# EDGAR Filing Document

**Accession Number:** 0001329377
**File Stem:** 0001445546-25-006073
**Filing Date:** 2025-9
**Character Count:** 1045580
**Document Hash:** 3743ad55b4facd221db07bcdfadfec6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-006073.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001445546-25-006073

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND
- **CENTRAL INDEX KEY:** 0001329377

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21774
- **FILM NUMBER:** 251300173

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

## Series and Classes Contracts Data

### First Trust Dow Jones Select MicroCap Index Fund (Series ID: S000010772)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000029773 | First Trust Dow Jones Select MicroCap Index Fund | FDM             |

### First Trust Morningstar Dividend Leaders Index Fund (Series ID: S000010976)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000030350 | First Trust Morningstar Dividend Leaders Index Fund | FDL             |

### First Trust US Equity Opportunities ETF (Series ID: S000010977)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000030351 | First Trust US Equity Opportunities ETF | FPX             |

### First Trust NASDAQ-100 Equal Weighted Index Fund (Series ID: S000011047)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000030477 | First Trust NASDAQ-100 Equal Weighted Index Fund | QQEW            |

### First Trust NASDAQ-100-Technology Sector Index Fund (Series ID: S000011048)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000030478 | First Trust NASDAQ-100-Technology Sector Index Fund | QTEC            |

### First Trust NYSE Arca Biotechnology Index Fund (Series ID: S000012478)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000033929 | First Trust NYSE Arca Biotechnology Index Fund | FBT             |

### First Trust Dow Jones Internet Index Fund (Series ID: S000012479)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000033930 | First Trust Dow Jones Internet Index Fund | FDN             |

### First Trust Capital Strength ETF (Series ID: S000012555)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000034137 | First Trust Capital Strength ETF | FTCS            |

### First Trust Nasdaq-100 Ex-Technology Sector Index Fund (Series ID: S000013259)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000035622 | First Trust Nasdaq-100 Ex-Technology Sector Index Fund | QQXT            |

### First Trust Dividend Strength ETF (Series ID: S000013797)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000037851 | First Trust Dividend Strength ETF | FTDS            |

### First Trust Value Line Dividend Index Fund (Series ID: S000013817)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000037913 | First Trust Value Line Dividend Index Fund | FVD             |

### First Trust Nasdaq Clean Edge Green Energy Index Fund (Series ID: S000015169)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000041643 | First Trust Nasdaq Clean Edge Green Energy Index Fund | QCLN            |

### First Trust S&P REIT Index Fund (Series ID: S000017163)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000047557 | First Trust S&P REIT Index Fund | FRI             |

### First Trust Natural Gas ETF (Series ID: S000017177)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047627 | First Trust Natural Gas ETF | FCG             |

### First Trust Water ETF (Series ID: S000017178)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000047628 | First Trust Water ETF | FIW             |

### First Trust NASDAQ ABA Community Bank Index Fund (Series ID: S000026211)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000078718 | First Trust NASDAQ ABA Community Bank Index Fund | QABA            |

### First Trust Dow 30 Equal Weight ETF (Series ID: S000058339)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000191287 | First Trust Dow 30 Equal Weight ETF | EDOW            |

### First Trust Lunt U.S. Factor Rotation ETF (Series ID: S000062216)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000201408 | First Trust Lunt U.S. Factor Rotation ETF | FCTR            |

### FT Vest Gold Strategy Target Income ETF (Series ID: S000070087)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000222996 | FT Vest Gold Strategy Target Income ETF | IGLD            |

### FT Vest Gold Strategy Quarterly Buffer ETF (Series ID: S000070088)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000222997 | FT Vest Gold Strategy Quarterly Buffer ETF | BGLD            |

### First Trust Indxx Aerospace & Defense ETF (Series ID: S000077603)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000238091 | First Trust Indxx Aerospace & Defense ETF | MISL            |

### First Trust Growth Strength ETF (Series ID: S000077796)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000238354 | First Trust Growth Strength ETF | FTGS            |

### First Trust Bloomberg Inflation Sensitive Equity ETF (Series ID: S000079885)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000241319 | First Trust Bloomberg Inflation Sensitive Equity ETF | FTIF            |

### First Trust S&P 500 Diversified Free Cash Flow ETF (Series ID: S000081453)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000244355 | First Trust S&P 500 Diversified Free Cash Flow ETF | FCFY            |

### First Trust WCM Developing World Equity ETF (Series ID: S000086663)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000252251 | First Trust WCM Developing World Equity ETF | WCME            |

### First Trust WCM International Equity ETF (Series ID: S000086665)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000252253 | First Trust WCM International Equity ETF | WCMI            |

### FT Vest Bitcoin Strategy Floor15 ETF - April (Series ID: S000090189)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000257115 | FT Vest Bitcoin Strategy Floor15 ETF - April | BFAP            |

### FT Vest Bitcoin Strategy & Target Income ETF (Series ID: S000090441)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000257572 | FT Vest Bitcoin Strategy & Target Income ETF | DFII            |

### FT Vest Bitcoin Strategy Floor15 ETF - July (Series ID: S000093273)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000261438 | FT Vest Bitcoin Strategy Floor15 ETF - July | BFJL            |

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number

811-21774

First Trust Exchange-Traded Fund

(Exact name of registrant as specified in charter)

------

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(630) 765-8000

Date of fiscal year end:

December 31

Date of reporting period:

June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.

 **Item 1. Reports to Shareholders.**

(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Dow Jones Select MicroCap Index Fund

#### FDM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Dow Jones Select MicroCap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dow Jones Select MicroCap Index Fund | $310.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$190219551 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 9.7% |
| Centrus Energy Corp., Class A | 4.2% |
| Sezzle, Inc. | 4.1% |
| Limbach Holdings, Inc. | 2.3% |
| Turning Point Brands, Inc. | 2.1% |
| Solaris Energy Infrastructure, Inc. | 1.6% |
| BJ's Restaurants, Inc. | 1.5% |
| Astec Industries, Inc. | 1.5% |
| SpartanNash Co. | 1.4% |
| Willdan Group, Inc. | 1.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331904.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Dow Jones Select MicroCap Index<sup>SM</sup> ("Index") is a product of S&P Dow Jones Indices, LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Advisors L.P. ("First Trust"). S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

First Trust Dow Jones Select MicroCap Index Fund (FDM)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Morningstar Dividend Leaders Index Fund

#### FDL \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Morningstar Dividend Leaders Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Morningstar Dividend Leaders Index Fund | $220.43%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5412416192 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 10.1% |
| Verizon Communications, Inc. | 7.4% |
| Chevron Corp. | 7.3% |
| Pfizer, Inc. | 6.4% |
| Merck & Co., Inc. | 5.3% |
| PepsiCo, Inc. | 4.9% |
| Altria Group, Inc. | 4.5% |
| Comcast Corp., Class A | 3.3% |
| United Parcel Service, Inc., Class B | 3.2% |
| Bristol-Myers Squibb Co. | 3.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331946.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Morningstar<sup>®</sup> and Morningstar<sup>®</sup> Dividend Leaders Index<sup>SM</sup> are registered trademarks and service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use by First Trust Advisors L.P. on behalf of the Fund. The Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund.

First Trust Morningstar Dividend Leaders Index Fund (FDL)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust US Equity Opportunities ETF

#### FPX \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust US Equity Opportunities ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust US Equity Opportunities ETF | $310.57%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$963192737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| GE Vernova, Inc. | 8.8% |
| Palantir Technologies, Inc., Class A | 6.5% |
| AppLovin Corp., Class A | 5.3% |
| DoorDash, Inc., Class A | 4.6% |
| Constellation Energy Corp. | 4.4% |
| International Business Machines Corp. | 4.4% |
| JPMorgan Chase & Co. | 4.3% |
| ROBLOX Corp., Class A | 3.5% |
| Robinhood Markets, Inc., Class A | 3.1% |
| Duolingo, Inc. | 2.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331988.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
IPOX<sup>®</sup> and IPOX<sup>®</sup>-100 U.S. Index are registered international trademarks and service marks of IPOX<sup>®</sup> Schuster LLC ("IPOX") and have been licensed for use by First Trust Advisors L.P. The Fund is not sponsored, endorsed, sold or promoted by IPOX, and IPOX makes no representation regarding the advisability of trading in such Fund. IPOX<sup>®</sup> is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197.

First Trust US Equity Opportunities ETF (FPX)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund

#### FBT \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FBT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | $270.55%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1006049742 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| ACADIA Pharmaceuticals, Inc. | 4.6% |
| Neurocrine Biosciences, Inc. | 4.3% |
| Alnylam Pharmaceuticals, Inc. | 4.3% |
| Illumina, Inc. | 4.0% |
| Exelixis, Inc. | 3.9% |
| Incyte Corp. | 3.8% |
| Exact Sciences Corp. | 3.8% |
| Natera, Inc. | 3.6% |
| Mettler-Toledo International, Inc. | 3.5% |
| BioNTech SE, ADR | 3.5% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332114.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FBT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC, is used with permission. "NYSE<sup>®</sup>" is a service/trade mark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index (the "Index") for use by First Trust Portfolios L.P. in connection with the First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund (the "Product"). Neither First Trust Portfolios L.P., First Trust Exchange-Traded Fund (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund (FBT)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Dow Jones Internet Index Fund

#### FDN \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Dow Jones Internet Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dow Jones Internet Index Fund | $260.49%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7310874202 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Netflix, Inc. | 10.5% |
| Meta Platforms, Inc., Class A | 10.2% |
| Amazon.com, Inc. | 9.9% |
| Alphabet, Inc., Class A | 5.3% |
| Cisco Systems, Inc. | 5.2% |
| Booking Holdings, Inc. | 4.6% |
| Salesforce, Inc. | 4.4% |
| Alphabet, Inc., Class C | 4.3% |
| Arista Networks, Inc. | 4.2% |
| DoorDash, Inc., Class A | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332156.jpg)

Any amount shown as 0.0% represents less than 0.1%.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Dow Jones Internet Composite Index<sup>SM</sup> ("Index") is a product of S&P Dow Jones Indices, LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Advisors L.P. ("First Trust"). S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

First Trust Dow Jones Internet Index Fund (FDN)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Capital Strength<sup>®</sup> ETF

#### FTCS \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Capital Strength<sup>®</sup> ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTCS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Capital Strength<sup>®</sup> ETF | $270.53%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$8404027525 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 2.6% |
| TE Connectivity PLC | 2.5% |
| Cisco Systems, Inc. | 2.4% |
| Blackrock, Inc. | 2.3% |
| Honeywell International, Inc. | 2.3% |
| Moody's Corp. | 2.2% |
| Stryker Corp. | 2.2% |
| Dover Corp. | 2.2% |
| PPG Industries, Inc. | 2.2% |
| Ecolab, Inc. | 2.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332198.jpg)

Any amount shown as 0.0% represents less than 0.1%.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTCS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The Capital Strength<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Capital Strength<sup>®</sup> ETF (FTCS)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Value Line<sup>®</sup> Dividend Index Fund

#### FVD \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Value Line<sup>®</sup> Dividend Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FVD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | $310.62%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9005798873 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Juniper Networks, Inc. | 0.5% |
| Goldman Sachs Group (The), Inc. | 0.5% |
| Blackrock, Inc. | 0.4% |
| SEI Investments Co. | 0.4% |
| Genpact Ltd. | 0.4% |
| Caterpillar, Inc. | 0.4% |
| America Movil S.A.B. de C.V., ADR | 0.4% |
| Rogers Communications, Inc., Class B | 0.4% |
| Morgan Stanley | 0.4% |
| Bank of Montreal | 0.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332282.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FVD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Value Line<sup>®</sup> and Value Line<sup>®</sup> Dividend Index are trademarks or registered trademarks of Value Line, Inc. ("Value Line") and have been licensed for use for certain purposes by First Trust Advisors L.P. The Fund is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy.

First Trust Value Line<sup>®</sup> Dividend Index Fund (FVD)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Growth Strength<sup>TM</sup> ETF

#### FTGS \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Growth Strength<sup>TM</sup> ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTGS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Growth Strength<sup>TM</sup> ETF | $310.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1143523902 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Vertiv Holdings Co., Class A | 3.0% |
| Broadcom, Inc. | 2.7% |
| NVIDIA Corp. | 2.6% |
| Amphenol Corp., Class A | 2.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Trade Desk (The), Inc., Class A | 2.4% |
| Arista Networks, Inc. | 2.4% |
| Pinterest, Inc., Class A | 2.4% |
| EMCOR Group, Inc. | 2.3% |
| KLA Corp. | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331820.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTGS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The Growth Strength<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Growth Strength<sup>TM</sup> ETF (FTGS)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Indxx Aerospace & Defense ETF

#### MISL \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Indxx Aerospace & Defense ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/MISL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Indxx Aerospace & Defense ETF | $330.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$160345838 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| General Electric Co. | 9.1% |
| Boeing (The) Co. | 8.6% |
| RTX Corp. | 7.3% |
| Lockheed Martin Corp. | 6.4% |
| Northrop Grumman Corp. | 6.2% |
| Howmet Aerospace, Inc. | 4.8% |
| HEICO Corp. | 4.2% |
| Curtiss-Wright Corp. | 4.0% |
| L3Harris Technologies, Inc. | 3.8% |
| TransDigm Group, Inc. | 3.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331778.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/MISL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Indxx and Indxx US Aerospace & Defense Index ("Index") are trademarks of Indxx, Inc. ("Indxx") and have been licensed for use for certain purposes by First Trust Advisors L.P. ("First Trust"). The Fund is not sponsored, endorsed, sold or promoted by Indxx, and Indxx makes no representation regarding the advisability of trading in such product. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.

First Trust Indxx Aerospace & Defense ETF (MISL)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Bloomberg Inflation Sensitive Equity ETF

#### FTIF \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Bloomberg Inflation Sensitive Equity ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTIF. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Bloomberg Inflation Sensitive Equity ETF | $300.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1069968 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Mosaic (The) Co. | 3.0% |
| Royal Gold, Inc. | 2.7% |
| Johnson Controls International PLC | 2.7% |
| Quanta Services, Inc. | 2.4% |
| TE Connectivity PLC | 2.4% |
| Trane Technologies PLC | 2.4% |
| Reliance, Inc. | 2.3% |
| Freeport-McMoRan, Inc. | 2.3% |
| Range Resources Corp. | 2.3% |
| Nucor Corp. | 2.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332702.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTIF to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
"Bloomberg<sup>®</sup>" and Bloomberg Inflation Sensitive Equity Index licensed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited, the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by First Trust Advisors L.P. (the "Licensee"). Bloomberg is not affiliated with the Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the "Financial Products"). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.

First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust NASDAQ-100 Equal Weighted Index Fund

#### QQEW \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust NASDAQ-100 Equal Weighted Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QQEW. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NASDAQ-100 Equal Weighted Index Fund | $290.56%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1890452414 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| ARM Holdings PLC, ADR | 1.1% |
| Broadcom, Inc. | 1.1% |
| DoorDash, Inc., Class A | 1.1% |
| Advanced Micro Devices, Inc. | 1.1% |
| NVIDIA Corp. | 1.1% |
| Netflix, Inc. | 1.0% |
| Booking Holdings, Inc. | 1.0% |
| Applied Materials, Inc. | 1.0% |
| Dexcom, Inc. | 1.0% |
| Synopsys, Inc. | 1.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332030.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QQEW to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup>, Nasdaq-100<sup>®</sup>, Nasdaq-100 Index<sup>®</sup>, and Nasdaq-100 Equal Weighted<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust NASDAQ-100-Technology Sector Index Fund

#### QTEC \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust NASDAQ-100-Technology Sector Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QTEC. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NASDAQ-100-Technology Sector Index Fund | $290.55%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2727602334 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| ARM Holdings PLC, ADR | 2.4% |
| Broadcom, Inc. | 2.4% |
| DoorDash, Inc., Class A | 2.4% |
| Advanced Micro Devices, Inc. | 2.4% |
| MicroStrategy, Inc., Class A | 2.4% |
| NVIDIA Corp. | 2.4% |
| Synopsys, Inc. | 2.3% |
| Shopify, Inc., Class A | 2.3% |
| Applied Materials, Inc. | 2.3% |
| Lam Research Corp. | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332072.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QTEC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup>, Nasdaq-100<sup>®</sup>, Nasdaq-100 Index<sup>®</sup>, and Nasdaq-100 Technology Sector<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust NASDAQ-100 Ex-Technology Sector Index Fund

#### QQXT \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust NASDAQ-100 Ex-Technology Sector Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QQXT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | $290.57%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1117489872 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Warner Bros. Discovery, Inc. | 1.9% |
| Booking Holdings, Inc. | 1.9% |
| Dexcom, Inc. | 1.9% |
| MercadoLibre, Inc. | 1.9% |
| Netflix, Inc. | 1.9% |
| T-Mobile US, Inc. | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Electronic Arts, Inc. | 1.8% |
| Intuitive Surgical, Inc. | 1.8% |
| Constellation Energy Corp. | 1.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332324.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QQXT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup>, Nasdaq-100<sup>®</sup>, Nasdaq-100 Index<sup>®</sup>, and Nasdaq-100 Ex-Tech Sector<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund

#### QCLN \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QCLN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | $290.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$400764416 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 9.0% |
| ON Semiconductor Corp. | 8.3% |
| First Solar, Inc. | 7.0% |
| Rivian Automotive, Inc., Class A | 6.3% |
| Tesla, Inc. | 6.1% |
| NEXTracker, Inc., Class A | 4.2% |
| Acuity, Inc. | 3.8% |
| Albemarle Corp. | 3.7% |
| Universal Display Corp. | 3.6% |
| Brookfield Renewable Partners, L.P. | 3.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332366.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QCLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup>, Clean Edge<sup>®</sup>, and Nasdaq<sup>®</sup> Clean Edge<sup>®</sup> Green Energy<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. and Clean Edge, Inc., respectively (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund (QCLN)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust S&P REIT Index Fund

#### FRI \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust S&P REIT Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FRI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust S&P REIT Index Fund | $250.50%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$150031368 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Prologis, Inc. | 8.6% |
| Welltower, Inc. | 8.4% |
| Equinix, Inc. | 6.8% |
| Digital Realty Trust, Inc. | 4.8% |
| Realty Income Corp. | 4.6% |
| Simon Property Group, Inc. | 4.3% |
| Public Storage | 4.1% |
| VICI Properties, Inc. | 3.0% |
| Extra Space Storage, Inc. | 2.7% |
| Iron Mountain, Inc. | 2.7% |

---

 **REIT Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332408.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FRI to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
S&P United States REIT Index ("Index") is a product of S&P Dow Jones Indices, LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Advisors L.P. ("First Trust"). S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

First Trust S&P REIT Index Fund (FRI)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Water ETF

#### FIW \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Water ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FIW. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Water ETF | $260.51%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1859108108 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| IDEXX Laboratories, Inc. | 4.6% |
| Ferguson Enterprises, Inc. | 4.6% |
| American Water Works Co., Inc. | 3.8% |
| Veralto Corp. | 3.8% |
| Ecolab, Inc. | 3.8% |
| Xylem, Inc. | 3.7% |
| AECOM | 3.7% |
| Roper Technologies, Inc. | 3.6% |
| Stantec, Inc. | 3.6% |
| Pentair PLC | 3.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332450.jpg)

Any amount shown as 0.0% represents less than 0.1%.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FIW to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup>, Clean Edge<sup>®</sup>, and ISE Clean Edge Water<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. and Clean Edge, Inc., respectively (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Water ETF (FIW)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Natural Gas ETF

#### FCG \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Natural Gas ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Natural Gas ETF | $290.59%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$334908655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| EOG Resources, Inc. | 4.6% |
| ConocoPhillips | 4.4% |
| EQT Corp. | 4.3% |
| Hess Midstream, L.P., Class A | 4.3% |
| Western Midstream Partners, L.P. | 4.3% |
| Occidental Petroleum Corp. | 4.3% |
| Expand Energy Corp. | 4.0% |
| Diamondback Energy, Inc. | 3.9% |
| Devon Energy Corp. | 3.9% |
| Coterra Energy, Inc. | 3.8% |

---

 **Sub-Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332492.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCG to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and ISE-Revere Natural Gas<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Natural Gas ETF (FCG)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund

#### QABA \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QABA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | $300.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$122064769 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Wintrust Financial Corp. | 4.3% |
| Commerce Bancshares, Inc. | 4.3% |
| Bank OZK | 2.8% |
| United Bankshares, Inc. | 2.7% |
| First Financial Bankshares, Inc. | 2.7% |
| Hancock Whitney Corp. | 2.6% |
| International Bancshares Corp. | 2.2% |
| BancFirst Corp. | 2.1% |
| Texas Capital Bancshares, Inc. | 1.9% |
| TFS Financial Corp. | 1.9% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332534.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QABA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup>, Nasdaq OMX<sup>®</sup>, OMX<sup>®</sup>, American Bankers Association<sup>®</sup>, ABA<sup>®</sup> and Nasdaq OMX<sup>®</sup> ABA Community Bank<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. and American Bankers Associations, respectively (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund (QABA)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Dividend Strength<sup>TM</sup> ETF

#### FTDS \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Dividend Strength<sup>TM</sup> ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTDS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dividend Strength<sup>TM</sup> ETF | $350.70%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$26091632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;78% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Caterpillar, Inc. | 2.4% |
| TE Connectivity PLC | 2.4% |
| East West Bancorp, Inc. | 2.4% |
| Popular, Inc. | 2.3% |
| NXP Semiconductors N.V. | 2.3% |
| NIKE, Inc., Class B | 2.3% |
| CF Industries Holdings, Inc. | 2.2% |
| Stifel Financial Corp. | 2.2% |
| Blackrock, Inc. | 2.2% |
| Equitable Holdings, Inc. | 2.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332240.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTDS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The Dividend Strength<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Dividend Strength<sup>TM</sup> ETF (FTDS)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Dow 30 Equal Weight ETF

#### EDOW \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Dow 30 Equal Weight ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EDOW. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dow 30 Equal Weight ETF | $260.50%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$222160166 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Goldman Sachs Group (The), Inc. | 3.7% |
| NIKE, Inc., Class B | 3.7% |
| NVIDIA Corp. | 3.6% |
| JPMorgan Chase & Co. | 3.5% |
| Cisco Systems, Inc. | 3.5% |
| Caterpillar, Inc. | 3.5% |
| American Express Co. | 3.5% |
| Microsoft Corp. | 3.4% |
| International Business Machines Corp. | 3.4% |
| Walt Disney (The) Co. | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332660.jpg)

Any amount shown as 0.0% represents less than 0.1%.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/EDOW to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Dow Jones Industrial Average<sup>®</sup> Equal Weight Index ("Index") is a product of S&P Dow Jones Indices, LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Advisors L.P. ("First Trust"). S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

First Trust Dow 30 Equal Weight ETF (EDOW)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Lunt U.S. Factor Rotation ETF

#### FCTR \| CBOE BZX EXCHANGE, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Lunt U.S. Factor Rotation ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCTR. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Lunt U.S. Factor Rotation ETF | $330.65%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$64586860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;165% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| AppLovin Corp., Class A | 2.7% |
| Republic Services, Inc. | 1.8% |
| Visa, Inc., Class A | 1.7% |
| Mastercard, Inc., Class A | 1.6% |
| Howmet Aerospace, Inc. | 1.6% |
| Texas Pacific Land Corp. | 1.5% |
| HEICO Corp. | 1.5% |
| Netflix, Inc. | 1.5% |
| Verisk Analytics, Inc. | 1.4% |
| Cintas Corp. | 1.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331862.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCTR to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Lunt Capital Management, Inc. ("Lunt") and Lunt Capital Large Cap Factor Rotation Index ("Lunt Index") are trademarks of Lunt and have been licensed for use for certain purposes by First Trust Advisors L.P. The First Trust Lunt U.S. Factor Rotation ETF is based on the Lunt Index and is not sponsored, endorsed, sold or promoted by Lunt, and Lunt makes no representation regarding the advisability of trading in such fund. Lunt has contracted with Nasdaq, Inc. to calculate and maintain the Lunt Index. The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Lunt Index to track general stock performance.

First Trust Lunt U.S. Factor Rotation ETF (FCTR)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust S&P 500 Diversified Free Cash Flow ETF

#### FCFY \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust S&P 500 Diversified Free Cash Flow ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCFY. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust S&P 500 Diversified Free Cash Flow ETF | $300.60%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1240955 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Skyworks Solutions, Inc. | 4.4% |
| Jabil, Inc. | 3.2% |
| Synchrony Financial | 3.0% |
| Hewlett Packard Enterprise Co. | 2.5% |
| HP, Inc. | 2.5% |
| Gen Digital, Inc. | 2.5% |
| ON Semiconductor Corp. | 2.4% |
| Warner Bros. Discovery, Inc. | 2.3% |
| Match Group, Inc. | 2.3% |
| NetApp, Inc. | 2.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332744.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCFY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
S&P 500<sup>®</sup> Sector-Neutral FCF Index ("Index") is a product of S&P Dow Jones Indices, LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Advisors L.P. ("First Trust"). S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)

![TSR - First Trust Fund Logo](images_28600.jpg)

### FT Vest Gold Strategy Quarterly Buffer ETF

#### BGLD \| CBOE BZX EXCHANGE, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BGLD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest Gold Strategy Quarterly Buffer ETF | $480.90%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76287196 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 93.4% |
| Money Market Funds | 0.6% |
| Purchased Options | 6.6% |
| Written Options | (0.6%) |
| Net Other Assets and Liabilities | 0.0% |
| Total | 100.0% |

---

Any amount shown as 0.0% represents less than 0.1%.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BGLD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
The Fund is not sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)

![TSR - First Trust Fund Logo](images_28600.jpg)

### FT Vest Gold Strategy Target Income ETF<sup>®</sup>

#### IGLD \| CBOE BZX EXCHANGE, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/IGLD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest Gold Strategy Target Income ETF<sup>®</sup> | $460.85%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$251665747 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 117.9% |
| Money Market Funds | 0.4% |
| Purchased Options | 0.5% |
| Written Options | (19.5%) |
| Net Other Assets and Liabilities | 0.7% |
| Total | 100.0% |

---

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/IGLD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
The Fund is not sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

FT Vest Gold Strategy Target Income ETF<sup>®</sup> (IGLD)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust WCM Developing World Equity ETF

#### WCME \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust WCM Developing World Equity ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCME. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust WCM Developing World Equity ETF | $530.96%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Annualized.

<sup>(2)</sup> Includes excise tax. If this excise tax expense was not included, the expense ratio would have been 0.95%.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9079348 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8.5% |
| B3 S.A. - Brasil Bolsa Balcao | 4.6% |
| TOTVS S.A. | 4.5% |
| ICICI Bank Ltd., ADR | 4.1% |
| AIA Group Ltd. | 3.9% |
| Nippon Paint Holdings Co., Ltd. | 3.9% |
| Tencent Holdings Ltd. | 3.8% |
| Bid Corp., Ltd. | 3.8% |
| Hong Kong Exchanges & Clearing Ltd. | 3.6% |
| Coupang, Inc. | 3.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332786.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/WCME to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust WCM Developing World Equity ETF (WCME)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust WCM International Equity ETF

#### WCMI \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust WCM International Equity ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCMI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust WCM International Equity ETF | $470.85%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$295238886 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Rolls-Royce Holdings PLC | 4.7% |
| Iberdrola S.A. | 3.6% |
| United Overseas Bank Ltd. | 3.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3.4% |
| HDFC Bank Ltd., ADR | 3.3% |
| Hensoldt AG | 3.2% |
| Wise PLC, Class A | 3.2% |
| Trane Technologies PLC | 2.9% |
| GMO Payment Gateway, Inc. | 2.9% |
| Haleon PLC | 2.9% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10332828.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/WCMI to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust WCM International Equity ETF (WCMI)

![TSR - First Trust Fund Logo](images_28600.jpg)

### FT Vest Bitcoin Strategy Floor15 ETF - April

#### BFAP \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - April (the "Fund") for the period of April 3, 2025 (commencement of investment operations) to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFAP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy Floor15 ETF - April$24<sup>(1)</sup>0.90%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on April 3, 2025. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.

<sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$30331382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Money Market Funds | 0.1% |
| Purchased Options | 1,114.0% |
| Written Options | (1,015.5%) |
| Net Other Assets and Liabilities | 1.4% |
| Total | 100.0% |

---

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BFAP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)

![TSR - First Trust Fund Logo](images_28600.jpg)

### FT Vest Bitcoin Strategy Floor15 ETF - July

#### BFJL \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - July (the "Fund") for the period of June 30, 2025 (commencement of investment operations) to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFJL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy Floor15 ETF - July$0<sup>(1)</sup>0.00%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on June 30, 2025. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher and expense ratio would have been 0.90%.

<sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$994384 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Purchased Options | 1,320.3% |
| Written Options | (1,222.8%) |
| Net Other Assets and Liabilities | 2.5% |
| Total | 100.0% |

---

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BFJL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)

![TSR - First Trust Fund Logo](images_28600.jpg)

### FT Vest Bitcoin Strategy & Target Income ETF

#### DFII \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy & Target Income ETF (the "Fund") for the period of April 2, 2025 (commencement of investment operations) to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/DFII. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy & Target Income ETF$23<sup>(1)</sup>0.85%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on April 2, 2025. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.

<sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4775349 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Purchased Options | 1,437.9% |
| Written Options | (1,365.3%) |
| Net Other Assets and Liabilities | 26.2% |
| Total | 100.0% |

---

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/DFII to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

FT Vest Bitcoin Strategy & Target Income ETF (DFII)

------

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2. Code of Ethics.**

The First Trust Exchange-Traded Fund ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the currently effective Code of Ethics will be filed with the Registrant's annual Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

Not applicable to semi-annual reports on Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to semi-annual reports on Form N-CSR.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
 is included in the Financial Statements and Other Information filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Following is a copy of the semi-annual financial statement(s) required, and
 for the periods specified, by Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended June 30, 2025

![](img99c52a021.gif)

<u>First Trust Exchange-Traded Fund</u>

Book 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Dow Jones Select MicroCap Index Fund (FDM) |
| First Trust Morningstar Dividend Leaders Index Fund (FDL) |
| First Trust US Equity Opportunities ETF (FPX) |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund (FBT) |
| First Trust Dow Jones Internet Index Fund (FDN) |
| First Trust Capital Strength<sup>®</sup> ETF (FTCS) |
| First Trust Value Line<sup>®</sup> Dividend Index Fund (FVD) |
| First Trust Growth Strength<sup>TM</sup> ETF (FTGS) |
| First Trust Indxx Aerospace & Defense ETF (MISL) |
| First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF) |

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4209_1) |  |
| [First Trust Dow Jones Select MicroCap Index Fund (FDM)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4209_1) | 1 |
| [First Trust Morningstar Dividend Leaders Index Fund (FDL)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4210_1) | 5 |
| [First Trust US Equity Opportunities ETF (FPX)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4211_1) | 7 |
| [First Trust NYSE](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4214_1)<sup>®</sup>[Arca](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4214_1)<sup>®</sup>[Biotechnology Index Fund (FBT)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4214_1) | 11 |
| [First Trust Dow Jones Internet Index Fund (FDN)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4215_1) | 12 |
| [First Trust Capital Strength](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4216_1)<sup>®</sup>[ETF (FTCS)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4216_1) | 14 |
| [First Trust Value Line](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4227_1)<sup>®</sup>[Dividend Index Fund (FVD)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4227_1) | 16 |
| [First Trust Growth Strength](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4202_1)<sup>TM</sup>[ETF (FTGS)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4202_1) | 21 |
| [First Trust Indxx Aerospace & Defense ETF (MISL)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4201_1) | 23 |
| [First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOI-TOC-ScheduleofInvestments-4486_1) | 24 |
| [Statements of Assets and Liabilities](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SAL1-TOC-StatementofAssetsandLiabilities-4209_1) | 26 |
| [Statements of Operations](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOP1-TOC-StatementofOperations-4209_1) | 28 |
| [Statements of Changes in Net Assets](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_SOC1-TOC-StatementofChanges-4209_1) | 30 |
| [Financial Highlights](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_FIHI-TOC-FinancialHighlights-4209_1) | 34 |
| [Notes to Financial Statements](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_NTF-TOC-NotestoFinancialStatements-4209_1) | 44 |
| [Other Information](#xx_e2932b48-4d90-47fc-91a5-e21fecd092f1_AI-TOC-AdditionalInformation-4209_1) | 54 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**First Trust Dow Jones Select MicroCap Index Fund (FDM)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 0.8%**  |  |
| 16612 | National Presto Industries, Inc. | $1627312 |
|  | **Automobile Components —** <br> **0.2%**  |  |
| 184531 | Holley, Inc. (a) | 369062 |
|  | **Banks — 15.3%**  |  |
| 46294 | Arrow Financial Corp. | 1223087 |
| 44596 | Capital City Bank Group, Inc. | 1754853 |
| 87085 | Central Pacific Financial Corp. | 2440993 |
| 21510 | Esquire Financial Holdings, Inc. | 2036137 |
| 40273 | Farmers & Merchants Bancorp, <br> Inc. | 1018101 |
| 64920 | Financial Institutions, Inc. | 1667146 |
| 26111 | First Internet Bancorp | 702386 |
| 66892 | Independent Bank Corp. | 2167970 |
| 29939 | Metropolitan Bank Holding <br> Corp. (a) | 2095730 |
| 69800 | Mid Penn Bancorp, Inc. | 1968360 |
| 61826 | MidWestOne Financial Group, <br> Inc. | 1778734 |
| 22857 | Northeast Bank | 2034044 |
| 42553 | Northeast Community Bancorp, <br> Inc. | 989144 |
| 17823 | Northrim BanCorp, Inc. | 1662173 |
| 23105 | Penns Woods Bancorp, Inc. | 701468 |
| 15332 | Peoples Bancorp of North <br> Carolina, Inc. | 442328 |
| 98042 | Shore Bancshares, Inc. | 1541220 |
| 39089 | Sierra Bancorp | 1160552 |
| 30278 | Southern Missouri Bancorp, Inc. | 1658629 |
|  |  | 29043055 |
|  | **Biotechnology — 0.3%**  |  |
| 75120 | Entrada Therapeutics, Inc. (a) | 504806 |
|  | **Capital Markets — 1.3%**  |  |
| 8807 | Diamond Hill Investment Group, <br> Inc. | 1279745 |
| 19521 | Oppenheimer Holdings, Inc., <br> Class A | 1283896 |
|  |  | 2563641 |
|  | **Chemicals — 1.8%**  |  |
| 86558 | AdvanSix, Inc. | 2055753 |
| 171708 | LSB Industries, Inc. (a) | 1339322 |
|  |  | 3395075 |
|  | **Commercial Services &** <br> **Supplies — 1.3%**  |  |
| 10647 | Acme United Corp. | 441318 |
| 73575 | Liquidity Services, Inc. (a) | 1735634 |
| 30121 | Virco Mfg. Corp. | 240366 |
|  |  | 2417318 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Communications Equipment** <br> **— 0.5%**  |  |
| 36875 | Aviat Networks, Inc. (a) | $886844 |
|  | **Construction & Engineering** <br> **— 4.9%**  |  |
| 77067 | Concrete Pumping Holdings, <br> Inc. | 473962 |
| 219280 | Great Lakes Dredge & Dock <br> Corp. (a) | 2673023 |
| 34151 | Limbach Holdings, Inc. (a) | 4784555 |
| 31888 | NWPX Infrastructure, Inc. (a) | 1307727 |
|  |  | 9239267 |
|  | **Consumer Finance — 2.5%**  |  |
| 168010 | EZCORP, Inc., Class A (a) | 2331979 |
| 29145 | Regional Management Corp. | 851325 |
| 10072 | World Acceptance Corp. (a) | 1663089 |
|  |  | 4846393 |
|  | **Consumer Staples Distribution** <br> **& Retail — 2.6%**  |  |
| 34080 | Natural Grocers by Vitamin <br> Cottage, Inc. | 1337640 |
| 109262 | SpartanNash Co. | 2894350 |
| 20917 | Village Super Market, Inc., <br> Class A | 805305 |
|  |  | 5037295 |
|  | **Diversified Consumer Services** <br> **— 2.2%**  |  |
| 42555 | Carriage Services, Inc. | 1946466 |
| 94850 | Lincoln Educational Services <br> Corp. (a) | 2186292 |
|  |  | 4132758 |
|  | **Electrical Equipment — 2.5%**  |  |
| 48093 | Allient, Inc. | 1746257 |
| 86205 | LSI Industries, Inc. | 1466347 |
| 9409 | Preformed Line Products Co. | 1503652 |
|  |  | 4716256 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 3.5%**  |  |
| 12560 | Climb Global Solutions, Inc. | 1342790 |
| 136906 | Daktronics, Inc. (a) | 2070019 |
| 27803 | Frequency Electronics, Inc. | 631406 |
| 78704 | Kimball Electronics, Inc. (a) | 1513478 |
| 39494 | Vishay Precision Group, Inc. (a) | 1109781 |
|  |  | 6667474 |
|  | **Energy Equipment & Services** <br> **— 4.3%**  |  |
| 91677 | Aris Water Solutions, Inc., <br> Class A | 2168161 |
| 36160 | Energy Services of America <br> Corp. (b) | 359431 |

---

See Notes to Financial Statements

------

**First Trust Dow Jones Select MicroCap Index Fund (FDM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 31146 | Natural Gas Services Group, <br> Inc. (a) | $803878 |
| 122607 | Solaris Energy Infrastructure, <br> Inc. | 3468552 |
| 386630 | TETRA Technologies, Inc. (a) | 1299077 |
|  |  | 8099099 |
|  | **Entertainment — 0.3%**  |  |
| 297617 | Vivid Seats, Inc., Class A (a) (b) | 502973 |
|  | **Financial Services — 5.7%**  |  |
| 114872 | Acacia Research Corp. (a) | 411242 |
| 90966 | International Money Express, <br> Inc. (a) | 917847 |
| 79936 | NewtekOne, Inc. (b) | 901678 |
| 48355 | Sezzle, Inc. (a) (b) | 8667634 |
|  |  | 10898401 |
|  | **Food Products — 1.0%**  |  |
| 17178 | Lifeway Foods, Inc. (a) | 423438 |
| 14581 | Seneca Foods Corp., Class A (a) | 1478951 |
|  |  | 1902389 |
|  | **Health Care Equipment &** <br> **Supplies — 0.6%**  |  |
| 6726 | Kewaunee Scientific Corp. (a) | 394816 |
| 75050 | Tactile Systems Technology, <br> Inc. (a) | 761007 |
|  |  | 1155823 |
|  | **Health Care Providers &** <br> **Services — 1.3%**  |  |
| 99481 | Cross Country Healthcare, <br> Inc. (a) | 1298227 |
| 278339 | DocGo, Inc. (a) | 436992 |
| 111005 | Viemed Healthcare, Inc. (a) | 767045 |
|  |  | 2502264 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.3%**  |  |
| 71395 | BJ's Restaurants, Inc. (a) | 3184217 |
| 77612 | El Pollo Loco Holdings, Inc. (a) | 854508 |
| 190324 | Portillo's, Inc., Class A (a) (b) | 2221081 |
|  |  | 6259806 |
|  | **Household Durables — 2.7%**  |  |
| 153387 | Cricut, Inc., Class A | 1038430 |
| 73063 | Ethan Allen Interiors, Inc. | 2034805 |
| 11745 | Flexsteel Industries, Inc. | 423172 |
| 18898 | Hamilton Beach Brands Holding <br> Co., Class A | 338085 |
| 35815 | Legacy Housing Corp. (a) | 811568 |
| 29025 | Smith Douglas Homes <br> Corp. (a) (b) | 563665 |
|  |  | 5209725 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Products — 1.5%**  |  |
| 27260 | Central Garden & Pet Co. (a) | $959007 |
| 33315 | Oil-Dri Corp. of America | 1965252 |
|  |  | 2924259 |
|  | **Insurance — 5.1%**  |  |
| 79608 | American Coastal Insurance <br> Corp. | 885241 |
| 81432 | Greenlight Capital Re Ltd., <br> Class A (a) | 1170178 |
| 71807 | Heritage Insurance Holdings, <br> Inc. (a) | 1790866 |
| 4749 | Investors Title Co. | 1003464 |
| 148153 | James River Group Holdings <br> Ltd. | 868177 |
| 70208 | Tiptree, Inc. | 1655505 |
| 81773 | Universal Insurance Holdings, <br> Inc. | 2267565 |
|  |  | 9640996 |
|  | **Interactive Media & Services** <br> **— 1.1%**  |  |
| 501488 | Vimeo, Inc. (a) | 2026011 |
|  | **IT Services — 1.2%**  |  |
| 20059 | CSP, Inc. | 259563 |
| 81242 | Hackett Group (The), Inc. | 2065172 |
|  |  | 2324735 |
|  | **Leisure Products — 2.1%**  |  |
| 41276 | MasterCraft Boat Holdings, <br> Inc. (a) | 766908 |
| 142051 | Smith & Wesson Brands, Inc. | 1233002 |
| 53443 | Sturm Ruger & Co., Inc. | 1918604 |
|  |  | 3918514 |
|  | **Machinery — 4.9%**  |  |
| 73820 | Astec Industries, Inc. | 3077556 |
| 74924 | Douglas Dynamics, Inc. | 2208010 |
| 18455 | Eastern (The) Co. | 421143 |
| 32042 | L.B. Foster Co., Class A (a) | 700759 |
| 36992 | Miller Industries, Inc.  | 1644664 |
| 28018 | Park-Ohio Holdings Corp. | 500402 |
| 10127 | Taylor Devices, Inc. (a) (b) | 439512 |
| 35168 | Twin Disc, Inc. | 310533 |
|  |  | 9302579 |
|  | **Mortgage REITs — 0.4%**  |  |
| 95801 | AG Mortgage Investment Trust, <br> Inc. | 723298 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 10.0%**  |  |
| 121102 | Amplify Energy Corp. (a) | 387526 |
| 48464 | Centrus Energy Corp., <br> Class A (a) (b) | 8877636 |
| 77470 | Excelerate Energy, Inc., Class A | 2271420 |
| 84844 | FutureFuel Corp. | 329195 |

---

See Notes to Financial Statements

------

**First Trust Dow Jones Select MicroCap Index Fund (FDM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 105439 | Hallador Energy Co. (a) | $1669099 |
| 29860 | Riley Exploration Permian, Inc. | 783228 |
| 380024 | Ring Energy, Inc. (a) | 301739 |
| 101706 | SandRidge Energy, Inc. | 1100459 |
| 335151 | VAALCO Energy, Inc. | 1209895 |
| 93491 | Vitesse Energy, Inc. (b) | 2065216 |
|  |  | 18995413 |
|  | **Passenger Airlines — 0.8%**  |  |
| 127108 | Sun Country Airlines Holdings, <br> Inc. (a) | 1493519 |
|  | **Personal Care Products —** <br> **0.3%**  |  |
| 39099 | Nature's Sunshine Products, <br> Inc. (a) | 578274 |
|  | **Pharmaceuticals — 0.6%**  |  |
| 73669 | Biote Corp., Class A (a) | 296150 |
| 131458 | SIGA Technologies, Inc. | 857106 |
|  |  | 1153256 |
|  | **Professional Services — 3.2%**  |  |
| 35639 | Franklin Covey Co. (a) | 813282 |
| 103003 | Kelly Services, Inc., Class A | 1206165 |
| 11835 | Resolute Holdings Management, <br> Inc. (a) (b) | 377181 |
| 54531 | TaskUS, Inc, Class A (a) | 913940 |
| 43524 | Willdan Group, Inc. (a) | 2720685 |
|  |  | 6031253 |
|  | **Real Estate Management &** <br> **Development — 0.4%**  |  |
| 51254 | RMR Group (The), Inc., Class A | 838003 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.1%**  |  |
| 39662 | inTEST Corp. (a) | 288739 |
|  | **Software — 0.7%**  |  |
| 58036 | Consensus Cloud Solutions, <br> Inc. (a) | 1338310 |
|  | **Specialty Retail — 1.1%**  |  |
| 224402 | Arko Corp. | 949220 |
| 42351 | Haverty Furniture Cos., Inc. | 861843 |
| 23682 | J Jill, Inc. | 346705 |
|  |  | 2157768 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.9%**  |  |
| 132122 | CompoSecure, Inc., <br> Class A (a) (b) | 1861599 |
| 14931 | CPI Card Group, Inc. (a) | 354163 |
| 239973 | Eastman Kodak Co. (a) | 1355848 |
|  |  | 3571610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.1%**  |  |
| 28554 | Lakeland Industries, Inc. | $388620 |
| 50938 | Movado Group, Inc. | 776804 |
| 24086 | Rocky Brands, Inc. | 534468 |
| 35602 | Superior Group of Cos., Inc. | 366701 |
|  |  | 2066593 |
|  | **Tobacco — 2.3%**  |  |
| 57788 | Turning Point Brands, Inc. | 4378597 |
|  | **Trading Companies &** <br> **Distributors — 1.0%**  |  |
| 22018 | Karat Packaging, Inc. | 620027 |
| 9582 | Willis Lease Finance Corp. (b) | 1368118 |
|  |  | 1988145 |
|  | **Water Utilities — 1.3%**  |  |
| 30432 | Artesian Resources Corp., <br> Class A | 1021298 |
| 48301 | Consolidated Water Co., Ltd. | 1449996 |
|  |  | 2471294 |
|  | **Total Common Stocks** | 190188202 |
|  | (Cost $162,741,307) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 133687 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (c) | 133687 |
|  | (Cost $133,687) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 10.7%** | **REPURCHASE AGREEMENTS — 10.7%** | **REPURCHASE AGREEMENTS — 10.7%** |
| $20434809 | JPMorgan Chase & Co., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $20,437,301. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $20,843,506. (d) | 20434809 |
|  | (Cost $20,434,809) |  |
|  | **Total Investments — 110.8%** | 210756698 |
|  | (Cost $183,309,803) |  |
|  | **Net Other Assets and** <br> **Liabilities — (10.8)%** | (20537147)<br>|
|  | **Net Assets — 100.0%** | $190219551 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Dow Jones Select MicroCap Index Fund (FDM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $21,127,796 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $20,434,809.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $190188202 | $190188202 | $— | $— |
| Money Market <br> Funds<br>| 133687 | 133687 |  |  |
| Repurchase <br> Agreements<br>| 20434809 |  | 20434809 |  |
| Total Investments | $210756698 | $190321889 | $20434809 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $21127796 |
| Non-cash Collateral<sup>(2)</sup> <br>| (20434809)<br>|
| Net Amount | $692987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On June 30, 2025, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from June 29 to June 30, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $20434809 |
| Non-cash Collateral<sup>(4)</sup> <br>| (20434809)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Morningstar Dividend Leaders Index Fund (FDL)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Air Freight & Logistics —** <br> **3.2%**  |  |
| 1696828 | United Parcel Service, Inc., <br> Class B | $171277818 |
|  | **Automobiles — 1.6%**  |  |
| 8027548 | Ford Motor Co. | 87098896 |
|  | **Banks — 10.1%**  |  |
| 224565 | Associated Banc-Corp. | 5477140 |
| 200953 | Atlantic Union Bankshares Corp. | 6285810 |
| 133191 | Bank OZK | 6267968 |
| 224712 | Cadence Bank | 7186290 |
| 628462 | Citizens Financial Group, Inc. | 28123675 |
| 422488 | Columbia Banking System, Inc. | 9877769 |
| 216226 | Comerica, Inc. | 12897881 |
| 876085 | Fifth Third Bancorp | 36033376 |
| 182703 | First BanCorp | 3805704 |
| 182089 | First Hawaiian, Inc. | 4544941 |
| 261262 | Fulton Financial Corp. | 4713166 |
| 1940376 | Huntington Bancshares, Inc. | 32520702 |
| 1670018 | KeyCorp | 29091714 |
| 501310 | PNC Financial Services Group <br> (The), Inc. | 93454210 |
| 1367333 | Regions Financial Corp. | 32159672 |
| 2361565 | Truist Financial Corp. | 101523679 |
| 2439263 | U.S. Bancorp | 110376651 |
| 199877 | United Bankshares, Inc. | 7281519 |
| 776061 | Valley National Bancorp | 6930225 |
| 173656 | Zions Bancorp N.A. | 9019693 |
|  |  | 547571785 |
|  | **Beverages — 4.9%**  |  |
| 2019348 | PepsiCo, Inc. | 266634710 |
|  | **Capital Markets — 1.5%**  |  |
| 589075 | Franklin Resources, Inc. | 14049439 |
| 687675 | Invesco Ltd. | 10844635 |
| 182003 | Janus Henderson Group PLC | 7068997 |
| 140985 | Lazard, Inc. | 6764460 |
| 417987 | T. Rowe Price Group, Inc. | 40335745 |
|  |  | 79063276 |
|  | **Chemicals — 0.5%**  |  |
| 168517 | Eastman Chemical Co. | 12581479 |
| 212614 | FMC Corp. | 8876635 |
| 61716 | Scotts Miracle-Gro (The) Co. | 4070787 |
|  |  | 25528901 |
|  | **Consumer Finance — 0.4%**  |  |
| 331264 | OneMain Holdings, Inc. | 18882048 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.3%**  |  |
| 735648 | Target Corp. | 72571675 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Containers & Packaging —** <br> **1.5%**  |  |
| 4463428 | Amcor PLC | $41018904 |
| 712282 | Smurfit WestRock PLC | 30734968 |
| 160095 | Sonoco Products Co. | 6973738 |
|  |  | 78727610 |
|  | **Diversified Telecommunication** <br> **Services — 7.4%**  |  |
| 9192217 | Verizon Communications, Inc. | 397747230 |
|  | **Electric Utilities — 5.6%**  |  |
| 90571 | ALLETE, Inc. | 5802884 |
| 665439 | American Electric Power Co., <br> Inc. | 69045951 |
| 904754 | Edison International | 46685306 |
| 320550 | Evergy, Inc. | 22095512 |
| 566869 | Eversource Energy | 36064206 |
| 1348003 | Exelon Corp. | 58530290 |
| 812105 | FirstEnergy Corp. | 32695347 |
| 271543 | OGE Energy Corp. | 12051078 |
| 168108 | Pinnacle West Capital Corp. | 15040623 |
| 188826 | Portland General Electric Co. | 7672000 |
|  |  | 305683197 |
|  | **Financial Services — 0.3%**  |  |
| 270829 | HA Sustainable Infrastructure <br> Capital, Inc. | 7274467 |
| 1176730 | Western Union (The) Co. | 9908067 |
|  |  | 17182534 |
|  | **Food Products — 3.5%**  |  |
| 679864 | Archer-Daniels-Midland Co. | 35883222 |
| 318723 | Campbell's (The) Co. | 9768860 |
| 1049956 | Conagra Brands, Inc. | 21492599 |
| 403310 | Flowers Foods, Inc. | 6444894 |
| 843765 | General Mills, Inc. | 43715464 |
| 379364 | Hormel Foods Corp. | 11475761 |
| 142614 | J.M. Smucker (The) Co. | 14004695 |
| 1851300 | Kraft Heinz (The) Co. | 47800566 |
|  |  | 190586061 |
|  | **Gas Utilities — 0.5%**  |  |
| 137001 | New Jersey Resources Corp. | 6140385 |
| 73242 | ONE Gas, Inc. | 5263170 |
| 86682 | Spire, Inc. | 6326919 |
| 319389 | UGI Corp. | 11632148 |
|  |  | 29362622 |
|  | **Health Care Providers &** <br> **Services — 2.3%**  |  |
| 1839726 | CVS Health Corp. | 126904300 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.1%**  |  |
| 100967 | Travel + Leisure Co. | 5210907 |
|  | **Household Durables — 0.3%**  |  |
| 161763 | Whirlpool Corp. | 16406003 |

