CHAPMAN AND CUTLER LLP                                   111 WEST MONROE STREET
                                                        CHICAGO, ILLINOIS 60603


                                August 15, 2013


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


    Re:               First Trust Exchange-Traded Fund V
                   (Registration Nos. 333-181507, 811-22709)
               ------------------------------------------------


Ladies and Gentlemen:

      On behalf of the Registrant, we are filing, pursuant to Rule 485(b) of the
Securities Act of 1933 (the "Act"), the Registrant's Post-Effective Amendment
No. 1 to its registration statement (the "Amendment"). The Amendment is being
filed to submit exhibits containing interactive data format risk/return summary
information that mirrors the risk/return summary information in Pre-Effective
Amendment No. 4 to the Registrant's registration statement, as filed with the
Securities and Exchange Commission on July 23, 2013.

      We have reviewed the Amendment, and we represent that it does not contain
disclosure that would render it ineligible to become effective pursuant to Rule
485(b) under the Act.

      If we may cooperate with you in any way in the processing of the
Amendment, please telephone the undersigned at (312) 845-3484.

                                            Very truly yours,

                                            CHAPMAN AND CUTLER LLP


                                            By: /s/ Morrison C. Warren
                                                ------------------------------
                                                    Morrison C. Warren

Enclosures