The First Trust Nasdaq Semiconductor ETF is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Funds fees and expenses, of an index called the Nasdaq US Smart Semiconductor Index. The Fund seeks to replicate the holdings and weightings of the Nasdaq US Smart Semiconductor Index so as to generate performance results 95% correlated to that of the Nasdaq US Smart Semiconductor Index.