First Trust IPOX (R) Europe Equity Opportunities ETF (FPXE) Exchange: NASDAQ

The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts 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's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned, developed, maintained and sponsored by IPOX® Schuster LLC (the "Index Provider"). 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 constituent inclusion, exclusion and weighting.The Index seeks to measure the performance of the equity securities of the 100 largest and typically most liquid initial public offerings ("IPOs") (including spin-offs and equity carve-outs) of companies that are economically tied to Europe. The Index considers a company to be economically tied to Europe if it is both (i) legally domiciled in Europe; and (ii) issues securities that trade on an accessible developed European securities exchange. An IPO is a public offering in which the shares of stock in a company are sold to the general public for the first time on an exchange. The Index measures the performance of a company's equity securities for the 1,000 trading days following its IPO. A company is eligible for inclusion in the Index on the close of the 6th trading day following its IPO and is eligible to remain in the Index until the close of the 1,000th trading day. The IPOX® Global Composite Index (the "Base Index") serves as the initial universe for the Index. The Base Index is a market capitalization-weighted index which seeks to provide exposure to the aftermarket performance of the global IPO market. Securities issued by companies without a minimum market capitalization of $50 million on the close of the first trading day following the IPO, companies with less than 15% public float at the IPO and companies that experience abnormally large "underpricing" in their IPO are not eligible for inclusion in the Base Index.The Index is selected by first excluding all securities comprising the Base Index that are issued by companies not domiciled in Europe or whose securities do not trade on an accessible developed European securities exchange. To be eligible for inclusion in the Index, a company must be domiciled and have its securities trade in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland, the Netherlands or the United Kingdom. The Index also excludes all securities that do not have a minimum average daily equity turnover of €2.5 million. The remaining securities are then ranked according to market capitalization. The 100 securities with the largest market capitalizations are included in the Index. The Index may be composed of securities issued by small, mid and large capitalization companies. While the Index is market-capitalization weighted, individual securities are capped at a weight of 10% and those securities with a weight of greater than 4% are capped at a cumulative weight of 40%.The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index's quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of December 31, 2019, the Fund had significant investments in health care companies and European issuers, although this may change from time to time. 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. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act").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 and publishing the Index, in each case without the consent of the Fund, the Advisor or the Fund's shareholders.