather than on exchanges. Over-the-counter Options are not executed and settled through clearinghouses, which may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract. Additionally, any deterioration in a counterparty’s creditworthiness could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adversely affect the option. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On the Option’s expiration date, the Fund intends to sell the Options prior to their expiration or cash-settle the Options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">use the resulting proceeds to purchase new Options for the next Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Additional Information on Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer bitcoin network, a decentralized network of computers that operates on cryptographic protocols (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin network”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The ownership of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the “bitcoin protocol.” Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the Bitcoin network and maintain the Bitcoin network’s security are compensated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">end-user-to-end-user transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Bitcoin Reference Instrument </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin ETP Indexes that the Fund may utilize as the Bitcoin Reference Instrument include: Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index. The Bitcoin ETPs that the Fund may utilize as the Bitcoin Reference Instrument include: iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF and ARK 21Shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bitcoin ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For additional information on the Bitcoin Reference Instruments, please see the section entitled "Additional Information on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund's Investment Objective and Strategies." </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF Index. The Fund may also invest in Options based on the Cboe Mini Bitcoin U.S. ETF Index. The Cboe Mini Bitcoin U.S. ETF Index is based on 1/10th </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the value of the Cboe Bitcoin U.S. ETF Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Bitcoin Reference Instrument is subject to the informational requirements of the Securities Exchange Act of 1934, the Bitcoin Reference Instrument must file reports and other information with the Securities and Exchange Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SEC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">regarding the Bitcoin Reference Instrument that files electronically with the SEC and state the address of that site </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(http://www.sec.gov). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Subsequent Target Outcome Periods </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will alert existing shareholders to the Bitcoin Reference Instrument and the new cap at the beginning of each new </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Target Outcome Period in the following manner: </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">1. Approximately one week prior to the end of the current Target Outcome Period, the Fund will make a sticker filing that will alert existing shareholders that the Target Outcome Period is approaching its conclusion and disclose the Bitcoin Reference Instrument and the anticipated cap range for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated cap range. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">2. Following the close of business on the last day of the Target Outcome Period, the Fund will make a sticker filing that discloses the Bitcoin Reference Instrument and the Fund’s cap for the next Target Outcome Period. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. Investors should monitor the Fund's website, set forth below, for current information on the next Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">3. On the first day of the new Target Outcome Period, the Fund will file a full prospectus that incorporates the sticker filing from the previous evening which replaces the caps/dates associated with the previous Target Outcome Period with the caps/dates associated with the new Target Outcome Period and updates references to the Bitcoin Reference Instrument (if necessary). Correspondingly, the Fund will file a revised summary prospectus that reflects such changes.</span><span style="font-family:Arial;font-size:9.00pt;"> This filing will be posted on the Fund's website. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The information referenced above will also be available on the Fund's website at </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFJL.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BITCOIN REFERENCE INSTRUMENT RISK</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The Bitcoin Reference Instrument for the current Target Outcome Period is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Cboe Bitcoin U.S. ETF Index , an index composed of Bitcoin ETPs. Bitcoin ETPs are exchange-traded investment products that seek to match the daily changes in the price of bitcoin, before the payment of its fees and expenses, and trade intra-day on a national securities exchange. Bitcoin ETPs are not registered under the 1940 Act and therefore do not provide investors with the protections afforded by 1940 Act-registered products. Shares of Bitcoin ETPs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of Options that reference Bitcoin ETPs is similar to the risk involved in the purchase or sale of an exchange-traded fund, and generally reflect the risks of owning the bitcoin held by the Bitcoin ETPs. Bitcoin ETPs generally determine the price of bitcoin by reference to a benchmark rate or index. Because the Fund may use Bitcoin ETPs to get its exposure to the price of bitcoin, the risk exists that the value of Bitcoin ETPs will deviate from the price of bitcoin. The Bitcoin ETPs have a short trading history and may be subject to volatility risk, as well as the risks discussed in "Bitcoin Risk" set forth below. Brokerage, tax and other expenses may negatively impact the performance of the Bitcoin ETPs and, in turn, the value of the Fund’s shares. Additionally, the Fund is subject to additional risks associated with the calculation of a Bitcoin ETP Index. Specifically, there is no assurance that the index provider of the index will compile the index accurately, or that the index will be determined, composed or calculated accurately. There is no guarantee that the index will operate in line with its methodology and the returns of the index may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not accurately reflect the returns of bitcoin.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">BITCOIN RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Volatility Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">and uncertainty. The further development of the Bitcoin network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin network </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or the acceptance of bitcoin may adversely affect the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Risk of Loss.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">that impact the digital asset trading venues on which bitcoin trades. The Bitcoin blockchain may contain flaws that can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be exploited by hackers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Whale Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A significant portion of bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence and have the ability to manipulate the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Unregulated Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">bitcoin and the digital asset trading venues on which it trades are largely unregulated, could be determined to be operating out of compliance with regulation and highly fragmented. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of bitcoin. The Fund may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which bitcoin trades. Such actions could significantly reduce the number of venues upon which bitcoin trades and could negatively impact bitcoin exchange-traded products that invest directly or indirectly in bitcoin. In addition, digital asset trading venues, bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of bitcoin and consequently a reduction in the value of bitcoin, bitcoin exchange-traded products and shares of the Fund. Such occurrences could also impair the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its investment objective pursuant to its investment strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">51% Attack Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin network is maintained and secured by a group of validators who “mine” bitcoin, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">involves contributing computer power to the Bitcoin network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the Bitcoin network (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“51% Attack”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), even temporarily, they would have the ability to block new transactions from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, a 51% Attack </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Fork Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A blockchain is a distributed ledger that is updated, shared and maintained across many computers in a network. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– or if groups adopt different upgrades – this can result in a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">“fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the bitcoin community could not agree on whether or not to adopt an upgrade to the bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name bitcoin for its blockchain and held bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. Additionally, a hack of the Bitcoin blockchain or one or more projects that interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of bitcoin, whether it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">leads to another hard fork or not, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Adoption Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin blockchain and its native crypto asset, bitcoin, face numerous challenges to gaining widespread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in bitcoin’s price, which has been and may continue to be substantially dependent on speculation. It is not clear that the Bitcoin blockchain or bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and bitcoin as an alternative payment system, and thereby negatively impact the price of bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, thereby negatively impact the price of bitcoin. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, and thereby negatively impact the price of bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– including hacks, bugs, or failures – could introduce risk or harm confidence </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">in the bitcoin ecosystem, which could negatively impact the price of bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains or adopt other blockchains that support more advanced applications and use cases than the Bitcoin blockchain, such as those specifically designed to support the development, deployment and operation of smart contracts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Ethereum blockchain), which could negatively impact the transaction activity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">of bitcoin. If these or other developments negatively impact the price of bitcoin, this would negatively impact the value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BOX SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A Box Spread is an offsetting set of options that have risk and return characteristics similar to cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equivalents. A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is that it seeks to eliminate market risk tied to price movements associated with the underlying options’ reference asset. Once the Box Spread is initiated, its return from the initiation date through expiration will not change due to price movements in the underlying options’ reference assets. The Fund may purchase Box Spreads on various indices or securities based on risk and return considerations. If one or more of the individual option positions that comprise a Box Spread are modified or closed separately prior to the option contract’s expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying reference asset’s price movement. Furthermore, the Box Spread’s value is derived in the market and is in part based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. The Fund’s ability to utilize Box Spreads effectively is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices. If the Box Spread does not work as intended, the Fund could have exposure to the underlying reference asset of the options comprising the Box Spread, which is expected to be the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. In such a scenario, the Fund would be subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of equity securities markets. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or when political or economic events affecting an issuer occur.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rises above the strike price. As the purchaser of a call Option, the Fund will generally only exercise the Option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the Option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">other markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAP CHANGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the same for consecutive Target Outcome Periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAPPED UPSIDE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s strategy seeks to provide returns (before fees and expenses) that match those of the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument for Fund shares purchased on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor likely will not match those that the Fund seeks to achieve. If the Bitcoin Reference Instrument experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period and the Fund has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their Fund shares (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap), however, the investor will remain vulnerable to downside risks. If an investor buys Fund shares when the price exceeds the cap, an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the prior cap will be forfeit. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exceed those of the Bitcoin Reference Instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET INDUSTRY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The digital asset industry is a new, speculative, and still-developing industry that faces many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks. In this emerging environment, events that are not directly related to the security or utility of the Bitcoin blockchain can nonetheless precipitate a significant decline in the price of bitcoin. For instance, in May 2022, the collapse of the algorithmic stablecoin TerraUSD and its paired crypto asset LUNA destroyed an estimated $60 billion in value in the crypto ecosystem. Although TerraUSD and LUNA operated on their own blockchain (the “Terra” blockchain), the events nonetheless contributed to a sharp decline in the price of bitcoin, which fell 16% from May 1, 2022 to May 31, 2022. As another example, in November 2022, FTX Trading Ltd. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– an offshore digital asset trading venue specializing in crypto derivatives – collapsed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and filed for bankruptcy. While a small fraction of total global trading volume in bitcoin and related derivatives took place on FTX-related venues, the company’s collapse nonetheless contributed to a significant decline in the price of bitcoin, which fell 16%, in November 2022. Additional instability, failures, bankruptcies or other negative events in the digital asset industry, including events that are not necessarily related to the security or utility of the Bitcoin blockchain, could similarly negatively </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">impact the price of bitcoin, and thereby bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET REGULATORY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">legislative or regulatory developments could significantly harm the value of bitcoin exchange-traded products or the Fund’s Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoin, validating or mining activity, digital wallets, the provision of services related to trading and custodying digital assets, the operation of the Bitcoin network or the digital asset markets generally. It is also possible that some of the digital assets to which the Fund may have significant exposure may be determined to be a security or offered or sold as a security under federal and state laws. Such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrences could also impair the Fund’s ability to meet its investment objective pursuant to its investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded Options, non-customized Options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOOR RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no guarantee that the Fund will be successful in its strategy to provide a maximum loss of 15% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of Bitcoin Reference Instrument losses if the Bitcoin Reference Instrument decreases over the Target Outcome Period by greater than 15%. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns (before fees and expenses) that match the price return of the Bitcoin Reference Instrument (up to the cap), while preventing losses in excess of the floor, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. In the event an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the floor that the Fund seeks to provide may not be available. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the Initial Fund Value, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of Options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of Options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of Options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of Options and their </span><span style="font-family:Arial;font-size:9.00pt;">underlying securities and there may at times not be a liquid secondary market for certain Options.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Options held by the Fund will be exercisable at the strike price only on their expiration date. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Prior to the expiration date, the value of the Options will be determined based upon market quotations or using other recognized pricing methods. The Options are also subject to correlation risk, meaning the value of the Options does not increase or decrease at the same rate as the Bitcoin Reference Instrument (although they generally move in the same direction) or its underlying securities. The value of the Options prior to the expiration date may vary because of factors other than the value of the Bitcoin Reference Instrument, such as interest rate changes, changing supply and demand, decreased liquidity of the Options, a change in the actual and perceived volatility of the stock market and the Bitcoin Reference Instrument and the remaining time to expiration. Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Option will require more reliance on the investment adviser’s judgment than that required for securities for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which there is an active trading market. This creates a risk of mispricing or improper valuation of the </span><span style="font-family:Arial;font-size:9.00pt;">Option which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PUT OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of put options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a put option, the Fund will lose money if the value of the reference index or security falls </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from the sale of the option. When writing a put option, the Fund will have no control over the exercise of the option by the option holder. As the purchaser of a put option, the Fund will generally only exercise the option if the value of the reference index or security falls below the strike price. If the value of the reference index or security does not fall below the level of the strike price, the option is likely to expire worthless. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the put option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated Investment company” (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">), however, the federal income </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's Options strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Code"</span><span style="font-family:Arial;font-size:9.00pt;">). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in offsetting positions with respect to the Bitcoin Reference Instrument may affect the character of gains or losses realized by the Fund under the Code’s “straddle” rules and may increase the amount of short-term capital gain realized by the Fund. Certain options the Fund holds may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the Options as the referenced asset or in the case of Options on an index, the issuers of the securities underlying the index, which, assuming the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the Options is not appropriately the referenced asset or the issuers of </span><span style="font-family:Arial;font-size:9.00pt;">the securities underlying the index, the Fund could lose its own status as a RIC. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">intends to treat the income it derives from gains on options referencing the Bitcoin ETPs and indexes of Bitcoin </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">ETPs as “qualifying income” for purposes of the RIC qualification rules under Subchapter M of the Code. It has adopted this position in reliance on an opinion obtained from counsel that income from such investments should constitute “qualifying income,” as the Bitcoin ETPs and indexes of Bitcoin ETPs referenced by the options constitute “securities” under Section 2(a)(36) of the 1940 Act. However, this opinion is not binding upon the Internal Revenue Service (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“IRS”</span><span style="font-family:Arial;font-size:9.00pt;">). If the IRS were to successfully </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assert that the Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a RIC under Subchapter M if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial </span><span style="font-family:Arial;font-size:9.00pt;">losses for, Fund shareholders. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">On November 15, 2024, the U.S. Commodity Futures Trading Commission issued a staff advisory concluding that it is likely that the options and the interests in the Bitcoin ETPs referenced by the options would be judicially held to be a security. In 2009, the IRS adopted the position that, in determining the income and diversification tests of a RIC under Section 851 of the Code, the grantor trust rules of I.R.C. § 671, et seq, are applied before the definition of security is applied in I.R.C. § 851. In 2016, the IRS announced that it viewed determining the definition of security for the purposes of I.R.C. § 851 was more properly in the jurisdiction of the SEC. In 2023, the U.S. Supreme Court indicated that federal administrative agencies no longer needed to be given deference merely because their position was reasonable if the position of the agency is not consistent with the statute. Although the IRS has not formally announced a change in position in regard to whether the grantor trust rules are applied first, the combination of the 2016 announcement and the 2023 Supreme Court decision suggest that the best interpretation of the statute is to apply I.R.C. § 851’s plain language. If the grantor trust rules are applied first in reference to the Bitcoin ETPs or indexes of Bitcoin ETPs and the options, the options would reference bitcoin. Although the issue is not free from doubt, it is likely that bitcoin would be classified as a commodity for purposes of I.R.C. § 851 and produce income </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that would not be qualifying income under the RIC tests. However, under the plain language of the statute, gains from securities (as determined under the 1940 Act) are qualifying income. Options on publicly traded grantor trusts are securities for the </span><span style="font-family:Arial;font-size:9.00pt;">purposes of the 1940 Act. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund's RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist the Fund in meeting its target outcome.</span><span style="font-family:Arial;font-size:9.00pt;"> See “Federal Tax Matters” below for more information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TARGET OUTCOME PERIOD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment strategy is designed to deliver returns (before fees and expenses) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that match the Bitcoin Reference Instrument if Fund shares are bought on the day on which the Fund enters into the Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the first day of a Target Outcome Period) and held until those Options expire at the end of the Target Outcome Period </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor’s investment in Fund shares may not be partially protected against a decline in the value of the Bitcoin Reference Instrument and may not participate in a gain in the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Bitcoin Reference Instrument up to the cap for the investor’s investment period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Bitcoin Strategy Floor15 ETF </span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;margin-left:3.5pt;">– October (BFOC)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment objective of the FT Vest Bitcoin Strategy Floor15 ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– October (the “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Fund</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) is to seek to provide investors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin Reference Instrument”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), up to a predetermined upside </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cap of 28.46% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Reference Instrument losses, over the period from October 1, 2025 through September 30, 2026.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0000 0.0000 0.0090 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">“Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 92 287 498 1108 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period September</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">30,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through December</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund's "floor" as described herein. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In seeking to achieve its objective, the Fund will invest in option contracts, which include FLexible EXchange</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), standardized listed options and/or over-the-counter options (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that each utilize the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents (including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">"box spreads"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Index.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> However, the Bitcoin Reference Instrument utilized by the Fund may change from one Target Outcome Period to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">next. In future Target Outcome Periods, the Fund may utilize the following as the Bitcoin Reference Instrument: an exchange-traded grantor trust that holds bitcoin (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin ETP”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or indexes seeking to track the performance of a basket of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETPs (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Bitcoin ETP Indexes"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund does not invest directly in bitcoin.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prior to the beginning of a new Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Outcome Period, the Fund will provide notice to shareholders identifying the Bitcoin Reference Instrument for the upcoming Target Outcome Period. For additional information on the Bitcoin Reference Instrument for the current Target Outcome Period, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">please see below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund uses short-term U.S. Treasury securities, cash and cash equivalents, and Options on the Bitcoin Reference Instrument to employ a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“target outcome strategy.”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Target outcome strategies seek to produce pre-determined investment outcomes based </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the performance of the Bitcoin Reference Instrument. The pre-determined outcomes sought by the Fund, which include a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"floor"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and a cap of 28.46% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(before fees and expenses), are based on the price performance of the Bitcoin Reference Instrument over an approximate one-year period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Target Outcome Period”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). When the Fund's fees and expenses are taken into account, the cap is 27.56% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and the floor is 15.90%. The cap will be further reduced and the maximum loss incurred by the floor will be further extended by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. The target outcomes the Fund seeks for investors that hold Fund shares for an entire Target Outcome Period are as follows, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">though there can be no guarantee these results will be achieved: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument appreciates over the Target Outcome Period, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide upside participation matching the performance of the Bitcoin Reference Instrument, up to a cap that is determined at the start of the Target Outcome Period. The cap for the current Target Outcome Period is 28.46%, prior to taking into account the Fund’s fees and expenses. To the extent the Bitcoin Reference Instrument appreciates over the Target Outcome Period in excess of the cap over that period, the Fund will not benefit from the excess gains experienced by the Bitcoin Reference Instrument. </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by up to 15% or less, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide a payoff at expiration that is intended to match that of the Bitcoin Reference Instrument up to a maximum loss of 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund’s shareholders will bear all Bitcoin Reference Instrument losses up to 15% on a one-to-one basis, meaning if the Bitcoin Reference Instrument loses 10%, the Fund loses 10% (before fees and expenses)). </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by more than 15%, the combination of the U.S. Treasury securities, cash and cash equivalents, and the Options held by the Fund seeks to provide a payoff at expiration that is intended to protect investors from Bitcoin Reference Instrument losses greater than 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">See the bar chart and line graph set forth in the section entitled "Floor and Cap" for more information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The current Target Outcome Period will begin on October 1, 2025 and end on September 30, 2026. Subsequent Target Outcome Periods will begin on the next business day after the prior Target Outcome Period ends and will end on the approximate one-year anniversary of that new Target Outcome Period. On the first day of each new Target Outcome Period, the Fund resets by investing in a new set of Options that are designed to provide a new cap for the new Target Outcome Period. This means that the cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. The floor will remain approximately the same for each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap and floor, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">and the Fund’s value relative to each, should be considered before investing in the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be perpetually </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">offered and not terminate after the current or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Fund’s website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range and Bitcoin Reference Instrument for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the anticipated cap range. See “Subsequent Target Outcome Periods” for more information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">The outcomes described in this prospectus are specifically designed to apply only if you </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;text-decoration:underline;">buy shares on the first day of </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">the Target Outcome Period and continue to hold them on the last day of the Target Outcome Period.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> An investor that </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares other than on the first day of a Target Outcome Period and/or sells Fund shares prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;">While the cap and floor are designed to provide the intended outcomes only for investors </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that hold their shares throughout the complete term of the Target Outcome Period, an investor can expect their shares to generally move in the same direction as the Bitcoin Reference Instrument during the Target Outcome Period. However, during </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Target Outcome Period, an investor’s shares may not experience price movement to the same extent as the price movement of the Bitcoin Reference Instrument. During the Target Outcome Period, there may be periods of significant disparity between the Fund’s net asset value (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"NAV"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and the Bitcoin Reference Instrument’s price performance. As the Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Instrument’s price and the Fund’s NAV change over the Target Outcome Period, an investor acquiring Fund shares after the start of the Target Outcome Period will likely have a different return potential than an investor who purchased Fund shares at the start of the Target Outcome Period. This is because while the cap and floor for the Target Outcome Period are approximately fixed levels that are calculated in relation to the Bitcoin Reference Instrument price and the Fund's NAV at the start of a Target Outcome Period and remain constant throughout the Target Outcome Period, an investor purchasing Fund shares at market value during the Target Outcome Period likely purchased Fund shares at a price that is different from the Fund’s NAV at the start of the Target Outcome Period (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the NAV that the cap and floor reference). If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund's value and that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor. See “Floor and Cap” below for additional information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">To achieve the target outcomes sought by the Fund for a Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Outcome Period, an investor must hold Fund shares for that entire Target Outcome Period</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. An investor that holds Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above the prior cap will be forfeit. Similarly, an investor that holds Fund shares through multiple Target Outcome Periods will be unable to recapture losses from prior Target Outcome Periods because at the end of each Target Outcome Period, a new floor will be established based on the then current price of the Bitcoin Reference Instrument and any losses experienced before the prior floor will be locked in. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that exceed those of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Floor and Cap </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide maximum losses of 15% (before fees and expenses) of Bitcoin Reference Instrument losses over each Target Outcome Period. The Fund will bear the first 15% of losses down to the floor, and after the Bitcoin Reference Instrument has decreased in price by more than 15%, the Fund is designed to prevent all subsequent losses beyond 15% (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). The floor is before taking </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">into account the Fund’s fees and expenses charged to shareholders. When the Fund’s fees and expenses are taken into account, the floor is 15.90%. The maximum loss incurred by the floor will be further extended by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> The Fund does not seek to provide a floor at any time other than the end of the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">“Initial Fund Value”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">), that investor may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">experience losses that exceed 15% prior to gaining the protection offered by the floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> This is because the 15% floor the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund seeks to provide is based upon the Initial Fund Value. Additionally, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from its Initial Fund Value for a Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund’s value from the Initial Fund Value. While the Fund seeks to limit losses to 15% for shareholders who hold Fund shares for an entire Target Outcome Period, there is no guarantee it will successfully do so. An investment in the Fund is only appropriate for shareholders willing to bear those </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">losses. Despite the intended floor, a shareholder could lose their entire investment. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The returns of the Fund are subject to a cap of 28.46% (before fees and expenses) and 27.56% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) for the Target Outcome Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period (before fees and expenses). In the event the Bitcoin Reference Instrument experiences gains over a Target Outcome Period, the Fund seeks to provide investment returns (before fees and expenses) that match the percentage increase of the Bitcoin Reference Instrument, but any percentage gains over amount of the cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">This means that if the Bitcoin Reference Instrument experiences </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">gains for a Target Outcome Period in excess of the cap for that Target Outcome Period, the Fund will not benefit from those excess gains. Therefore, regardless of the performance of the Bitcoin Reference Instrument, the cap is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">maximum return an investor can achieve from an investment in the Fund for that Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap is set on the first day of each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap is provided prior to taking into account annual Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">management fees of 0.90% of the Fund's daily net assets, brokerage commissions, trading fees, taxes and any extraordinary expenses incurred by the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Such extraordinary expenses (incurred outside of the ordinary operation of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund) may include, for example, unexpected litigation, regulatory or tax expenses. The cap could be reduced and the maximum loss incurred by the floor could be further extended if the Fund incurs extraordinary expenses or other costs and expenses that are not borne by the Advisor under its unitary management fee. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Instrument volatility, and the relationship of puts and calls on the underlying Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap level and floor are a result of the design of the Fund’s principal investment strategy. In order to provide exposure to the price returns of the Bitcoin Reference Instrument, the Fund purchases a series of Options and sells a series of Options on the first day of the Target Outcome Period. As the purchaser of Options, the Fund is obligated to pay a premium to the seller of those Options. The Fund receives a premium for the sale of Options. The portfolio managers will calculate the amount of premiums that the Fund will owe on the Options acquired and the amount of premiums the Fund will collect for the Options sold and will then go into the market and sell Options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid or received per unit of the Bitcoin Reference Instrument, when combined with the U.S. Treasury securities, cash and cash equivalents is approximately equal to the price per unit of the Bitcoin Reference Instrument. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cap is the highest strike price of the sold Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap, and the Fund’s value relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares during a Target Outcome Period, and the Fund has already increased in value above its Initial Fund Value for that Target Outcome Period to a level near to the cap, an investor purchasing Fund shares will have limited to no gain potential for the remainder of the Target Outcome Period (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap). However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which they purchased Fund shares and the Initial Fund Value for the Target Outcome Period and another 15% before subsequent losses will be protected by the floor. If an investor buys Fund shares when the price exceeds the cap, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The following bar chart and line graph illustrate the hypothetical returns that the combination of the U.S. Treasury securities, cash and cash equivalents, and Options seek to provide with respect to the price performance of the Bitcoin Reference Instrument in certain illustrative scenarios over the course of the Target Outcome Period. The hypothetical cap level in the bar chart and line graph below is for illustration only and the actual cap may be different. The bar chart and line graph do not take into account payment by the Fund of fees and expenses. The bar chart and line graph only provide an example of the Fund's desired outcomes for investors holding through the entire Target Outcome Period, and are not necessarily indicative of Fund performance. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The graph above represents the Fund’s hypothetical intended return profile based upon the performance of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The hypothetical cap level in the graphs above is for illustration only and the actual cap may be different. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the graph above, the dotted line represents the Bitcoin Reference Instrument’s performance, and the blue and orange lines represent the return profile gross of fees and expenses sought by the Fund in relation to the Bitcoin Reference Instrument’s indicated performance. The blue line positioned from -15% and rising above 0% represents the price return of the Bitcoin Reference Instrument and the orange line represents the 15% floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Investors purchasing shares of the Fund during a Target Outcome Period will experience different results. The Fund’s website, http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFOC, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, if purchased on that date and held through </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">the end of the Target Outcome Period, including the Fund’s value relative to the cap and floor. Before purchasing Fund shares, an investor should visit the Fund's website to review this information and understand the possible outcomes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">of an investment in Fund shares on a particular day and held through the end of the Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the "</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">1940 Act</span><span style="font-family:Arial;font-size:9.00pt;">"). The Fund will not </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. </span><span style="font-family:Arial;font-size:9.00pt;">Nevertheless, the Fund may invest more than 25% of its total assets in investments that provide exposure to bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">General Information on Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For each Target Outcome Period, the Fund may invest in both purchased and written put and call Options that reference the Bitcoin Reference Instrument. Because the value of the Fund is based on Options that reference the Bitcoin Reference Instrument and not the Bitcoin Reference Instrument directly, variations in the value of the Options impact the correlation between the Fund’s NAV and the price of the Bitcoin Reference Instrument. The Options that the Fund will hold that reference the Bitcoin Reference Instrument will give the Fund the right or the obligation to either receive or deliver a cash payment on the Option expiration date based upon the difference between the Bitcoin Reference Instrument's value and a strike price, depending on whether the Option is a put or call Option and whether the Fund purchases or sells the Option. The Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">held by the Fund are European style options, which are exercisable at the strike price only on the Option expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will generally, under normal conditions, hold multiple kinds of Options for each Target Outcome Period. The Fund may purchase call Options and put Options, while simultaneously selling (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, writing) call Options and put Options. The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">intends to structure the Options so that any amount owed by the Fund on the written Options will be covered by payouts at expiration from the purchased Options and the U.S. Treasury securities and cash and cash equivalents. As a result, the Options will be fully covered and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written Options and pays premiums in exchange for the purchased Options. The Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and securities exchanges on which the listed Options and FLEX Options are listed do not charge ongoing fees to writers </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or purchasers of the listed options and FLEX Options during their life for continuing to hold the option contracts, but may charge transaction fees. Each of the Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the Options purchased and sold on the first day of the Target Outcome </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Period, subject to the Fund's investment in Options on The Cboe Mini Bitcoin U.S. ETF Index, as described below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and Options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the section entitled "Fund Investments" below. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">due to bankruptcy or other adverse reasons. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Traditional exchange-listed Options have standardized terms, such as the type, the reference asset, the strike price and expiration date. Exchange-listed Options are also guaranteed for settlement by the OCC. Over-the-counter Options are options that are exchanged between private parties in the over-the-counter market rather than on exchanges. Over-the-counter Options are not executed and settled through clearinghouses, which may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract. Additionally, any deterioration in a counterparty’s creditworthiness could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adversely affect the option. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On the Option’s expiration date, the Fund intends to sell the Options prior to their expiration or cash-settle the Options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">use the resulting proceeds to purchase new Options for the next Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Additional Information on Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer bitcoin network, a decentralized network of computers that operates on cryptographic protocols (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin network”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The ownership of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the “bitcoin protocol.” Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the Bitcoin network and maintain the Bitcoin network’s security are compensated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">end-user-to-end-user transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Bitcoin Reference Instrument </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin ETP Indexes that the Fund may utilize as the Bitcoin Reference Instrument include: Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index. The Bitcoin ETPs that the Fund may utilize as the Bitcoin Reference Instrument include: iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF and ARK 21Shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bitcoin ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For additional information on the Bitcoin Reference Instruments, please see the section entitled "Additional Information on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund's Investment Objective and Strategies." </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF Index. The Fund may also invest in Options based on the Cboe Mini Bitcoin U.S. ETF Index. The Cboe Mini Bitcoin U.S. ETF Index is based on 1/10th </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the value of the Cboe Bitcoin U.S. ETF Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Bitcoin Reference Instrument is subject to the informational requirements of the Securities Exchange Act of 1934, the Bitcoin Reference Instrument must file reports and other information with the Securities and Exchange Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SEC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">regarding the Bitcoin Reference Instrument that files electronically with the SEC and state the address of that site </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(http://www.sec.gov). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Subsequent Target Outcome Periods </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will alert existing shareholders to the Bitcoin Reference Instrument and the new cap at the beginning of each new </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Target Outcome Period in the following manner: </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">1. Approximately one week prior to the end of the current Target Outcome Period, the Fund will make a sticker filing that will alert existing shareholders that the Target Outcome Period is approaching its conclusion and disclose the Bitcoin Reference Instrument and the anticipated cap range for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated cap range. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">2. Following the close of business on the last day of the Target Outcome Period, the Fund will make a sticker filing that discloses the Bitcoin Reference Instrument and the Fund’s cap for the next Target Outcome Period. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. Investors should monitor the Fund's website, set forth below, for current information on the next Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">3. On the first day of the new Target Outcome Period, the Fund will file a full prospectus that incorporates the sticker filing from the previous evening which replaces the caps/dates associated with the previous Target Outcome Period with the caps/dates associated with the new Target Outcome Period and updates references to the Bitcoin Reference Instrument (if necessary). Correspondingly, the Fund will file a revised summary prospectus that reflects such changes.</span><span style="font-family:Arial;font-size:9.00pt;"> This filing will be posted on the Fund's website. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The information referenced above will also be available on the Fund's website at </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFOC.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BITCOIN REFERENCE INSTRUMENT RISK</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The Bitcoin Reference Instrument for the current Target Outcome Period is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Cboe Bitcoin U.S. ETF Index , an index composed of Bitcoin ETPs. Bitcoin ETPs are exchange-traded investment products that seek to match the daily changes in the price of bitcoin, before the payment of its fees and expenses, and trade intra-day on a national securities exchange. Bitcoin ETPs are not registered under the 1940 Act and therefore do not provide investors with the protections afforded by 1940 Act-registered products. Shares of Bitcoin ETPs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of Options that reference Bitcoin ETPs is similar to the risk involved in the purchase or sale of an exchange-traded fund, and generally reflect the risks of owning the bitcoin held by the Bitcoin ETPs. Bitcoin ETPs generally determine the price of bitcoin by reference to a benchmark rate or index. Because the Fund may use Bitcoin ETPs to get its exposure to the price of bitcoin, the risk exists that the value of Bitcoin ETPs will deviate from the price of bitcoin. The Bitcoin ETPs have a short trading history and may be subject to volatility risk, as well as the risks discussed in "Bitcoin Risk" set forth below. Brokerage, tax and other expenses may negatively impact the performance of the Bitcoin ETPs and, in turn, the value of the Fund’s shares. Additionally, the Fund is subject to additional risks associated with the calculation of a Bitcoin ETP Index. Specifically, there is no assurance that the index provider of the index will compile the index accurately, or that the index will be determined, composed or calculated accurately. There is no guarantee that the index will operate in line with its methodology and the returns of the index may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not accurately reflect the returns of bitcoin. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">BITCOIN RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Volatility Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">and uncertainty. The further development of the Bitcoin network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin network </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or the acceptance of bitcoin may adversely affect the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Risk of Loss.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">that impact the digital asset trading venues on which bitcoin trades. The Bitcoin blockchain may contain flaws that can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be exploited by hackers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Whale Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A significant portion of bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence and have the ability to manipulate the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Unregulated Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">bitcoin and the digital asset trading venues on which it trades are largely unregulated, could be determined to be operating out of compliance with regulation and highly fragmented. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of bitcoin. The Fund may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which bitcoin trades. Such actions could significantly reduce the number of venues upon which bitcoin trades and could negatively impact bitcoin exchange-traded products that invest directly or indirectly in bitcoin. In addition, digital asset trading venues, bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of bitcoin and consequently a reduction in the value of bitcoin, bitcoin exchange-traded products and shares of the Fund. Such occurrences could also impair the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its investment objective pursuant to its investment strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">51% Attack Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin network is maintained and secured by a group of validators who “mine” bitcoin, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">involves contributing computer power to the Bitcoin network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the Bitcoin network (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“51% Attack”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), even temporarily, they would have the ability to block new transactions from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, a 51% Attack </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Fork Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A blockchain is a distributed ledger that is updated, shared and maintained across many computers in a network. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– or if groups adopt different upgrades – this can result in a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">“fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the bitcoin community could not agree on whether or not to adopt an upgrade to the bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name bitcoin for its blockchain and held bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. Additionally, a hack of the Bitcoin blockchain or one or more projects that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of bitcoin, whether it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">leads to another hard fork or not, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Adoption Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin blockchain and its native crypto asset, bitcoin, face numerous challenges to gaining widespread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in bitcoin’s price, which has been and may continue to be substantially dependent on speculation. It is not clear that the Bitcoin blockchain or bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and bitcoin as an alternative payment system, and thereby negatively impact the price of bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, thereby negatively impact the price of bitcoin. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, and thereby negatively impact the price of bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– including hacks, bugs, or failures – could introduce risk or harm confidence </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">in the bitcoin ecosystem, which could negatively impact the price of bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains or adopt other blockchains that support more advanced applications and use cases than the Bitcoin blockchain, such as those specifically designed to support the development, deployment and operation of smart contracts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Ethereum blockchain), which could negatively impact the transaction activity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price of bitcoin. If these or other developments negatively impact the price of bitcoin, this would negatively impact the value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BOX SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A Box Spread is an offsetting set of options that have risk and return characteristics similar to cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equivalents. A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is that it seeks to eliminate market risk tied to price movements associated with the underlying options’ reference asset. Once the Box Spread is initiated, its return from the initiation date through expiration will not change due to price movements in the underlying options’ reference assets. The Fund may purchase Box Spreads on various indices or securities based on risk and return considerations. If one or more of the individual option positions that comprise a Box Spread are modified or closed separately prior to the option contract’s expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying reference asset’s price movement. Furthermore, the Box Spread’s value is derived in the market and is in part based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. The Fund’s ability to utilize Box Spreads effectively is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices. If the Box Spread does not work as intended, the Fund could have exposure to the underlying reference asset of the options comprising the Box Spread, which is expected to be the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. In such a scenario, the Fund would be subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of equity securities markets. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or when political or economic events affecting an issuer occur.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rises above the strike price. As the purchaser of a call Option, the Fund will generally only exercise the Option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the Option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAP CHANGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the same for consecutive Target Outcome Periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAPPED UPSIDE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s strategy seeks to provide returns (before fees and expenses) that match those of the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument for Fund shares purchased on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor likely will not match those that the Fund seeks to achieve. If the Bitcoin Reference Instrument experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period and the Fund has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their Fund shares (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap), however, the investor will remain vulnerable to downside risks. If an investor buys Fund shares when the price exceeds the cap, an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above the prior cap will be forfeit. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exceed those of the Bitcoin Reference Instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the Options. As a result, the ability of the Fund to meet its objective depends on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. 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. Additionally, challenges in commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational, information security and related risks through breaches in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers. Cyber security incidents may also trigger Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET INDUSTRY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The digital asset industry is a new, speculative, and still-developing industry that faces many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks. In this emerging environment, events that are not directly related to the security or utility of the Bitcoin blockchain can nonetheless precipitate a significant decline in the price of bitcoin. For instance, in May 2022, the collapse of the algorithmic stablecoin TerraUSD and its paired crypto asset LUNA destroyed an estimated $60 billion in value in the crypto ecosystem. Although TerraUSD and LUNA operated on their own blockchain (the “Terra” blockchain), the events nonetheless contributed to a sharp decline in the price of bitcoin, which fell 16% from May 1, 2022 to May 31, 2022. As another example, in November 2022, FTX Trading Ltd. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– an offshore digital asset trading venue specializing in crypto derivatives – collapsed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and filed for bankruptcy. While a small fraction of total global trading volume in bitcoin and related derivatives took place on FTX-related venues, the company’s collapse nonetheless contributed to a significant decline in the price of bitcoin, which fell 16%, in November 2022. Additional instability, failures, bankruptcies or other negative events in the digital asset industry, including events that are not necessarily related to the security or utility of the Bitcoin blockchain, could similarly negatively </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">impact the price of bitcoin, and thereby bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET REGULATORY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">legislative or regulatory developments could significantly harm the value of bitcoin exchange-traded products or the Fund’s Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoin, validating or mining activity, digital wallets, the provision of services related to trading and custodying digital assets, the operation of the Bitcoin network or the digital asset markets generally. It is also possible that some of the digital assets to which the Fund may have significant exposure may be determined to be a security or offered or sold as a security under federal and state laws. Such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrences could also impair the Fund’s ability to meet its investment objective pursuant to its investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded Options, non-customized Options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOOR RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no guarantee that the Fund will be successful in its strategy to provide a maximum loss of 15% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of Bitcoin Reference Instrument losses if the Bitcoin Reference Instrument decreases over the Target Outcome Period by greater than 15%. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns (before fees and expenses) that match the price return of the Bitcoin Reference Instrument (up to the cap), while preventing losses in excess of the floor, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. In the event an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the floor that the Fund seeks to provide may not be available. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the Initial Fund Value, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. These errors or failures may adversely affect the Fund’s operations, including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions. The Fund relies on third-parties for a range of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of Options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of Options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of Options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of Options and their </span><span style="font-family:Arial;font-size:9.00pt;">underlying securities and there may at times not be a liquid secondary market for certain Options.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Options held by the Fund will be exercisable at the strike price only on their expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Prior to the expiration date, the value of the Options will be determined based upon market quotations or using other recognized pricing methods. The Options are also subject to correlation risk, meaning the value of the Options does not increase or decrease at the same rate as the Bitcoin Reference Instrument (although they generally move in the same direction) or its underlying securities. The value of the Options prior to the expiration date may vary because of factors other than the value of the Bitcoin Reference Instrument, such as interest rate changes, changing supply and demand, decreased liquidity of the Options, a change in the actual and perceived volatility of the stock market and the Bitcoin Reference Instrument and the remaining time to expiration. Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Option will require more reliance on the investment adviser’s judgment than that required for securities for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which there is an active trading market. This creates a risk of mispricing or improper valuation of the </span><span style="font-family:Arial;font-size:9.00pt;">Option which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PUT OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of put options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a put option, the Fund will lose money if the value of the reference index or security falls </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a put option, the Fund will have no control over the exercise of the option by the option holder. As the purchaser of a put option, the Fund will generally only exercise the option if the value of the reference index or security falls below the strike price. If the value of the reference index or security does not fall below the level of the strike price, the option is likely to expire worthless. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the put option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated Investment company” (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), however, the federal income </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's Options strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Code"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in offsetting positions with respect to the Bitcoin Reference Instrument may affect the character of gains or losses realized by the Fund under the Code’s “straddle” rules and may increase the amount of short-term capital gain realized by the Fund. Certain options the Fund holds may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the Options </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as the </span><span style="font-family:Arial;font-size:9.00pt;">referenced asset or in the case of Options on an index, the issuers of the securities underlying the index, which, assuming </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the Options is not appropriately the referenced asset or the issuers of </span><span style="font-family:Arial;font-size:9.00pt;">the securities underlying the index, the Fund could lose its own status as a RIC. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund intends to treat the income it derives from gains on options referencing the Bitcoin ETPs and indexes of Bitcoin ETPs as “qualifying income” for purposes of the RIC qualification rules under Subchapter M of the Code. It has adopted this position in reliance on an opinion obtained from counsel that income from such investments should constitute “qualifying income,” as the Bitcoin ETPs and indexes of Bitcoin ETPs referenced by the options constitute “securities” under Section 2(a)(36) of the 1940 Act. However, this opinion is not binding upon the Internal Revenue Service (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“IRS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). If the IRS were to successfully </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">assert that the Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a RIC under Subchapter M if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">losses for, Fund shareholders.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">On November 15, 2024, the U.S. Commodity Futures Trading Commission issued a staff advisory concluding that it is likely that the options and the interests in the Bitcoin ETPs referenced by the options would be judicially held to be a security. In 2009, the IRS adopted the position that, in determining the income and diversification tests of a RIC under Section 851 of the Code, the grantor trust rules of I.R.C. § 671, et seq, are applied before the definition of security is applied in I.R.C. § 851. In 2016, the IRS announced that it viewed determining the definition of security for the purposes of I.R.C. § 851 was more properly in the jurisdiction of the SEC. In 2023, the U.S. Supreme Court indicated that federal administrative agencies no longer needed to be given deference merely because their position was reasonable if the position of the agency is not consistent with the statute. Although the IRS has not formally announced a change in position in regard to whether the grantor trust rules are applied first, the combination of the 2016 announcement and the 2023 Supreme Court decision suggest that the best interpretation of the statute is to apply I.R.C. § 851’s plain language. If the grantor trust rules are applied first in reference to the Bitcoin ETPs or indexes of Bitcoin ETPs and the options, the options would reference bitcoin. Although the issue is not free from doubt, it is likely that bitcoin would be classified as a commodity for purposes of I.R.C. § 851 and produce income that would not be qualifying income under the RIC tests. However, under the plain language of the statute, gains from securities (as determined under the 1940 Act) are qualifying income. Options on publicly traded grantor trusts are securities for the </span><span style="font-family:Arial;font-size:9.00pt;">purposes of the 1940 Act. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund's RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist the Fund in meeting its target outcome. See “Federal Tax Matters” below for more </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TARGET OUTCOME PERIOD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment strategy is designed to deliver returns (before fees and expenses) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that match the Bitcoin Reference Instrument if Fund shares are bought on the day on which the Fund enters into the Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the first day of a Target Outcome Period) and held until those Options expire at the end of the Target Outcome Period </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor’s investment in Fund shares may not be partially protected against a decline in the value of the Bitcoin Reference Instrument and may not participate in a gain in the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Bitcoin Reference Instrument up to the cap for the investor’s investment period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Nasdaq-100 Select Equal Weight ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq-100 Select Equal Weight</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0000 0.0000 0.0055 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 56 176 307 689 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">58%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Due to changes in the Fund's Principal Investment Strategies on December 22, 2025, the Fund may experience higher levels </span><span style="font-family:Arial;font-size:9.00pt;">of portfolio turnover in the current fiscal year than in previous years.</span> 0.58 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 80% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track the performance of the fifty companies from the Nasdaq-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> with the highest combined </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quality and growth scores. The Nasdaq-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> is designed to measure the performance of 100 of the largest Nasdaq-listed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">non-financial companies. According to the Index Provider, in order to be eligible for inclusion in the Nasdaq-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">security must meet the following criteria: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the issuer of the security’s primary U.S. listing must be exclusively listed on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq Global Select Market or the Nasdaq Global Market; (ii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the security must not be issued by a company classified as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">being in the financial industry according to the Industry Classification Benchmark; and; (iii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the security must meet the liquidity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">requirements and other eligibility criteria of the Nasdaq-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The Nasdaq-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selects 100 companies based on market capitalizations, subject to certain buffers designed to limit turnover. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index calculates a “Blended Quality and Growth Score” for each constituent of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. According to the Index Provider, a “Growth Score” and a “Quality Score” for each eligible security is calculated as follows: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Growth Score: The average across three normalized values consisting of: (i) the 3-year revenue annualized growth rate; (ii) the 3-year forward earnings per share estimate annualized growth rate; and (iii) the 3-year free cash flow annualized growth rate. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Quality Score: The average across two normalized values: (i) return on equity; and (ii) profit margin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Blended Quality and Growth Score for each security is then calculated by determining the equal-weighted average of each security’s Growth Score and Quality Score. The top 50 companies with the highest Blended Quality and Growth Score are selected for inclusion in the Index and are equally-weighted. In investing in the constituents of the Index, the Fund may invest in common stocks and depositary receipts issued by mid and large capitalization companies. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;">March</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2026, the Index was composed of 51 securities representing 50 companies and the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">had significant investments in information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of </span><span style="font-family:Arial;font-size:9.00pt;">March</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that have created </span><span style="font-family:Arial;font-size:9.00pt;">structures known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is so concentrated. As of </span><span style="font-family:Arial;font-size:9.00pt;">March</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2026, the Index was composed of 51 securities representing 50 companies and the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">had significant investments in information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. 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. Additionally, challenges in commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational, information security and related risks through breaches in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers. Cyber security incidents may also trigger Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. These errors or failures may adversely affect the Fund’s operations, including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value in a timely manner, and process creations or redemptions. The Fund relies on third-parties for a range of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures</span><span style="font-family:Arial;font-size:9.00pt;">, provided they abide by Chinese</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">laws and</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">register with the China Securities Regulatory </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Commission</span><span style="font-family:Arial;font-size:9.00pt;">, this does not serve as a formal endorsement by the Chinese government. Intervention by the Chinese government </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, the prior Index, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">a broad-based securities market index and a market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On December 22, 2025, the Fund’s underlying index changed from the NASDAQ-100 Equal Weighted</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index to Nasdaq-100 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Select Equal Weight</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, any Fund performance and historical returns shown below that incorporate Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">performance prior to December 22, 2025 reflect performance of the Fund based on the NASDAQ-100 Equal Weighted</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and are not necessarily indicative of the performance that the Fund, based on Nasdaq-100 Select Equal Weight</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, would have generated.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, the prior Index, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">a broad-based securities market index and a market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Nasdaq-100 Select Equal Weight ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">28.33%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-18.36%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2833 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1836 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1433 0.0766 0.1318 0.1103 2006-04-19 0.1413 0.0742 0.1293 0.1080 0.0848 0.0590 0.1094 0.0955 0.1499 0.0820 0.1381 0.1169 0.1788 0.1442 0.1482 0.1087 0.2102 0.1530 0.1970 0.1563 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">On December 22, 2025, the Fund’s underlying index changed from the Nasdaq-100 Equal Weighted</span><span style="font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:8.10pt;font-style:italic;"> Index to the Nasdaq-100 Select Equal Weight</span><span style="font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:8.10pt;font-style:italic;"> Index. Therefore, any Fund performance and historical returns shown above that incorporate Fund performance prior to December 22, 2025 reflect performance of the Fund based on the Nasdaq-100 Equal Weighted</span><span style="font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:8.10pt;font-style:italic;"> Index and are not necessarily indicative of the performance that the Fund, based on the Nasdaq-100 Select Equal Weight</span><span style="font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:8.10pt;font-style:italic;"> Index, would have generated.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Laddered Autocallable Barrier &amp; Income ETF (ACYN)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Laddered Autocallable Barrier &amp; Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with distributions while limiting downside market volatility.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0000 0.0075 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">“Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 77 240 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has no operational history </span><span style="font-family:Arial;font-size:9.00pt;">prior to the fiscal year end of December 31, 2025, and therefore has no historical portfolio turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to achieve its investment objective by entering into swap agreements and/or option contracts structured similarly to swap agreements (collectively, hereinafter referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"swap agreements"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"swaps"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that seek to deliver a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">return reflecting the performance of a laddered portfolio of theoretically created financial instruments designed to replicate the defined return characteristics of autocallable yield notes (each such theoretical financial instrument, a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Synthetic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Autocallable Contract"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The term “laddered portfolio” refers to the Fund seeking to maintain on a recurring basis exposure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to a diversified series of Synthetic Autocallable Contracts that each have a unique combination of maturity and observation dates (as defined below). Such "laddering" is achieved by “rolling” (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> replacing) the Synthetic Autocallable Contracts upon </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">their call or maturity into new Synthetic Autocallable Contracts to allow the Fund to maintain the staggered investment time periods to which it is exposed and thereby mitigate the risks associated with exposure to only a single time period. The rolling of Synthetic Autocallable Contracts into new contracts with new maturity and observation dates (as defined below) results in the reset of coupon payment amounts, "coupon" and "maturity" barrier levels, and "initial values" of the underlying indices or exchange-traded funds (each, as defined and discussed below) to be commensurate with then-existing market conditions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The costs under the swap agreements for "rolling" will impact the coupon payment rates of the new contracts. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Autocallable yield notes are debt obligations linked to the performance of an underlying asset or multiple underlying assets. The Synthetic Autocallable Contracts to which the Fund will be exposed through its swap agreements will be linked to one or more broad-based U.S. equity market indices </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;line-height:9.84pt;margin-left:2.5pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"SPX"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), the Russell 2000 Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">(“RTY”)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"NDX"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">— or to one or more exchange-traded funds that seek to track the performance of such an equity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market index. The underlying assets of the Synthetic Autocallable Contracts may at times have significant exposure to one or more market sectors, including the information technology sector. Accordingly, the Fund will be exposed to varying degrees </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to the risks associated with such sectors or industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The value of each underlying asset at the beginning of a Synthetic Autocallable Contract's term (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“initial value”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) defines </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">when the contract is automatically called. If the value of each underlying asset of a Synthetic Autocallable Contract is equal to or exceeds its respective initial value on a predefined recurring (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> monthly or quarterly) “observation date,” the contract </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">is automatically called. In such circumstance, the coupon payment will be made for that observation date but all remaining coupon payments are cancelled and 100% of the initial notional amount of the contract will be returned. Accordingly, the Fund will not benefit from such upside return on the underlying assets. If the value of the worst performing underlying asset of a Synthetic Autocallable Contract is below its initial value but at or above the “coupon barrier” level on an observation date, the coupon payment will be made for such period and the Synthetic Autocallable Contract will continue in effect until at least the next observation date. The coupon barrier level of the Synthetic Autocallable Contracts will typically be set between 65% to 75% of the initial value of each underlying asset. If the value of the worst performing underlying asset is below the coupon barrier level as of an observation date, no coupon payment is made for such period and the Synthetic Autocallable Contract will continue in effect until at least the next observation date. The Fund anticipates its distributions will primarily be sourced from coupon payments of the Synthetic Autocallable Contracts. As such, the Fund may significantly lower or forego making a distribution during periods when sufficient coupon payments have not been made on the Synthetic Autocallable Contracts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, when coupon barriers are breached). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Each Synthetic Autocallable Contract will also have a "maturity barrier" level, which seeks to reduce the likelihood of incurring downside losses from a decline in the value of the worst performing underlying asset below its initial value as of the maturity date. If the value of the worst performing underlying asset of a Synthetic Autocallable Contract is at or above the maturity barrier level on the maturity date, 100% of the initial notional amount of the contract will be returned, even though the value of the underlying asset may have decreased. If at least one of the underlying assets is below the maturity barrier level on the maturity date of the Synthetic Autocallable Contract, the percentage of the initial notional amount under the contract that will be returned will be equal to the percentage of the value of the worst performing underlying asset on the maturity date relative to its initial value, resulting in a loss corresponding to the decrease in relative value of such underlying asset. Although lower maturity barrier levels (when stated as a percentage to the initial value of the underlying asset) seek to provide greater protection from downside losses on the worst performing underlying asset, they also generally correspond to lower expected yields on the Synthetic Autocallable Contracts. The maturity barrier level of the Synthetic Autocallable Contracts uniformly applies to each underlying asset and will typically be set between 60% to 70% of the initial value of each underlying asset. Accordingly, the Fund seeks to limit downside risk to the extent that the value of the worst performing underlying asset does not breach the maturity barrier level on the maturity date. Each Synthetic Autocallable Contract to which the Fund is exposed will be subject to the entirety (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> one-to-one exposure) of the downside of the worst performing underlying asset's </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">performance as calculated from its initial value to its final value on the maturity date, if the maturity barrier level is breached by any underlying asset on the maturity date of such Synthetic Autocallable Contract. Separately, the Fund is also subject to the risk of a decline in the value of its swap agreements which would adversely impact its net asset value. For purposes of the foregoing, the worst performing underlying asset of a Synthetic Autocallable Contract is the underlying asset which value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">has experienced the greatest percentage loss relative to its initial value. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As an illustrative example, the following provides certain of the several possible scenarios under a Synthetic Autocallable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Contract: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Sample terms of a Synthetic Autocallable Contract for purposes of the example: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Initial Notional Amount of the Contract: $1,000 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Observation Date Frequency: Quarterly </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Length of Term: 24 months (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, 8 potential observation dates) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Coupon Barrier: 70% of the initial value of the worst performing underlying asset </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Maturity Barrier: 70% of the initial value of the worst performing underlying asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to the swap agreements, the Fund may utilize box spreads and invest in a basket of short-term (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> generally less </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">than 12 months) U.S. Treasury securities, including for the purpose of collateralizing the swap agreements. A box spread is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">an offsetting set of options that have risk and return characteristics similar to cash equivalents. The Fund may also maintain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">a sizeable cash position from time to time. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment strategy may include active and frequent trading. The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries, except to the extent that an industry or group of industries comprise more than 25% of the underlying referenced indices or ETFs of the Synthetic Autocallable Contracts. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instrumentalities, or securities of other investment companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTOCALLABLE YIELD NOTES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund seeks to replicate autocallable yield notes through swaps on Synthetic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Autocallable Contracts and, therefore, is subject to certain risks associated with autocallable yield notes. Autocallable yield notes differ in various ways from traditional debt securities. The autocallable yield notes do not guarantee a return of principal or any coupon payments thereunder and limit the positive investment return that can be achieved due to the automatic call feature that is triggered when the worst performing underlying asset’s performance exceeds the initial value on any observation date. A direct investment in an underlying asset could produce higher returns than a corresponding autocallable yield note. If the automatic call feature is triggered, an investor would forego any remaining coupon payments and may be unable to invest in another autocallable yield note with a similar level of risk and comparable return potential. If the automatic call feature is not triggered, and the maturity barrier level has been breached as of the maturity date, an investor will receive less than the initial notional amount invested, or possibly lose all of the initial notional amount, regardless of any outperformance of the underlying asset(s) throughout the term of the note. In such circumstance, the autocallable yield note would be subject to the entirety (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> one-to-one exposure) of the downside of the worst performing underlying asset’s performance as calculated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from its initial value to its final value on the maturity date. The coupon payments of autocallable yield notes are not linked to the performance of the underlying asset at any time other than on maturity dates and observation dates. Moreover, because the autocallable yield notes are linked to the worst performing underlying asset, an investor is exposed to the market risk of the underlying assets and may not receive any return on the notes and may lose a portion or all of its investment in the notes even if the performance of one or more of the other underlying assets has exceeded the initial value of such asset. The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate significantly less income during periods of market downturns affecting the applicable underlying broad-based U.S. equity market indices. In addition to the foregoing risks associated with autocallable yield notes, there is also risk that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Synthetic Autocallable Contracts do not replicate autocallable yield notes in their intended manner.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BARRIER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The coupon and maturity barrier levels of a Synthetic Autocallable Contract set forth the threshold amount </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of loss the underlying asset(s) (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the applicable broad-based U.S. equity market indexes) could experience before coupon </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">payments and/or a portion or all of the initial notional amount under such contract are forfeited. If the coupon barrier level is breached on an observation date, the coupon payment is forfeited for such period. Accordingly, it is possible that the Fund may not benefit from any coupon payments under a Synthetic Autocallable Contract. If the maturity barrier level is breached on the maturity date, the percentage of the initial notional amount under the contract that is equal to the entire amount of loss that the worst performing underlying asset experienced since the start of the term of the contract (as set by its initial value) is forfeited, and not just the percentage amount below the barrier level. It is possible that the entire initial notional amount under a Synthetic Autocallable Contract is forfeited,in addition to some or all of the coupon payments. Accordingly, it is also possible that a shareholder may lose its entire investment in the Fund notwithstanding the downside protection intended to be provided by the Synthetic Autocallable Contracts and the risk mitigation intended to be provided by the laddered </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BOX SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A Box Spread is an offsetting set of options that have risk and return characteristics similar to cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equivalents. A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is that it seeks to eliminate market risk tied to price movements associated with the underlying options’ reference asset. Once the Box Spread is initiated, its return from the initiation date through expiration will not change due to price movements in the underlying options’ reference assets. The Fund may purchase Box Spreads on various indices or securities based on risk and return considerations. If one or more of the individual option positions that comprise a Box Spread are modified or closed separately prior to the option contract’s expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying reference asset’s price movement. Furthermore, the Box Spread’s value is derived in the market and is in part based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. The Fund’s ability to utilize Box Spreads effectively is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices. If the Box Spread does not work as intended, the Fund could have exposure to the underlying reference asset of the options comprising the Box Spread, which is expected to be the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. In such a scenario, the Fund would be subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of equity securities markets. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or when political or economic events affecting an issuer occur.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Fund transactions, including its swap transactions, involving a counterparty are subject to the risk </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. In addition to such counterparty risk relating to the Fund's transactions, the Fund is further subject to the risk that the counterparties to its swap agreements do not construct </span><span style="font-family:Arial;font-size:9.00pt;">or maintain the Synthetic Autocallable Contracts underlying such </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">swaps in the intended manner or design, which could adversely affect the Fund's ability to pursue its investment strategies and result in losses beyond the risk of loss attributable to Synthetic Autocallable Contracts or the Fund's swap transactions </span><span style="font-family:Arial;font-size:9.00pt;">generally. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As the Fund expects to trade with a limited number of counterparties, its counterparty risk will be higher. To the extent such number of counterparties remains limited, the Fund and its ability to pursue its investment objective and strategies may be overly dependent on the ability and/or willingness of such counterparties to continue transacting with the Fund on the terms and at the prices agreeable to the Fund, and any changes thereto could adversely impact, among other things, the liquidity and pricing of the Fund's swap agreements and/or its ability to continue “rolling” the portfolio of Synthetic Autocallable Contracts. Accordingly, from time to time, the Fund could experience difficulty implementing its investment strategies, entering into swap agreements, and/or obtaining appropriate pricing for its swap agreements and any adjustments thereto, which in turn could cause the Fund to fail to achieve its investment objective. A secondary market for the Fund's swap transactions is not expected to exist or, to the extent one develops, may not be as deep as for other instruments. In addition, the Fund's swap agreements and/or the underlying Synthetic Autocallable Contracts may be complex and difficult to value. If the Fund fails to meet its payment or collateral delivery obligations under a swap agreement or some other termination or default event occurs, or an underlying asset suffers a disruption event, the counterparty to the contract could close out the contract and the Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could experience significant losses and fail to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a derivative instrument may be unable or unwilling to make dividend, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">interest and/or principal payments when due. In addition, the value of a derivative instrument may decline because of concerns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">about the issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. 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. Additionally, challenges in commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational, information security and related risks through breaches in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers. Cyber security incidents may also trigger Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. The Fund may be required to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">reduce its distributions if it has insufficient income. </span><span style="font-family:Arial;font-size:9.00pt;">Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income, which for non-corporate shareholders are subject to federal income tax at rates of up to 20%. The Fund’s investment strategy may also limit its ability to distribute dividends eligible for the dividends-received deduction for corporate shareholders. For these reasons, a significant portion of distributions received by Fund shareholders may be subject to tax at effective tax rates </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Substantial uncertainties exist related to the calculation of income from the Synthetic Autocallable Contracts. The Fund may calculate the income from the contracts using the IRS rules for notional principal contracts or the open contract method. In addition, the Fund intends to treat each reset of its swaps to different Synthetic Autocallable Contracts as a recognition event. However, the application of the foregoing rules to the Synthetic Autocallable Contracts may be subject to challenge or varying interpretation. If the Fund is incorrect in its calculation of income, the Fund may be required to make an extraordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">distribution to distribute prior undistributed income or recharacterize prior distributions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The derivatives included in the portfolio are OTC derivatives. Because the terms are negotiated rather than standardized, the tax treatment may be less certain than it is in regard to standardized instruments. The Fund will take the position that the derivative contracts are not subject to the mark-to-market rules of the Internal Revenue Code of 1986, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Code”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under such position, the Fund would not be required to recognize income annually whether or not the Fund received cash in regard to the derivatives. However, the Fund would also not be eligible for statutory rules that allow taxpayers to treat gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in respect of derivatives subject to the mark-to-market rules as 60% long term capital gain and 40% short term capital gain.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LADDERED PORTFOLIO RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The laddered portfolio strategy may not perform as expected and may not provide the intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk mitigation if market conditions remain unfavorable over an extended period of time, multiple Synthetic Autocallable Contracts breach coupon and maturity barrier levels across consecutive observation dates and investment time periods and/or the Fund has difficulty rolling Synthetic Autocallable Contracts upon their call or maturity. Upon the call or maturity of a Synthetic Autocallable Contract, the Fund may not be able to obtain exposure to another Synthetic Autocallable Contract with a similar </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or desired level of risk and return potential.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund has exposure to instruments subjecting them to leverage risk. Leverage may result in losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exceed the amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset or class of assets and may cause the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NEW FUND RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is new and has no performance history or assets as of the date of this prospectus. The Fund expects </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to have fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and in turn, the Fund’s returns for limited periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Code. