FAAR — First Trust Alternative Absolute Return Strategy ETF ☆

The investment seeks to provide investors with long-term total return. The fund is an actively managed exchange-traded fund that seeks to achieve long-term total return through long and short investments in exchange-traded commodity futures contracts ("Commodity Futures") through a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the "Subsidiary"). It will not invest directly in Commodity Futures. The advisor expects to gain exposure to these investments exclusively by investing in the Subsidiary. The Subsidiary is advised by First Trust Advisors L.P., the fund's investment advisor. It is non-diversified.