First Trust Dorsey Wright Dynamic Focus 5 ETF

The investment seeks investment results that correspond to the price and yield of an index called the Dorsey Wright Dynamic Focus Five Index. The fund will normally invest at least 80% of its net assets in the ETFs and cash equivalents that comprise the index. The index is designed to provide targeted exposure to the five First Trust sector and industrybased ETFs that the index determines offer the greatest potential to outperform the other First Trust sector and industrybased ETFs and that satisfy certain trading volume and liquidity requirements. It is nondiversified. The fund will normally invest at least 80% of its net assets in the ETFs and cash equivalents that comprise the index. The index is designed to provide targeted exposure to the five First Trust sector and industry-based ETFs that the index determines offer the greatest potential to outperform the other First Trust sector and industry-based ETFs and that satisfy certain trading volume and liquidity requirements.