First Trust Alternative Absolute Return Strategy ETF (FAAR)

First Trust Global Tactical Commodity Strategy Fund (FTGC)

First Trust Hedged BuyWrite Income ETF (FTLB)

First Trust Managed Futures Strategy Fund (FMF)

First Trust North American Energy Infrastructure Fund (EMLP)

EquityCompass Tactical Risk Manager ETF (TERM)

First Trust RiverFront Dynamic Asia Pacific ETF (RFAP)

First Trust RiverFront Dynamic Developed International ETF (RFDI)

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)

First Trust RiverFront Dynamic Europe ETF (RFEU)

First Trust Preferred Securities and Income ETF (FPE)

First Trust Institutional Preferred Securities and Income ETF (FPEI)

First Trust SSI Strategic Convertible Securities ETF (FCVT)

First Trust CEF Income Opportunity ETF (FCEF)

First Trust Horizon Managed Volatility Domestic ETF (HUSV)

First Trust Horizon Managed Volatility Developed International ETF (HDMV)

First Trust Emerging Markets Local Currency Bond ETF (FEMB)

First Trust Enhanced Short Maturity ETF (FTSM)

First Trust Long Duration Opportunities ETF (LGOV)

First Trust Low Duration Opportunities ETF (LMBS)

First Trust Low Duration Strategic Focus ETF (LDSF)

First Trust TCW Opportunistic Fixed Income ETF (FIXD)

First Trust TCW Unconstrained Plus Bond ETF (UCON)

First Trust California Municipal High Income ETF (FCAL)

First Trust Municipal CEF Income Opportunity ETF (MCEF)

First Trust Short Duration Managed Municipal ETF (FSMB)

First Trust Ultra Short Duration Managed Municipal ETF (FUMB)

First Trust Alternative Absolute Return Strategy ETF (FAAR)

First Trust Global Tactical Commodity Strategy Fund (FTGC)

First Trust Hedged BuyWrite Income ETF (FTLB)

First Trust Managed Futures Strategy Fund (FMF)

First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)

First Trust Dorsey Wright International Focus 5 ETF (IFV)

First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)

First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)

First Trust Dorsey Wright Momentum & Value ETF (DVLU)

First Trust Dorsey Wright Peoples Portfolio ETF (DWPP)

First Trust RiverFront Dynamic Asia Pacific ETF (RFAP)

First Trust RiverFront Dynamic Developed International ETF (RFDI)

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)

First Trust RiverFront Dynamic Europe ETF (RFEU)

First Trust Dorsey Wright Peoples Portfolio ETF (DWPP)

First Trust Dow Jones Global Select Dividend Index Fund (FGD)

First Trust Morningstar Dividend Leaders Index Fund (FDL)

First Trust NASDAQ Technology Dividend Index Fund (TDIV)

First Trust North American Energy Infrastructure Fund (EMLP)

First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)

First Trust Rising Dividend Achievers ETF (RDVY)

First Trust S&P International Dividend Aristocrats ETF (FID)

First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)

First Trust STOXX® European Select Dividend Index Fund (FDD)

First Trust Value Line® Dividend Index Fund (FVD)

First Trust CEF Income Opportunity ETF (FCEF)

First Trust Hedged BuyWrite Income ETF (FTLB)

First Trust Institutional Preferred Securities and Income ETF (FPEI)

First Trust Preferred Securities and Income ETF (FPE)

First Trust SSI Strategic Convertible Securities ETF (FCVT)

Multi-Asset Diversified Income Index Fund (MDIV)

First Trust Emerging Markets Local Currency Bond ETF (FEMB)

First Trust Enhanced Short Maturity ETF (FTSM)

First Trust Long Duration Opportunities ETF (LGOV)

First Trust Low Duration Opportunities ETF (LMBS)

First Trust Low Duration Strategic Focus ETF (LDSF)

First Trust TCW Opportunistic Fixed Income ETF (FIXD)

First Trust TCW Unconstrained Plus Bond ETF (UCON)

First Trust California Municipal High Income ETF (FCAL)

First Trust Municipal CEF Income Opportunity ETF (MCEF)

First Trust Short Duration Managed Municipal ETF (FSMB)

First Trust Ultra Short Duration Managed Municipal ETF (FUMB)

First Trust Consumer Discretionary AlphaDEX® Fund (FXD)

