Fund Description: First Trust Enhanced Short Maturity 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 Enhanced Short Maturity ETF seeks to provide current income. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor, First Trust Advisors L.P., has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed- and variable-rate instruments (collectively, Fixed Income Securities) issued by U.S. and non-U.S. public and private sector entities. Fixed Income Securities will include the following types of fixed- and variable-rate debt securities: corporate and government bonds and notes; agency securities; instruments of non-U.S. issuers in developed markets; privately issued securities; asset-backed securities; mortgage-related securities; municipal bonds; and money market securities. The Fund's holdings are systematically monitored for meaningful changes in performance and risk measures. At least 80% of the Fund's net assets will be invested in Fixed Income Securities that are, at the time of purchase, investment grade. Under normal market conditions, the Fund's average duration is expected to be below one year and the average maturity of the Fund's portfolio is expected to be below three years. The Fund may invest in asset-backed securities, including mortgage-related securities. The Fund may invest up to 20% of its net assets in floating rate loans. The Fund may invest in investment companies, such as exchange-traded funds (ETFs), that invest primarily in Fixed Income Securities. FUND MANAGEMENT: First Trust Advisors L.P. serves as investment advisor to the Fund.