Fund Description: First Trust US Equity Opportunities ETF, formerly First Trust IPOX-100 Index Fund, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of First Trust Exchange-Traded Fund, an open-end investment management company. INVESTMENT OBJECTIVE: The First Trust US Equity Opportunities ETF seeks investment results that correspond generally to the price and yield, before fees and expenses, of the IPOX-100 U.S. Index. INDEX DESCRIPTION: The IPOX-100 U.S. Index is a modified value-weighted price index measuring the performance of the top 100 companies ranked quarterly by market capitalization in the IPOX Composite U.S. Index. The Index utilizes a 10% capping on all constituents and includes the 100 largest, typically best performing and most liquid initial public offerings (IPOs) in the IPOX Composite U.S. Index. The IPOX Composite U.S. Index is a rules-based value-weighted index measuring the average performance of U.S. IPOs during their first 1,000 trading days. Index constituents are selected based on quantitative initial screens and range from large, mature companies and fast growing IPOs to IPOs underperforming the market. FUND STRATEGY: The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before expenses, the performance of the Index. In seeking to achieve the Fund's objective, the Fund generally will invest in all of the stocks comprising the Index in proportion to their weightings in the Index. However, under various circumstances, it may not be possible or practicable to purchase all of those stocks in those weightings. In those circumstances, the Fund may purchase a sample of stocks in the Index. There may also be instances in which the adviser may choose to overweight certain stocks in the Index, purchase securities not in the Index which the adviser believes are appropriate to substitute for certain securities in the Index, use futures or other derivative instruments or utilize various combinations of the above techniques in seeking to track the Index. The Fund may sell stocks that are represented in the Index in anticipation of their removal from the Index or purchase stocks not represented in the Index in anticipation of their addition to the Index. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment adviser for the Fund.