First Trust Dorsey Wright Momentum & Low Volatilit

The investment seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Low Volatility Index (the index). Under normal conditions, the fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the index. The index is a rules-based equity index designed to track the overall performance of the 50 stocks comprising the NASDAQ US Large Mid Index that exhibit the lowest levels of volatility while still maintaining high levels of relative strength. The fund is non-diversified.