First Trust NASDAQ Global Auto Index Fund (CARZ)

First Trust Consumer Staples AlphaDEX® Fund (FXG)

First Trust Nasdaq Food & Beverage ETF (FTXG)

First Trust Indxx Global Natural Resources Income ETF (FTRI)

First Trust NASDAQ® ABA Community Bank Index Fund (QABA)

First Trust Nasdaq Pharmaceuticals ETF (FTXH)

First Trust NYSE Arca Biotechnology Index Fund (FBT)

First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)

First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund (GRID)

First Trust RBA American Industrial Renaissance™ ETF (AIRR)

First Trust Indxx Global Agriculture ETF (FTAG)

First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund (FFR)

First Trust Dow Jones International Internet ETF (FDNI)

First Trust Dow Jones Internet Index Fund (FDN)

First Trust Indxx Innovative Transaction & Process ETF (LEGR)

First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)

First Trust NASDAQ Technology Dividend Index Fund (TDIV)

First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)

First Trust Horizon Managed Volatility Domestic ETF (HUSV)

First Trust Large Cap Core AlphaDEX® Fund (FEX)

First Trust Large Cap Growth AlphaDEX® Fund (FTC)

First Trust Large Cap Value AlphaDEX® Fund (FTA)

First Trust Morningstar Dividend Leaders Index Fund (FDL)

First Trust Value Line® Dividend Index Fund (FVD)

First Trust Mid Cap Core AlphaDEX® Fund (FNX)

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)

First Trust Mid Cap Value AlphaDEX® Fund (FNK)

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

First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)

First Trust Small Cap Core AlphaDEX® Fund (FYX)

First Trust Small Cap Growth AlphaDEX® Fund (FYC)

First Trust Small Cap Value AlphaDEX® Fund (FYT)

First Trust Dow Jones Select MicroCap Index Fund (FDM)

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)

First Trust Multi Cap Value AlphaDEX® Fund (FAB)

First Trust Total US Market AlphaDEX® ETF (TUSA)

First Trust Value Line® 100 Exchange-Traded Fund (FVL)

Developed International Equity Select ETF (RNDM)

First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)

First Trust Dorsey Wright International Focus 5 ETF (IFV)

First Trust Dow Jones Global Select Dividend Index Fund (FGD)

First Trust Emerging Markets AlphaDEX® Fund (FEM)

First Trust International Equity Opportunities ETF (FPXI)

First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)

First Trust IPOX® Europe Equity Opportunities ETF (FPXE)

First Trust Latin America AlphaDEX® Fund (FLN)

First Trust STOXX® European Select Dividend Index Fund (FDD)

First Trust India NIFTY 50 Equal Weight ETF (NFTY)

First Trust United Kingdom AlphaDEX® Fund (FKU)

First Trust Dow Jones International Internet ETF (FDNI)

First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund (FFR)

First Trust Global Engineering and Construction ETF (FLM)

First Trust Indxx Global Agriculture ETF (FTAG)

First Trust Indxx Global Natural Resources Income ETF (FTRI)

First Trust NASDAQ Global Auto Index Fund (CARZ)

First Trust Dow Jones Global Select Dividend Index Fund (FGD)

First Trust S&P International Dividend Aristocrats ETF (FID)

First Trust STOXX® European Select Dividend Index Fund (FDD)

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

First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)

First Trust Horizon Managed Volatility Developed International ETF (HDMV)

First Trust RiverFront Dynamic Asia Pacific ETF (RFAP)

First Trust RiverFront Dynamic Developed International ETF (RFDI)

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)

First Trust RiverFront Dynamic Europe ETF (RFEU)

First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)

First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund (GRID)

EquityCompass Tactical Risk Manager ETF (TERM)

First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)

First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)

First Trust Dorsey Wright Momentum & Value ETF (DVLU)

First Trust Dorsey Wright Peoples Portfolio ETF (DWPP)

First Trust International Equity Opportunities ETF (FPXI)

First Trust IPOX® Europe Equity Opportunities ETF (FPXE)

First Trust Lunt U.S. Factor Rotation ETF (FCTR)

First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)

First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)

First Trust US Equity Opportunities ETF (FPX)

First Trust Value Line® 100 Exchange-Traded Fund (FVL)

First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)

First Trust Emerging Markets AlphaDEX® Fund (FEM)

First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)

