FIRST TRUST LUNT U.S. FACTOR ROTATION ETF ETF

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Lunt Capital Large Cap Factor Rotation Index. The fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks that comprise the index. The index utilizes the index provider's risk-adjusted relative strength methodology to allocate exposure to securities exhibiting either high or low levels of the characteristics associated with one of four primary investing factors: momentum, value, quality and volatility. The fund is non-diversified.