---

See Notes to Financial Statements

------

**First Trust Morningstar Dividend Leaders Index Fund (FDL)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Household Products — 0.4%**  |  |
| 167058 | Clorox (The) Co. | $20058654 |
| 81175 | Reynolds Consumer Products, <br> Inc. | 1738769 |
|  |  | 21797423 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.3%**  |  |
| 1615768 | AES (The) Corp. | 16997879 |
|  | **Insurance — 2.4%**  |  |
| 330699 | Fidelity National Financial, Inc. | 18538986 |
| 133373 | First American Financial Corp. | 8187769 |
| 319282 | Lincoln National Corp. | 11047157 |
| 307784 | Principal Financial Group, Inc. | 24447283 |
| 639027 | Prudential Financial, Inc. | 68657061 |
|  |  | 130878256 |
|  | **Leisure Products — 0.3%**  |  |
| 191370 | Hasbro, Inc. | 14126933 |
|  | **Machinery — 0.3%**  |  |
| 262707 | Stanley Black & Decker, Inc. | 17798399 |
|  | **Media — 4.3%**  |  |
| 5003799 | Comcast Corp., Class A | 178585586 |
| 743971 | Interpublic Group of (The) Cos., <br> Inc. | 18212410 |
| 42608 | Nexstar Media Group, Inc. | 7369054 |
| 269357 | Omnicom Group, Inc. | 19377542 |
| 328544 | Sirius XM Holdings, Inc. | 7546656 |
|  |  | 231091248 |
|  | **Multi-Utilities — 0.3%**  |  |
| 148096 | Avista Corp. | 5620243 |
| 119495 | Black Hills Corp. | 6703669 |
| 101685 | Northwestern Energy Group, <br> Inc. | 5216441 |
|  |  | 17540353 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 25.6%**  |  |
| 679580 | APA Corp. | 12429518 |
| 2765827 | Chevron Corp. | 396038768 |
| 1586423 | ConocoPhillips | 142365600 |
| 904335 | Coterra Energy, Inc. | 22952022 |
| 661268 | EOG Resources, Inc. | 79094266 |
| 5077097 | Exxon Mobil Corp. | 547311057 |
| 2940962 | Kinder Morgan, Inc. | 86464283 |
| 264254 | Murphy Oil Corp. | 5945715 |
| 1110342 | ONEOK, Inc. | 90637217 |
|  |  | 1383238446 |
|  | **Pharmaceuticals — 14.9%**  |  |
| 3626856 | Bristol-Myers Squibb Co. | 167887164 |
| 3644854 | Merck & Co., Inc. | 288526643 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Pharmaceuticals (Continued)**  |  |
| 200956 | Perrigo Co. PLC | $5369544 |
| 14321075 | Pfizer, Inc. | 347142858 |
|  |  | 808926209 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.3%**  |  |
| 211144 | Skyworks Solutions, Inc. | 15734451 |
|  | **Specialty Retail — 0.4%**  |  |
| 358887 | Best Buy Co., Inc. | 24092084 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.7%**  |  |
| 1527342 | HP, Inc. | 37358785 |
|  | **Tobacco — 4.5%**  |  |
| 4122655 | Altria Group, Inc. | 241711263 |
|  | **Trading Companies &** <br> **Distributors — 0.1%**  |  |
| 58244 | MSC Industrial Direct Co., Inc., <br> Class A | 4951905 |
|  | **Total Common Stocks** | 5402683207 |
|  | (Cost $5,247,549,581) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 3066564 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (a) | 3066564 |
|  | (Cost $3,066,564) |  |
|  | **Total Investments — 99.9%** | 5405749771 |
|  | (Cost $5,250,616,145) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 6666421 |
|  | **Net Assets — 100.0%** | $5412416192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of June 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $5402683207 | $5402683207 | $— | $— |
| Money Market <br> Funds<br>| 3066564 | 3066564 |  |  |
| Total Investments | $5405749771 | $5405749771 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust US Equity Opportunities ETF (FPX)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 1.7%**  |  |
| 57924 | Karman Holdings, Inc. (a) | $2917632 |
| 116592 | Leonardo DRS, Inc. | 5419196 |
| 27333 | Loar Holdings, Inc. (a) | 2355284 |
| 171001 | StandardAero, Inc. (a) | 5412182 |
|  |  | 16104294 |
|  | **Automobiles — 0.6%**  |  |
| 418667 | Rivian Automotive, Inc., <br> Class A (a) (b) | 5752485 |
|  | **Banks — 0.1%**  |  |
| 5506 | Nicolet Bankshares, Inc. | 679881 |
|  | **Beverages — 0.2%**  |  |
| 41438 | Vita Coco (The) Co., Inc. (a) | 1495912 |
|  | **Biotechnology — 0.8%**  |  |
| 55474 | Bridgebio Pharma, Inc. (a) | 2395367 |
| 10118 | Disc Medicine, Inc. (a) | 535849 |
| 79673 | Exelixis, Inc. (a) | 3511588 |
| 20980 | Nuvalent, Inc., Class A (a) | 1600774 |
|  |  | 8043578 |
|  | **Building Products — 1.9%**  |  |
| 42351 | Trane Technologies PLC | 18524751 |
|  | **Capital Markets — 3.6%**  |  |
| 335163 | Robinhood Markets, Inc., <br> Class A (a) | 31381312 |
| 70181 | TPG, Inc. | 3680993 |
|  |  | 35062305 |
|  | **Commercial Services &** <br> **Supplies — 0.8%**  |  |
| 72413 | Veralto Corp. | 7310092 |
|  | **Communications Equipment** <br> **— 0.3%**  |  |
| 30414 | Lumentum Holdings, Inc. (a) | 2891155 |
|  | **Construction & Engineering** <br> **— 0.1%**  |  |
| 25899 | Centuri Holdings, Inc. (a) | 581174 |
|  | **Consumer Finance — 0.7%**  |  |
| 3897 | Dave, Inc. (a) | 1045994 |
| 322937 | SoFi Technologies, Inc. (a) | 5880683 |
|  |  | 6926677 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.4%**  |  |
| 76175 | Maplebear, Inc. (a) | 3446157 |
|  | **Diversified Consumer Services** <br> **— 2.1%**  |  |
| 49798 | Duolingo, Inc. (a) | 20418176 |
|  | **Diversified Telecommunication** <br> **Services — 1.4%**  |  |
| 287647 | AST SpaceMobile, Inc. (a) (b) | 13441744 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electric Utilities — 6.5%**  |  |
| 138096 | Constellation Energy Corp. | $44571865 |
| 97674 | NRG Energy, Inc. | 15684491 |
| 42617 | Oklo, Inc. (a) (b) | 2386126 |
|  |  | 62642482 |
|  | **Electrical Equipment — 10.1%**  |  |
| 167452 | GE Vernova, Inc. | 88607226 |
| 95723 | NEXTracker, Inc., Class A (a) | 5204459 |
| 83087 | NuScale Power Corp. (a) (b) | 3286922 |
|  |  | 97098607 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.4%**  |  |
| 29967 | Itron, Inc. (a) | 3944556 |
|  | **Energy Equipment & Services** <br> **— 0.2%**  |  |
| 25915 | Aris Water Solutions, Inc., <br> Class A | 612890 |
| 25668 | Kodiak Gas Services, Inc. | 879642 |
| 70195 | ProFrac Holding Corp., <br> Class A (a) | 544713 |
|  |  | 2037245 |
|  | **Entertainment — 6.3%**  |  |
| 18286 | Atlanta Braves Holdings, Inc., <br> Class C (a) | 855236 |
| 90742 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | 9482539 |
| 53667 | Liberty Media Corp.-Liberty <br> Live, Class C (a) | 4355614 |
| 338860 | ROBLOX Corp., Class A (a) | 35648072 |
| 903515 | Warner Bros. Discovery, Inc. (a) | 10354282 |
|  |  | 60695743 |
|  | **Financial Services — 4.1%**  |  |
| 481797 | Corebridge Financial, Inc. | 17103794 |
| 65763 | Enact Holdings, Inc. | 2443095 |
| 41742 | Jackson Financial, Inc., Class A | 3706272 |
| 56081 | Mr. Cooper Group, Inc. (a) | 8367846 |
| 169158 | Toast, Inc., Class A (a) | 7492008 |
|  |  | 39113015 |
|  | **Food Products — 0.7%**  |  |
| 287124 | Smithfield Foods, Inc. | 6756028 |
|  | **Health Care Equipment &** <br> **Supplies — 2.5%**  |  |
| 133773 | GE HealthCare Technologies, <br> Inc. | 9908566 |
| 189549 | Solventum Corp. (a) | 14375396 |
|  |  | 24283962 |
|  | **Health Care Providers &** <br> **Services — 1.3%**  |  |
| 57801 | Alignment Healthcare, Inc. (a) | 809214 |

---

See Notes to Financial Statements

------

**First Trust US Equity Opportunities ETF (FPX)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 50907 | BrightSpring Health Services, <br> Inc. (a) | $1200896 |
| 37446 | Concentra Group Holdings <br> Parent, Inc. | 770264 |
| 35620 | Privia Health Group, Inc. (a) | 819260 |
| 51560 | Tenet Healthcare Corp. (a) | 9074560 |
|  |  | 12674194 |
|  | **Health Care REITs — 1.5%**  |  |
| 118163 | American Healthcare REIT, Inc. | 4341308 |
| 164811 | Ventas, Inc. | 10407815 |
|  |  | 14749123 |
|  | **Health Care Technology —** <br> **0.9%**  |  |
| 109748 | Doximity, Inc., Class A (a) | 6731942 |
| 50548 | Waystar Holding Corp. (a) | 2065897 |
|  |  | 8797839 |
|  | **Hotels, Restaurants & Leisure** <br> **— 6.5%**  |  |
| 34190 | Darden Restaurants, Inc. | 7452394 |
| 185698 | DoorDash, Inc., Class A (a) | 45776414 |
| 76887 | Dutch Bros, Inc., Class A (a) | 5256764 |
| 144233 | Life Time Group Holdings, <br> Inc. (a) | 4374587 |
|  |  | 62860159 |
|  | **Insurance — 1.2%**  |  |
| 31763 | Hamilton Insurance Group Ltd., <br> Class B (a) | 686716 |
| 126505 | Ryan Specialty Holdings, Inc. | 8601075 |
| 41314 | Skyward Specialty Insurance <br> Group, Inc. (a) | 2387536 |
|  |  | 11675327 |
|  | **Interactive Media & Services** <br> **— 1.1%**  |  |
| 57228 | Grindr, Inc. (a) | 1299075 |
| 64603 | Reddit, Inc., Class A (a) | 9727274 |
|  |  | 11026349 |
|  | **IT Services — 8.4%**  |  |
| 122700 | CoreWeave, Inc., Class A (a) (b) | 20007462 |
| 149340 | International Business Machines <br> Corp. | 44022445 |
| 100769 | Kyndryl Holdings, Inc. (a) | 4228268 |
| 58495 | Snowflake, Inc., Class A (a) | 13089426 |
|  |  | 81347601 |
|  | **Machinery — 2.0%**  |  |
| 67197 | Crane Co. | 12760039 |
| 53133 | Esab Corp. | 6405183 |
|  |  | 19165222 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.1%**  |  |
| 42281 | CNX Resources Corp. (a) | $1424024 |
| 163241 | DT Midstream, Inc. | 17941818 |
| 69527 | Expand Energy Corp. | 8130487 |
| 46149 | Kinetik Holdings, Inc. | 2032864 |
|  |  | 29529193 |
|  | **Personal Care Products —** <br> **1.5%**  |  |
| 701138 | Kenvue, Inc. | 14674818 |
|  | **Pharmaceuticals — 1.3%**  |  |
| 36680 | Innoviva, Inc. (a) | 736901 |
| 5636 | Ligand Pharmaceuticals, Inc. (a) | 640701 |
| 299999 | Royalty Pharma PLC, Class A | 10808964 |
|  |  | 12186566 |
|  | **Professional Services — 1.0%**  |  |
| 18664 | Concentrix Corp. | 986486 |
| 66167 | Legalzoom.com, Inc. (a) | 589548 |
| 117153 | UL Solutions, Inc., Class A | 8535767 |
|  |  | 10111801 |
|  | **Real Estate Management &** <br> **Development — 1.2%**  |  |
| 123256 | CoStar Group, Inc. (a) | 9909782 |
| 22320 | Landbridge Co. LLC, <br> Class A (b) | 1508386 |
|  |  | 11418168 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.9%**  |  |
| 54020 | Allegro MicroSystems, Inc. (a) | 1846944 |
| 74412 | Credo Technology Group <br> Holding Ltd. (a) | 6889807 |
|  |  | 8736751 |
|  | **Software — 19.3%**  |  |
| 153235 | AppLovin Corp., Class A (a) | 53644509 |
| 59375 | AvePoint, Inc. (a) | 1146531 |
| 39323 | CrowdStrike Holdings, Inc., <br> Class A (a) | 20027597 |
| 83839 | Klaviyo, Inc., Class A (a) | 2815314 |
| 50306 | Life360, Inc. (a) (b) | 3282466 |
| 482622 | Palantir Technologies, Inc., <br> Class A (a) | 65791031 |
| 130019 | Rubrik, Inc., Class A (a) | 11648402 |
| 243915 | SailPoint, Inc. (a) | 5575897 |
| 474052 | Samsara, Inc., Class A (a) | 18857789 |
| 26481 | ServiceTitan, Inc., Class A (a) | 2838234 |
|  |  | 185627770 |
|  | **Specialized REITs — 1.5%**  |  |
| 72748 | Millrose Properties, Inc. | 2074045 |
| 385901 | VICI Properties, Inc. | 12580373 |
|  |  | 14654418 |

---

See Notes to Financial Statements

------

**First Trust US Equity Opportunities ETF (FPX)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.2%**  |  |
| 29893 | CompoSecure, Inc., Class A (a) | $421192 |
| 53063 | Sandisk Corp. (a) | 2406407 |
| 62000 | Seagate Technology <br> Holdings PLC | 8948460 |
|  |  | 11776059 |
|  | **Trading Companies &** <br> **Distributors — 0.4%**  |  |
| 57592 | Core & Main, Inc., Class A (a) | 3475677 |
|  | **Total Common Stocks** | 961737054 |
|  | (Cost $607,914,090) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 62835 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (c) | 62835 |
|  | (Cost $62,835) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 4.5%** | **REPURCHASE AGREEMENTS — 4.5%** | **REPURCHASE AGREEMENTS — 4.5%** |
| $43031576 | JPMorgan Chase & Co., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $43,036,823. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $43,892,210. (d) | 43031576 |
|  | (Cost $43,031,576) |  |
|  | **Total Investments — 104.3%** | 1004831465 |
|  | (Cost $651,008,501) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.3)%** | (41638728)<br>|
|  | **Net Assets — 100.0%** | $963192737 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $41,861,008 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $43,031,576.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $961737054 | $961737054 | $— | $— |
| Money Market <br> Funds<br>| 62835 | 62835 |  |  |
| Repurchase <br> Agreements<br>| 43031576 |  | 43031576 |  |
| Total Investments | $1004831465 | $961799889 | $43031576 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $41861008 |
| Non-cash Collateral<sup>(2)</sup> <br>| (41861008)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

See Notes to Financial Statements

------

**First Trust US Equity Opportunities ETF (FPX)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $43031576 |
| Non-cash Collateral<sup>(4)</sup> <br>| (43031576)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust NYSE**<sup>®</sup> **Arca**<sup>®</sup> **Biotechnology Index Fund (FBT)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Biotechnology — 79.2%**  |  |
| 2167383 | ACADIA Pharmaceuticals, <br> Inc. (a) | $46750451 |
| 1170387 | Alkermes PLC (a) | 33484772 |
| 132904 | Alnylam Pharmaceuticals, <br> Inc. (a) | 43338665 |
| 110499 | Amgen, Inc. | 30852425 |
| 54396 | Argenx SE, ADR (a) | 29984163 |
| 137179 | BeOne Medicines Ltd., ADR (a) | 33206921 |
| 274381 | Biogen, Inc. (a) | 34459510 |
| 556150 | BioMarin Pharmaceutical, <br> Inc. (a) | 30571566 |
| 327398 | BioNTech SE, ADR (a) | 34858065 |
| 710922 | Exact Sciences Corp. (a) | 37778395 |
| 894942 | Exelixis, Inc. (a) | 39444569 |
| 1679981 | Genmab A/S, ADR (a) | 34708408 |
| 304936 | Gilead Sciences, Inc. | 33808254 |
| 524819 | Halozyme Therapeutics, Inc. (a) | 27301084 |
| 555662 | Incyte Corp. (a) | 37840582 |
| 191518 | Krystal Biotech, Inc. (a) | 26326064 |
| 1206124 | Moderna, Inc. (a) | 33276961 |
| 213458 | Natera, Inc. (a) | 36061595 |
| 347755 | Neurocrine Biosciences, Inc. (a) | 43709326 |
| 57022 | Regeneron Pharmaceuticals, Inc. | 29936550 |
| 619252 | Sarepta Therapeutics, Inc. (a) | 10589209 |
| 112393 | United Therapeutics Corp. (a) | 32296129 |
| 993724 | Veracyte, Inc. (a) | 26860360 |
| 65261 | Vertex Pharmaceuticals, Inc. (a) | 29054197 |
|  |  | 796498221 |
|  | **Life Sciences Tools & Services** <br> **— 17.4%**  |  |
| 815286 | Bruker Corp. | 33589783 |
| 422578 | Illumina, Inc. (a) | 40318167 |
| 30329 | Mettler-Toledo International, <br> Inc. (a) | 35628083 |
| 257206 | Repligen Corp. (a) | 31991282 |
| 97167 | Waters Corp. (a) | 33915170 |
|  |  | 175442485 |
|  | **Pharmaceuticals — 3.4%**  |  |
| 460514 | Corcept Therapeutics, Inc. (a) | 33801727 |
|  | **Total Common Stocks** | 1005742433 |
|  | (Cost $1,033,609,107) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 920733 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | $920733 |
|  | (Cost $920,733) |  |
|  | **Total Investments — 100.1%** | 1006663166 |
|  | (Cost $1,034,529,840) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (613424)<br>|
|  | **Net Assets — 100.0%** | $1006049742 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1005742433 | $1005742433 | $— | $— |
| Money Market <br> Funds<br>| 920733 | 920733 |  |  |
| Total Investments | $1006663166 | $1006663166 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Dow Jones Internet Index Fund (FDN)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Broadline Retail — 11.3%**  |  |
| 3292328 | Amazon.com, Inc. (a) | $722303840 |
| 1360198 | eBay, Inc. | 101280343 |
|  |  | 823584183 |
|  | **Commercial Services &** <br> **Supplies — 1.7%**  |  |
| 2593951 | Copart, Inc. (a) | 127285176 |
|  | **Communications Equipment** <br> **— 11.1%**  |  |
| 3038639 | Arista Networks, Inc. (a) | 310883156 |
| 419407 | Ciena Corp. (a) | 34110371 |
| 5467552 | Cisco Systems, Inc. | 379338758 |
| 169456 | F5, Inc. (a) | 49874290 |
| 976932 | Juniper Networks, Inc. | 39008895 |
|  |  | 813215470 |
|  | **Diversified Consumer Services** <br> **— 0.7%**  |  |
| 115842 | Duolingo, Inc. (a) | 47497537 |
|  | **Entertainment — 12.9%**  |  |
| 575404 | Netflix, Inc. (a) | 770540759 |
| 1635760 | ROBLOX Corp., Class A (a) | 172081952 |
|  |  | 942622711 |
|  | **Financial Services — 2.9%**  |  |
| 2869499 | PayPal Holdings, Inc. (a) | 213261166 |
|  | **Health Care Technology —** <br> **1.7%**  |  |
| 442336 | Veeva Systems, Inc., Class A (a) | 127383921 |
|  | **Hotels, Restaurants & Leisure** <br> **— 13.2%**  |  |
| 1273461 | Airbnb, Inc., Class A (a) | 168529829 |
| 57785 | Booking Holdings, Inc. | 334531233 |
| 1011639 | DoorDash, Inc., Class A (a) | 249379130 |
| 1464305 | DraftKings, Inc., Class A (a) | 62804041 |
| 521322 | Flutter Entertainment PLC (a) | 148972975 |
|  |  | 964217208 |
|  | **Interactive Media & Services** <br> **— 19.7%**  |  |
| 2182789 | Alphabet, Inc., Class A | 384672906 |
| 1760760 | Alphabet, Inc., Class C | 312341216 |
| 1011215 | Meta Platforms, Inc., Class A | 746367679 |
|  |  | 1443381801 |
|  | **IT Services — 8.6%**  |  |
| 431386 | Akamai Technologies, Inc. (a) | 34407347 |
| 916303 | Cloudflare, Inc., Class A (a) | 179439616 |
| 420417 | GoDaddy, Inc., Class A (a) | 75700285 |
| 493216 | Okta, Inc. (a) | 49306804 |
| 984415 | Snowflake, Inc., Class A (a) | 220282545 |
| 238268 | VeriSign, Inc. | 68811798 |
|  |  | 627948395 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Professional Services — 0.5%**  |  |
| 143796 | Paycom Software, Inc. | $33274394 |
|  | **Software — 14.0%**  |  |
| 487562 | Atlassian Corp., Class A (a) | 99018967 |
| 427271 | Box, Inc., Class A (a) | 14599850 |
| 844829 | Confluent, Inc., Class A (a) | 21061587 |
| 942692 | Datadog, Inc., Class A (a) | 126631816 |
| 597494 | Docusign, Inc. (a) | 46538808 |
| 578966 | Dropbox, Inc., Class A (a) | 16558428 |
| 155605 | HubSpot, Inc. (a) | 86614411 |
| 1038423 | MARA Holdings, Inc. (a) (b) | 16282473 |
| 731720 | Nutanix, Inc., Class A (a) | 55932677 |
| 1187867 | Salesforce, Inc. | 323919452 |
| 639193 | Workday, Inc., Class A (a) | 153406320 |
| 774830 | Zoom Communications, Inc. (a) | 60421243 |
|  |  | 1020986032 |
|  | **Specialty Retail — 1.7%**  |  |
| 366519 | Carvana Co. (a) | 123502242 |
|  | **Total Common Stocks** | 7308160236 |
|  | (Cost $6,525,728,351) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 5965390 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 5965390 |
|  | (Cost $5,965,390) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $2837383 | Bank of America Corp., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $2,837,729. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $2,894,131. (d) | 2837383 |
|  | (Cost $2,837,383) |  |
|  | **Total Investments — 100.1%** | 7316963009 |
|  | (Cost $6,534,531,124) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (6088807)<br>|
|  | **Net Assets — 100.0%** | $7310874202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Dow Jones Internet Index Fund (FDN)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $2,850,295 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,837,383.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $7308160236 | $7308160236 | $— | $— |
| Money Market <br> Funds<br>| 5965390 | 5965390 |  |  |
| Repurchase <br> Agreements<br>| 2837383 |  | 2837383 |  |
| Total Investments | $7316963009 | $7314125626 | $2837383 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $2850295 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2837383)<br>|
| Net Amount | $12912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On June 30, 2025, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from June 29 to June 30, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $2837383 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2837383)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Capital Strength**<sup>®</sup> **ETF (FTCS)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.8%**  |  |
| 579197 | General Dynamics Corp. | $168928597 |
| 295907 | Northrop Grumman Corp. | 147947582 |
|  |  | 316876179 |
|  | **Air Freight & Logistics —** <br> **2.0%**  |  |
| 1498637 | Expeditors International of <br> Washington, Inc. | 171219277 |
|  | **Beverages — 5.6%**  |  |
| 2190475 | Coca-Cola (The) Co. | 154976106 |
| 2737625 | Monster Beverage Corp. (a) | 171484830 |
| 1119467 | PepsiCo, Inc. | 147814423 |
|  |  | 474275359 |
|  | **Biotechnology — 2.0%**  |  |
| 924358 | AbbVie, Inc. | 171579331 |
|  | **Capital Markets — 6.7%**  |  |
| 182585 | Blackrock, Inc. | 191577311 |
| 376370 | Moody's Corp. | 188783428 |
| 1856981 | T. Rowe Price Group, Inc. | 179198667 |
|  |  | 559559406 |
|  | **Chemicals — 8.3%**  |  |
| 608234 | Air Products and Chemicals, Inc. | 171558482 |
| 669814 | Ecolab, Inc. | 180474684 |
| 353677 | Linde PLC | 165938175 |
| 1598248 | PPG Industries, Inc. | 181800710 |
|  |  | 699772051 |
|  | **Commercial Services &** <br> **Supplies — 3.7%**  |  |
| 2679368 | Copart, Inc. (a) | 131476588 |
| 1785846 | Veralto Corp. | 180281154 |
|  |  | 311757742 |
|  | **Communications Equipment** <br> **— 4.3%**  |  |
| 2867730 | Cisco Systems, Inc. | 198963107 |
| 379867 | Motorola Solutions, Inc. | 159718879 |
|  |  | 358681986 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.9%**  |  |
| 160789 | Costco Wholesale Corp. | 159171463 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.5%**  |  |
| 1237269 | TE Connectivity PLC | 208690162 |
|  | **Financial Services — 4.1%**  |  |
| 309096 | Mastercard, Inc., Class A | 173693406 |
| 485134 | Visa, Inc., Class A | 172246827 |
|  |  | 345940233 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Food Products — 1.9%**  |  |
| 2375292 | Mondelez International, Inc., <br> Class A | $160189693 |
|  | **Ground Transportation —** <br> **2.0%**  |  |
| 725981 | Union Pacific Corp. | 167033709 |
|  | **Health Care Equipment &** <br> **Supplies — 4.1%**  |  |
| 1220832 | Abbott Laboratories | 166045360 |
| 461484 | Stryker Corp. | 182576915 |
|  |  | 348622275 |
|  | **Health Care Providers &** <br> **Services — 2.0%**  |  |
| 557664 | Cencora, Inc. | 167215550 |
|  | **Household Durables — 2.0%**  |  |
| 22240 | NVR, Inc. (a) | 164257078 |
|  | **Household Products — 5.3%**  |  |
| 1674393 | Colgate-Palmolive Co. | 152202324 |
| 1119702 | Kimberly-Clark Corp. | 144351982 |
| 937142 | Procter & Gamble (The) Co. | 149305463 |
|  |  | 445859769 |
|  | **Industrial Conglomerates —** <br> **2.3%**  |  |
| 813350 | Honeywell International, Inc. | 189412948 |
|  | **Insurance — 9.4%**  |  |
| 1488316 | Aflac, Inc. | 156957805 |
| 435221 | Aon PLC, Class A | 155269444 |
| 2587036 | Fidelity National Financial, Inc. | 145029238 |
| 726608 | Marsh & McLennan Cos., Inc. | 158865573 |
| 2340059 | W.R. Berkley Corp. | 171924135 |
|  |  | 788046195 |
|  | **IT Services — 4.0%**  |  |
| 2302775 | Cognizant Technology Solutions <br> Corp., Class A | 179685533 |
| 398120 | Gartner, Inc. (a) | 160928067 |
|  |  | 340613600 |
|  | **Machinery — 4.1%**  |  |
| 992704 | Dover Corp. | 181893154 |
| 523523 | Snap-on, Inc. | 162909887 |
|  |  | 344803041 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.1%**  |  |
| 1447100 | EOG Resources, Inc. | 173087631 |
|  | **Pharmaceuticals — 1.8%**  |  |
| 1015462 | Johnson & Johnson | 155111821 |
|  | **Professional Services — 3.9%**  |  |
| 545228 | Automatic Data Processing, Inc. | 168148315 |
| 1103552 | Paychex, Inc. | 160522674 |
|  |  | 328670989 |

---

See Notes to Financial Statements

------

**First Trust Capital Strength**<sup>®</sup> **ETF (FTCS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software — 2.6%**  |  |
| 434784 | Microsoft Corp. | $216265909 |
|  | **Specialty Retail — 5.5%**  |  |
| 450360 | Home Depot (The), Inc. | 165119991 |
| 1145202 | Ross Stores, Inc. | 146104871 |
| 1252974 | TJX (The) Cos., Inc. | 154729759 |
|  |  | 465954621 |
|  | **Trading Companies &** <br> **Distributors — 2.0%**  |  |
| 159476 | W.W. Grainger, Inc. | 165893314 |
|  | **Total Common Stocks** | 8398561332 |
|  | (Cost $7,469,834,326) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 3515295 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 3515295 |
|  | (Cost $3,515,295) |  |
|  | **Total Investments — 100.0%** | 8402076627 |
|  | (Cost $7,473,349,621) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 1950898 |
|  | **Net Assets — 100.0%** | $8404027525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $8398561332 | $8398561332 | $— | $— |
| Money Market <br> Funds<br>| 3515295 | 3515295 |  |  |
| Total Investments | $8402076627 | $8402076627 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Value Line**<sup>®</sup> **Dividend Index Fund (FVD)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 2.1%**  |  |
| 133633 | General Dynamics Corp. | $38975401 |
| 150240 | L3Harris Technologies, Inc. | 37686201 |
| 79849 | Lockheed Martin Corp. | 36981266 |
| 75501 | Northrop Grumman Corp. | 37748990 |
| 258736 | RTX Corp. | 37780631 |
|  |  | 189172489 |
|  | **Air Freight & Logistics —** <br> **1.7%**  |  |
| 401555 | C.H. Robinson Worldwide, Inc. | 38529202 |
| 329802 | Expeditors International of <br> Washington, Inc. | 37679878 |
| 1128175 | Hub Group, Inc., Class A | 37714890 |
| 375758 | United Parcel Service, Inc., <br> Class B | 37929013 |
|  |  | 151852983 |
|  | **Automobile Components —** <br> **0.4%**  |  |
| 1751445 | Gentex Corp. | 38514275 |
|  | **Automobiles — 0.8%**  |  |
| 1314497 | Honda Motor Co., Ltd., ADR | 37896949 |
| 220775 | Toyota Motor Corp., ADR | 38030701 |
|  |  | 75927650 |
|  | **Banks — 3.5%**  |  |
| 358207 | Bank of Montreal | 39628440 |
| 696694 | Bank of Nova Scotia (The) | 38506277 |
| 541576 | Canadian Imperial Bank of <br> Commerce | 38359828 |
| 614832 | Commerce Bancshares, Inc. | 38224105 |
| 640182 | HSBC Holdings PLC, ADR | 38916664 |
| 135572 | JPMorgan Chase & Co. | 39303679 |
| 296610 | Royal Bank of Canada | 39019046 |
| 530011 | Toronto-Dominion Bank (The) | 38929308 |
|  |  | 310887347 |
|  | **Beverages — 2.5%**  |  |
| 1424705 | Brown-Forman Corp., Class B | 38338811 |
| 540955 | Coca-Cola (The) Co. | 38272566 |
| 405699 | Coca-Cola Europacific <br> Partners PLC | 37616411 |
| 376132 | Diageo PLC, ADR | 37929151 |
| 1134281 | Keurig Dr Pepper, Inc. | 37499330 |
| 292244 | PepsiCo, Inc. | 38587898 |
|  |  | 228244167 |
|  | **Biotechnology — 0.9%**  |  |
| 205301 | AbbVie, Inc. | 38107972 |
| 138474 | Amgen, Inc. | 38663325 |
|  |  | 76771297 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Building Products — 0.9%**  |  |
| 588182 | A.O. Smith Corp. | $38567094 |
| 365032 | Johnson Controls <br> International PLC | 38554680 |
|  |  | 77121774 |
|  | **Capital Markets — 3.9%**  |  |
| 420911 | Bank of New York Mellon (The) <br> Corp. | 38349201 |
| 38252 | Blackrock, Inc. | 40135911 |
| 138366 | CME Group, Inc. | 38136437 |
| 58320 | Goldman Sachs Group (The), <br> Inc. | 41275980 |
| 212962 | Houlihan Lokey, Inc. | 38322512 |
| 281540 | Morgan Stanley | 39657724 |
| 434986 | Nasdaq, Inc. | 38896448 |
| 445251 | SEI Investments Co. | 40010255 |
| 401384 | T. Rowe Price Group, Inc. | 38733556 |
|  |  | 353518024 |
|  | **Chemicals — 3.4%**  |  |
| 138104 | Air Products and Chemicals, Inc. | 38953614 |
| 451056 | Innospec, Inc. | 37929299 |
| 82061 | Linde PLC | 38501380 |
| 55810 | NewMarket Corp. | 38556897 |
| 335850 | PPG Industries, Inc. | 38202937 |
| 346206 | RPM International, Inc. | 38027267 |
| 384098 | Sensient Technologies Corp. | 37841335 |
| 688557 | Stepan Co. | 37581441 |
|  |  | 305594170 |
|  | **Commercial Services &** <br> **Supplies — 1.3%**  |  |
| 563752 | Brady Corp., Class A | 38318224 |
| 226717 | MSA Safety, Inc. | 37981899 |
| 160737 | Waste Management, Inc. | 36779840 |
|  |  | 113079963 |
|  | **Communications Equipment** <br> **— 0.9%**  |  |
| 559897 | Cisco Systems, Inc. | 38845654 |
| 1039289 | Juniper Networks, Inc. | 41498810 |
|  |  | 80344464 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.4%**  |  |
| 509816 | Kroger (The) Co. | 36569102 |
|  | **Containers & Packaging —** <br> **1.7%**  |  |
| 4159444 | Amcor PLC | 38225290 |
| 210318 | Avery Dennison Corp. | 36904500 |
| 199925 | Packaging Corp. of America | 37675866 |
| 863101 | Sonoco Products Co. | 37596680 |
|  |  | 150402336 |