First Trust Latin America AlphaDEX® Fund (FLN)

First Trust United Kingdom AlphaDEX® Fund (FKU)

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

First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)

First Trust Consumer Discretionary AlphaDEX® Fund (FXD)

First Trust Consumer Staples AlphaDEX® Fund (FXG)

First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)

First Trust Large Cap Core AlphaDEX® Fund (FEX)

First Trust Large Cap Growth AlphaDEX® Fund (FTC)

First Trust Large Cap Value AlphaDEX® Fund (FTA)

First Trust Mid Cap Core AlphaDEX® Fund (FNX)

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)

First Trust Mid Cap Value AlphaDEX® Fund (FNK)

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

First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)

First Trust Small Cap Core AlphaDEX® Fund (FYX)

First Trust Small Cap Growth AlphaDEX® Fund (FYC)

First Trust Small Cap Value AlphaDEX® Fund (FYT)

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)

First Trust Multi Cap Value AlphaDEX® Fund (FAB)

First Trust Total US Market AlphaDEX® ETF (TUSA)

First Trust ETFs Rated 4 or 5 Stars by Morningstar

Quantitative Stock Selection White Paper (PDF)

First Trust/Dow Jones Dividend & Income Allocation Portfolio

First Trust Multi Income Allocation Portfolio

First Trust Dorsey Wright Tactical Core Portfolio

–First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

–First Trust Dynamic Europe Equity Income Fund (FDEU)

–First Trust New Opportunities MLP & Energy Fund (FPL)

–First Trust Intermediate Duration Preferred & Income Fund (FPF)

–First Trust MLP and Energy Income Fund (FEI)

–First Trust Energy Infrastructure Fund (FIF)

–First Trust High Income Long/Short Fund (FSD)

–First Trust Specialty Finance and Financial Opportunities Fund (FGB)

–First Trust/Aberdeen Emerging Opportunity Fund (FEO)

–First Trust/Aberdeen Global Income Fund (FAM)

–First Trust Enhanced Equity Income Fund (FFA)

–First Trust Energy Income and Growth Fund (FEN)

–First Trust Senior Floating Rate Income Fund II (FCT)

–Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

–First Trust Preferred Securities and Income Fund

–First Trust Short Duration High Income Fund

–First Trust/Confluence Small Cap Value Fund

Financial Advisors: Request a 401(k) Proposal

First Trust/Dow Jones Dividend & Income Allocation Portfolio

The First Trust/Dow Jones Dividend & Income Allocation Portfolio (the Fund) seeks to provide total return by allocating among dividend-paying stocks and investment grade bonds.

There can be no assurance that the Funds investment objectives will be achieved.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, approximately 40-60% of its net assets in equity securities and approximately 40-60% of its net assets in fixed income securities at the time of purchase. Under normal market conditions, at the time of purchase at least 80% of the Funds net assets (including investment borrowings) will be invested in securities of issuers included in a Dow Jones index. The equity portion of the portfolio will be derived from a quantitative process that seeks to provide total return through investing generally in dividend paying stocks included in the

.The Funds investment advisor reserves the right to over-weight, under-weight or exclude certain securities from the portfolio that would otherwise be selected pursuant to the quantitative process in certain instances.

The fixed income component seeks to provide income and preserve capital through investing in a diversified investment grade bond portfolio. Investment grade bonds are those bonds rated BBB- or higher by Standard & Poors Financial Services LLC or Fitch, Inc. or Baa3 or higher by Moodys Investors Service, Inc. at the time of purchase. Under normal market conditions, at the time of purchase approximately 80% of the net assets of the Fund allocated to corporate bonds will be invested in: investment grade bonds included in the

Dow Jones Equal Weight U.S. Issued Corporate Bond Index

and other investment grade bonds of issuers whose securities are included in the Bond Index; and investment grade bonds of issuers included in the

. The Fund may also invest in U.S. government and agency securities, including mortgage-backed securities. The Fund may, at certain times, also hold exchange-traded funds that invest in investment grade corporate bonds and U.S. government bonds in lieu of investing directly in bonds.

The Fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products.

Expenses are capped contractually at 1.20% per year, at least until May 01, 2020.

Please note: The above holdings are as of a % of Total Investments

Past performance is not indicative of future results.

