First Trust US IPO Index Fund (the Fund), formerly known as First Trust IPOX-100 Index Fund, seeks investment results that correspond generally to the price and yield of an equity index called the IPOX-100 U.S. Index (the Index). The Index is a modified value-weighted price index measuring the performance of the top 100 United States companies ranked quarterly by market capitalization in the IPOX Global Composite Index. The Index utilizes a 10% capping on all constituents and includes the 100 largest and most liquid initial public offerings (IPOs) of the United States companies in the IPOX Global Composite Index. The Index is reconstituted quarterly to reflect changes in the stock market values of the IPOX Global Composite Index constituents and IPO activity during the past quarter, with new companies entering the Index while other companies reach 1,000 days in the Index and automatically drop out. The Fund’s investment advisor is First Trust Advisors L.P.