---

See Notes to Financial Statements

------

**First Trust Value Line**<sup>®</sup> **Dividend Index Fund (FVD)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Distributors — 0.8%**  |  |
| 311041 | Genuine Parts Co. | $37732384 |
| 1009798 | LKQ Corp. | 37372624 |
|  |  | 75105008 |
|  | **Diversified REITs — 0.4%**  |  |
| 584630 | WP Carey, Inc. | 36469219 |
|  | **Diversified Telecommunication** <br> **Services — 1.3%**  |  |
| 1337810 | AT&T, Inc. | 38716221 |
| 2330213 | TELUS Corp. | 37423221 |
| 890608 | Verizon Communications, Inc. | 38536608 |
|  |  | 114676050 |
|  | **Electric Utilities — 8.4%**  |  |
| 591321 | ALLETE, Inc. | 37885937 |
| 615032 | Alliant Energy Corp. | 37190985 |
| 365173 | American Electric Power Co., <br> Inc. | 37890351 |
| 322530 | Duke Energy Corp. | 38058540 |
| 841724 | Emera, Inc. | 38567794 |
| 456679 | Entergy Corp. | 37959159 |
| 550988 | Evergy, Inc. | 37979603 |
| 595331 | Eversource Energy | 37874958 |
| 792895 | Fortis, Inc. | 37844878 |
| 326097 | IDACORP, Inc. | 37647899 |
| 421616 | MGE Energy, Inc. | 37287719 |
| 533382 | NextEra Energy, Inc. | 37027378 |
| 843043 | OGE Energy Corp. | 37414248 |
| 483111 | Otter Tail Corp. | 37243027 |
| 420817 | Pinnacle West Capital Corp. | 37650497 |
| 918805 | Portland General Electric Co. | 37331047 |
| 1099887 | PPL Corp. | 37275170 |
| 416080 | Southern (The) Co. | 38208626 |
| 666542 | TXNM Energy, Inc. | 37539646 |
| 555532 | Xcel Energy, Inc. | 37831729 |
|  |  | 753709191 |
|  | **Electrical Equipment — 0.9%**  |  |
| 291525 | Emerson Electric Co. | 38869028 |
| 95584 | Hubbell, Inc. | 39037462 |
|  |  | 77906490 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.4%**  |  |
| 227513 | TE Connectivity PLC | 38374618 |
|  | **Financial Services — 0.4%**  |  |
| 208407 | Jack Henry & Associates, Inc. | 37548689 |
|  | **Food Products — 6.2%**  |  |
| 371501 | Cal-Maine Foods, Inc. | 37012645 |
| 1178573 | Campbell's (The) Co. | 36123262 |
| 1745775 | Conagra Brands, Inc. | 35736014 |
| 2330213 | Flowers Foods, Inc. | 37236804 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Food Products (Continued)**  |  |
| 705557 | General Mills, Inc. | $36554908 |
| 217909 | Hershey (The) Co. | 36161999 |
| 1222891 | Hormel Foods Corp. | 36992453 |
| 270962 | Ingredion, Inc. | 36747866 |
| 327339 | J & J Snack Foods Corp. | 37123516 |
| 387610 | J.M. Smucker (The) Co. | 38063302 |
| 479914 | Kellanova | 38167560 |
| 1455485 | Kraft Heinz (The) Co. | 37580623 |
| 219478 | Lancaster Colony Corp. | 37919214 |
| 503753 | McCormick & Co., Inc. | 38194552 |
| 550788 | Mondelez International, Inc., <br> Class A | 37145143 |
|  |  | 556759861 |
|  | **Gas Utilities — 3.3%**  |  |
| 241261 | Atmos Energy Corp. | 37180733 |
| 303337 | Chesapeake Utilities Corp. | 36467174 |
| 438626 | National Fuel Gas Co. | 37156008 |
| 833174 | New Jersey Resources Corp. | 37342859 |
| 928533 | Northwest Natural Holding Co. | 36881331 |
| 512234 | ONE Gas, Inc. | 36809135 |
| 502209 | Southwest Gas Holdings, Inc. | 37359327 |
| 506528 | Spire, Inc. | 36971479 |
|  |  | 296168046 |
|  | **Ground Transportation —** <br> **3.0%**  |  |
| 368849 | Canadian National Railway Co. | 38375050 |
| 1163670 | CSX Corp. | 37970552 |
| 264391 | J.B. Hunt Transport Services, <br> Inc. | 37966547 |
| 147036 | Norfolk Southern Corp. | 37636805 |
| 1562159 | Schneider National, Inc., Class B | 37726140 |
| 167021 | Union Pacific Corp. | 38428192 |
| 1364910 | Werner Enterprises, Inc. | 37343938 |
|  |  | 265447224 |
|  | **Health Care Equipment &** <br> **Supplies — 1.7%**  |  |
| 283102 | Abbott Laboratories | 38504703 |
| 1257957 | Baxter International, Inc. | 38090938 |
| 222286 | Becton Dickinson & Co. | 38288763 |
| 438880 | Medtronic PLC | 38257170 |
|  |  | 153141574 |
|  | **Health Care Providers &** <br> **Services — 0.9%**  |  |
| 101301 | Elevance Health, Inc. | 39402037 |
| 209918 | Quest Diagnostics, Inc. | 37707570 |
|  |  | 77109607 |
|  | **Health Care REITs — 0.4%**  |  |
| 2157014 | Healthpeak Properties, Inc. | 37769315 |

---

See Notes to Financial Statements

------

**First Trust Value Line**<sup>®</sup> **Dividend Index Fund (FVD)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.4%**  |  |
| 130309 | McDonald's Corp. | $38072380 |
|  | **Household Durables — 0.4%**  |  |
| 187005 | Garmin Ltd. | 39031684 |
|  | **Household Products — 2.1%**  |  |
| 308469 | Clorox (The) Co. | 37037873 |
| 425466 | Colgate-Palmolive Co. | 38674859 |
| 289912 | Kimberly-Clark Corp. | 37375455 |
| 234284 | Procter & Gamble (The) Co. | 37326127 |
| 1753073 | Reynolds Consumer Products, <br> Inc. | 37550824 |
|  |  | 187965138 |
|  | **Industrial Conglomerates —** <br> **0.9%**  |  |
| 255598 | 3M Co. | 38912240 |
| 167863 | Honeywell International, Inc. | 39091935 |
|  |  | 78004175 |
|  | **Insurance — 5.9%**  |  |
| 190220 | Allstate (The) Corp. | 38293188 |
| 188934 | Assurant, Inc. | 37312576 |
| 363553 | Axis Capital Holdings Ltd. | 37744072 |
| 130908 | Chubb Ltd. | 37926666 |
| 823538 | CNA Financial Corp. | 38319223 |
| 221047 | Hanover Insurance Group (The), <br> Inc. | 37549254 |
| 1204926 | Manulife Financial Corp. | 38509435 |
| 172178 | Marsh & McLennan Cos., Inc. | 37644998 |
| 473768 | MetLife, Inc. | 38100422 |
| 987336 | Old Republic International Corp. | 37953196 |
| 141424 | Primerica, Inc. | 38703506 |
| 357255 | Prudential Financial, Inc. | 38383477 |
| 582015 | Sun Life Financial, Inc. | 38674897 |
| 140970 | Travelers (The) Cos., Inc. | 37715114 |
|  |  | 532830024 |
|  | **IT Services — 2.5%**  |  |
| 127882 | Accenture PLC, Class A | 38222651 |
| 410381 | Amdocs Ltd. | 37443163 |
| 491737 | Cognizant Technology Solutions <br> Corp., Class A | 38370238 |
| 2084321 | Infosys Ltd., ADR | 38622468 |
| 130458 | International Business Machines <br> Corp. | 38456409 |
| 12492106 | Wipro Ltd., ADR | 37726160 |
|  |  | 228841089 |
|  | **Machinery — 5.6%**  |  |
| 103008 | Caterpillar, Inc. | 39988736 |
| 119255 | Cummins, Inc. | 39056013 |
| 73387 | Deere & Co. | 37316556 |
| 545808 | Donaldson Co., Inc. | 37851785 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 432542 | Franklin Electric Co., Inc. | $38816319 |
| 442069 | Graco, Inc. | 38004672 |
| 218425 | IDEX Corp. | 38348877 |
| 154489 | Illinois Tool Works, Inc. | 38197405 |
| 182494 | Lincoln Electric Holdings, Inc. | 37834656 |
| 177100 | Nordson Corp. | 37964927 |
| 393062 | Otis Worldwide Corp. | 38920999 |
| 411188 | PACCAR, Inc. | 39087531 |
| 122358 | Snap-on, Inc. | 38075362 |
|  |  | 499463838 |
|  | **Media — 0.4%**  |  |
| 1090664 | Comcast Corp., Class A | 38925798 |
|  | **Metals & Mining — 0.4%**  |  |
| 660817 | Rio Tinto PLC, ADR | 38545456 |
|  | **Multi-Utilities — 5.0%**  |  |
| 392943 | Ameren Corp. | 37738246 |
| 661864 | Black Hills Corp. | 37130570 |
| 1040150 | CenterPoint Energy, Inc. | 38215111 |
| 539945 | CMS Energy Corp. | 37407390 |
| 372972 | Consolidated Edison, Inc. | 37427740 |
| 675133 | Dominion Energy, Inc. | 38158517 |
| 281453 | DTE Energy Co. | 37281264 |
| 931282 | NiSource, Inc. | 37567916 |
| 729290 | Northwestern Energy Group, <br> Inc. | 37412577 |
| 452679 | Public Service Enterprise Group, <br> Inc. | 38106518 |
| 497775 | Sempra | 37716412 |
| 357593 | WEC Energy Group, Inc. | 37261191 |
|  |  | 451423452 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.9%**  |  |
| 256884 | Chevron Corp. | 36783220 |
| 839669 | Enbridge, Inc. | 38053799 |
| 337622 | Exxon Mobil Corp. | 36395652 |
| 1023775 | Pembina Pipeline Corp. | 38401800 |
| 532554 | Shell PLC, ADR | 37497127 |
| 798605 | TC Energy Corp. | 38963938 |
| 615635 | TotalEnergies SE, ADR | 37793833 |
|  |  | 263889369 |
|  | **Personal Care Products —** <br> **0.4%**  |  |
| 605069 | Unilever PLC, ADR | 37012071 |
|  | **Pharmaceuticals — 4.2%**  |  |
| 534065 | AstraZeneca PLC, ADR | 37320462 |
| 804058 | Bristol-Myers Squibb Co. | 37219845 |
| 986043 | GSK PLC, ADR | 37864051 |
| 249314 | Johnson & Johnson | 38082714 |
| 470637 | Merck & Co., Inc. | 37255625 |
| 321019 | Novartis AG, ADR | 38846509 |

---

See Notes to Financial Statements

------

**First Trust Value Line**<sup>®</sup> **Dividend Index Fund (FVD)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Pharmaceuticals (Continued)**  |  |
| 1569965 | Pfizer, Inc. | $38055952 |
| 783026 | Sanofi S.A., ADR | 37827986 |
| 2562916 | Takeda Pharmaceutical Co., Ltd., <br> ADR | 39622681 |
| 239776 | Zoetis, Inc. | 37393067 |
|  |  | 379488892 |
|  | **Professional Services — 3.0%**  |  |
| 121606 | Automatic Data Processing, Inc. | 37503290 |
| 156955 | Broadridge Financial Solutions, <br> Inc. | 38144774 |
| 909060 | Genpact Ltd. | 40007731 |
| 550189 | Maximus, Inc. | 38623268 |
| 249430 | Paychex, Inc. | 36282088 |
| 934740 | Robert Half, Inc. | 38371077 |
| 192588 | Thomson Reuters Corp. | 38735224 |
|  |  | 267667452 |
|  | **Residential REITs — 2.9%**  |  |
| 1025170 | American Homes 4 Rent, <br> Class A | 36977882 |
| 181666 | AvalonBay Communities, Inc. | 36969031 |
| 324495 | Camden Property Trust | 36567342 |
| 589196 | Equity LifeStyle Properties, Inc. | 36335717 |
| 546280 | Equity Residential | 36868437 |
| 1108942 | Invitation Homes, Inc. | 36373298 |
| 251239 | Mid-America Apartment <br> Communities, Inc. | 37185884 |
|  |  | 257277591 |
|  | **Retail REITs — 0.4%**  |  |
| 646328 | Realty Income Corp. | 37234956 |
|  | **Software — 0.4%**  |  |
| 516938 | Dolby Laboratories, Inc., <br> Class A | 38387816 |
|  | **Specialized REITs — 1.2%**  |  |
| 879606 | CubeSmart | 37383255 |
| 42385 | Equinix, Inc. | 33715996 |
| 127988 | Public Storage | 37554239 |
|  |  | 108653490 |
|  | **Specialty Retail — 1.7%**  |  |
| 105689 | Home Depot (The), Inc. | 38749815 |
| 172603 | Lowe's Cos., Inc. | 38295428 |
| 302393 | TJX (The) Cos., Inc. | 37342511 |
| 703061 | Tractor Supply Co. | 37100529 |
|  |  | 151488283 |
|  | **Tobacco — 1.6%**  |  |
| 623677 | Altria Group, Inc. | 36566183 |
| 773709 | British American Tobacco PLC, <br> ADR | 36619647 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Tobacco (Continued)**  |  |
| 203979 | Philip Morris International, Inc. | $37150695 |
| 633735 | Universal Corp. | 36908726 |
|  |  | 147245251 |
|  | **Trading Companies &** <br> **Distributors — 1.3%**  |  |
| 913462 | Fastenal Co. | 38365404 |
| 461313 | MSC Industrial Direct Co., Inc., <br> Class A | 39220831 |
| 87858 | Watsco, Inc. | 38799850 |
|  |  | 116386085 |
|  | **Water Utilities — 2.4%**  |  |
| 471106 | American States Water Co. | 36114986 |
| 262005 | American Water Works Co., Inc. | 36447516 |
| 794570 | California Water Service Group | 36137044 |
| 992534 | Essential Utilities, Inc. | 36862713 |
| 699284 | H2O America | 36341789 |
| 656219 | Middlesex Water Co. | 35553945 |
|  |  | 217457993 |
|  | **Wireless Telecommunication** <br> **Services — 1.3%**  |  |
| 2219184 | America Movil S.A.B. de C.V., <br> ADR | 39812161 |
| 1339709 | Rogers Communications, Inc., <br> Class B | 39735769 |
| 166211 | T-Mobile US, Inc. | 39601433 |
|  |  | 119149363 |
|  | **Total Common Stocks** | 8982626579 |
|  | (Cost $8,252,576,828) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 11300467 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (a) | 11300467 |
|  | (Cost $11,300,467) |  |
|  | **Total Investments — 99.9%** | 8993927046 |
|  | (Cost $8,263,877,295) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 11871827 |
|  | **Net Assets — 100.0%** | $9005798873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt <br> REITs – Real Estate Investment Trusts

See Notes to Financial Statements

------

**First Trust Value Line**<sup>®</sup> **Dividend Index Fund (FVD)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $8982626579 | $8982626579 | $— | $— |
| Money Market <br> Funds<br>| 11300467 | 11300467 |  |  |
| Total Investments | $8993927046 | $8993927046 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Growth Strength**<sup>TM</sup> **ETF (FTGS)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Beverages — 1.8%**  |  |
| 326940 | Monster Beverage Corp. (a) | $20479522 |
|  | **Biotechnology — 1.7%**  |  |
| 67283 | United Therapeutics Corp. (a) | 19333770 |
|  | **Building Products — 2.2%**  |  |
| 57234 | Trane Technologies PLC | 25034724 |
|  | **Capital Markets — 5.8%**  |  |
| 40729 | Ameriprise Financial, Inc. | 21738289 |
| 245553 | Charles Schwab (The) Corp. | 22404256 |
| 141655 | Raymond James Financial, Inc. | 21725627 |
|  |  | 65868172 |
|  | **Commercial Services &** <br> **Supplies — 1.4%**  |  |
| 318298 | Copart, Inc. (a) | 15618883 |
|  | **Communications Equipment** <br> **— 4.0%**  |  |
| 266658 | Arista Networks, Inc. (a) | 27281780 |
| 44980 | Motorola Solutions, Inc. | 18912291 |
|  |  | 46194071 |
|  | **Construction & Engineering** <br> **— 2.3%**  |  |
| 50122 | EMCOR Group, Inc. | 26809757 |
|  | **Consumer Finance — 2.1%**  |  |
| 75206 | American Express Co. | 23989210 |
|  | **Electrical Equipment — 5.2%**  |  |
| 70703 | Eaton Corp. PLC | 25240264 |
| 262972 | Vertiv Holdings Co., Class A | 33768235 |
|  |  | 59008499 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.5%**  |  |
| 293403 | Amphenol Corp., Class A | 28973546 |
|  | **Energy Equipment & Services** <br> **— 3.2%**  |  |
| 486618 | Baker Hughes Co. | 18656934 |
| 542071 | Schlumberger N.V. | 18322000 |
|  |  | 36978934 |
|  | **Financial Services — 7.2%**  |  |
| 150350 | Apollo Global Management, Inc. | 21330155 |
| 61809 | Corpay, Inc. (a) | 20509462 |
| 36721 | Mastercard, Inc., Class A | 20634999 |
| 57407 | Visa, Inc., Class A | 20382355 |
|  |  | 82856971 |
|  | **Health Care Equipment &** <br> **Supplies — 4.0%**  |  |
| 279023 | Dexcom, Inc. (a) | 24355918 |
| 54621 | Stryker Corp. | 21609706 |
|  |  | 45965624 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.9%**  |  |
| 168293 | Airbnb, Inc., Class A (a) | $22271895 |
| 395218 | Chipotle Mexican Grill, Inc. (a) | 22191491 |
|  |  | 44463386 |
|  | **Household Durables — 5.5%**  |  |
| 157481 | D.R. Horton, Inc. | 20302450 |
| 99782 | Garmin Ltd. | 20826499 |
| 201006 | PulteGroup, Inc. | 21198093 |
|  |  | 62327042 |
|  | **Insurance — 3.4%**  |  |
| 51620 | Aon PLC, Class A | 18415951 |
| 276174 | W.R. Berkley Corp. | 20290504 |
|  |  | 38706455 |
|  | **Interactive Media & Services** <br> **— 4.8%**  |  |
| 38051 | Meta Platforms, Inc., Class A | 28085062 |
| 751895 | Pinterest, Inc., Class A (a) | 26962955 |
|  |  | 55048017 |
|  | **Machinery — 4.0%**  |  |
| 64494 | Caterpillar, Inc. | 25037216 |
| 216312 | PACCAR, Inc. | 20562618 |
|  |  | 45599834 |
|  | **Media — 2.4%**  |  |
| 383258 | Trade Desk (The), Inc., <br> Class A (a) | 27590743 |
|  | **Pharmaceuticals — 1.7%**  |  |
| 242764 | Merck & Co., Inc. | 19217198 |
|  | **Professional Services — 1.8%**  |  |
| 64838 | Automatic Data Processing, Inc. | 19996039 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 7.6%**  |  |
| 111170 | Broadcom, Inc. | 30644011 |
| 29878 | KLA Corp. | 26762920 |
| 188552 | NVIDIA Corp. | 29789330 |
|  |  | 87196261 |
|  | **Software — 16.5%**  |  |
| 54623 | Adobe, Inc. (a) | 21132546 |
| 73080 | Cadence Design Systems, <br> Inc. (a) | 22519602 |
| 440640 | Dynatrace, Inc. (a) | 24327734 |
| 197759 | Fortinet, Inc. (a) | 20907082 |
| 32351 | Intuit, Inc. | 25480618 |
| 51440 | Microsoft Corp. | 25586771 |
| 112808 | Palo Alto Networks, Inc. (a) | 23085029 |
| 24440 | ServiceNow, Inc. (a) | 25126275 |
|  |  | 188165657 |
|  | **Specialty Retail — 1.6%**  |  |
| 150252 | TJX (The) Cos., Inc. | 18554620 |

---

See Notes to Financial Statements

------

**First Trust Growth Strength**<sup>TM</sup> **ETF (FTGS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.6%**  |  |
| 182035 | Deckers Outdoor Corp. (a) | $18762347 |
|  | **Trading Companies &** <br> **Distributors — 1.7%**  |  |
| 18990 | W.W. Grainger, Inc. | 19754158 |
|  | **Total Common Stocks** | 1142493440 |
|  | (Cost $1,029,367,533) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 937081 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 937081 |
|  | (Cost $937,081) |  |
|  | **Total Investments — 100.0%** | 1143430521 |
|  | (Cost $1,030,304,614) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 93381 |
|  | **Net Assets — 100.0%** | $1143523902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1142493440 | $1142493440 | $— | $— |
| Money Market <br> Funds<br>| 937081 | 937081 |  |  |
| Total Investments | $1143430521 | $1143430521 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Indxx Aerospace & Defense ETF (MISL)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 86.7%**  |  |
| 12420 | AAR Corp. (a) | $854372 |
| 9710 | AeroVironment, Inc. (a) | 2766865 |
| 12201 | Astronics Corp. (a) | 408489 |
| 65871 | Boeing (The) Co. (a) | 13801951 |
| 12970 | Curtiss-Wright Corp. | 6336494 |
| 5111 | Ducommun, Inc. (a) | 422322 |
| 18843 | General Dynamics Corp. | 5495749 |
| 56437 | General Electric Co. | 14526319 |
| 20538 | HEICO Corp. | 6736464 |
| 27663 | Hexcel Corp. | 1562683 |
| 41247 | Howmet Aerospace, Inc. | 7677304 |
| 13500 | Huntington Ingalls Industries, <br> Inc. | 3259710 |
| 61354 | Intuitive Machines, Inc. (a) | 666918 |
| 52741 | Kratos Defense & Security <br> Solutions, Inc. (a) | 2449819 |
| 23990 | L3Harris Technologies, Inc. | 6017652 |
| 91559 | Leonardo DRS, Inc. | 4255662 |
| 32189 | Loar Holdings, Inc. (a) | 2773726 |
| 22093 | Lockheed Martin Corp. | 10232152 |
| 20537 | Mercury Systems, Inc. (a) | 1106123 |
| 10883 | Moog, Inc., Class A | 1969497 |
| 2460 | National Presto Industries, Inc. | 240982 |
| 19851 | Northrop Grumman Corp. | 9925103 |
| 156059 | Rocket Lab Corp. (a) | 5582230 |
| 80616 | RTX Corp. | 11771548 |
| 40348 | Spirit AeroSystems Holdings, <br> Inc., Class A (a) | 1539276 |
| 62495 | Textron, Inc. | 5017724 |
| 3946 | TransDigm Group, Inc. | 6000445 |
| 26639 | Triumph Group, Inc. (a) | 685954 |
| 20422 | Woodward, Inc. | 5005228 |
|  |  | 139088761 |
|  | **Diversified Telecommunication** <br> **Services — 3.2%**  |  |
| 108898 | AST SpaceMobile, Inc. (a) | 5088804 |
|  | **Professional Services — 10.0%**  |  |
| 7716 | CACI International, Inc., <br> Class A (a) | 3678217 |
| 44639 | KBR, Inc. | 2139994 |
| 36670 | Leidos Holdings, Inc. | 5785059 |
| 36739 | Parsons Corp. (a) | 2636758 |
| 16426 | Science Applications <br> International Corp. | 1849732 |
|  |  | 16089760 |
|  | **Total Common Stocks** | 160267325 |
|  | (Cost $123,702,371) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 139421 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | $139421 |
|  | (Cost $139,421) |  |
|  | **Total Investments — 100.0%** | 160406746 |
|  | (Cost $123,841,792) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (60908)<br>|
|  | **Net Assets — 100.0%** | $160345838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $160267325 | $160267325 | $— | $— |
| Money Market Funds | 139421 | 139421 |  |  |
| Total Investments | $160406746 | $160406746 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Building Products — 12.6%**  |  |
| 187 | Advanced Drainage Systems, <br> Inc. | $21479 |
| 59 | Carlisle Cos., Inc. | 22030 |
| 274 | Johnson Controls <br> International PLC | 28940 |
| 127 | Owens Corning | 17465 |
| 58 | Trane Technologies PLC | 25370 |
| 192 | UFP Industries, Inc. | 19077 |
|  |  | 134361 |
|  | **Chemicals — 6.8%**  |  |
| 253 | CF Industries Holdings, Inc. | 23276 |
| 236 | Eastman Chemical Co. | 17620 |
| 878 | Mosaic (The) Co. | 32029 |
|  |  | 72925 |
|  | **Construction & Engineering** <br> **— 2.4%**  |  |
| 68 | Quanta Services, Inc. | 25710 |
|  | **Containers & Packaging —** <br> **1.8%**  |  |
| 401 | International Paper Co. | 18779 |
|  | **Electrical Equipment — 4.2%**  |  |
| 120 | AMETEK, Inc. | 21715 |
| 174 | Emerson Electric Co. | 23200 |
|  |  | 44915 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 4.9%**  |  |
| 134 | Keysight Technologies, Inc. (a) | 21958 |
| 96 | Ralliant Corp. (a) | 4655 |
| 151 | TE Connectivity PLC | 25469 |
|  |  | 52082 |
|  | **Energy Equipment & Services** <br> **— 8.6%**  |  |
| 793 | ChampionX Corp. | 19698 |
| 793 | Halliburton Co. | 16161 |
| 688 | Noble Corp. PLC | 18266 |
| 1479 | NOV, Inc. | 18384 |
| 563 | Schlumberger N.V. | 19030 |
|  |  | 91539 |
|  | **Hotel & Resort REITs — 3.7%**  |  |
| 1233 | Host Hotels & Resorts, Inc. | 18939 |
| 207 | Ryman Hospitality Properties, <br> Inc. | 20425 |
|  |  | 39364 |
|  | **Machinery — 11.7%**  |  |
| 60 | Caterpillar, Inc. | 23293 |
| 288 | Fortive Corp. | 15013 |
| 239 | Ingersoll Rand, Inc. | 19880 |
| 208 | PACCAR, Inc. | 19772 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 34 | Parker-Hannifin Corp. | $23748 |
| 114 | Westinghouse Air Brake <br> Technologies Corp. | 23866 |
|  |  | 125572 |
|  | **Metals & Mining — 9.6%**  |  |
| 566 | Freeport-McMoRan, Inc. | 24536 |
| 185 | Nucor Corp. | 23965 |
| 80 | Reliance, Inc. | 25112 |
| 164 | Royal Gold, Inc. | 29166 |
|  |  | 102779 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 18.0%**  |  |
| 416 | California Resources Corp. | 18999 |
| 184 | Chord Energy Corp. | 17820 |
| 588 | CNX Resources Corp. (a) | 19804 |
| 218 | ConocoPhillips | 19563 |
| 923 | Magnolia Oil & Gas Corp., <br> Class A | 20749 |
| 384 | Matador Resources Co. | 18325 |
| 713 | Murphy Oil Corp. | 16043 |
| 1502 | Permian Resources Corp. | 20457 |
| 599 | Range Resources Corp. | 24361 |
| 440 | Viper Energy, Inc. | 16777 |
|  |  | 192898 |
|  | **Real Estate Management &** <br> **Development — 2.0%**  |  |
| 85 | Jones Lang LaSalle, Inc. (a) | 21741 |
|  | **Residential REITs — 1.9%**  |  |
| 576 | American Homes 4 Rent, <br> Class A | 20776 |
|  | **Retail REITs — 3.8%**  |  |
| 775 | Brixmor Property Group, Inc. | 20181 |
| 125 | Simon Property Group, Inc. | 20095 |
|  |  | 40276 |
|  | **Specialized REITs — 6.0%**  |  |
| 504 | CubeSmart | 21420 |
| 144 | Extra Space Storage, Inc. | 21231 |
| 177 | Lamar Advertising Co., Class A | 21481 |
|  |  | 64132 |
|  | **Trading Companies &** <br> **Distributors — 1.9%**  |  |
| 20 | W.W. Grainger, Inc. | 20805 |
|  | **Total Common Stocks** | 1068654 |
|  | (Cost $1,132,210) |  |