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of these issuers, experience increased volatility and be highly invested in certain issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. These errors or failures may adversely affect the Fund’s operations, including its ability to execute its investment process, calculate or disseminate its NAV in a timely manner, and process creations or redemptions. The Fund relies on third-parties for a range of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to elect and to qualify each year to be treated as a regulated investment company (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under the Code. The federal income tax treatment of the instruments in which the Fund may invest, including the swap agreements, may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to RICs if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to RICs could cause the Fund to fail to qualify as such. To qualify and maintain its status as a RIC, the Fund must meet certain income, diversification and distributions tests. For purposes of the diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In particular, there is little or no published Internal Revenue Service guidance or case law on how to determine the “issuer” of certain derivatives that the Fund may enter into. Because of the uncertainty of the authority, the Fund intends to treat the “issuer” of its swap agreements as the bank that is the counterparty to the swap agreement and (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> if such derivative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">references a security, to treat the issuer of the security as the issuer of the derivative or (ii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> if the derivative references an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">index of securities, to treat the issuers of the securities underlying the index as the issuers of the derivative, and to treat any income it may derive from the swap agreements as “qualifying income” under the provisions of the Code applicable to RICs. If the income is not qualifying income or the issuer of the swap agreement is not appropriately identified, the Fund may not qualify, or may be disqualified, as a RIC. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">level when such income is distributed. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund's RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the excise tax will not be available to assist the Fund in meeting its target outcome. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SWAP AGREEMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Swap agreements may involve greater risks than direct investment in securities as they may be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">leveraged and are subject to credit risk, counterparty risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may result in significant losses. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may seek to adjust the size of a swap transaction from time to time (such as when it may seek to downsize a swap in order to meet redemptions). In addition, the swap counterparty will have rights to terminate the transaction prior to its stated maturity as a result of an event of default or termination event with respect to the Fund, or a disruption event with respect to the reference assets of the Synthetic Autocallable Contracts. In such event, the counterparty will determine the amount payable upon termination. The termination values determined by a counterparty may differ from the values the Fund attributes to the swaps. Furthermore, the Fund may have limited ability to contest the amounts determined by the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or to negotiate for more favorable pricing in connection with a consensual termination. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The valuation of the swaps will also be relevant to the amount of mark-to-market margin the Fund is required to post. The valuations of the Fund's swap agreements could experience sudden and substantial changes from time to time. If the Fund is not able to provide eligible collateral as required under the governing documentation, the counterparty may declare an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">event of default and terminate outstanding swap transactions.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SWAP RIC TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund seeks to achieve its investment objective by entering into swap agreements that seek to deliver </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">a return reflecting the performance of a laddered portfolio of theoretically created financial instruments designed to replicate the defined return characteristics of autocallable yield notes. In some cases, a taxpayer owning a swap position may be required to recognize gross income without receiving cash flow. Since the Fund intends to qualify as a regulated investment company, the Fund will have a distribution requirement based upon the Fund’s investment company taxable income, which in turn is based upon the Fund’s gross income. This means that </span><span style="font-family:Arial;font-size:9.00pt;">the Fund may have a distribution requirement in cases in which it has </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not received cash. The Fund may be required to sell assets or borrow to fund the distribution requirement, either of which </span><span style="font-family:Arial;font-size:9.00pt;">could affect the investment return to the shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers or the Fund's counterparties to its swap agreements. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The valuation of the Fund's investments may depend significantly on the valuation assessment of the Synthetic Autocallable Contracts conducted by each counterparty to the Fund's swap agreements. As such, the Fund's counterparties may face a conflict of interest in valuing the Synthetic Autocallable Contracts since such values will affect the consideration to be paid on the Fund's swap agreements. None of the Fund, Advisor, or Sub-Advisor may have full transparency into a counterparty's valuation assessments and each counterparty's assessments could differ from the assessments of the Fund's other counterparties, notwithstanding that the Synthetic Autocallable Contracts underlying each swap agreement may have identical terms (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, maturity and coupon barrier levels). There is no assurance that the Fund's efforts to mitigate the potential for any </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">abuse of such conflict of interest will be effective. In addition, changes to the values of the underlying assets of a Synthetic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Autocallable Contract may not affect or may be contradictory to the ultimate valuation of the Fund's swap agreements.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Bitcoin Strategy Floor15 ETF </span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;margin-left:3.5pt;">– January (BFJA)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment objective of the FT Vest Bitcoin Strategy Floor15 ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– January (the “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Fund</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) is to seek to provide investors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin Reference Instrument”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), up to a predetermined upside </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cap of 28.06% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Reference Instrument losses, over the period from January 12, 2026 through January 8, 2027.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0000 0.0000 0.0090 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">“Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 92 287 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has no operational history </span><span style="font-family:Arial;font-size:9.00pt;">prior to the fiscal year end of December 31, 2025, and therefore has no historical portfolio turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund's "floor" as described herein. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In seeking to achieve its objective, the Fund will invest in option contracts, which include FLexible EXchange</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), standardized listed options and/or over-the-counter options (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that each utilize the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents (including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">"box spreads"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Index.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> However, the Bitcoin Reference Instrument utilized by the Fund may change from one Target Outcome Period to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">next. In future Target Outcome Periods, the Fund may utilize the following as the Bitcoin Reference Instrument: an exchange-traded grantor trust that holds bitcoin (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin ETP”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or indexes seeking to track the performance of a basket of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin ETPs (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Bitcoin ETP Indexes"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Fund does not invest directly in bitcoin.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prior to the beginning of a new Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Outcome Period, the Fund will provide notice to shareholders identifying the Bitcoin Reference Instrument for the upcoming Target Outcome Period. For additional information on the Bitcoin Reference Instrument for the current Target Outcome Period, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">please see below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund uses short-term U.S. Treasury securities, cash and cash equivalents, and Options on the Bitcoin Reference Instrument to employ a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“target outcome strategy.”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Target outcome strategies seek to produce pre-determined investment outcomes based </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the performance of the Bitcoin Reference Instrument. The pre-determined outcomes sought by the Fund, which include a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"floor"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and a cap of 28.06% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(before fees and expenses), are based on the price performance of the Bitcoin Reference Instrument over an approximate one-year period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Target Outcome Period”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). When the Fund's fees and expenses are taken into account, the cap is 27.16% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and the floor is 15.90%. The cap will be further reduced and the maximum loss incurred by the floor will be further extended by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. The target outcomes the Fund seeks for investors that hold Fund shares for an entire Target Outcome Period are as follows, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">though there can be no guarantee these results will be achieved: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument appreciates over the Target Outcome Period, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide upside participation matching the performance of the Bitcoin Reference Instrument, up to a cap that is determined at the start of the Target Outcome Period. The cap for the current Target Outcome Period is 28.06%, prior to taking into account the Fund’s fees and expenses. To the extent the Bitcoin Reference Instrument appreciates over the Target Outcome Period in excess of the cap over that period, the Fund will not benefit from the excess gains experienced by the Bitcoin Reference Instrument. </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by up to 15% or less, the combination of the U.S. Treasury securities, cash and cash equivalents and the Options held by the Fund seeks to provide a payoff at expiration that is intended to match that of the Bitcoin Reference Instrument up to a maximum loss of 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> the Fund’s shareholders will bear all Bitcoin Reference Instrument losses up to 15% on a one-to-one basis, meaning if the Bitcoin Reference Instrument loses 10%, the Fund loses 10% (before fees and expenses)). </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">If the Bitcoin Reference Instrument decreases over the Target Outcome Period by more than 15%, the combination of the U.S. Treasury securities, cash and cash equivalents, and the Options held by the Fund seeks to provide a payoff at expiration that is intended to protect investors from Bitcoin Reference Instrument losses greater than 15% (before fees and expenses) over the Target Outcome Period (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">See the bar chart and line graph set forth in the section entitled "Floor and Cap" for more information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The current Target Outcome Period will begin on January 12, 2026 and end on January 8, 2027. Subsequent Target Outcome Periods will begin on the next business day after the prior Target Outcome Period ends and will end on the approximate one-year anniversary of that new Target Outcome Period. On the first day of each new Target Outcome Period, the Fund resets by investing in a new set of Options that are designed to provide a new cap for the new Target Outcome Period. This means that the cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. The floor will remain approximately the same for each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap and floor, and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund’s value relative to each, should be considered before investing in the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be perpetually offered and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">not terminate after the current or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Fund’s website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range and Bitcoin Reference Instrument for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cap range. See “Subsequent Target Outcome Periods” for more information. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">The outcomes described in this prospectus are specifically designed to apply only if you </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;text-decoration:underline;">buy shares on the first day of </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;text-decoration:underline;">the Target Outcome Period and continue to hold them on the last day of the Target Outcome Period.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> An investor that </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares other than on the first day of a Target Outcome Period and/or sells Fund shares prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Target Outcome Period. </span><span style="font-family:Arial;font-size:9.00pt;">While the cap and floor are designed to provide the intended outcomes only for investors </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that hold their shares throughout the complete term of the Target Outcome Period, an investor can expect their shares to generally move in the same direction as the Bitcoin Reference Instrument during the Target Outcome Period. However, during </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Target Outcome Period, an investor’s shares may not experience price movement to the same extent as the price movement of the Bitcoin Reference Instrument. During the Target Outcome Period, there may be periods of significant disparity between the Fund’s net asset value (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"NAV"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and the Bitcoin Reference Instrument’s price performance. As the Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Instrument’s price and the Fund’s NAV change over the Target Outcome Period, an investor acquiring Fund shares after the start of the Target Outcome Period will likely have a different return potential than an investor who purchased Fund shares at the start of the Target Outcome Period. This is because while the cap and floor for the Target Outcome Period are approximately fixed levels that are calculated in relation to the Bitcoin Reference Instrument price and the Fund's NAV at the start of a Target Outcome Period and remain constant throughout the Target Outcome Period, an investor purchasing Fund shares at market value during the Target Outcome Period likely purchased Fund shares at a price that is different from the Fund’s NAV at the start of the Target Outcome Period (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the NAV that the cap and floor reference). If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund's value and that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor. See “Floor and Cap” below for additional information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">To achieve the target outcomes sought by the Fund for a Target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Outcome Period, an investor must hold Fund shares for that entire Target Outcome Period</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. An investor that holds Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above the prior cap will be forfeit. Similarly, an investor that holds Fund shares through multiple Target Outcome Periods will be unable to recapture losses from prior Target Outcome Periods because at the end of each Target Outcome Period, a new floor will be established based on the then current price of the Bitcoin Reference Instrument and any losses experienced before the prior floor will be locked in. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that exceed those of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Floor and Cap </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide maximum losses of 15% (before fees and expenses) of Bitcoin Reference Instrument losses over each Target Outcome Period. The Fund will bear the first 15% of losses down to the floor, and after the Bitcoin Reference Instrument has decreased in price by more than 15%, the Fund is designed to prevent all subsequent losses beyond 15% (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> if the Bitcoin Reference Instrument loses 20%, the Fund loses 15% (before fees and expenses)). The floor is before taking </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">into account the Fund’s fees and expenses charged to shareholders. When the Fund’s fees and expenses are taken into account, the floor is 15.90%. The maximum loss incurred by the floor will be further extended by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee.</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> The Fund does not seek to provide a floor at any time other than the end of the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">“Initial Fund Value”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">), that investor may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">experience losses that exceed 15% prior to gaining the protection offered by the floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> This is because the 15% floor the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund seeks to provide is based upon the Initial Fund Value. Additionally, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from its Initial Fund Value for a Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Fund’s value from the Initial Fund Value. While the Fund seeks to limit losses to 15% for shareholders who hold Fund shares for an entire Target Outcome Period, there is no guarantee it will successfully do so. An investment in the Fund is only appropriate for shareholders willing to bear those </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">losses. Despite the intended floor, a shareholder could lose their entire investment. