Fund Description: First Trust Senior Loan Fund ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the First Trust Exchange-Traded Fund IV, an open-end investment management company. INVESTMENT OBJECTIVE: The First Trust Senior Loan Fund ETF seeks to provide high current income. FUND STRATEGY: Under normal market conditions, the Fund seeks to outperform the Primary Index, S&P/LSTA U.S. Leveraged Loan 100 Index and the Secondary Index, Markit iBoxx USD Leveraged Loan Index, by investing at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in first lien senior floating rate bank loans (Senior Loans). The Primary Index is a market value-weighted index designed to measure the performance of the largest segment of the U.S.syndicated leveraged loan market. The Primary Index consists of 100 loan facilities drawn from a larger benchmark, the S&P/LSTA Leveraged Loan Index. The Secondary Index selects the 100 most liquid Senior Loans in the market. The Fund does not seek to track either the Primary or Secondary Index, but rather seeks to outperform each of the indices. It is anticipated that the Fund, in accordance with its principal investment strategy, will invest approximately 50% to 75% of its net assets in Senior Loans that are eligible for inclusion in and meet the liquidity thresholds of the Primary and/or the Secondary Indices at the time of investment. During the initial invest-up period, the Fund may depart from its principal investment strategies and invest a larger amount or all of its assets in cash equivalents or it may hold cash. The Fund may also invest up to 20% of its net assets in (1) non-Senior Loan debt securities, which may be fixed-rate or floating rate income producing securities (including, without limitation, U.S. government debt securities and corporate debt securities), (2) warrants and equity securities issued by a borrower or its affiliates and (3) securities of other investment companies. FUND MANAGEMENT: First Trust Advisors L.P. serves as investment advisor to the Fund.