---

See Notes to Financial Statements

------

**First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 789 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | $789 |
|  | (Cost $789) |  |
|  | **Total Investments — 100.0%** | 1069443 |
|  | (Cost $1,132,999) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 525 |
|  | **Net Assets — 100.0%** | $1069968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1068654 | $1068654 | $— | $— |
| Money Market Funds | 789 | 789 |  |  |
| Total Investments | $1069443 | $1069443 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dow** <br> **Jones Select** <br> **MicroCap Index** <br> **Fund** <br>**(FDM)** <br>| **First Trust** <br> **Morningstar** <br> **Dividend** <br> **Leaders Index** <br> **Fund** <br>**(FDL)** <br>| **First Trust US** <br> **Equity** <br> **Opportunities** <br> **ETF** <br>**(FPX)** <br>| **First Trust** <br> **NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology** <br> **Index Fund** <br>**(FBT)** <br>|
| **ASSETS:** |  |  |  |  |
| Investments, at value | $210756698 | &nbsp;&nbsp; $5405749771 | &nbsp;&nbsp; $1004831465 | &nbsp;&nbsp; $1006663166 |
| Receivables: |  |  |  |  |
| Dividends | 61371 | &nbsp;&nbsp; 9722314 | &nbsp;&nbsp; 445460 | &nbsp;&nbsp; 2314 |
| Securities lending income | 3115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1548852 | &nbsp;&nbsp; — |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; 6281334 | &nbsp;&nbsp; 7242049 | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 7964 | &nbsp;&nbsp; 67464 |
| Prepaid expenses | 3877 | &nbsp;&nbsp; 18658 | &nbsp;&nbsp; 4907 | &nbsp;&nbsp; 5739 |
| Total Assets | 210825061 | &nbsp;&nbsp; 5421772077 | &nbsp;&nbsp; 1014080697 | &nbsp;&nbsp; 1006738683 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Collateral for securities on loan | 20434809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43031576 | &nbsp;&nbsp; — |
| Investment advisory fees | 68137 | &nbsp;&nbsp; 1350864 | &nbsp;&nbsp; 302993 | &nbsp;&nbsp; 335140 |
| Licensing fees | 50533 | &nbsp;&nbsp; 1203763 | &nbsp;&nbsp; 194137 | &nbsp;&nbsp; 203469 |
| Audit and tax fees | 14543 | &nbsp;&nbsp; 14470 | &nbsp;&nbsp; 14533 | &nbsp;&nbsp; 14584 |
| Shareholder reporting fees | 7254 | &nbsp;&nbsp; 4437 | &nbsp;&nbsp; 10482 | &nbsp;&nbsp; 4965 |
| Trustees' fees | 1993 | &nbsp;&nbsp; 3139 | &nbsp;&nbsp; 2159 | &nbsp;&nbsp; 2287 |
| Investment securities purchased |  | &nbsp;&nbsp; 6270542 | &nbsp;&nbsp; 7230760 | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities | 28241 | &nbsp;&nbsp; 508670 | &nbsp;&nbsp; 101320 | &nbsp;&nbsp; 128496 |
| Total Liabilities | 20605510 | &nbsp;&nbsp; 9355885 | &nbsp;&nbsp; 50887960 | &nbsp;&nbsp; 688941 |
| **NET ASSETS** | $190219551 | &nbsp;&nbsp; $5412416192 | &nbsp;&nbsp; $963192737 | &nbsp;&nbsp; $1006049742 |
| **NET ASSETS consist of:** |  |  |  |  |
| Paid-in capital | $231785179 | &nbsp;&nbsp; $5512836614 | &nbsp;&nbsp; $1231802713 | &nbsp;&nbsp; $1623100113 |
| Par value | 26550 | &nbsp;&nbsp; 1292500 | &nbsp;&nbsp; 66500 | &nbsp;&nbsp; 62500 |
| Accumulated distributable earnings (loss) | (41592178)<br>| &nbsp;&nbsp; (101712922)<br>| &nbsp;&nbsp; (268676476)<br>| &nbsp;&nbsp; (617112871)<br>|
| **NET ASSETS** | $190219551 | &nbsp;&nbsp; $5412416192 | &nbsp;&nbsp; $963192737 | &nbsp;&nbsp; $1006049742 |
| **NET ASSET VALUE,** per share | $71.65 | &nbsp;&nbsp; $41.88 | &nbsp;&nbsp; $144.84 | &nbsp;&nbsp; $160.97 |
| Number of shares outstanding (unlimited number of <br> shares authorized, par value $0.01 per share)<br>| 2655000 | &nbsp;&nbsp; 129250002 | &nbsp;&nbsp; 6650002 | &nbsp;&nbsp; 6250002 |
| Investments, at cost | $183309803 | &nbsp;&nbsp; $5250616145 | &nbsp;&nbsp; $651008501 | &nbsp;&nbsp; $1034529840 |
| Securities on loan, at value | $21127796 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41861008 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Dow** <br> **Jones Internet** <br> **Index Fund** <br>**(FDN)** <br>| **First Trust** <br> **Capital Strength**<sup>®</sup> <br> **ETF** <br>**(FTCS)** <br>| **First Trust Value** <br> **Line**<sup>®</sup> **Dividend** <br> **Index Fund** <br>**(FVD)** <br>| **First Trust** <br> **Growth** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTGS)** <br>| **First Trust Indxx** <br> **Aerospace &** <br> **Defense ETF** <br>**(MISL)** <br>| **First Trust** <br> **Bloomberg** <br> **Inflation Sensitive** <br> **Equity ETF** <br>**(FTIF)** <br>|
| $7316963009 | &nbsp;&nbsp; $8402076627 | &nbsp;&nbsp; $8993927046 | &nbsp;&nbsp; $1143430521 | &nbsp;&nbsp; $160406746 | &nbsp;&nbsp; $1069443 |
| 574524 | &nbsp;&nbsp; 5960235 | &nbsp;&nbsp; 16811232 | &nbsp;&nbsp; 630955 | &nbsp;&nbsp; 11581 | &nbsp;&nbsp; 1051 |
| 1278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 13456785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 4034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1700668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 17313 | &nbsp;&nbsp; 22628 | &nbsp;&nbsp; 32728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7331012909 | &nbsp;&nbsp; 8408063524 | &nbsp;&nbsp; 9012471674 | &nbsp;&nbsp; 1144061476 | &nbsp;&nbsp; 160418327 | &nbsp;&nbsp; 1070494 |
| 2837383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2273470 | &nbsp;&nbsp; 3330825 | &nbsp;&nbsp; 3589795 | &nbsp;&nbsp; 537574 | &nbsp;&nbsp; 72489 | &nbsp;&nbsp; 526 |
| 1007400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2241031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 14470 | &nbsp;&nbsp; 14543 | &nbsp;&nbsp; 15021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 9685 | &nbsp;&nbsp; 13969 | &nbsp;&nbsp; 102984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3685 | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 5036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 13463856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 528758 | &nbsp;&nbsp; 671958 | &nbsp;&nbsp; 718934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 20138707 | &nbsp;&nbsp; 4035999 | &nbsp;&nbsp; 6672801 | &nbsp;&nbsp; 537574 | &nbsp;&nbsp; 72489 | &nbsp;&nbsp; 526 |
| $7310874202 | &nbsp;&nbsp; $8404027525 | &nbsp;&nbsp; $9005798873 | &nbsp;&nbsp; $1143523902 | &nbsp;&nbsp; $160345838 | &nbsp;&nbsp; $1069968 |
| $7519803538 | &nbsp;&nbsp; $8444920620 | &nbsp;&nbsp; $8859108028 | &nbsp;&nbsp; $1060574601 | &nbsp;&nbsp; $122236765 | &nbsp;&nbsp; $1198482 |
| 271500 | &nbsp;&nbsp; 924500 | &nbsp;&nbsp; 2015409 | &nbsp;&nbsp; 334500 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 500 |
| (209200836)<br>| &nbsp;&nbsp; (41817595)<br>| &nbsp;&nbsp; 144675436 | &nbsp;&nbsp; 82614801 | &nbsp;&nbsp; 38066073 | &nbsp;&nbsp; (129014)<br>|
| $7310874202 | &nbsp;&nbsp; $8404027525 | &nbsp;&nbsp; $9005798873 | &nbsp;&nbsp; $1143523902 | &nbsp;&nbsp; $160345838 | &nbsp;&nbsp; $1069968 |
| $269.28 | &nbsp;&nbsp; $90.90 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $34.19 | &nbsp;&nbsp; $37.29 | &nbsp;&nbsp; $21.40 |
| 27150002 | &nbsp;&nbsp; 92450002 | &nbsp;&nbsp; 201540884 | &nbsp;&nbsp; 33450002 | &nbsp;&nbsp; 4300002 | &nbsp;&nbsp; 50002 |
| $6534531124 | &nbsp;&nbsp; $7473349621 | &nbsp;&nbsp; $8263877295 | &nbsp;&nbsp; $1030304614 | &nbsp;&nbsp; $123841792 | &nbsp;&nbsp; $1132999 |
| $2850295 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dow** <br> **Jones Select** <br> **MicroCap Index** <br> **Fund** <br>**(FDM)** <br>| **First Trust** <br> **Morningstar** <br> **Dividend** <br> **Leaders Index** <br> **Fund** <br>**(FDL)** <br>| **First Trust US** <br> **Equity** <br> **Opportunities** <br> **ETF** <br>**(FPX)** <br>| **First Trust** <br> **NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology** <br> **Index Fund** <br>**(FBT)** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $1883290 | &nbsp;&nbsp; $119518090 | &nbsp;&nbsp; $2817949 | &nbsp;&nbsp; $1380503 |
| Securities lending income (net of fees) | 10850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1728535 | &nbsp;&nbsp; 15 |
| Foreign withholding tax | (47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1830)<br>|
| Total investment income | 1894093 | &nbsp;&nbsp; 119518090 | &nbsp;&nbsp; 4546484 | &nbsp;&nbsp; 1378688 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 427188<br>| &nbsp;&nbsp; 7478506<br>| &nbsp;&nbsp; 1636163<br>| &nbsp;&nbsp; 2156502<br>|
| Licensing fees | 50969 | &nbsp;&nbsp; 2280597 | &nbsp;&nbsp; 409041 | &nbsp;&nbsp; 434464 |
| Accounting and administration fees | 42202 | &nbsp;&nbsp; 850916 | &nbsp;&nbsp; 186901 | &nbsp;&nbsp; 241943 |
| Shareholder reporting fees | 16021 | &nbsp;&nbsp; 90006 | &nbsp;&nbsp; 27082 | &nbsp;&nbsp; 40961 |
| Audit and tax fees | 14545 | &nbsp;&nbsp; 14509 | &nbsp;&nbsp; 14540 | &nbsp;&nbsp; 14551 |
| Custodian fees | 4803 | &nbsp;&nbsp; 65784 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 9235 |
| Transfer agent fees | 4272 | &nbsp;&nbsp; 75585 | &nbsp;&nbsp; 20452 | &nbsp;&nbsp; 25855 |
| Listing fees | 4259 | &nbsp;&nbsp; 10599 | &nbsp;&nbsp; 4259 | &nbsp;&nbsp; 4259 |
| Trustees' fees and expenses | 3783 | &nbsp;&nbsp; 6037 | &nbsp;&nbsp; 4112 | &nbsp;&nbsp; 4286 |
| Legal fees | 1610 | &nbsp;&nbsp; 39535 | &nbsp;&nbsp; 6948 | &nbsp;&nbsp; 10193 |
| Other expenses | 1758 | &nbsp;&nbsp; 28905 | &nbsp;&nbsp; 5625 | &nbsp;&nbsp; 8681 |
| Total expenses | 571410 | &nbsp;&nbsp; 10940979 | &nbsp;&nbsp; 2319123 | &nbsp;&nbsp; 2950930 |
| Less fees waived by the investment advisor | (58785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | 512625 | &nbsp;&nbsp; 10940979 | &nbsp;&nbsp; 2319123 | &nbsp;&nbsp; 2950930 |
| **NET INVESTMENT INCOME (LOSS)** | 1381468 | &nbsp;&nbsp; 108577111 | &nbsp;&nbsp; 2227361 | &nbsp;&nbsp; (1572242)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | (421934)<br>| &nbsp;&nbsp; (135536064)<br>| &nbsp;&nbsp; 23481440 | &nbsp;&nbsp; 75680187 |
| In-kind redemptions | 740137 | &nbsp;&nbsp; 469516198 | &nbsp;&nbsp; 17995257 | &nbsp;&nbsp; 23197721 |
| Foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | 318203 | &nbsp;&nbsp; 333980134 | &nbsp;&nbsp; 41476697 | &nbsp;&nbsp; 98877908 |
| Net change in unrealized appreciation (depreciation) <br> on:<br>|  |  |  |  |
| Investments | 10252260 | &nbsp;&nbsp; (152019564)<br>| &nbsp;&nbsp; 120571736 | &nbsp;&nbsp; (129142729)<br>|
| Foreign currency translation |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 10252260 | &nbsp;&nbsp; (152019564)<br>| &nbsp;&nbsp; 120571736 | &nbsp;&nbsp; (129142729)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS)**<br>| 10570463 | &nbsp;&nbsp; 181960570 | &nbsp;&nbsp; 162048433 | &nbsp;&nbsp; (30264821)<br>|
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $11951931 | &nbsp;&nbsp; $290537681 | &nbsp;&nbsp; $164275794 | &nbsp;&nbsp; $(31837063)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Dow** <br> **Jones Internet** <br> **Index Fund** <br>**(FDN)** <br>| **First Trust** <br> **Capital Strength**<sup>®</sup> <br> **ETF** <br>**(FTCS)** <br>| **First Trust Value** <br> **Line**<sup>®</sup> **Dividend** <br> **Index Fund** <br>**(FVD)** <br>| **First Trust** <br> **Growth** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTGS)** <br>| **First Trust Indxx** <br> **Aerospace &** <br> **Defense ETF** <br>**(MISL)** <br>| **First Trust** <br> **Bloomberg** <br> **Inflation Sensitive** <br> **Equity ETF** <br>**(FTIF)** <br>|
| $10805578 | &nbsp;&nbsp; $67098327 | &nbsp;&nbsp; $144385394 | &nbsp;&nbsp; $4191323 | &nbsp;&nbsp; $625465 | &nbsp;&nbsp; $12565 |
| 14703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3215508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 10820281 | &nbsp;&nbsp; 67098327 | &nbsp;&nbsp; 141169886 | &nbsp;&nbsp; 4191323 | &nbsp;&nbsp; 625465 | &nbsp;&nbsp; 12565 |
| 13041784<br>| &nbsp;&nbsp; 20355943<br>| &nbsp;&nbsp; 21841684<br>| &nbsp;&nbsp; 3,007,918<br> (a)<br>| &nbsp;&nbsp; 382,871<br> (a)<br>| &nbsp;&nbsp; 3,117<br> (a)<br>|
| 2025791 | &nbsp;&nbsp; 96220 | &nbsp;&nbsp; 4536698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1012281 | &nbsp;&nbsp; 1181170 | &nbsp;&nbsp; 1244289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 106926 | &nbsp;&nbsp; 159501 | &nbsp;&nbsp; 198958 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 14509 | &nbsp;&nbsp; 14545 | &nbsp;&nbsp; 14728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 78870 | &nbsp;&nbsp; 106160 | &nbsp;&nbsp; 54278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 95750 | &nbsp;&nbsp; 117402 | &nbsp;&nbsp; 125433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6757 | &nbsp;&nbsp; 2279 | &nbsp;&nbsp; 18385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7037 | &nbsp;&nbsp; 8333 | &nbsp;&nbsp; 8723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 58534 | &nbsp;&nbsp; 78309 | &nbsp;&nbsp; 87084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 41390 | &nbsp;&nbsp; 59894 | &nbsp;&nbsp; 67992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 16489629 | &nbsp;&nbsp; 22179756 | &nbsp;&nbsp; 28198252 | &nbsp;&nbsp; 3007918 | &nbsp;&nbsp; 382871 | &nbsp;&nbsp; 3117 |
| 16489629 | &nbsp;&nbsp; 22179756 | &nbsp;&nbsp; 28198252 | &nbsp;&nbsp; 3007918 | &nbsp;&nbsp; 382871 | &nbsp;&nbsp; 3117 |
| (5669348)<br>| &nbsp;&nbsp; 44918571 | &nbsp;&nbsp; 112971634 | &nbsp;&nbsp; 1183405 | &nbsp;&nbsp; 242594 | &nbsp;&nbsp; 9448 |
| (65969608)<br>| &nbsp;&nbsp; (18743025)<br>| &nbsp;&nbsp; (144957693)<br>| &nbsp;&nbsp; (42144218)<br>| &nbsp;&nbsp; (1645510)<br>| &nbsp;&nbsp; (27668)<br>|
| 956588778 | &nbsp;&nbsp; 170981118 | &nbsp;&nbsp; 310201463 | &nbsp;&nbsp; 31490349 | &nbsp;&nbsp; 3664921 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (107)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 890619170 | &nbsp;&nbsp; 152238093 | &nbsp;&nbsp; 165243663 | &nbsp;&nbsp; (10653869)<br>| &nbsp;&nbsp; 2019411 | &nbsp;&nbsp; (27668)<br>|
| (210193814)<br>| &nbsp;&nbsp; 139334092 | &nbsp;&nbsp; 42526361 | &nbsp;&nbsp; 95354014 | &nbsp;&nbsp; 25780075 | &nbsp;&nbsp; 25003 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (210193814)<br>| &nbsp;&nbsp; 139334092 | &nbsp;&nbsp; 42540674 | &nbsp;&nbsp; 95354014 | &nbsp;&nbsp; 25780075 | &nbsp;&nbsp; 25003 |
| 680425356 | &nbsp;&nbsp; 291572185 | &nbsp;&nbsp; 207784337 | &nbsp;&nbsp; 84700145 | &nbsp;&nbsp; 27799486 | &nbsp;&nbsp; (2665)<br>|
| $674756008 | &nbsp;&nbsp; $336490756 | &nbsp;&nbsp; $320755971 | &nbsp;&nbsp; $85883550 | &nbsp;&nbsp; $28042080 | &nbsp;&nbsp; $6783 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dow Jones Select** <br> **MicroCap Index Fund (FDM)** | **First Trust Dow Jones Select** <br> **MicroCap Index Fund (FDM)** | **First Trust Morningstar Dividend** <br> **Leaders Index Fund (FDL)** | **First Trust Morningstar Dividend** <br> **Leaders Index Fund (FDL)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1381468 | &nbsp;&nbsp; $2638209 | &nbsp;&nbsp; $108577111 | &nbsp;&nbsp; $178436195 |
| Net realized gain (loss) | 318203 | &nbsp;&nbsp; 14855319 | &nbsp;&nbsp; 333980134 | &nbsp;&nbsp; 105770708 |
| Net change in unrealized appreciation (depreciation) | 10252260 | &nbsp;&nbsp; 4355063 | &nbsp;&nbsp; (152019564)<br>| &nbsp;&nbsp; 332057322 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 11951931 | &nbsp;&nbsp; 21848591 | &nbsp;&nbsp; 290537681 | &nbsp;&nbsp; 616264225 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (1295652)<br>| &nbsp;&nbsp; (2965016)<br>| &nbsp;&nbsp; (103145207)<br>| &nbsp;&nbsp; (178496974)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 5652645<br>| &nbsp;&nbsp; 68564014<br>| &nbsp;&nbsp; 2214533631<br>| &nbsp;&nbsp; 1292567948<br>|
| Cost of shares redeemed | (3537285) <br>| &nbsp;&nbsp; (82381853) <br>| &nbsp;&nbsp; (1440775963) <br>| &nbsp;&nbsp; (1249867155) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 2115360 | &nbsp;&nbsp; (13817839)<br>| &nbsp;&nbsp; 773757668 | &nbsp;&nbsp; 42700793 |
| Total increase (decrease) in net assets | 12771639 | &nbsp;&nbsp; 5065736 | &nbsp;&nbsp; 961150142 | &nbsp;&nbsp; 480468044 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 177447912 | &nbsp;&nbsp; 172382176 | &nbsp;&nbsp; 4451266050 | &nbsp;&nbsp; 3970798006 |
| End of period | $190219551 | &nbsp;&nbsp; $177447912 | &nbsp;&nbsp; $5412416192 | &nbsp;&nbsp; $4451266050 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 2605000 | &nbsp;&nbsp; 2805000 | &nbsp;&nbsp; 110700002 | &nbsp;&nbsp; 110700002 |
| Shares sold | 100000 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 52750000 | &nbsp;&nbsp; 33050000 |
| Shares redeemed | (50000)<br>| &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp; (34200000)<br>| &nbsp;&nbsp; (33050000)<br>|
| Shares outstanding, end of period | 2655000 | &nbsp;&nbsp; 2605000 | &nbsp;&nbsp; 129250002 | &nbsp;&nbsp; 110700002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust US Equity Opportunities** <br> **ETF (FPX)** | **First Trust US Equity Opportunities** <br> **ETF (FPX)** | **First Trust NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology Index Fund (FBT)** | **First Trust NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology Index Fund (FBT)** | **First Trust Dow Jones Internet Index** <br> **Fund (FDN)** | **First Trust Dow Jones Internet Index** <br> **Fund (FDN)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $2227361 | &nbsp;&nbsp; $256958 | &nbsp;&nbsp; $(1572242)<br>| &nbsp;&nbsp; $(3445180)<br>| &nbsp;&nbsp; $(5669348)<br>| &nbsp;&nbsp; $(9836577)<br>|
| 41476697 | &nbsp;&nbsp; 47159209 | &nbsp;&nbsp; 98877908 | &nbsp;&nbsp; 58687441 | &nbsp;&nbsp; 890619170 | &nbsp;&nbsp; 163423930 |
| 120571736 | &nbsp;&nbsp; 115817467 | &nbsp;&nbsp; (129142729)<br>| &nbsp;&nbsp; 2011083 | &nbsp;&nbsp; (210193814)<br>| &nbsp;&nbsp; 1499673778 |
| 164275794 | &nbsp;&nbsp; 163233634 | &nbsp;&nbsp; (31837063)<br>| &nbsp;&nbsp; 57253344 | &nbsp;&nbsp; 674756008 | &nbsp;&nbsp; 1653261131 |
| (663960)<br>| &nbsp;&nbsp; (743435)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7915052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 57601642<br>| &nbsp;&nbsp; 5025173<br>| &nbsp;&nbsp; 17263755<br>| &nbsp;&nbsp; 83574501<br>| &nbsp;&nbsp; 3576151130<br>| &nbsp;&nbsp; 3469661610<br>|
| (41473371) <br>| &nbsp;&nbsp; (130973175) <br>| &nbsp;&nbsp; (91120473) <br>| &nbsp;&nbsp; (308922793) <br>| &nbsp;&nbsp; (3743671429) <br>| &nbsp;&nbsp; (4278193870) <br>|
| 16128271 | &nbsp;&nbsp; (125948002)<br>| &nbsp;&nbsp; (73856718)<br>| &nbsp;&nbsp; (225348292)<br>| &nbsp;&nbsp; (167520299)<br>| &nbsp;&nbsp; (808532260)<br>|
| 179740105 | &nbsp;&nbsp; 36542197 | &nbsp;&nbsp; (105693781)<br>| &nbsp;&nbsp; (176010000)<br>| &nbsp;&nbsp; 507235709 | &nbsp;&nbsp; 844728871 |
| 783452632 | &nbsp;&nbsp; 746910435 | &nbsp;&nbsp; 1111743523 | &nbsp;&nbsp; 1287753523 | &nbsp;&nbsp; 6803638493 | &nbsp;&nbsp; 5958909622 |
| $963192737 | &nbsp;&nbsp; $783452632 | &nbsp;&nbsp; $1006049742 | &nbsp;&nbsp; $1111743523 | &nbsp;&nbsp; $7310874202 | &nbsp;&nbsp; $6803638493 |
| 6550002 | &nbsp;&nbsp; 7800002 | &nbsp;&nbsp; 6700002 | &nbsp;&nbsp; 8150002 | &nbsp;&nbsp; 27950002 | &nbsp;&nbsp; 31950002 |
| 450000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 14550000 | &nbsp;&nbsp; 16050000 |
| (350000)<br>| &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp; (1950000)<br>| &nbsp;&nbsp; (15350000)<br>| &nbsp;&nbsp; (20050000)<br>|
| 6650002 | &nbsp;&nbsp; 6550002 | &nbsp;&nbsp; 6250002 | &nbsp;&nbsp; 6700002 | &nbsp;&nbsp; 27150002 | &nbsp;&nbsp; 27950002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Capital Strength**<sup>®</sup> <br> **ETF (FTCS)** | **First Trust Capital Strength**<sup>®</sup> <br> **ETF (FTCS)** | **First Trust Value Line**<sup>®</sup> **Dividend** <br> **Index Fund (FVD)** | **First Trust Value Line**<sup>®</sup> **Dividend** <br> **Index Fund (FVD)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $44918571 | &nbsp;&nbsp; $116704878 | &nbsp;&nbsp; $112971634 | &nbsp;&nbsp; $215830918 |
| Net realized gain (loss) | 152238093 | &nbsp;&nbsp; 940916208 | &nbsp;&nbsp; 165243663 | &nbsp;&nbsp; 937342009 |
| Net change in unrealized appreciation (depreciation) | 139334092 | &nbsp;&nbsp; (122409847)<br>| &nbsp;&nbsp; 42540674 | &nbsp;&nbsp; (216099007)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 336490756 | &nbsp;&nbsp; 935211239 | &nbsp;&nbsp; 320755971 | &nbsp;&nbsp; 937073920 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (41884101)<br>| &nbsp;&nbsp; (117917367)<br>| &nbsp;&nbsp; (105239188)<br>| &nbsp;&nbsp; (217364448)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 756054450<br>| &nbsp;&nbsp; 5536998158<br>| &nbsp;&nbsp; 1019761175<br>| &nbsp;&nbsp; 2478869768<br>|
| Cost of shares redeemed | (1227866723) <br>| &nbsp;&nbsp; (6517043526) <br>| &nbsp;&nbsp; (1511047826) <br>| &nbsp;&nbsp; (4710873460) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (471812273)<br>| &nbsp;&nbsp; (980045368)<br>| &nbsp;&nbsp; (491286651)<br>| &nbsp;&nbsp; (2232003692)<br>|
| Total increase (decrease) in net assets | (177205618)<br>| &nbsp;&nbsp; (162751496)<br>| &nbsp;&nbsp; (275769868)<br>| &nbsp;&nbsp; (1512294220)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 8581233143 | &nbsp;&nbsp; 8743984639 | &nbsp;&nbsp; 9281568741 | &nbsp;&nbsp; 10793862961 |
| End of period | $8404027525 | &nbsp;&nbsp; $8581233143 | &nbsp;&nbsp; $9005798873 | &nbsp;&nbsp; $9281568741 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 97700002 | &nbsp;&nbsp; 109250002 | &nbsp;&nbsp; 212840884 | &nbsp;&nbsp; 266190884 |
| Shares sold | 8500000 | &nbsp;&nbsp; 64450000 | &nbsp;&nbsp; 22650000 | &nbsp;&nbsp; 56200000 |
| Shares redeemed | (13750000)<br>| &nbsp;&nbsp; (76000000)<br>| &nbsp;&nbsp; (33950000)<br>| &nbsp;&nbsp; (109550000)<br>|
| Shares outstanding, end of period | 92450002 | &nbsp;&nbsp; 97700002 | &nbsp;&nbsp; 201540884 | &nbsp;&nbsp; 212840884 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Growth Strength**<sup>TM</sup> **ETF** <br> **(FTGS)** | **First Trust Growth Strength**<sup>TM</sup> **ETF** <br> **(FTGS)** | **First Trust Indxx Aerospace & Defense** <br> **ETF (MISL)** | **First Trust Indxx Aerospace & Defense** <br> **ETF (MISL)** | **First Trust Bloomberg Inflation** <br> **Sensitive Equity ETF (FTIF)** | **First Trust Bloomberg Inflation** <br> **Sensitive Equity ETF (FTIF)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $1183405 | &nbsp;&nbsp; $2695513 | &nbsp;&nbsp; $242594 | &nbsp;&nbsp; $630942 | &nbsp;&nbsp; $9448 | &nbsp;&nbsp; $30996 |
| (10653869)<br>| &nbsp;&nbsp; 23980323 | &nbsp;&nbsp; 2019411 | &nbsp;&nbsp; 1431875 | &nbsp;&nbsp; (27668)<br>| &nbsp;&nbsp; 96067 |
| 95354014 | &nbsp;&nbsp; 10335760 | &nbsp;&nbsp; 25780075 | &nbsp;&nbsp; 7751861 | &nbsp;&nbsp; 25003 | &nbsp;&nbsp; (137614)<br>|
| 85883550 | &nbsp;&nbsp; 37011596 | &nbsp;&nbsp; 28042080 | &nbsp;&nbsp; 9814678 | &nbsp;&nbsp; 6783 | &nbsp;&nbsp; (10551)<br>|
| (947321)<br>| &nbsp;&nbsp; (2526075)<br>| &nbsp;&nbsp; (263550)<br>| &nbsp;&nbsp; (706281)<br>| &nbsp;&nbsp; (8184)<br>| &nbsp;&nbsp; (35231)<br>|
| 427705548<br>| &nbsp;&nbsp; 1162983173<br>| &nbsp;&nbsp; 35226472<br>| &nbsp;&nbsp; 65765460<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 2340567<br>|
| (278528615) <br>| &nbsp;&nbsp; (353264940) <br>| &nbsp;&nbsp; (13710396) <br>| &nbsp;&nbsp; (5811488) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2318893) <br>|
| 149176933 | &nbsp;&nbsp; 809718233 | &nbsp;&nbsp; 21516076 | &nbsp;&nbsp; 59953972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21674 |
| 234113162 | &nbsp;&nbsp; 844203754 | &nbsp;&nbsp; 49294606 | &nbsp;&nbsp; 69062369 | &nbsp;&nbsp; (1401)<br>| &nbsp;&nbsp; (24108)<br>|
| 909410740 | &nbsp;&nbsp; 65206986 | &nbsp;&nbsp; 111051232 | &nbsp;&nbsp; 41988863 | &nbsp;&nbsp; 1071369 | &nbsp;&nbsp; 1095477 |
| $1143523902 | &nbsp;&nbsp; $909410740 | &nbsp;&nbsp; $160345838 | &nbsp;&nbsp; $111051232 | &nbsp;&nbsp; $1069968 | &nbsp;&nbsp; $1071369 |
| 29000002 | &nbsp;&nbsp; 2400002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 1650002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |
| 13350000 | &nbsp;&nbsp; 38150000 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100000 |
| (8900000)<br>| &nbsp;&nbsp; (11550000)<br>| &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100000)<br>|
| 33450002 | &nbsp;&nbsp; 29000002 | &nbsp;&nbsp; 4300002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Dow Jones Select MicroCap Index Fund (FDM)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $68.12 | &nbsp;&nbsp;&nbsp;&nbsp; $61.46 | &nbsp;&nbsp;&nbsp;&nbsp; $55.45 | &nbsp;&nbsp;&nbsp;&nbsp; $63.87 | &nbsp;&nbsp;&nbsp;&nbsp; $47.94 | &nbsp;&nbsp;&nbsp;&nbsp; $51.09 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br>|
| Net realized and unrealized gain (loss) | 3.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.15) <br>|
| Total from investment operations | 4.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.35) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80) <br>|
| Net asset value, end of period | $71.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.94<br>|
| **Total return** (b) | 5.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.56)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.25)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $190220<br>| &nbsp;&nbsp;&nbsp;&nbsp; $177448<br>| &nbsp;&nbsp;&nbsp;&nbsp; $172382<br>| &nbsp;&nbsp;&nbsp;&nbsp; $144442<br>| &nbsp;&nbsp;&nbsp;&nbsp; $188737<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122482<br>|
| Ratio of total expenses to average net assets | 0.67<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> % <br>|
| Ratio of net expenses to average net assets | 0.60<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.62<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> % <br>|
| Portfolio turnover rate (d) | 5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Morningstar Dividend Leaders Index Fund (FDL)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $40.21 | &nbsp;&nbsp;&nbsp;&nbsp; $35.87 | &nbsp;&nbsp;&nbsp;&nbsp; $36.54 | &nbsp;&nbsp;&nbsp;&nbsp; $35.54 | &nbsp;&nbsp;&nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp;&nbsp; $32.58 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br>|
| Net realized and unrealized gain <br> (loss)<br>| 1.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.98) <br>|
| Total from investment operations | 2.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.66) <br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.33) <br>|
| Net asset value, end of period | $41.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.59<br>|
| **Total return** (b) | 6.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.42)% <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $5412416<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4451266<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3970798<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4801817<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1762910<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1399483<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.43<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> % <br>|
| Ratio of net expenses to average <br> net assets<br>| 0.43<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 4.30<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.73<br> % <br>|
| Portfolio turnover rate (d) | 51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust US Equity Opportunities ETF (FPX)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $119.61 | &nbsp;&nbsp;&nbsp;&nbsp; $95.76 | &nbsp;&nbsp;&nbsp;&nbsp; $78.73 | &nbsp;&nbsp;&nbsp;&nbsp; $122.49 | &nbsp;&nbsp;&nbsp;&nbsp; $118.32 | &nbsp;&nbsp;&nbsp;&nbsp; $80.41 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br>|
| Net realized and unrealized gain (loss) | 24.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.01<br>|
| Total from investment operations | 25.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.25<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Net asset value, end of period | $144.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; $119.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $78.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118.32<br>|
| **Total return** (b) | 21.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.02<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (35.05)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.76<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $963193<br>| &nbsp;&nbsp;&nbsp;&nbsp; $783453<br>| &nbsp;&nbsp;&nbsp;&nbsp; $746910<br>| &nbsp;&nbsp;&nbsp;&nbsp; $803094<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1855705<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1946373<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.57<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.54<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> % <br>|
| Portfolio turnover rate (e) | 44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 123<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust NYSE**<sup>®</sup> **Arca**<sup>®</sup> **Biotechnology Index Fund (FBT)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $165.93 | &nbsp;&nbsp;&nbsp;&nbsp; $158.01 | &nbsp;&nbsp;&nbsp;&nbsp; $154.52 | &nbsp;&nbsp;&nbsp;&nbsp; $161.97 | &nbsp;&nbsp;&nbsp;&nbsp; $168.08 | &nbsp;&nbsp;&nbsp;&nbsp; $148.84 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | (0.24) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45) <br>|
| Net realized and unrealized gain <br> (loss)<br>| (4.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.69<br>|
| Total from investment operations | (4.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.24<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $160.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $165.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $154.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $161.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $168.08<br>|
| **Total return** (b) | (2.99)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.60)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.64)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.93<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1006050<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1111744<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1287754<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1483355<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1708757<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2042173<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.55<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| (0.29)% (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% <br>|
| Portfolio turnover rate (d) | 25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Dow Jones Internet Index Fund (FDN)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $243.42 | &nbsp;&nbsp;&nbsp;&nbsp; $186.51 | &nbsp;&nbsp;&nbsp;&nbsp; $123.15 | &nbsp;&nbsp;&nbsp;&nbsp; $226.02 | &nbsp;&nbsp;&nbsp;&nbsp; $212.37 | &nbsp;&nbsp;&nbsp;&nbsp; $139.12 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | (0.21) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Net realized and unrealized gain <br> (loss)<br>| 26.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.59<br>|
| Total from investment operations | 25.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.25<br>|
| Net asset value, end of period | $269.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $243.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $186.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $226.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $212.37<br>|
| **Total return** (b) | 10.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (45.51)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.65<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in <br> 000's)<br>| $7310874<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6803638<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5958910<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3552840<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9967573<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11075029<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.49<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| (0.17)% (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)% <br>|
| Portfolio turnover rate (d) | 5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Capital Strength**<sup>®</sup> **ETF (FTCS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $87.83 | &nbsp;&nbsp;&nbsp;&nbsp; $80.04 | &nbsp;&nbsp;&nbsp;&nbsp; $74.87 | &nbsp;&nbsp;&nbsp;&nbsp; $84.52 | &nbsp;&nbsp;&nbsp;&nbsp; $67.55 | &nbsp;&nbsp;&nbsp;&nbsp; $60.37 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br>|
| Net realized and unrealized gain <br> (loss)<br>| 3.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.18<br>|
| Total from investment operations | 3.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.81<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>|
| Net asset value, end of period | $90.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.55<br>|
| **Total return** (b) | 4.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.28)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.07<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $8404028<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8581233<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8743985<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8692148<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9491932<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7021909<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.53<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 1.07<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> % <br>|
| Portfolio turnover rate (d) | 57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 135<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 117<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 133<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Value Line**<sup>®</sup> **Dividend Index Fund (FVD)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $43.61 | &nbsp;&nbsp;&nbsp;&nbsp; $40.55 | &nbsp;&nbsp;&nbsp;&nbsp; $39.89 | &nbsp;&nbsp;&nbsp;&nbsp; $43.00 | &nbsp;&nbsp;&nbsp;&nbsp; $35.10 | &nbsp;&nbsp;&nbsp;&nbsp; $36.03 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br>|
| Net realized and unrealized <br> gain (loss)<br>| 1.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>|
| Total from investment <br> operations<br>| 1.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81) <br>|
| Net asset value, end of period | $44.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.10<br>|
| **Total return** (b) | 3.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.24)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in <br> 000's)<br>| $9005799<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9281569<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10793863<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12442671<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12954187<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10149204<br>|
| Ratio of total expenses to <br> average net assets<br>| 0.62<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment <br> income (loss) to average net <br> assets<br>| 2.50<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> % <br>|
| Portfolio turnover rate (d) | 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Growth Strength**<sup>TM</sup> **ETF (FTGS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
| Net asset value, beginning of period | $31.36 | &nbsp;&nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp; $20.49 | &nbsp;&nbsp;&nbsp;&nbsp; $20.29 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)  | 0.04<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br>|
| Net realized and unrealized gain (loss) | 2.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|
| Total from investment operations | 2.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net asset value, end of period | $34.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.49<br>|
| **Total return** (d) | 9.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $1143524<br>| &nbsp;&nbsp;&nbsp;&nbsp; $909411<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65207<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1024<br>|
| Ratio of total expenses to average net assets | 0.60<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 0.24<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> % (e)<br>|
| Portfolio turnover rate (f) | 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is October 25, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Indxx Aerospace & Defense ETF (MISL)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
| Net asset value, beginning of period | $30.42 | &nbsp;&nbsp;&nbsp;&nbsp; $25.45 | &nbsp;&nbsp;&nbsp;&nbsp; $22.30 | &nbsp;&nbsp;&nbsp;&nbsp; $20.79 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)  | 0.06<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br>|
| Net realized and unrealized gain (loss) | 6.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br>|
| Total from investment operations | 6.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>|
| Net asset value, end of period | $37.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.30<br>|
| **Total return** (d) | 22.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $160346<br>| &nbsp;&nbsp;&nbsp;&nbsp; $111051<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41989<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2230<br>|
| Ratio of total expenses to average net assets | 0.60<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 0.38<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % (e)<br>|
| Portfolio turnover rate (f) | 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is October 25, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**12/31/2024**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**12/31/2024**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
| Net asset value, beginning of period | $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $21.91 | &nbsp;&nbsp;&nbsp;&nbsp; $19.69 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>|
| Net realized and unrealized gain (loss) | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br>|
| Total from investment operations | 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Net asset value, end of period | $21.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.91<br>|
| **Total return** (c) | 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.06<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $1070<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1071<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1095<br>|
| Ratio of total expenses to average net assets | 0.60<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 1.82<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> % (d)<br>|
| Portfolio turnover rate (e) | 58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is March 13, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the ten funds (each a "Fund" and collectively, the "Funds") listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Dow Jones Select MicroCap Index Fund – (NYSE Arca, Inc. ("NYSE Arca") ticker "FDM") |
| First Trust Morningstar Dividend Leaders Index Fund – (NYSE Arca ticker "FDL") |
| First Trust US Equity Opportunities ETF – (NYSE Arca ticker "FPX") |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund – (NYSE Arca ticker "FBT") |
| First Trust Dow Jones Internet Index Fund – (NYSE Arca ticker "FDN") |
| First Trust Capital Strength<sup>®</sup> ETF – (Nasdaq, Inc. ("Nasdaq") ticker "FTCS") |
| First Trust Value Line<sup>®</sup> Dividend Index Fund – (NYSE Arca ticker "FVD") |
| First Trust Growth Strength<sup>TM</sup> ETF – (Nasdaq ticker "FTGS") |
| First Trust Indxx Aerospace & Defense ETF – (NYSE Arca ticker "MISL") |
| First Trust Bloomberg Inflation Sensitive Equity ETF – (NYSE Arca ticker "FTIF") |

