You should consider the Funds' investment objectives, risks, and charges and expenses carefully before investing. Contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus, if applicable, which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

First Trust Capital Management is the Adviser to the Funds. The Funds are distributed by First Trust Portfolios L.P.

Investing involves risk. Principal loss is possible. Diversification does not assure a profit or protect against a loss in a declining market.

The Funds should be considered speculative investments and there is no guarantee the Funds will successfully achieve their investment objectives. The Funds are appropriate only for investors who can tolerate a high degree of risk, do not require liquid investments, and are able to sustain a complete loss of their investment.

The Funds are also subject to some or all of the following risks: limited operating history; industry concentration risk; non-diversified risk; multi-manager risk; repurchase offers; limited liquidity risk; leverage and derivative risk; legal, tax and regulatory risk; and non-qualification as a regulated investment company under the Code. Investors may also be subject to multiple levels of fees and expenses, underlying manager risk, valuation risk, high portfolio turnover risk, limited control over underlying managers, arbitrage risk, special situation risk, equity, bond and asset-backed securities risk, foreign risk, currency risk, credit risk, distressed securities risk, interest rate risk, IPO risk, small-cap risk, and credit default swaps risk. Please read the appropriate Fund’s prospectus for a detailed explanation of all Fund risks.

Each Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory prospectus and summary prospectus contain this and other important information about the investment company and may be obtained at here. Please read the prospectus carefully before investing.

The Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.