Top Fixed-Income Holdings by Issuer (as of 8/30/2019)

Please note: The above holdings are as of a % of Total Investments

Fixed-Income Credit Ratings Breakdown (as of 8/30/2019)

The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poors Rating Group, a division of the McGraw Hill Companies, Inc., Moodys Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest ratings are used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

Fund expenses and return figures do not reflect the deduction of sales charges or other expenses associated with variable products. If such fees were included, expenses would be higher and the performance would be lower. The Funds performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

**Indexes are unmanaged and an investor cannot invest directly in an index. Any Benchmarks or Indexes shown reflect no deduction for fees, expenses, or taxes.

Bloomberg Barclays U.S. Corporate Investment Grade Index – The Index measures the performance of investment grade U.S. corporate bonds. The index includes all publicly issued, dollar-denominated corporate bonds with a minimum of $250 million par outstanding that are investment grade-rated (Baa3/BBB- or higher). The index excludes bonds having less than one year to final maturity as well as floating rate bonds, non-registered private placements, structured notes, hybrids, and convertible securities.

Russell 3000® Index – The Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.

Blended Benchmark – The Benchmark return is a 50/50 split between the Russell 3000®Index and the Bloomberg Barclays U.S. Corporate Investment Grade Index returns.

The NAV represents the funds net assets (assets less liabilities) divided by the funds outstanding shares .

Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-PORT Part F) that are based on trade date recording of security transactions. Holdings are subject to change.

You should consider the funds investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or contact First Trust Portfolios, L.P. at 1- to request a prospectus, which contains this and other information about the fund. Read it carefully before you invest.

The Funds shares will change in value and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that the Funds investment objective will be achieved.

The Fund is subject tomarket risk. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value.Actively managedfunds are subject to the risk that the advisor or sub-advisor will apply investment techniques that may not have the desired result.Equity securitiesfluctuate for a variety of reasons including investors perceptions of the financial condition of an issuer or the general condition of the relevant stock market.Financial services companiesare subject to the adverse effects of economic recession, government regulation, decreases in the availability of capital, volatile interest rates, and competition from new entrants in their fields of business.Industrials companiesare subject to risks including 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. The Fund invests insmall-capitalizationandmid-capitalizationcompanies. Such companies may experience greater price volatility than larger, more established companies. Certain securities held by the Fund are subject tocredit risk, call risk, income risk, inflation risk, interest rate risk, prepayment risk, andextension risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating rate loans because companies that issue such loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Income risk is the risk that income from the Funds fixed-income investments could decline during periods of falling interest rates. Inflation risk is the risk that the value of assets of income from investments will be less in the future as inflation decreases the value of money. Interest rate risk is the risk that the value of the fixed-income securities in the Fund will decline because of rising market interest rates. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in the Funds income. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates.Debt securitiesgenerally do not trade on a securities exchange making them generally less liquid and more difficult tovaluethan common stock. While securities issued or guaranteed byU.S. federal governmentagencies are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. As the use of Internet technology has become more prevalent in the course of business, the Fund has become more susceptible to potential operational risks through breaches incyber security. There is no guarantee that the issuers of the Funds equity securities will declaredividendsin the future or that, if declared, they will either remain at current levels or increase over time. The risks of owning anexchange-traded fund(ETF) generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. The Fund may not be able to sell or close out of such investments at favorable times or prices (or at all).Illiquid securitiesmay trade at a discount than more liquid investments and may be subject to wide fluctuations in market value. Mortgage-related securities, including mortgage-backed securities, are more susceptible to adverse economic, political or regulatory events that affect the value of real estate.Mortgage-related securitiesare subject to the risk that the rate of mortgage prepayments decreases, which extends the average life of a security and increases the interest rate exposure.

For additional risk factors see the Funds prospectus.

The Fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products.

The Dow Jones US Total Stock Market IndexSM, Dow Jones Equal Weight US Issued Corporate Bond IndexSMand Dow Jones Composite Average (the Indexes) are products of S&P Dow Jones Indices LLC (SPDJI), and have been licensed for use by First Trust Advisors. Standard & Poors and S&P are registered trademarks of Standard & Poors Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Advisors. First Trust Advisors First Trust/Dow Jones Dividend & Income Allocation Portfolio is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes.

Not FDIC Insured Not Bank Guaranteed May Lose Value

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial advisors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

First Trust Portfolios L.P. MemberSIPCandFINRA.