---

Each of FDN, FDL, FPX, FTGS, MISL and FTIF operates as a non-diversified series of the Trust. Each of FDM, FBT, FTCS and FVD operates as a diversified open-end management investment company as defined in section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value ("NAV"), only in large blocks of shares known as "Creation Units." The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust Dow Jones Select MicroCap Index Fund | Dow Jones Select MicroCap Index<sup>SM</sup> <br>|
| First Trust Morningstar Dividend Leaders Index Fund | Morningstar<sup>®</sup> Dividend Leaders Index<sup>SM</sup> <br>|
| First Trust US Equity Opportunities ETF | IPOX<sup>®</sup>-100 U.S. Index |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index |
| First Trust Dow Jones Internet Index Fund | Dow Jones Internet Composite Index<sup>SM</sup> <br>|
| First Trust Capital Strength<sup>®</sup> ETF | The Capital Strength<sup>TM</sup> Index |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | Value Line<sup>®</sup> Dividend Index |
| First Trust Growth Strength<sup>TM</sup> ETF | The Growth Strength<sup>TM</sup> Index |
| First Trust Indxx Aerospace & Defense ETF | Indxx US Aerospace & Defense Index |
| First Trust Bloomberg Inflation Sensitive Equity ETF | Bloomberg Inflation Sensitive Equity Index |

---

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Shares of open-end funds are valued based on NAV per share.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

In addition, differences between the prices used to calculate a Fund's NAV and the prices used by such Fund's corresponding index could result in a difference between a Fund's performance and the performance of its underlying index.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of June 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Offsetting on the Statements of Assets and Liabilities**

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

**D. Securities Lending** 

The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii)

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.

Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, only FDM, FPX, and FDN had securities in the securities lending program. During the six months ended June 30, 2025, FDM, FPX, FBT, and FDN participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.

**E. Repurchase Agreements** 

Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended June 30, 2025, were received as collateral for lending securities.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $2965016 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Morningstar Dividend Leaders Index Fund | 178496974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust US Equity Opportunities ETF | 743435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 7915052 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Dow Jones Internet Index Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Capital Strength<sup>®</sup> ETF | 117917367 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 217364448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Growth Strength<sup>TM</sup> ETF | 2526075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Indxx Aerospace & Defense ETF | 706281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 35231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $— | &nbsp;&nbsp; $(68710574)<br>| &nbsp;&nbsp; $16462117 |
| First Trust Morningstar Dividend Leaders Index Fund | 828567 | &nbsp;&nbsp; (469133204)<br>| &nbsp;&nbsp; 179199241 |
| First Trust US Equity Opportunities ETF |  | &nbsp;&nbsp; (665146651)<br>| &nbsp;&nbsp; 232858341 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund |  | &nbsp;&nbsp; (662369433)<br>| &nbsp;&nbsp; 77093625 |
| First Trust Dow Jones Internet Index Fund |  | &nbsp;&nbsp; (1718415624)<br>| &nbsp;&nbsp; 834458780 |
| First Trust Capital Strength<sup>®</sup> ETF |  | &nbsp;&nbsp; (1090023216)<br>| &nbsp;&nbsp; 753598966 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 1773030 | &nbsp;&nbsp; (554620247)<br>| &nbsp;&nbsp; 482005870 |
| First Trust Growth Strength<sup>TM</sup> ETF | 169520 | &nbsp;&nbsp; (14694311)<br>| &nbsp;&nbsp; 12203363 |
| First Trust Indxx Aerospace & Defense ETF |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 10287543 |
| First Trust Bloomberg Inflation Sensitive Equity ETF |  | &nbsp;&nbsp; (31936)<br>| &nbsp;&nbsp; (95677)<br>|

---

**G. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For all Funds except FTGS, MISL, and FTIF, the taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. For FTGS and MISL, the taxable period ended 2022 and years ended 2023 and 2024 remain open to federal and state audit. For FTIF, the taxable period ended 2023 and year ended 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $68710574 |
| First Trust Morningstar Dividend Leaders Index Fund | 469133204 |
| First Trust US Equity Opportunities ETF | 665146651 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 662369433 |
| First Trust Dow Jones Internet Index Fund | 1718415624 |
| First Trust Capital Strength<sup>®</sup> ETF | 1090023216 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund\* | 554620247 |
| First Trust Growth Strength<sup>TM</sup> ETF | 14694311 |
| First Trust Indxx Aerospace & Defense ETF |  |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 31936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* $11,007,161 of First Trust Value Line<sup>®</sup> Dividend Index Fund's non-expiring net capital losses is subject to loss limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of $364,518 per year. 

During the taxable year ended December 31, 2024, the following Fund utilized capital loss carryforwards in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust US Equity Opportunities ETF | $5105637 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the Funds had no net late year ordinary or capital losses.

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $183309803 | &nbsp;&nbsp; $44529781 | &nbsp;&nbsp; $(17082886)<br>| &nbsp;&nbsp; $27446895 |
| First Trust Morningstar Dividend Leaders Index Fund | 5250616145 | &nbsp;&nbsp; 331282858 | &nbsp;&nbsp; (176149232)<br>| &nbsp;&nbsp; 155133626 |
| First Trust US Equity Opportunities ETF | 651008501 | &nbsp;&nbsp; 356613450 | &nbsp;&nbsp; (2790486)<br>| &nbsp;&nbsp; 353822964 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 1034529840 | &nbsp;&nbsp; 202492311 | &nbsp;&nbsp; (230358985)<br>| &nbsp;&nbsp; (27866674)<br>|
| First Trust Dow Jones Internet Index Fund | 6534531124 | &nbsp;&nbsp; 1001340682 | &nbsp;&nbsp; (218908797)<br>| &nbsp;&nbsp; 782431885 |
| First Trust Capital Strength<sup>®</sup> ETF | 7473349621 | &nbsp;&nbsp; 1167878721 | &nbsp;&nbsp; (239151715)<br>| &nbsp;&nbsp; 928727006 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 8263877295 | &nbsp;&nbsp; 1129128479 | &nbsp;&nbsp; (399078728)<br>| &nbsp;&nbsp; 730049751 |
| First Trust Growth Strength<sup>TM</sup> ETF | 1030304614 | &nbsp;&nbsp; 145477681 | &nbsp;&nbsp; (32351774)<br>| &nbsp;&nbsp; 113125907 |
| First Trust Indxx Aerospace & Defense ETF | 123841792 | &nbsp;&nbsp; 38333431 | &nbsp;&nbsp; (1768477)<br>| &nbsp;&nbsp; 36564954 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 1132999 | &nbsp;&nbsp; 56612 | &nbsp;&nbsp; (120168)<br>| &nbsp;&nbsp; (63556)<br>|

---

**H. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Growth Strength<sup>TM</sup> ETF, First Trust Indxx Aerospace & Defense ETF, and First Trust Bloomberg Inflation Sensitive Equity ETF (the "Unitary Fee Funds"), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following "Licensors" for the respective Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust Dow Jones Select MicroCap Index Fund | S&P Dow Jones Indices, LLC |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust Morningstar Dividend Leaders Index Fund | Morningstar, Inc. |
| First Trust US Equity Opportunities ETF | IPOX<sup>®</sup> Schuster LLC |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | ICE Data Indices, LLC |
| First Trust Dow Jones Internet Index Fund | S&P Dow Jones Indices, LLC |
| First Trust Capital Strength<sup>®</sup> ETF | Nasdaq, Inc. |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | Value Line Publishing, LLC |
| First Trust Growth Strength<sup>TM</sup> ETF | Nasdaq, Inc. |
| First Trust Indxx Aerospace & Defense ETF | Indxx, Inc. |
| First Trust Bloomberg Inflation Sensitive Equity ETF | Bloomberg Index Services Limited |

---

The respective license agreements allow for the use by First Trust of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreement. The respective Funds are required to pay licensing fees, which are shown on the Statements of Operations.

**I. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

For the Unitary Fee Funds, First Trust is paid an annual unitary management fee based on a percentage of each Fund's average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Breakpoints | FTGS | MISL | FTIF |
| Fund net assets up to and including $2.5 billion | 0.600<br> %<br>| 0.600<br> %<br>| 0.600<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including <br> $5 billion<br>| 0.585<br> %<br>| 0.585<br> %<br>| 0.585<br> %<br>|
| Fund net assets greater than $5 billion up to and including <br> $7.5 billion<br>| 0.570<br> %<br>| 0.570<br> %<br>| 0.570<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including <br> $10 billion<br>| 0.555<br> %<br>| 0.555<br> %<br>| 0.555<br> %<br>|
| Fund net assets greater than $10 billion up to and including <br> $15 billion<br>| 0.540<br> %<br>| 0.540<br> %<br>| 0.540<br> %<br>|
| Fund net assets greater than $15 billion | 0.510<br> %<br>| 0.510<br> %<br>| 0.510<br> %<br>|

---

For the First Trust Dow Jones Select MicroCap Index Fund, First Trust Morningstar Dividend Leaders Index Fund, First Trust US Equity Opportunities ETF, First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund, First Trust Dow Jones Internet Index Fund, First

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Trust Capital Strength<sup>®</sup> ETF and First Trust Value Line Dividend Index Fund (such Funds, the "Expense Cap Funds"), First Trust is paid an annual management fee based on a percentage of each Fund's average daily net assets and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Breakpoints | FDM | FDL | FPX | FBT | FDN | FTCS | FVD |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>| 0.3000<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.5000<br> %<br>| 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including <br> $5 billion<br>| 0.4875<br> %<br>| 0.2925<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.4875<br> %<br>| 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including <br> $7.5 billion<br>| 0.4750<br> %<br>| 0.2850<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.4750<br> %<br>| 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including <br> $10 billion<br>| 0.4625<br> %<br>| 0.2775<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.4625<br> %<br>| 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including <br> $15 billion<br>| 0.4500<br> %<br>| 0.2700<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.4500<br> %<br>| 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>| 0.2550<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.4250<br> %<br>| 0.4250<br> %<br>|

---

For the Expense Cap Funds, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed the following amount as a percentage of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Expense Cap |
| First Trust Dow Jones Select MicroCap Index Fund | 0.60<br> %<br>|
| First Trust Morningstar Dividend Leaders Index Fund | 0.45<br> %<br>|
| First Trust US Equity Opportunities ETF | 0.60<br> %<br>|
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 0.60<br> %<br>|
| First Trust Dow Jones Internet Index Fund | 0.60<br> %<br>|
| First Trust Capital Strength<sup>®</sup> ETF | 0.65<br> %<br>|
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 0.70<br> %<br>|

---

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dow Jones Select MicroCap Index Fund | $8359952 | &nbsp;&nbsp; $8015739 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Morningstar Dividend Leaders Index Fund | $2605365507 | &nbsp;&nbsp; $2591998264 |
| First Trust US Equity Opportunities ETF | 365639528 | &nbsp;&nbsp; 364290646 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 272276970 | &nbsp;&nbsp; 274067413 |
| First Trust Dow Jones Internet Index Fund | 364740512 | &nbsp;&nbsp; 371448318 |
| First Trust Capital Strength<sup>®</sup> ETF | 4900660442 | &nbsp;&nbsp; 4896131111 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 2958291722 | &nbsp;&nbsp; 2941448759 |
| First Trust Growth Strength<sup>TM</sup> ETF | 615981396 | &nbsp;&nbsp; 611593394 |
| First Trust Indxx Aerospace & Defense ETF | 20597804 | &nbsp;&nbsp; 20621366 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 613155 | &nbsp;&nbsp; 609310 |

---

For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dow Jones Select MicroCap Index Fund | $5543998 | &nbsp;&nbsp; $3533518 |
| First Trust Morningstar Dividend Leaders Index Fund | 2208530449 | &nbsp;&nbsp; 1435786906 |
| First Trust US Equity Opportunities ETF | 57551128 | &nbsp;&nbsp; 41432044 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 17259171 | &nbsp;&nbsp; 91086395 |
| First Trust Dow Jones Internet Index Fund | 3575419648 | &nbsp;&nbsp; 3743339736 |
| First Trust Capital Strength<sup>®</sup> ETF | 755354847 | &nbsp;&nbsp; 1224665999 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 1014934436 | &nbsp;&nbsp; 1512290056 |
| First Trust Growth Strength<sup>TM</sup> ETF | 425056066 | &nbsp;&nbsp; 279744569 |
| First Trust Indxx Aerospace & Defense ETF | 35212253 | &nbsp;&nbsp; 13705008 |
| First Trust Bloomberg Inflation Sensitive Equity ETF |  | &nbsp;&nbsp; — |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2026.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

For the Expense Cap Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Capital Strength ETF (FTCS)

First Trust Dow Jones Internet Index Fund (FDN)

First Trust Dow Jones Select MicroCap Index Fund (FDM)

First Trust Morningstar Dividend Leaders Index Fund (FDL)

First Trust NYSE Arca Biotechnology Index Fund (FBT)

First Trust US Equity Opportunities ETF (FPX)

First Trust Value Line<sup>®</sup> Dividend Index Fund (FVD)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund's advisory fee.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.

The Board considered the advisory fee rate schedule payable by each Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for each Fund through April 30, 2027. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund's Expense Group included peer funds that pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the advisory fee rate schedules overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information for periods ended December 31, 2024 regarding the performance of each Fund's underlying index, the correlation between each Fund's performance and that of its underlying index, each Fund's tracking difference and each Fund's excess return as compared to its benchmark index. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index. However, given each Fund's objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.

On the basis of all the information provided on the fees, expenses and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory fee rate schedule for each Fund includes breakpoints pursuant to which the advisory fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

infrastructure and add new staff. The Board concluded that the advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the "Agreement" and collectively, the "Agreements") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)

First Trust Growth Strength ETF (FTGS)

First Trust Indxx Aerospace & Defense ETF (MISL)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund's unitary fee.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate schedule payable by each Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information for the one-year period ended December 31, 2024 regarding the performance of each Fund's underlying index, the correlation between each Fund's performance and that of its underlying index, each Fund's tracking difference and each Fund's excess return as compared to its benchmark index. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range and noted the Advisor's discussion of MISL's correlation at the April 22, 2025 meeting. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index and noted the Advisor's discussion of FTIF's performance at the April 22, 2025 meeting. However, given each Fund's objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.

