The First Trust Intermediate Duration Investment Grade Corporate ETF's (the "Fund") investment objective is to deliver current income and long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its objectives by investing at least 80% if its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. Corporate debt securities may have fixed or floating interest rates. The corporate debt securities in which the Fund may invest also include senior loans and covenant-lite loans.