First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) Exchange: NASDAQ

The Fund will normally invest at least 90% of its net assets (including investment borrowings) in securities that comprise the Index. The Index is composed of the securities of 100 small and mid cap companies with a history of raising their dividends and exhibit the characteristics to continue to do so in the future ("Index Securities"). The Index is designed to provide access to a portfolio of small and mid capitalization income producing securities.The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. First Trust Advisors L.P., 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 and was developed by Nasdaq, Inc. (the "Index Provider"). The Index Provider also calculates and maintains the Index. The Index is designed to provide access to a diversified portfolio of small and mid cap companies with a history of paying dividends. The Index Provider defines small and mid cap companies as those in the bottom 25% of total market capitalization in the NASDAQ US Benchmark Index, a float adjusted market capitalization-weighted index designed to track the performance of U.S. equity securities. The Index methodology also considers each company's earnings growth and compares the level of cash held by the company with its debt profile. As of September 29, 2017, the Index was comprised of 100 common stocks traded on U.S. exchanges, with market capitalizations ranging from $801 million to $16.18 billion. As of September 29, 2017, the Fund had significant investments in consumer discretionary, financials and industrials companies.To be eligible for inclusion in the Index, a security must meet the following criteria:be a member of the NASDAQ US Benchmark Index (NQUSB);not be classified as Real Estate Investment Trust according to the Industry Classification Benchmark (ICB: 8670);not be classified as large cap by the Index Providerhave a minimum three-month average daily dollar trading value of $2 million;have a minimum market capitalization of $500 million;have paid a dividend in the trailing 12 months greater than the dividend paid in the trailing 12-month period three and five years prior;having earnings per share in the most recent fiscal year greater than the earnings per share the three fiscal years prior;have a cash-to-debt ratio greater than 25%; andhave a trailing 12-month payout ratio (trailing 12-month dividends per share divided by trailing 12-month earnings per share) no greater than 65%.Additional information regarding the Index, including weighting procedures, is described in this prospectus under "Index Information."The Index Provider reconstitutes the Index components annually in March of each year for eligibility, using market data through the end of December. Eligible securities for the Index are identified as such using the eligibility criteria set forth in this prospectus under "Index Information." The Index is rebalanced quarterly. Rebalancing is effective as of the market close of the third Friday in March, June, September and December. The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity. Ordinarily, a security will be removed from the Index at its last sale price.