On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

**Disclaimer**

Dow Jones<sup>®</sup>, Dow Jones Internet Composite Index<sup>SM</sup> and Dow Jones Select MicroCap Index<sup>SM</sup> ("S&P Dow Jones Indexes") are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by First Trust. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indexes.

Morningstar<sup>®</sup> and Morningstar<sup>®</sup> Dividend Leaders Index<sup>SM</sup> are registered trademarks and service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use by First Trust on behalf of the Fund. The Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund.

IPOX<sup>®</sup> and IPOX<sup>®</sup>-100 U.S. Index are registered international trademarks and service marks of IPOX<sup>®</sup> Schuster LLC ("IPOX") and have been licensed for use by First Trust. The Fund is not sponsored, endorsed, sold or promoted by IPOX, and IPOX makes no representation regarding the advisability of trading in such Fund. IPOX<sup>®</sup> is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197.

Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "NYSE<sup>®</sup>" and "NYSE<sup>®</sup> Arca<sup>®</sup>" are service/trademarks of ICE Data Indices, LLC or its affiliates. These trademarks have been licensed, along with the NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index (the "Index") for use by First Trust Advisors L.P. in connection with First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund (the "Product"). Neither First Trust Advisors L.P., First Trust Exchange-Traded Fund (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Nasdaq<sup>®</sup>, The Capital Strength<sup>TM</sup> Index and The Growth Strength<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

Value Line<sup>®</sup> and Value Line<sup>®</sup> Dividend Index are trademarks or registered trademarks of Value Line, Inc. ("Value Line") and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy.

Indxx and Indxx US Aerospace & Defense Index ("Index") are trademarks of Indxx, Inc. ("Indxx") and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Indxx and Indxx makes no representation regarding the advisability of trading in such products. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.

Bloomberg<sup>®</sup> and Bloomberg Inflation Sensitive Equity Index licensed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg"), and have been licensed for use for certain purposes by First Trust Advisors L.P. (the "Licensee"). Bloomberg is not affiliated with the Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the "Financial Products"). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index or the Financial Products.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended June 30, 2025

![](img9059096b1.gif)

<u>First Trust Exchange-Traded Fund</u>

Book 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| First Trust NASDAQ-100 Equal Weighted Index Fund <br> (QQEW)<br>|
| First Trust NASDAQ-100-Technology Sector Index Fund <br> (QTEC)<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund <br> (QQXT)<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund <br> (QCLN)<br>|
| First Trust S&P REIT Index Fund (FRI) |
| First Trust Water ETF (FIW) |
| First Trust Natural Gas ETF (FCG) |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund <br> (QABA)<br>|

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4212_1) |  |
| [First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4212_1) | 1 |
| [First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4213_1) | 5 |
| [First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4228_1) | 7 |
| [First Trust NASDAQ](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4229_1)<sup>®</sup>[Clean Edge](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4229_1)<sup>®</sup>[Green Energy Index Fund (QCLN)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4229_1) | 9 |
| [First Trust S&P REIT Index Fund (FRI)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4237_1) | 11 |
| [First Trust Water ETF (FIW)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4238_1) | 14 |
| [First Trust Natural Gas ETF (FCG)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4239_1) | 16 |
| [First Trust NASDAQ](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4246_1)<sup>®</sup>[ABA Community Bank Index Fund (QABA)](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOI-TOC-ScheduleofInvestments-4246_1) | 18 |
| [Statements of Assets and Liabilities](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SAL1-TOC-StatementofAssetsandLiabilities-4212_2) | 22 |
| [Statements of Operations](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOP1-TOC-StatementofOperations-4212_1) | 24 |
| [Statements of Changes in Net Assets](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_SOC1-TOC-StatementofChanges-4212_1) | 26 |
| [Financial Highlights](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_FIHI-TOC-FinancialHighlights-4212_1) | 29 |
| [Notes to Financial Statements](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_NTF-TOC-NotestoFinancialStatements-4212_1) | 37 |
| [Other Information](#xx_9ad491f9-aa47-49ac-b83b-30461e07d3b6_AI-TOC-AdditionalInformation-4212_1) | 46 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

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**First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 1.0%**  |  |
| 23460 | Axon Enterprise, Inc. (a) | $19423472 |
|  | **Automobiles — 1.0%**  |  |
| 56861 | Tesla, Inc. (a) | 18062465 |
|  | **Beverages — 3.8%**  |  |
| 196548 | Coca-Cola Europacific <br> Partners PLC | 18223930 |
| 541515 | Keurig Dr Pepper, Inc. | 17902486 |
| 288265 | Monster Beverage Corp. (a) | 18056920 |
| 140653 | PepsiCo, Inc. | 18571822 |
|  |  | 72755158 |
|  | **Biotechnology — 4.8%**  |  |
| 62644 | Amgen, Inc. | 17490831 |
| 144167 | Biogen, Inc. (a) | 18105934 |
| 167458 | Gilead Sciences, Inc. | 18566068 |
| 35737 | Regeneron Pharmaceuticals, Inc. | 18761925 |
| 41710 | Vertex Pharmaceuticals, Inc. (a) | 18569292 |
|  |  | 91494050 |
|  | **Broadline Retail — 3.1%**  |  |
| 86875 | Amazon.com, Inc. (a) | 19059506 |
| 7582 | MercadoLibre, Inc. (a) | 19816543 |
| 180523 | PDD Holdings, Inc., ADR (a) | 18893537 |
|  |  | 57769586 |
|  | **Chemicals — 1.0%**  |  |
| 39840 | Linde PLC | 18692131 |
|  | **Commercial Services &** <br> **Supplies — 2.0%**  |  |
| 82944 | Cintas Corp. | 18485729 |
| 376283 | Copart, Inc. (a) | 18464207 |
|  |  | 36949936 |
|  | **Communications Equipment** <br> **— 1.0%**  |  |
| 275628 | Cisco Systems, Inc. | 19123071 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.0%**  |  |
| 18624 | Costco Wholesale Corp. | 18436643 |
|  | **Electric Utilities — 4.0%**  |  |
| 178455 | American Electric Power Co., <br> Inc. | 18516491 |
| 59473 | Constellation Energy Corp. | 19195505 |
| 427749 | Exelon Corp. | 18572862 |
| 273028 | Xcel Energy, Inc. | 18593207 |
|  |  | 74878065 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.0%**  |  |
| 106837 | CDW Corp. | 19080020 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **— 0.9%**  |  |
| 466969 | Baker Hughes Co. | $17903591 |
|  | **Entertainment — 4.1%**  |  |
| 121305 | Electronic Arts, Inc. | 19372408 |
| 14880 | Netflix, Inc. (a) | 19926254 |
| 75630 | Take-Two Interactive Software, <br> Inc. (a) | 18366746 |
| 1715124 | Warner Bros. Discovery, Inc. (a) | 19655321 |
|  |  | 77320729 |
|  | **Financial Services — 1.0%**  |  |
| 259726 | PayPal Holdings, Inc. (a) | 19302836 |
|  | **Food Products — 1.9%**  |  |
| 710274 | Kraft Heinz (The) Co. | 18339275 |
| 266678 | Mondelez International, Inc., <br> Class A | 17984764 |
|  |  | 36324039 |
|  | **Ground Transportation —** <br> **2.0%**  |  |
| 567381 | CSX Corp. | 18513642 |
| 116591 | Old Dominion Freight Line, Inc. | 18922719 |
|  |  | 37436361 |
|  | **Health Care Equipment &** <br> **Supplies — 4.1%**  |  |
| 227313 | Dexcom, Inc. (a) | 19842152 |
| 254275 | GE HealthCare Technologies, <br> Inc. | 18834149 |
| 35143 | IDEXX Laboratories, Inc. (a) | 18848597 |
| 35727 | Intuitive Surgical, Inc. (a) | 19414409 |
|  |  | 76939307 |
|  | **Hotels, Restaurants & Leisure** <br> **— 5.1%**  |  |
| 137929 | Airbnb, Inc., Class A (a) | 18253524 |
| 3435 | Booking Holdings, Inc. | 19886039 |
| 82111 | DoorDash, Inc., Class A (a) | 20241183 |
| 70413 | Marriott International, Inc., <br> Class A | 19237536 |
| 196157 | Starbucks Corp. | 17973866 |
|  |  | 95592148 |
|  | **Industrial Conglomerates —** <br> **1.0%**  |  |
| 82144 | Honeywell International, Inc. | 19129695 |
|  | **Interactive Media & Services** <br> **— 2.0%**  |  |
| 54084 | Alphabet, Inc., Class A | 9531223 |
| 53817 | Alphabet, Inc., Class C | 9546598 |
| 26529 | Meta Platforms, Inc., Class A | 19580790 |
|  |  | 38658611 |

---

See Notes to Financial Statements

------

**First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IT Services — 2.0%**  |  |
| 236789 | Cognizant Technology Solutions <br> Corp., Class A | $18476646 |
| 170381 | Shopify, Inc., Class A (a) | 19653448 |
|  |  | 38130094 |
|  | **Machinery — 1.0%**  |  |
| 201067 | PACCAR, Inc. | 19113429 |
|  | **Media — 3.0%**  |  |
| 47351 | Charter Communications, Inc., <br> Class A (a) | 19357562 |
| 528104 | Comcast Corp., Class A | 18848032 |
| 266328 | Trade Desk (The), Inc., <br> Class A (a) | 19172953 |
|  |  | 57378547 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 0.9%**  |  |
| 121641 | Diamondback Energy, Inc. | 16713473 |
|  | **Pharmaceuticals — 1.0%**  |  |
| 260726 | AstraZeneca PLC, ADR | 18219533 |
|  | **Professional Services — 2.9%**  |  |
| 59375 | Automatic Data Processing, Inc. | 18311250 |
| 121698 | Paychex, Inc. | 17702191 |
| 59714 | Verisk Analytics, Inc. | 18600911 |
|  |  | 54614352 |
|  | **Real Estate Management &** <br> **Development — 1.0%**  |  |
| 227498 | CoStar Group, Inc. (a) | 18290839 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 18.4%**  |  |
| 141488 | Advanced Micro Devices, <br> Inc. (a) | 20077147 |
| 80091 | Analog Devices, Inc. | 19063260 |
| 108390 | Applied Materials, Inc. | 19842957 |
| 125700 | ARM Holdings PLC, <br> ADR (a) (b) | 20330718 |
| 24297 | ASML Holding N.V. | 19471373 |
| 73671 | Broadcom, Inc. | 20307411 |
| 496130 | GLOBALFOUNDRIES, Inc. (a) | 18952166 |
| 861867 | Intel Corp. | 19305821 |
| 21554 | KLA Corp. | 19306780 |
| 203536 | Lam Research Corp. | 19812194 |
| 245493 | Marvell Technology, Inc. | 19001158 |
| 265900 | Microchip Technology, Inc. | 18711383 |
| 148930 | Micron Technology, Inc. | 18355623 |
| 126890 | NVIDIA Corp. | 20047351 |
| 86943 | NXP Semiconductors N.V. | 18996176 |
| 343820 | ON Semiconductor Corp. (a) | 18019606 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br> **(Continued)**  |  |
| 120134 | QUALCOMM, Inc. | $19132541 |
| 92155 | Texas Instruments, Inc. | 19133221 |
|  |  | 347866886 |
|  | **Software — 18.1%**  |  |
| 48394 | Adobe, Inc. (a) | 18722671 |
| 54291 | ANSYS, Inc. (a) | 19068085 |
| 56093 | AppLovin Corp., Class A (a) | 19637037 |
| 94598 | Atlassian Corp., Class A (a) | 19211908 |
| 61433 | Autodesk, Inc. (a) | 19017814 |
| 61835 | Cadence Design Systems, <br> Inc. (a) | 19054455 |
| 37837 | CrowdStrike Holdings, Inc., <br> Class A (a) | 19270762 |
| 141669 | Datadog, Inc., Class A (a) | 19030397 |
| 182146 | Fortinet, Inc. (a) | 19256475 |
| 23969 | Intuit, Inc. | 18878703 |
| 37984 | Microsoft Corp. | 18893621 |
| 49008 | MicroStrategy, Inc., Class A (a) | 19810504 |
| 131721 | Palantir Technologies, Inc., <br> Class A (a) | 17956207 |
| 91737 | Palo Alto Networks, Inc. (a) | 18773060 |
| 32397 | Roper Technologies, Inc. | 18363916 |
| 38679 | Synopsys, Inc. (a) | 19829950 |
| 76555 | Workday, Inc., Class A (a) | 18373200 |
| 59534 | Zscaler, Inc. (a) | 18690104 |
|  |  | 341838869 |
|  | **Specialty Retail — 1.9%**  |  |
| 204312 | O'Reilly Automotive, Inc. (a) | 18414641 |
| 141790 | Ross Stores, Inc. | 18089568 |
|  |  | 36504209 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.0%**  |  |
| 92027 | Apple, Inc. | 18881180 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.0%**  |  |
| 79746 | Lululemon Athletica, Inc. (a) | 18946055 |
|  | **Trading Companies &** <br> **Distributors — 1.0%**  |  |
| 445408 | Fastenal Co. | 18707136 |
|  | **Wireless Telecommunication** <br> **Services — 1.0%**  |  |
| 81901 | T-Mobile US, Inc. | 19513732 |
|  | **Total Common Stocks** | 1889990248 |
|  | (Cost $1,522,564,562) |  |

---

See Notes to Financial Statements

------

**First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 1139864 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (c) | $1139864 |
|  | (Cost $1,139,864) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** |
| $11264084 | JPMorgan Chase & Co., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $11,265,458. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $11,489,366. (d) | 11264084 |
|  | (Cost $11,264,084) |  |
|  | **Total Investments — 100.6%** | 1902394196 |
|  | (Cost $1,534,968,510) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.6)%** | (11941782)<br>|
|  | **Net Assets — 100.0%** | $1890452414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $10,758,297 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $11,264,084.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common <br> Stocks\*<br>| $1889990248 | $1889990248 | $— | $— |
| Money Market <br> Funds<br>| 1139864 | 1139864 |  |  |
| Repurchase <br> Agreements<br>| 11264084 |  | 11264084 |  |
| Total <br> Investments<br>| $1902394196 | $1891130112 | $11264084 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $10758297 |
| Non-cash Collateral<sup>(2)</sup> <br>| (10758297)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

See Notes to Financial Statements

------

**First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $11264084 |
| Non-cash Collateral<sup>(4)</sup> <br>| (11264084)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Broadline Retail — 2.2%**  |  |
| 580905 | PDD Holdings, Inc., ADR (a) | $60797517 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.3%**  |  |
| 346177 | CDW Corp. | 61823750 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.4%**  |  |
| 264428 | DoorDash, Inc., Class A (a) | 65184146 |
|  | **Interactive Media & Services** <br> **— 4.6%**  |  |
| 174365 | Alphabet, Inc., Class A | 30728344 |
| 173273 | Alphabet, Inc., Class C | 30736898 |
| 85815 | Meta Platforms, Inc., Class A | 63339193 |
|  |  | 124804435 |
|  | **IT Services — 4.5%**  |  |
| 770267 | Cognizant Technology Solutions <br> Corp., Class A | 60103934 |
| 553380 | Shopify, Inc., Class A (a) | 63832383 |
|  |  | 123936317 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 41.2%**  |  |
| 458223 | Advanced Micro Devices, <br> Inc. (a) | 65021844 |
| 258819 | Analog Devices, Inc. | 61604098 |
| 348192 | Applied Materials, Inc. | 63743509 |
| 406779 | ARM Holdings PLC, <br> ADR (a) (b) | 65792436 |
| 77929 | ASML Holding N.V. | 62451521 |
| 237531 | Broadcom, Inc. | 65475420 |
| 1591991 | GLOBALFOUNDRIES, Inc. (a) | 60814056 |
| 2775149 | Intel Corp. | 62163338 |
| 69570 | KLA Corp. | 62316632 |
| 654846 | Lam Research Corp. | 63742710 |
| 796752 | Marvell Technology, Inc. | 61668605 |
| 861880 | Microchip Technology, Inc. | 60650496 |
| 478104 | Micron Technology, Inc. | 58926318 |
| 409064 | NVIDIA Corp. | 64628021 |
| 281864 | NXP Semiconductors N.V. | 61584465 |
| 1119012 | ON Semiconductor Corp. (a) | 58647419 |
| 387413 | QUALCOMM, Inc. | 61699394 |
| 297808 | Texas Instruments, Inc. | 61830897 |
|  |  | 1122761179 |
|  | **Software — 40.6%**  |  |
| 156388 | Adobe, Inc. (a) | 60503389 |
| 175193 | ANSYS, Inc. (a) | 61531285 |
| 181970 | AppLovin Corp., Class A (a) | 63704058 |
| 306937 | Atlassian Corp., Class A (a) | 62335835 |
| 198459 | Autodesk, Inc. (a) | 61436953 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 199317 | Cadence Design Systems, <br> Inc. (a) | $61419534 |
| 122424 | CrowdStrike Holdings, Inc., <br> Class A (a) | 62351767 |
| 458941 | Datadog, Inc., Class A (a) | 61649545 |
| 591454 | Fortinet, Inc. (a) | 62528517 |
| 77238 | Intuit, Inc. | 60834966 |
| 122560 | Microsoft Corp. | 60962570 |
| 160348 | MicroStrategy, Inc., Class A (a) | 64817472 |
| 428608 | Palantir Technologies, Inc., <br> Class A (a) | 58427843 |
| 295907 | Palo Alto Networks, Inc. (a) | 60554408 |
| 104725 | Roper Technologies, Inc. | 59362319 |
| 125044 | Synopsys, Inc. (a) | 64107558 |
| 246893 | Workday, Inc., Class A (a) | 59254320 |
| 192861 | Zscaler, Inc. (a) | 60546782 |
|  |  | 1106329121 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 2.2%**  |  |
| 295951 | Apple, Inc. | 60720267 |
|  | **Total Common Stocks** | 2726356732 |
|  | (Cost $2,379,289,427) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 2660222 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (c) | 2660222 |
|  | (Cost $2,660,222) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** |
| $6327418 | Bank of America Corp., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $6,328,190. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $6,453,966. (d) | 6327418 |
|  | (Cost $6,327,418) |  |
|  | **Total Investments — 100.3%** | 2735344372 |
|  | (Cost $2,388,277,067) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.3)%** | (7742038)<br>|
|  | **Net Assets — 100.0%** | $2727602334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $6,028,373 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $6,327,418.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $2726356732 | $2726356732 | $— | $— |
| Money Market <br> Funds<br>| 2660222 | 2660222 |  |  |
| Repurchase <br> Agreements<br>| 6327418 |  | 6327418 |  |
| Total Investments | $2735344372 | $2729016954 | $6327418 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $6028373 |
| Non-cash Collateral<sup>(2)</sup> <br>| (6028373)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $6327418 |
| Non-cash Collateral<sup>(4)</sup> <br>| (6327418)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 100.0%** | **COMMON STOCKS (a) — 100.0%** | **COMMON STOCKS (a) — 100.0%** |
|  | **Aerospace & Defense — 1.9%**  |  |
| 25022 | Axon Enterprise, Inc. (b) | $20716715 |
|  | **Automobiles — 1.7%**  |  |
| 60567 | Tesla, Inc. (b) | 19239713 |
|  | **Beverages — 6.9%**  |  |
| 209687 | Coca-Cola Europacific <br> Partners PLC | 19442179 |
| 577504 | Keurig Dr Pepper, Inc. | 19092282 |
| 307323 | Monster Beverage Corp. (b) | 19250713 |
| 149487 | PepsiCo, Inc. | 19738263 |
|  |  | 77523437 |
|  | **Biotechnology — 8.7%**  |  |
| 66709 | Amgen, Inc. | 18625820 |
| 153401 | Biogen, Inc. (b) | 19265632 |
| 178188 | Gilead Sciences, Inc. | 19755703 |
| 37967 | Regeneron Pharmaceuticals, Inc. | 19932675 |
| 44224 | Vertex Pharmaceuticals, Inc. (b) | 19688525 |
|  |  | 97268355 |
|  | **Broadline Retail — 3.7%**  |  |
| 92853 | Amazon.com, Inc. (b) | 20371019 |
| 8090 | MercadoLibre, Inc. (b) | 21144267 |
|  |  | 41515286 |
|  | **Chemicals — 1.8%**  |  |
| 42606 | Linde PLC | 19989883 |
|  | **Commercial Services &** <br> **Supplies — 3.5%**  |  |
| 88858 | Cintas Corp. | 19803782 |
| 402327 | Copart, Inc. (b) | 19742186 |
|  |  | 39545968 |
|  | **Communications Equipment** <br> **— 1.8%**  |  |
| 295360 | Cisco Systems, Inc. | 20492077 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.8%**  |  |
| 19883 | Costco Wholesale Corp. | 19682977 |
|  | **Electric Utilities — 7.2%**  |  |
| 190454 | American Electric Power Co., <br> Inc. | 19761507 |
| 63896 | Constellation Energy Corp. | 20623073 |
| 455971 | Exelon Corp. | 19798261 |
| 291766 | Xcel Energy, Inc. | 19869264 |
|  |  | 80052105 |
|  | **Energy Equipment & Services** <br> **— 1.7%**  |  |
| 496913 | Baker Hughes Co. | 19051644 |
|  | **Entertainment — 7.4%**  |  |
| 129453 | Electronic Arts, Inc. | 20673644 |
| 15773 | Netflix, Inc. (b) | 21122098 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Entertainment (Continued)**  |  |
| 81277 | Take-Two Interactive Software, <br> Inc. (b) | $19738119 |
| 1864140 | Warner Bros. Discovery, Inc. (b) | 21363044 |
|  |  | 82896905 |
|  | **Financial Services — 1.8%**  |  |
| 277451 | PayPal Holdings, Inc. (b) | 20620158 |
|  | **Food Products — 3.5%**  |  |
| 753027 | Kraft Heinz (The) Co. | 19443157 |
| 283628 | Mondelez International, Inc., <br> Class A | 19127873 |
|  |  | 38571030 |
|  | **Ground Transportation —** <br> **3.6%**  |  |
| 608818 | CSX Corp. | 19865731 |
| 124723 | Old Dominion Freight Line, Inc. | 20242543 |
|  |  | 40108274 |
|  | **Health Care Equipment &** <br> **Supplies — 7.4%**  |  |
| 243504 | Dexcom, Inc. (b) | 21255464 |
| 271517 | GE HealthCare Technologies, <br> Inc. | 20111264 |
| 37508 | IDEXX Laboratories, Inc. (b) | 20117041 |
| 38044 | Intuitive Surgical, Inc. (b) | 20673490 |
|  |  | 82157259 |
|  | **Hotels, Restaurants & Leisure** <br> **— 7.2%**  |  |
| 147473 | Airbnb, Inc., Class A (b) | 19516577 |
| 3677 | Booking Holdings, Inc. | 21287036 |
| 75307 | Marriott International, Inc., <br> Class A | 20574625 |
| 209032 | Starbucks Corp. | 19153602 |
|  |  | 80531840 |
|  | **Industrial Conglomerates —** <br> **1.8%**  |  |
| 88118 | Honeywell International, Inc. | 20520920 |
|  | **Machinery — 1.8%**  |  |
| 214278 | PACCAR, Inc. | 20369267 |
|  | **Media — 5.5%**  |  |
| 50269 | Charter Communications, Inc., <br> Class A (b) | 20550470 |
| 559578 | Comcast Corp., Class A | 19971339 |
| 284715 | Trade Desk (The), Inc., <br> Class A (b) | 20496633 |
|  |  | 61018442 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.6%**  |  |
| 130927 | Diamondback Energy, Inc. | 17989370 |
|  | **Pharmaceuticals — 1.7%**  |  |
| 278525 | AstraZeneca PLC, ADR | 19463327 |