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The returns of the Fund are subject to a cap of 28.06% (before fees and expenses) and 27.16% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) for the Target Outcome Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period (before fees and expenses). In the event the Bitcoin Reference Instrument experiences gains over a Target Outcome Period, the Fund seeks to provide investment returns (before fees and expenses) that match the percentage increase of the Bitcoin Reference Instrument, but any percentage gains over amount of the cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">This means that if the Bitcoin Reference Instrument experiences </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">gains for a Target Outcome Period in excess of the cap for that Target Outcome Period, the Fund will not benefit from those excess gains. Therefore, regardless of the performance of the Bitcoin Reference Instrument, the cap is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">maximum return an investor can achieve from an investment in the Fund for that Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap is set on the first day of each Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The cap is provided prior to taking into account annual Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">management fees of 0.90% of the Fund's daily net assets, brokerage commissions, trading fees, taxes and any extraordinary expenses incurred by the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Such extraordinary expenses (incurred outside of the ordinary operation of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund) may include, for example, unexpected litigation, regulatory or tax expenses. The cap could be reduced and the maximum loss incurred by the floor could be further extended if the Fund incurs extraordinary expenses or other costs and expenses that are not borne by the Advisor under its unitary management fee. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Bitcoin Reference </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Instrument volatility, and the relationship of puts and calls on the underlying Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap level and floor are a result of the design of the Fund’s principal investment strategy. In order to provide exposure to the price returns of the Bitcoin Reference Instrument, the Fund purchases a series of Options and sells a series of Options on the first day of the Target Outcome Period. As the purchaser of Options, the Fund is obligated to pay a premium to the seller of those Options. The Fund receives a premium for the sale of Options. The portfolio managers will calculate the amount of premiums that the Fund will owe on the Options acquired and the amount of premiums the Fund will collect for the Options sold and will then go into the market and sell Options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid or received per unit of the Bitcoin Reference Instrument, when combined with the U.S. Treasury securities, cash and cash equivalents is approximately equal to the price per unit of the Bitcoin Reference Instrument. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cap is the highest strike price of the sold Options. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The cap, and the Fund’s value relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">purchases Fund shares during a Target Outcome Period, and the Fund has already increased in value above its Initial Fund Value for that Target Outcome Period to a level near to the cap, an investor purchasing Fund shares will have limited to no gain potential for the remainder of the Target Outcome Period (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap). However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which they purchased Fund shares and the Initial Fund Value for the Target Outcome Period and another 15% before subsequent losses will be protected by the floor. If an investor buys Fund shares when the price exceeds the cap, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following bar chart and line graph illustrate the hypothetical returns that the combination of the U.S. Treasury securities, cash and cash equivalents, and Options seek to provide with respect to the price performance of the Bitcoin Reference Instrument in certain illustrative scenarios over the course of the Target Outcome Period. The hypothetical cap level in the bar chart and line graph below is for illustration only and the actual cap may be different. The bar chart and line graph do not take into account payment by the Fund of fees and expenses. The bar chart and line graph only provide an example of the Fund's desired outcomes for investors holding through the entire Target Outcome Period, and are not necessarily indicative of Fund performance. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The graph above represents the Fund’s hypothetical intended return profile based upon the performance of the Bitcoin Reference Instrument. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The hypothetical cap level in the graphs above is for illustration only and the actual cap may be different. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">In the graph above, the dotted line represents the Bitcoin Reference Instrument’s performance, and the blue and orange lines represent the return profile gross of fees and expenses sought by the Fund in relation to the Bitcoin Reference Instrument’s indicated performance. The blue line positioned from -15% and rising above 0% represents the price return of the Bitcoin Reference Instrument and the orange line represents the 15% floor.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Investors purchasing shares of the Fund during a Target Outcome Period will experience different results. The Fund’s website, http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFJA, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, if purchased on that date and held through </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">the end of the Target Outcome Period, including the Fund’s value relative to the cap and floor. Before purchasing Fund shares, an investor should visit the Fund's website to review this information and understand the possible outcomes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">of an investment in Fund shares on a particular day and held through the end of the Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the "</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">1940 Act</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">"). The Fund will not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. Nevertheless, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund may invest more than 25% of its total assets in investments that provide exposure to bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">General Information on Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For each Target Outcome Period, the Fund may invest in both purchased and written put and call Options that reference the Bitcoin Reference Instrument. Because the value of the Fund is based on Options that reference the Bitcoin Reference Instrument and not the Bitcoin Reference Instrument directly, variations in the value of the Options impact the correlation between the Fund’s NAV and the price of the Bitcoin Reference Instrument. The Options that the Fund will hold that reference the Bitcoin Reference Instrument will give the Fund the right or the obligation to either receive or deliver a cash payment on the Option expiration date based upon the difference between the Bitcoin Reference Instrument's value and a strike price, depending on whether the Option is a put or call Option and whether the Fund purchases or sells the Option. The Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">held by the Fund are European style options, which are exercisable at the strike price only on the Option expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will generally, under normal conditions, hold multiple kinds of Options for each Target Outcome Period. The Fund may purchase call Options and put Options, while simultaneously selling (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, writing) call Options and put Options. The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">intends to structure the Options so that any amount owed by the Fund on the written Options will be covered by payouts at expiration from the purchased Options and the U.S. Treasury securities and cash and cash equivalents. As a result, the Options will be fully covered and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written Options and pays premiums in exchange for the purchased Options. The Options Clearing Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“OCC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and securities exchanges on which the listed Options and FLEX Options are listed do not charge ongoing fees to writers </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or purchasers of the listed options and FLEX Options during their life for continuing to hold the option contracts, but may charge transaction fees. Each of the Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the Options purchased and sold on the first day of the Target Outcome </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Period, subject to the Fund's investment in Options on The Cboe Mini Bitcoin U.S. ETF Index, as described below. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and Options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the section entitled "Fund Investments" below. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">due to bankruptcy or other adverse reasons. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Traditional exchange-listed Options have standardized terms, such as the type, the reference asset, the strike price and expiration date. Exchange-listed Options are also guaranteed for settlement by the OCC. Over-the-counter Options are options that are exchanged between private parties in the over-the-counter market rather than on exchanges. Over-the-counter Options are not executed and settled through clearinghouses, which may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract. Additionally, any deterioration in a counterparty’s creditworthiness could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adversely affect the option. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On the Option’s expiration date, the Fund intends to sell the Options prior to their expiration or cash-settle the Options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">use the resulting proceeds to purchase new Options for the next Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Additional Information on Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer bitcoin network, a decentralized network of computers that operates on cryptographic protocols (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Bitcoin network”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The ownership of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the “bitcoin protocol.” Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the Bitcoin network and maintain the Bitcoin network’s security are compensated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">through the issuance of new bitcoin and through transaction fees paid by users in bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">end-user-to-end-user transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Bitcoin Reference Instrument </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin ETP Indexes that the Fund may utilize as the Bitcoin Reference Instrument include: Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index. The Bitcoin ETPs that the Fund may utilize as the Bitcoin Reference Instrument include: iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF and ARK 21Shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bitcoin ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">For additional information on the Bitcoin Reference Instruments, please see the section entitled "Additional Information on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund's Investment Objective and Strategies." </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Bitcoin Reference Instrument for the current Target Outcome Period is the Cboe Bitcoin U.S. ETF Index. The Fund may also invest in Options based on the Cboe Mini Bitcoin U.S. ETF Index. The Cboe Mini Bitcoin U.S. ETF Index is based on 1/10th </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the value of the Cboe Bitcoin U.S. ETF Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Bitcoin Reference Instrument is subject to the informational requirements of the Securities Exchange Act of 1934, the Bitcoin Reference Instrument must file reports and other information with the Securities and Exchange Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“SEC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">regarding the Bitcoin Reference Instrument that files electronically with the SEC and state the address of that site </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(http://www.sec.gov). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Subsequent Target Outcome Periods </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will alert existing shareholders to the Bitcoin Reference Instrument and the new cap at the beginning of each new </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Target Outcome Period in the following manner: </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">1. Approximately one week prior to the end of the current Target Outcome Period, the Fund will make a sticker filing that will alert existing shareholders that the Target Outcome Period is approaching its conclusion and disclose the Bitcoin Reference Instrument and the anticipated cap range for the next Target Outcome Period. There is no guarantee that the final cap set for a Target Outcome Period will be within the anticipated cap range. This filing will be mailed to existing shareholders</span><span style="font-family:Arial;font-size:9.00pt;"> and posted on the Fund's website. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">2. Following the close of business on the last day of the Target Outcome Period, the Fund will make a sticker filing that discloses the Bitcoin Reference Instrument and the Fund’s cap for the next Target Outcome Period. This filing will be mailed to existing shareholders and posted on the Fund's website. Investors should monitor the Fund's website, set forth below, for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">information on the next Target Outcome Period. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">3. On the first day of the new Target Outcome Period, the Fund will file a full prospectus that incorporates the sticker filing from the previous evening which replaces the caps/dates associated with the previous Target Outcome Period with the caps/dates associated with the new Target Outcome Period and updates references to the Bitcoin Reference Instrument (if necessary). Correspondingly, the Fund will file a revised summary prospectus that reflects such changes. This filing will be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">posted on the Fund's website. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The information referenced above will also be available on the Fund's website at </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">http://www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=BFJA.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BITCOIN REFERENCE INSTRUMENT RISK</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The Bitcoin Reference Instrument for the current Target Outcome Period is the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Cboe Bitcoin U.S. ETF Index , an index composed of Bitcoin ETPs. Bitcoin ETPs are exchange-traded investment products that seek to match the daily changes in the price of bitcoin, before the payment of its fees and expenses, and trade intra-day on a national securities exchange. Bitcoin ETPs are not registered under the 1940 Act and therefore do not provide investors with the protections afforded by 1940 Act-registered products. Shares of Bitcoin ETPs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of Options that reference Bitcoin ETPs is similar to the risk involved in the purchase or sale of an exchange-traded fund, and generally reflect the risks of owning the bitcoin held by the Bitcoin ETPs. Bitcoin ETPs generally determine the price of bitcoin by reference to a benchmark rate or index. Because the Fund may use Bitcoin ETPs to get its exposure to the price of bitcoin, the risk exists that the value of Bitcoin ETPs will deviate from the price of bitcoin. The Bitcoin ETPs have a short trading history and may be subject to volatility risk, as well as the risks discussed in "Bitcoin Risk" set forth below. Brokerage, tax and other expenses may negatively impact the performance of the Bitcoin ETPs and, in turn, the value of the Fund’s shares. Additionally, the Fund is subject to additional risks associated with the calculation of a Bitcoin ETP Index. Specifically, there is no assurance that the index provider of the index will compile the index accurately, or that the index will be determined, composed or calculated accurately. There is no guarantee that the index will operate in line with its methodology and the returns of the index may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not accurately reflect the returns of bitcoin.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">BITCOIN RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Volatility Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">and uncertainty. The further development of the Bitcoin network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin network </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or the acceptance of bitcoin may adversely affect the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Risk of Loss.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">that impact the digital asset trading venues on which bitcoin trades. The Bitcoin blockchain may contain flaws that can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be exploited by hackers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Whale Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A significant portion of bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence and have the ability to manipulate the price of bitcoin. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Unregulated Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">bitcoin and the digital asset trading venues on which it trades are largely unregulated, could be determined to be operating out of compliance with regulation and highly fragmented. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of bitcoin. The Fund may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which bitcoin trades. Such actions could significantly reduce the number of venues upon which bitcoin trades and could negatively impact bitcoin exchange-traded products that invest directly or indirectly in bitcoin. In addition, digital asset trading venues, bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of bitcoin and consequently a reduction in the value of bitcoin, bitcoin exchange-traded products and shares of the Fund. Such occurrences could also impair the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to meet its investment objective pursuant to its investment strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">51% Attack Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin network is maintained and secured by a group of validators who “mine” bitcoin, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">involves contributing computer power to the Bitcoin network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the Bitcoin network (a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“51% Attack”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), even temporarily, they would have the ability to block new transactions from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, a 51% Attack </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">would significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Fork Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A blockchain is a distributed ledger that is updated, shared and maintained across many computers in a network. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– or if groups adopt different upgrades – this can result in a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">“fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the bitcoin community could not agree on whether or not to adopt an upgrade to the bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name bitcoin for its blockchain and held bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of bitcoin, and thereby the value of bitcoin exchange-traded products. Additionally, a hack of the Bitcoin blockchain or one or more projects that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of bitcoin, whether it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">leads to another hard fork or not, and thereby the value of bitcoin exchange-traded products. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0.00%;">Adoption Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Bitcoin blockchain and its native crypto asset, bitcoin, face numerous challenges to gaining widespread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in bitcoin’s price, which has been and may continue to be substantially dependent on speculation. It is not clear that the Bitcoin blockchain or bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and bitcoin as an alternative payment system, and thereby negatively impact the price of bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, thereby negatively impact the price of bitcoin. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and bitcoin, and thereby negatively impact the price of bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– including hacks, bugs, or failures – could introduce risk or harm confidence </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">in the bitcoin ecosystem, which could negatively impact the price of bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains or adopt other blockchains that support more advanced applications and use cases than the Bitcoin blockchain, such as those specifically designed to support the development, deployment and operation of smart contracts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Ethereum blockchain), which could negatively impact the transaction activity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price of bitcoin. If these or other developments negatively impact the price of bitcoin, this would negatively impact the value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BOX SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A Box Spread is an offsetting set of options that have risk and return characteristics similar to cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">equivalents. A Box Spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is that it seeks to eliminate market risk tied to price movements associated with the underlying options’ reference asset. Once the Box Spread is initiated, its return from the initiation date through expiration will not change due to price movements in the underlying options’ reference assets. The Fund may purchase Box Spreads on various indices or securities based on risk and return considerations. If one or more of the individual option positions that comprise a Box Spread are modified or closed separately prior to the option contract’s expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying reference asset’s price movement. Furthermore, the Box Spread’s value is derived in the market and is in part based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. The Fund’s ability to utilize Box Spreads effectively is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices. If the Box Spread does not work as intended, the Fund could have exposure to the underlying reference asset of the options comprising the Box Spread, which is expected to be the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. In such a scenario, the Fund would be subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of equity securities markets. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or when political or economic events affecting an issuer occur.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rises above the strike price. As the purchaser of a call Option, the Fund will generally only exercise the Option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the Option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAP CHANGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the same for consecutive Target Outcome Periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CAPPED UPSIDE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s strategy seeks to provide returns (before fees and expenses) that match those of the Bitcoin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Reference Instrument for Fund shares purchased on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor likely will not match those that the Fund seeks to achieve. If the Bitcoin Reference Instrument experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period and the Fund has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their Fund shares (because the investor’s potential gain will be limited to the difference between the Fund’s NAV on the date the investor purchased the Fund shares and the cap), however, the investor will remain vulnerable to downside risks. If an investor buys Fund shares when the price exceeds the cap, an investor will not experience any gain regardless of the performance of the Bitcoin Reference Instrument. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Bitcoin Reference Instrument over time because at the end of each Target Outcome Period, a new cap will be established based on the then current price of the Bitcoin Reference Instrument and any gains above the prior cap will be forfeit. Moreover, the annual imposition of a new cap on future gains may make it difficult to recoup any losses from prior Target Outcome Periods such that, over multiple Target Outcome Periods, the Fund may have losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exceed those of the Bitcoin Reference Instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the Options. As a result, the ability of the Fund to meet its objective depends on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. 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. Additionally, challenges in commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational, information security and related risks through breaches in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers. Cyber security incidents may also trigger Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock. Debt securities held by the Fund may be subject to amendments, waivers, or exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET INDUSTRY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The digital asset industry is a new, speculative, and still-developing industry that faces many </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks. In this emerging environment, events that are not directly related to the security or utility of the Bitcoin blockchain can nonetheless precipitate a significant decline in the price of bitcoin. For instance, in May 2022, the collapse of the algorithmic stablecoin TerraUSD and its paired crypto asset LUNA destroyed an estimated $60 billion in value in the crypto ecosystem. Although TerraUSD and LUNA operated on their own blockchain (the “Terra” blockchain), the events nonetheless contributed to a sharp decline in the price of bitcoin, which fell 16% from May 1, 2022 to May 31, 2022. As another example, in November 2022, FTX Trading Ltd. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">– an offshore digital asset trading venue specializing in crypto derivatives – collapsed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and filed for bankruptcy. While a small fraction of total global trading volume in bitcoin and related derivatives took place on FTX-related venues, the company’s collapse nonetheless contributed to a significant decline in the price of bitcoin, which fell 16%, in November 2022. Additional instability, failures, bankruptcies or other negative events in the digital asset industry, including events that are not necessarily related to the security or utility of the Bitcoin blockchain, could similarly negatively </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">impact the price of bitcoin, and thereby bitcoin exchange-traded products.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIGITAL ASSET REGULATORY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">legislative or regulatory developments could significantly harm the value of bitcoin exchange-traded products or the Fund’s Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoin, validating or mining activity, digital wallets, the provision of services related to trading and custodying digital assets, the operation of the Bitcoin network or the digital asset markets generally. It is also possible that some of the digital assets to which the Fund may have significant exposure may be determined to be a security or offered or sold as a security under federal and state laws. Such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrences could also impair the Fund’s ability to meet its investment objective pursuant to its investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded Options, non-customized Options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOOR RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no guarantee that the Fund will be successful in its strategy to provide a maximum loss of 15% </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of Bitcoin Reference Instrument losses if the Bitcoin Reference Instrument decreases over the Target Outcome Period by greater than 15%. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns (before fees and expenses) that match the price return of the Bitcoin Reference Instrument (up to the cap), while preventing losses in excess of the floor, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. In the event an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the floor that the Fund seeks to provide may not be available. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">If an investor purchases </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the Initial Fund Value, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">that investor may experience losses that exceed 15% prior to gaining the protection offered by the floor.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NEW FUND RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is new and has no performance history or assets as of the date of this prospectus. The Fund expects </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to have fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure, </span><span style="font-family:Arial;font-size:9.00pt;">and in turn, the Fund’s returns for limited periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. These errors or failures may adversely affect the Fund’s operations, including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions. The Fund relies on third-parties for a range of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of Options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of Options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of Options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of Options and their </span><span style="font-family:Arial;font-size:9.00pt;">underlying securities and there may at times not be a liquid secondary market for certain Options.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Options held by the Fund will be exercisable at the strike price only on their expiration date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Prior to the expiration date, the value of the Options will be determined based upon market quotations or using other recognized pricing methods. The Options are also subject to correlation risk, meaning the value of the Options does not increase or decrease at the same rate as the Bitcoin Reference Instrument (although they generally move in the same direction) or its underlying securities. The value of the Options prior to the expiration date may vary because of factors other than the value of the Bitcoin Reference Instrument, such as interest rate changes, changing supply and demand, decreased liquidity of the Options, a change in the actual and perceived volatility of the stock market and the Bitcoin Reference Instrument and the remaining time to expiration. Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Option will require more reliance on the investment adviser’s judgment than that required for securities for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which there is an active trading market. This creates a risk of mispricing or improper valuation of the </span><span style="font-family:Arial;font-size:9.00pt;">Option which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PUT OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of put options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a put option, the Fund will lose money if the value of the reference index or security falls </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a put option, the Fund will have no control over the exercise of the option by the option holder. As the purchaser of a put option, the Fund will generally only exercise the option if the value of the reference index or security falls below the strike price. If the value of the reference index or security does not fall below the level of the strike price, the option is likely to expire worthless. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the put option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than </span><span style="font-family:Arial;font-size:9.00pt;">other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated Investment company” (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), however, the federal income </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's Options strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Code"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in offsetting positions with respect to the Bitcoin Reference Instrument may affect the character of gains or losses realized by the Fund under the Code’s “straddle” rules and may increase the amount of short-term capital gain realized by the Fund. Certain options the Fund holds may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the Options as the </span><span style="font-family:Arial;font-size:9.00pt;">referenced asset or in the case of Options on an index, the issuers of the securities underlying the index, which, assuming </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the Options is not appropriately the referenced asset or the issuers of </span><span style="font-family:Arial;font-size:9.00pt;">the securities underlying the index, the Fund could lose its own status as a RIC. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund intends to treat the income it derives from gains on options referencing the Bitcoin ETPs and indexes of Bitcoin ETPs as “qualifying income” for purposes of the RIC qualification rules under Subchapter M of the Code. It has adopted this position in reliance on an opinion obtained from counsel that income from such investments should constitute “qualifying income,” as the Bitcoin ETPs and indexes of Bitcoin ETPs referenced by the options constitute “securities” under Section 2(a)(36) of the 1940 Act. However, this opinion is not binding upon the Internal Revenue Service (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“IRS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). If the IRS were to successfully </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">assert that the Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a RIC under Subchapter M if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">losses for, Fund shareholders.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">On November 15, 2024, the U.S. Commodity Futures Trading Commission issued a staff advisory concluding that it is likely that the options and the interests in the Bitcoin ETPs referenced by the options would be judicially held to be a security. In 2009, the IRS adopted the position that, in determining the income and diversification tests of a RIC under Section 851 of the Code, the grantor trust rules of I.R.C. § 671, et seq, are applied before the definition of security is applied in I.R.C. § 851. In 2016, the IRS announced that it viewed determining the definition of security for the purposes of I.R.C. § 851 was more properly in the jurisdiction of the SEC. In 2023, the U.S. Supreme Court indicated that federal administrative agencies no longer needed to be given deference merely because their position was reasonable if the position of the agency is not consistent with the statute. Although the IRS has not formally announced a change in position in regard to whether the grantor trust rules are applied first, the combination of the 2016 announcement and the 2023 Supreme Court decision suggest that the best interpretation of the statute is to apply I.R.C. § 851’s plain language. If the grantor trust rules are applied first in reference to the Bitcoin ETPs or indexes of Bitcoin ETPs and the options, the options would reference bitcoin. Although the issue is not free from doubt, it is likely that bitcoin would be classified as a commodity for purposes of I.R.C. § 851 and produce income that would not be qualifying income under the RIC tests. However, under the plain language of the statute, gains from securities (as determined under the 1940 Act) are qualifying income. Options on publicly traded grantor trusts are securities for the </span><span style="font-family:Arial;font-size:9.00pt;">purposes of the 1940 Act. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund's RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist the Fund in meeting its target outcome. See “Federal Tax Matters” below for more </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">information. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TARGET OUTCOME PERIOD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment strategy is designed to deliver returns (before fees and expenses) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that match the Bitcoin Reference Instrument if Fund shares are bought on the day on which the Fund enters into the Options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the first day of a Target Outcome Period) and held until those Options expire at the end of the Target Outcome Period </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to the cap. In the event an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor’s investment in Fund shares may not be partially </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">protected against a decline in the value of the Bitcoin Reference Instrument and may not participate in a gain in the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Bitcoin Reference Instrument up to the cap for the investor’s investment period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”).The Fund's contractual management fee absent any breakpoints is 0.40%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. On December 22, 2025, the Fund’s underlying index changed from the Nasdaq-100 Equal WeightedTM Index to the Nasdaq-100 Select Equal WeightTM Index. Therefore, any Fund performance and historical returns shown above that incorporate Fund performance prior to December 22, 2025 reflect performance of the Fund based on the Nasdaq-100 Equal WeightedTM Index and are not necessarily indicative of the performance that the Fund, based on the Nasdaq-100 Select Equal WeightTM Index, would have generated. The Nasdaq-100 Select Equal WeightTM Index began operations on June 23, 2025. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. “Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”).The Fund's contractual management fee absent any breakpoints is 0.30%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.45% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”).The Fund's contractual management fee absent any breakpoints is 0.40%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.60% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.70% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. On April 29, 2022, the Fund's underlying index changed from the Nasdaq AlphaDEX® Total US Market Index to The Dividend StrengthTM Index. Therefore, the Fund’s performance and total returns shown are not necessarily indicative of the performance the Fund, based on its current index, would have generated. Because the Fund’s underlying Index has an inception date of March 7, 2022, performance data for the Index is not available for all periods shown in the table because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.50% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. On November 6, 2008, the Fund’s underlying index changed from the S&P REIT Composite Index to the S&P United States REIT Index. Effective December 31, 2008, the S&P REIT Composite Index was discontinued. Therefore, the Fund’s performance and historical returns shown for the periods prior to November 6, 2008, are not necessarily indicative of the performance that the Fund, based on its current Index, would have generated. The inception date of the Index was June 30, 2008. Returns for the Index are only disclosed for those periods in which the Index was in existence for the whole period. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”).The Fund's contractual management fee absent any breakpoints is 0.50%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.65% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. On June 4, 2013, the Fund’s underlying index changed from the Credit Suisse U.S. Value Index, Powered by HOLTTM to The Capital StrengthTM Index. Therefore, the Fund’s performance and historical returns shown for the periods prior to June 4, 2013, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Fund’s new underlying index had an inception date of March 20, 2013, it was not in existence for some of the periods disclosed. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”).The Fund's contractual management fee absent any breakpoints is 0.50%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed 0.70% of its average daily net assets (the “Expense Cap”) at least through April 30, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after April 30, 2027 upon 60 days’ written notice. On December 15, 2006, the Fund acquired the assets and adopted the financial and performance history of First Trust Value Line® Dividend Fund (the “Predecessor FVD Fund,” a closed-end fund), which had an inception date of August 19, 2003. The inception date total returns at Net Asset Value (“NAV”) include the sales load of $0.675 per share on the initial offering. The investment goals, strategies and policies of the Fund are substantially similar to those of the Predecessor FVD Fund. The inception date of the Index was July 3, 2006. Returns for the Index are only disclosed for those periods in which the Index was in existence for the entire period. The cumulative total returns for the period from the reorganization date (12/15/06) through period end (12/31/25) were 341.52% and 343.63% at NAV and Market Price, respectively. That compares to an Index return of 411.85% for the same period. The average annual total returns for the period from the reorganization date (12/15/06) through period end (12/31/25) were 8.11% and 8.14% at NAV and Market Value, respectively. That compares to an Index return of 8.95% for the same period. Performance data is not available for all the periods shown in the table because performance data does not exist for the periods shown. “Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year. “Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.