FIRST TRUST EXCHANGE-TRADED FUND V
                       120 EAST LIBERTY DRIVE, SUITE 400
                            WHEATON, ILLINOIS 60187



                                 July 18, 2013



VIA EDGAR CORRESPONDENCE
------------------------

Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549


   Re:   First Trust Morningstar Managed Futures Strategy Fund (the "Fund")
         ------------------------------------------------------------------

Ladies and Gentlemen:

      The undersigned, First Trust Exchange-Traded Fund V (the "Registrant") and
First Trust Portfolios L.P., the principal underwriter of the Fund, pursuant to
the provisions of Rule 461 of the General Rules and Conditions of the Securities
and Exchange Commission (the "Commission") under the Securities Act of 1933, as
amended, hereby respectfully request that the Commission grant acceleration of
the effectiveness of Pre-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (Registration No. 333-181507), filed on July
18, 2013, so that the same may become effective at 3:00 p.m., Eastern Time on
July 19, 2013, or as soon thereafter as practicable.



                                          Very truly yours,

                                          First Trust Exchange-Traded Fund V

                                          By: /s/ W. Scott Jardine
                                              -------------------------------
                                              W. Scott Jardine, Secretary


                                          First Trust Portfolios L.P.

                                          By: /s/ W. Scott Jardine
                                              -------------------------------
                                              W. Scott Jardine, Secretary