---

See Notes to Financial Statements

------

**First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Professional Services — 5.2%**  |  |
| 63567 | Automatic Data Processing, Inc. | $19604063 |
| 130212 | Paychex, Inc. | 18940638 |
| 63803 | Verisk Analytics, Inc. | 19874634 |
|  |  | 58419335 |
|  | **Real Estate Management &** <br> **Development — 1.8%**  |  |
| 242956 | CoStar Group, Inc. (b) | 19533662 |
|  | **Specialty Retail — 3.5%**  |  |
| 218153 | O'Reilly Automotive, Inc. (b) | 19662130 |
| 151634 | Ross Stores, Inc. | 19345466 |
|  |  | 39007596 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.8%**  |  |
| 85069 | Lululemon Athletica, Inc. (b) | 20210693 |
|  | **Trading Companies &** <br> **Distributors — 1.8%**  |  |
| 473995 | Fastenal Co. | 19907790 |
|  | **Wireless Telecommunication** <br> **Services — 1.9%**  |  |
| 87465 | T-Mobile US, Inc. | 20839411 |
|  | **Total Common Stocks** | 1117243439 |
|  | (Cost $1,042,085,935) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 472837 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 472837 |
|  | (Cost $472,837) |  |
|  | **Total Investments — 100.0%** | 1117716276 |
|  | (Cost $1,042,558,772) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (226404)<br>|
|  | **Net Assets — 100.0%** | $1117489872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 industry allocation is based on Standard & Poor's Global Industry
 Classification Standard (GICS), and is different than the
 industry sector classification system used by the Index to select
 securities, which is the Industry Classification Benchmark
 (ICB) system, which is maintained by FTSE International
 Limited.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1117243439 | $1117243439 | $— | $— |
| Money Market <br> Funds<br>| 472837 | 472837 |  |  |
| Total Investments | $1117716276 | $1117716276 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust NASDAQ**<sup>®</sup> **Clean Edge**<sup>®</sup> **Green Energy Index Fund (QCLN)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Automobiles — 17.4%**  |  |
| 6587856 | Lucid Group, Inc. (a) (b) | $13900376 |
| 920349 | Polestar Automotive Holding <br> UK PLC, Class A, <br> ADR (a) (b) | 984774 |
| 2022149 | Rivian Automotive, Inc., <br> Class A (a) (b) | 27784327 |
| 84806 | Tesla, Inc. (a) | 26939474 |
|  |  | 69608951 |
|  | **Chemicals — 5.4%**  |  |
| 263467 | Albemarle Corp. | 16511477 |
| 200944 | Aspen Aerogels, Inc. (a) | 1189589 |
| 114867 | Sociedad Quimica y Minera de <br> Chile S.A., ADR (a) (b) | 4051359 |
|  |  | 21752425 |
|  | **Construction & Engineering** <br> **— 0.3%**  |  |
| 84618 | Ameresco, Inc., Class A (a) | 1285347 |
|  | **Electrical Equipment — 21.5%**  |  |
| 56527 | Acuity, Inc. | 16864265 |
| 134103 | Ads-Tec Energy PLC (a) | 1850621 |
| 96598 | American Superconductor <br> Corp. (a) | 3544181 |
| 373028 | Array Technologies, Inc. (a) | 2200865 |
| 733192 | Ballard Power Systems, <br> Inc. (a) (b) | 1165775 |
| 567876 | Bloom Energy Corp., Class A (a) | 13583594 |
| 95848 | EnerSys | 8220883 |
| 556536 | Eos Energy Enterprises, <br> Inc. (a) (b) | 2849464 |
| 319651 | Fluence Energy, Inc. (a) (b) | 2144858 |
| 73371 | LSI Industries, Inc. | 1248041 |
| 339854 | NEXTracker, Inc., Class A (a) | 18477862 |
| 2636913 | Plug Power, Inc. (a) (b) | 3929000 |
| 408798 | Shoals Technologies Group, Inc., <br> Class A (a) | 1737392 |
| 558725 | Sunrun, Inc. (a) (b) | 4570371 |
| 81844 | Vicor Corp. (a) | 3712444 |
|  |  | 86099616 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 6.7%**  |  |
| 92080 | Advanced Energy Industries, <br> Inc. | 12200600 |
| 111478 | Itron, Inc. (a) | 14673849 |
|  |  | 26874449 |
|  | **Financial Services — 2.0%**  |  |
| 296977 | HA Sustainable Infrastructure <br> Capital, Inc. | 7976802 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 10.3%**  |  |
| 616489 | Brookfield Renewable Partners, <br> L.P. (c) | $15726634 |
| 203592 | Clearway Energy, Inc., Class C | 6514944 |
| 348300 | Montauk Renewables, Inc. (a) | 773226 |
| 148341 | Ormat Technologies, Inc. | 12425042 |
| 597314 | ReNew Energy Global PLC, <br> Class A (a) | 4127440 |
| 229864 | XPLR Infrastructure, L.P. (c) (d) | 1884885 |
|  |  | 41452171 |
|  | **Metals & Mining — 3.6%**  |  |
| 399706 | MP Materials Corp. (a) | 13298219 |
| 273528 | Sigma Lithium Corp. (a) (b) | 1230876 |
|  |  | 14529095 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 0.5%**  |  |
| 540374 | Clean Energy Fuels Corp. (a) | 1053729 |
| 585812 | Gevo, Inc. (a) (b) | 773272 |
|  |  | 1827001 |
|  | **Professional Services — 0.5%**  |  |
| 35449 | Willdan Group, Inc. (a) | 2215917 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 31.3%**  |  |
| 452146 | Allegro MicroSystems, Inc. (a) | 15458872 |
| 320845 | Enphase Energy, Inc. (a) | 12721504 |
| 185867 | First Solar, Inc. (a) | 30768423 |
| 469465 | Navitas Semiconductor <br> Corp. (a) (b) | 3074996 |
| 699235 | ON Semiconductor Corp. (a) | 36646907 |
| 137648 | Power Integrations, Inc. | 7694523 |
| 144383 | SolarEdge Technologies, Inc. (a) | 2945413 |
| 102483 | Universal Display Corp. | 15829524 |
| 380560 | Wolfspeed, Inc. (a) (b) | 151767 |
|  |  | 125291929 |
|  | **Specialty Retail — 0.3%**  |  |
| 328086 | EVgo, Inc. (a) (b) | 1197514 |
|  | **Total Common Stocks** | 400111217 |
|  | (Cost $771,364,819) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 637076 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (e) | 637076 |
|  | (Cost $637,076) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust NASDAQ**<sup>®</sup> **Clean Edge**<sup>®</sup> **Green Energy Index Fund (QCLN)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 9.9%** | **REPURCHASE AGREEMENTS — 9.9%** | **REPURCHASE AGREEMENTS — 9.9%** |
| $39860194 | JPMorgan Chase & Co., <br> 4.39% (e), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $39,865,055. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $40,657,400. (f) | $39860194 |
|  | (Cost $39,860,194) |  |
|  | **Total Investments — 109.9%** | 440608487 |
|  | (Cost $811,862,089) |  |
|  | **Net Other Assets and** <br> **Liabilities — (9.9)%** | (39844071)<br>|
|  | **Net Assets — 100.0%** | $400764416 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $39,537,787 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $39,860,194.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security
 is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is taxed as a "C" corporation for federal income tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $400111217 | $400111217 | $— | $— |
| Money Market <br> Funds<br>| 637076 | 637076 |  |  |
| Repurchase <br> Agreements<br>| 39860194 |  | 39860194 |  |
| Total Investments | $440608487 | $400748293 | $39860194 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $39537787 |
| Non-cash Collateral<sup>(2)</sup> <br>| (39537787)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $39860194 |
| Non-cash Collateral<sup>(4)</sup> <br>| (39860194)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust S&P REIT Index Fund (FRI)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
|  | **Data Center REITs — 11.6%**  |  |
| 41572 | Digital Realty Trust, Inc. | $7247247 |
| 12845 | Equinix, Inc. | 10217812 |
|  |  | 17465059 |
|  | **Diversified REITs — 2.6%**  |  |
| 9548 | Alexander & Baldwin, Inc. | 170241 |
| 1593 | Alpine Income Property Trust, <br> Inc. | 23433 |
| 6200 | American Assets Trust, Inc. | 122450 |
| 10526 | Armada Hoffler Properties, Inc. | 72314 |
| 24828 | Broadstone Net Lease, Inc. | 398489 |
| 3806 | CTO Realty Growth, Inc. | 65691 |
| 25936 | Essential Properties Realty Trust, <br> Inc. | 827618 |
| 6078 | Gladstone Commercial Corp. | 87098 |
| 25170 | Global Net Lease, Inc. | 190033 |
| 1210 | Modiv Industrial, Inc. | 17037 |
| 5165 | NexPoint Diversified Real Estate <br> Trust | 21641 |
| 2071 | One Liberty Properties, Inc. | 49414 |
| 28755 | WP Carey, Inc. | 1793737 |
|  |  | 3839196 |
|  | **Health Care REITs — 16.7%**  |  |
| 20217 | Alexandria Real Estate Equities, <br> Inc. | 1468361 |
| 20944 | American Healthcare REIT, Inc. | 769483 |
| 25172 | CareTrust REIT, Inc. | 770263 |
| 3301 | Community Healthcare Trust, <br> Inc. | 54896 |
| 28512 | Diversified Healthcare Trust | 102073 |
| 8259 | Global Medical REIT, Inc. | 57235 |
| 46147 | Healthcare Realty Trust, Inc. | 731891 |
| 91228 | Healthpeak Properties, Inc. | 1597402 |
| 6031 | LTC Properties, Inc. | 208733 |
| 78894 | Medical Properties Trust, Inc. | 340033 |
| 6131 | National Health Investors, Inc. | 429906 |
| 38001 | Omega Healthcare Investors, Inc. | 1392737 |
| 31244 | Sabra Health Care REIT, Inc. | 576139 |
| 7241 | Sila Realty Trust, Inc. | 171394 |
| 1673 | Universal Health Realty Income <br> Trust | 66870 |
| 59262 | Ventas, Inc. | 3742395 |
| 81579 | Welltower, Inc. | 12541140 |
|  |  | 25020951 |
|  | **Hotel & Resort REITs — 2.6%**  |  |
| 29055 | Apple Hospitality REIT, Inc. | 339072 |
| 7752 | Braemar Hotels & Resorts, Inc. | 18992 |
| 6434 | Chatham Lodging Trust | 44845 |
| 27091 | DiamondRock Hospitality Co. | 207517 |
| 91095 | Host Hotels & Resorts, Inc. | 1399219 |
| 26248 | Park Hotels & Resorts, Inc. | 268517 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotel & Resort REITs** <br> **(Continued)**  |  |
| 15585 | Pebblebrook Hotel Trust | $155694 |
| 19672 | RLJ Lodging Trust | 143212 |
| 7879 | Ryman Hospitality Properties, <br> Inc. | 777421 |
| 21893 | Service Properties Trust | 52324 |
| 14350 | Summit Hotel Properties, Inc. | 73042 |
| 26113 | Sunstone Hotel Investors, Inc. | 226661 |
| 12961 | Xenia Hotels & Resorts, Inc. | 162920 |
|  |  | 3869436 |
|  | **Industrial REITs — 12.7%**  |  |
| 34397 | Americold Realty Trust, Inc. | 572022 |
| 6886 | EastGroup Properties, Inc. | 1150788 |
| 17386 | First Industrial Realty Trust, Inc. | 836788 |
| 7734 | Industrial Logistics Properties <br> Trust | 35190 |
| 3678 | Innovative Industrial Properties, <br> Inc. | 203099 |
| 7804 | Lineage, Inc. | 339630 |
| 38837 | LXP Industrial Trust | 320794 |
| 5204 | Plymouth Industrial REIT, Inc. | 83576 |
| 121850 | Prologis, Inc. | 12808872 |
| 31006 | Rexford Industrial Realty, Inc. | 1102883 |
| 24506 | STAG Industrial, Inc. | 889078 |
| 13568 | Terreno Realty Corp. | 760758 |
|  |  | 19103478 |
|  | **Multi-Family Residential** <br> **REITs — 10.7%**  |  |
| 17119 | Apartment Investment and <br> Management Co., Class A | 148079 |
| 18671 | AvalonBay Communities, Inc. | 3799549 |
| 1515 | BRT Apartments Corp. | 23695 |
| 14029 | Camden Property Trust | 1580928 |
| 2198 | Centerspace | 132298 |
| 11576 | Elme Communities | 184058 |
| 44903 | Equity Residential | 3030503 |
| 8454 | Essex Property Trust, Inc. | 2395864 |
| 30647 | Independence Realty Trust, Inc. | 542145 |
| 15371 | Mid-America Apartment <br> Communities, Inc. | 2275062 |
| 2889 | NexPoint Residential Trust, Inc. | 96261 |
| 39589 | UDR, Inc. | 1616419 |
| 10653 | Veris Residential, Inc. | 158623 |
|  |  | 15983484 |
|  | **Office REITs — 4.1%**  |  |
| 22711 | Brandywine Realty Trust | 97430 |
| 19127 | BXP, Inc. | 1290499 |
| 5303 | City Office REIT, Inc. | 28318 |
| 14792 | COPT Defense Properties | 407963 |
| 22050 | Cousins Properties, Inc. | 662162 |
| 21988 | Douglas Emmett, Inc. | 330700 |

---

See Notes to Financial Statements

------

**First Trust S&P REIT Index Fund (FRI)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Office REITs (Continued)**  |  |
| 5539 | Easterly Government Properties, <br> Inc. | $122966 |
| 18037 | Empire State Realty Trust, Inc., <br> Class A | 145919 |
| 10614 | Franklin Street Properties Corp. | 17407 |
| 14158 | Highwoods Properties, Inc. | 440172 |
| 44436 | Hudson Pacific Properties, <br> Inc. (a) | 121755 |
| 9592 | JBG SMITH Properties | 165942 |
| 13979 | Kilroy Realty Corp. | 479619 |
| 1946 | NET Lease Office Properties (a) | 63342 |
| 6719 | Orion Properties, Inc. | 14311 |
| 24181 | Paramount Group, Inc. (a) | 147504 |
| 4828 | Peakstone Realty Trust | 63778 |
| 16336 | Piedmont Realty Trust, Inc. | 119089 |
| 2940 | Postal Realty Trust, Inc., Class A | 43306 |
| 9325 | SL Green Realty Corp. | 577218 |
| 21929 | Vornado Realty Trust | 838565 |
|  |  | 6177965 |
|  | **Other Specialized REITs —** <br> **9.1%**  |  |
| 9989 | EPR Properties | 581959 |
| 5396 | Farmland Partners, Inc. | 62108 |
| 13193 | Four Corners Property Trust, Inc. | 355024 |
| 36089 | Gaming and Leisure Properties, <br> Inc. | 1684634 |
| 4421 | Gladstone Land Corp. | 44962 |
| 38743 | Iron Mountain, Inc. | 3973869 |
| 11552 | Lamar Advertising Co., Class A | 1401951 |
| 15792 | Millrose Properties, Inc. | 450230 |
| 18209 | Outfront Media, Inc. | 297171 |
| 6027 | Safehold, Inc. | 93780 |
| 32231 | Uniti Group, Inc. (a) | 139238 |
| 138760 | VICI Properties, Inc. | 4523576 |
|  |  | 13608502 |
|  | **Retail REITs — 16.6%**  |  |
| 17197 | Acadia Realty Trust | 319348 |
| 14419 | Agree Realty Corp. | 1053452 |
| 282 | Alexander's, Inc. | 63540 |
| 40190 | Brixmor Property Group, Inc. | 1046548 |
| 1870 | CBL & Associates Properties, <br> Inc. | 47479 |
| 12435 | Curbline Properties Corp. | 283891 |
| 10195 | Federal Realty Investment Trust | 968423 |
| 2207 | FrontView REIT, Inc. | 26484 |
| 6698 | Getty Realty Corp. | 185133 |
| 10186 | InvenTrust Properties Corp. | 279096 |
| 88833 | Kimco Realty Corp. | 1867270 |
| 28864 | Kite Realty Group Trust | 653770 |
| 33176 | Macerich (The) Co. | 536788 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Retail REITs (Continued)**  |  |
| 10729 | NETSTREIT Corp. | $181642 |
| 24680 | NNN REIT, Inc. | 1065682 |
| 16466 | Phillips Edison & Co., Inc. | 576804 |
| 118586 | Realty Income Corp. | 6831740 |
| 21453 | Regency Centers Corp. | 1528097 |
| 1590 | Saul Centers, Inc. | 54283 |
| 40291 | Simon Property Group, Inc. | 6477181 |
| 6198 | SITE Centers Corp. | 70099 |
| 14861 | Tanger, Inc. | 454449 |
| 16513 | Urban Edge Properties | 308133 |
| 5881 | Whitestone REIT | 73395 |
|  |  | 24952727 |
|  | **Self-Storage REITs — 7.8%**  |  |
| 29934 | CubeSmart | 1272195 |
| 27866 | Extra Space Storage, Inc. | 4108563 |
| 9238 | National Storage Affiliates Trust | 295524 |
| 20733 | Public Storage | 6083476 |
|  |  | 11759758 |
|  | **Single-Family Residential** <br> **REITs — 5.1%**  |  |
| 41731 | American Homes 4 Rent, <br> Class A | 1505237 |
| 25106 | Equity LifeStyle Properties, Inc. | 1548287 |
| 74854 | Invitation Homes, Inc. | 2455211 |
| 15756 | Sun Communities, Inc. | 1992977 |
| 10267 | UMH Properties, Inc. | 172383 |
|  |  | 7674095 |
|  | **Total Common Stocks** | 149454651 |
|  | (Cost $175,958,353) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 79659 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 79659 |
|  | (Cost $79,659) |  |
|  | **Total Investments — 99.7%** | 149534310 |
|  | (Cost $176,038,012) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.3%** | 497058 |
|  | **Net Assets — 100.0%** | $150031368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

See Notes to Financial Statements

------

**First Trust S&P REIT Index Fund (FRI)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $149454651 | $149454651 | $— | $— |
| Money Market Funds | 79659 | 79659 |  |  |
| Total Investments | $149534310 | $149534310 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for sub-industry breakout.

See Notes to Financial Statements

------

**First Trust Water ETF (FIW)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Beverages — 3.0%**  |  |
| 1859651 | Primo Brands Corp. | $55082863 |
|  | **Building Products — 12.4%**  |  |
| 538522 | A.O. Smith Corp. | 35310887 |
| 482103 | Advanced Drainage Systems, <br> Inc. | 55374351 |
| 829750 | Fortune Brands Innovations, Inc. | 42715530 |
| 952406 | Masco Corp. | 61296850 |
| 1010470 | Zurn Elkay Water Solutions <br> Corp. | 36952888 |
|  |  | 231650506 |
|  | **Chemicals — 5.5%**  |  |
| 266168 | Ecolab, Inc. | 71716306 |
| 213121 | Hawkins, Inc. | 30284494 |
|  |  | 102000800 |
|  | **Commercial Services &** <br> **Supplies — 6.3%**  |  |
| 1226480 | Tetra Tech, Inc. | 44104221 |
| 717742 | Veralto Corp. | 72456055 |
|  |  | 116560276 |
|  | **Construction & Engineering** <br> **— 9.3%**  |  |
| 626203 | AECOM | 70673270 |
| 629707 | Stantec, Inc. (a) | 68436557 |
| 102767 | Valmont Industries, Inc. | 33560619 |
|  |  | 172670446 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 4.6%**  |  |
| 170213 | Badger Meter, Inc. | 41693674 |
| 328781 | Itron, Inc. (b) | 43277443 |
|  |  | 84971117 |
|  | **Health Care Equipment &** <br> **Supplies — 4.7%**  |  |
| 163808 | IDEXX Laboratories, Inc. (b) | 87856783 |
|  | **Life Sciences Tools & Services** <br> **— 7.1%**  |  |
| 559740 | Agilent Technologies, Inc. | 66054918 |
| 189754 | Waters Corp. (b) | 66231736 |
|  |  | 132286654 |
|  | **Machinery — 20.4%**  |  |
| 350474 | Franklin Electric Co., Inc. | 31451537 |
| 322398 | IDEX Corp. | 56603417 |
| 169358 | Lindsay Corp. | 24429891 |
| 669761 | Mueller Industries, Inc. | 53225907 |
| 1389789 | Mueller Water Products, Inc., <br> Class A | 33410527 |
| 665092 | Pentair PLC | 68278345 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 166842 | Watts Water Technologies, Inc., <br> Class A | $41024779 |
| 547039 | Xylem, Inc. | 70764965 |
|  |  | 379189368 |
|  | **Multi-Utilities — 2.3%**  |  |
| 7489737 | Algonquin Power & Utilities <br> Corp. (a) | 42916193 |
|  | **Software — 3.7%**  |  |
| 122501 | Roper Technologies, Inc. | 69438467 |
|  | **Trading Companies &** <br> **Distributors — 8.1%**  |  |
| 1052763 | Core & Main, Inc., Class A (b) | 63534247 |
| 403391 | Ferguson Enterprises, Inc. | 87838390 |
|  |  | 151372637 |
|  | **Water Utilities — 12.5%**  |  |
| 292338 | American States Water Co. | 22410631 |
| 526601 | American Water Works Co., Inc. | 73255465 |
| 492312 | California Water Service Group | 22390350 |
| 1388925 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP, <br> ADR | 30514682 |
| 1649596 | Essential Utilities, Inc. | 61265996 |
| 424826 | H2O America | 22078207 |
|  |  | 231915331 |
|  | **Total Common Stocks** | 1857911441 |
|  | (Cost $1,467,894,336) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 899136 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 899136 |
|  | (Cost $899,136) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Water ETF (FIW)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.5%** | **REPURCHASE AGREEMENTS — 2.5%** | **REPURCHASE AGREEMENTS — 2.5%** |
| $46190555 | JPMorgan Chase & Co., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $46,196,188. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $47,114,369. (d) | $46190555 |
|  | (Cost $46,190,555) |  |
|  | **Total Investments — 102.5%** | 1905001132 |
|  | (Cost $1,514,984,027) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.5)%** | (45893024)<br>|
|  | **Net Assets — 100.0%** | $1859108108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $44,770,702 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $46,190,555.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common <br> Stocks\*<br>| $1857911441 | $1857911441 | $— | $— |
| Money Market <br> Funds<br>| 899136 | 899136 |  |  |
| Repurchase <br> Agreements<br>| 46190555 |  | 46190555 |  |
| Total <br> Investments<br>| $1905001132 | $1858810577 | $46190555 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $44770702 |
| Non-cash Collateral<sup>(2)</sup> <br>| (44770702)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $46190555 |
| Non-cash Collateral<sup>(4)</sup> <br>| (46190555)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Natural Gas ETF (FCG)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Gas Utilities — 2.6%**  |  |
| 104706 | National Fuel Gas Co. | $8869645 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 97.3%**  |  |
| 318688 | Antero Resources Corp. (a) | 12836753 |
| 629054 | APA Corp. | 11505398 |
| 3834289 | Baytex Energy Corp. (b) | 6863377 |
| 114850 | BKV Corp. (a) | 2770182 |
| 109745 | Chord Energy Corp. | 10628803 |
| 255620 | Civitas Resources, Inc. | 7034662 |
| 254985 | CNX Resources Corp. (a) | 8587895 |
| 194293 | Comstock Resources, Inc. (a) | 5376087 |
| 166589 | ConocoPhillips | 14949697 |
| 507873 | Coterra Energy, Inc. | 12889817 |
| 588625 | Crescent Energy Co., Class A | 5062175 |
| 421611 | Devon Energy Corp. | 13411446 |
| 97879 | Diamondback Energy, Inc. | 13448575 |
| 130960 | EOG Resources, Inc. | 15664126 |
| 253810 | EQT Corp. | 14802199 |
| 116946 | Expand Energy Corp. | 13675665 |
| 219688 | Granite Ridge Resources, Inc. | 1399412 |
| 30087 | Gulfport Energy Corp. (a) | 6052602 |
| 384278 | Hess Midstream, L.P., <br> Class A (c) (d) | 14798546 |
| 2231279 | Kosmos Energy Ltd. (a) | 3837800 |
| 344551 | Magnolia Oil & Gas Corp., <br> Class A | 7745506 |
| 220079 | Matador Resources Co. | 10502170 |
| 373597 | Murphy Oil Corp. | 8405932 |
| 201283 | Northern Oil & Gas, Inc. | 5706373 |
| 343671 | Obsidian Energy Ltd. (a) | 1907374 |
| 348658 | Occidental Petroleum Corp. | 14647123 |
| 321700 | Ovintiv, Inc. | 12240685 |
| 881187 | Permian Resources Corp. | 12001767 |
| 2131 | PrimeEnergy Resources <br> Corp. (a) | 311936 |
| 270470 | Range Resources Corp. | 11000015 |
| 32078 | Riley Exploration Permian, Inc. | 841406 |
| 209758 | SandRidge Energy, Inc. | 2269581 |
| 281160 | SM Energy Co. | 6947464 |
| 632176 | Vermilion Energy, Inc. (b) | 4602241 |
| 221262 | Vital Energy, Inc. (a) | 3560106 |
| 137642 | Vitesse Energy, Inc. (b) | 3040512 |
| 380168 | Western Midstream Partners, <br> L.P. (d) | 14712502 |
| 631824 | Woodside Energy Group Ltd., <br> ADR (b) | 9749044 |
|  |  | 325786954 |
|  | **Total Common Stocks** | 334656599 |
|  | (Cost $395,152,208) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 209847 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (e) | $209847 |
|  | (Cost $209,847) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.3%** | **REPURCHASE AGREEMENTS — 2.3%** | **REPURCHASE AGREEMENTS — 2.3%** |
| $7719794 | Bank of America Corp., <br> 4.39% (e), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $7,720,735. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $7,874,190. (f) | 7719794 |
|  | (Cost $7,719,794) |  |
|  | **Total Investments — 102.3%** | 342586240 |
|  | (Cost $403,081,849) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.3)%** | (7677585)<br>|
|  | **Net Assets — 100.0%** | $334908655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $7,393,066 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $7,719,794.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is taxed as a "C" corporation for federal income tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security
 is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> ADR – American Depositary Receipt

See Notes to Financial Statements

------

**First Trust Natural Gas ETF (FCG)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $334656599 | $334656599 | $— | $— |
| Money Market Funds | 209847 | 209847 |  |  |
| Repurchase <br> Agreements<br>| 7719794 |  | 7719794 |  |
| Total Investments | $342586240 | $334866446 | $7719794 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $7393066 |
| Non-cash Collateral<sup>(2)</sup> <br>| (7393066)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $7719794 |
| Non-cash Collateral<sup>(4)</sup> <br>| (7719794)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust NASDAQ**<sup>®</sup> **ABA Community Bank Index Fund (QABA)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Banks — 98.5%**  |  |
| 15676 | 1st Source Corp. | $973009 |
| 6684 | ACNB Corp. | 286343 |
| 19522 | Amalgamated Financial Corp. | 609086 |
| 10642 | Arrow Financial Corp. | 281161 |
| 21215 | BancFirst Corp. | 2622598 |
| 29809 | Bancorp (The), Inc. (a) | 1698219 |
| 6329 | Bank First Corp. | 744607 |
| 10349 | Bank of Marin Bancorp | 236371 |
| 71871 | Bank OZK | 3382249 |
| 6030 | Bank7 Corp. | 252235 |
| 22068 | Banner Corp. | 1415662 |
| 7024 | BayCom Corp. | 194635 |
| 17512 | Bridgewater Bancshares, Inc. (a) | 278616 |
| 9576 | Burke & Herbert Financial <br> Services Corp. | 571974 |
| 18951 | Business First Bancshares, Inc. | 467142 |
| 2068 | C&F Financial Corp. | 127658 |
| 20685 | California BanCorp (a) | 325996 |
| 10787 | Camden National Corp. | 437736 |
| 10571 | Capital Bancorp, Inc. | 354974 |
| 10884 | Capital City Bank Group, Inc. | 428285 |
| 84751 | Capitol Federal Financial, Inc. | 516981 |
| 14780 | Carter Bankshares, Inc. (a) | 256285 |
| 44743 | Cathay General Bancorp | 2037149 |
| 3057 | Chemung Financial Corp. | 148173 |
| 9563 | ChoiceOne Financial Services, <br> Inc. | 274458 |
| 9888 | Citizens & Northern Corp. | 187279 |
| 3068 | Citizens Financial Services, Inc. | 180153 |
| 9242 | City Holding Co. | 1131406 |
| 9904 | Civista Bancshares, Inc. | 229773 |
| 13389 | CNB Financial Corp.  | 306073 |
| 9589 | Coastal Financial Corp. (a) | 928886 |
| 66963 | Columbia Financial, Inc. (a) | 971633 |
| 85151 | Commerce Bancshares, Inc. | 5293838 |
| 11558 | Community Trust Bancorp, Inc. | 611649 |
| 12165 | Community West Bancshares | 237339 |
| 24551 | ConnectOne Bancorp, Inc. | 568601 |
| 87944 | CVB Financial Corp. | 1740412 |
| 27964 | Dime Community Bancshares, <br> Inc. | 753350 |
| 19386 | Eagle Bancorp, Inc. | 377639 |
| 134714 | Eastern Bankshares, Inc. | 2057083 |
| 23570 | Enterprise Financial Services <br> Corp. | 1298707 |
| 5400 | Esquire Financial Holdings, Inc. | 511164 |
| 24021 | Farmers National Banc Corp. | 331250 |
| 12660 | FB Bancorp, Inc. (a) (b) | 142425 |
| 12834 | Financial Institutions, Inc. | 329577 |
| 26434 | First Bancorp | 1165475 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 15958 | First Bank | $246870 |
| 57111 | First Busey Corp. | 1306985 |
| 5309 | First Business Financial <br> Services, Inc. | 268954 |
| 11665 | First Community Bankshares, <br> Inc. | 456918 |
| 61097 | First Financial Bancorp | 1482213 |
| 91292 | First Financial Bankshares, Inc. | 3284686 |
| 7563 | First Financial Corp. | 409839 |
| 80232 | First Hawaiian, Inc. | 2002591 |
| 5550 | First Internet Bancorp | 149295 |
| 66937 | First Interstate BancSystem, Inc., <br> Class A | 1929124 |
| 37210 | First Merchants Corp. | 1425143 |
| 15309 | First Mid Bancshares, Inc. | 573934 |
| 6200 | First Western Financial, Inc. (a) | 139872 |
| 17763 | Firstsun Capital Bancorp (a) (b) | 617264 |
| 13632 | Five Star Bancorp | 389057 |
| 21556 | Flushing Financial Corp. | 256085 |
| 4912 | FS Bancorp, Inc. | 193435 |
| 116018 | Fulton Financial Corp. | 2092965 |
| 23919 | German American Bancorp, Inc. | 921121 |
| 7319 | Great Southern Bancorp, Inc. | 430211 |
| 10866 | Greene County Bancorp, Inc. | 241443 |
| 54656 | Hancock Whitney Corp. | 3137254 |
| 19281 | Hanmi Financial Corp. | 475855 |
| 27500 | HarborOne Bancorp, Inc. | 321200 |
| 20100 | HBT Financial, Inc. | 506721 |
| 39309 | Heritage Commerce Corp. | 390338 |
| 21765 | Heritage Financial Corp. | 518878 |
| 1392 | Hingham Institution for Savings <br> (The) (b) | 345703 |
| 4979 | Home Bancorp, Inc. | 257813 |
| 81723 | Hope Bancorp, Inc. | 876888 |
| 28142 | Horizon Bancorp, Inc. | 432824 |
| 27198 | Independent Bank Corp. | 1710346 |
| 13224 | Independent Bank Corp. | 428590 |
| 39658 | International Bancshares Corp. | 2639637 |
| 41214 | Kearny Financial Corp.  | 266242 |
| 16310 | Lakeland Financial Corp. | 1002250 |
| 10361 | Mercantile Bank Corp. | 480854 |
| 16211 | Metrocity Bankshares, Inc. | 463310 |
| 14600 | Mid Penn Bancorp, Inc. | 411720 |
| 13658 | Midland States Bancorp, Inc. | 236557 |
| 13285 | MidWestOne Financial Group, <br> Inc. | 382209 |
| 8293 | MVB Financial Corp. | 186841 |
| 25891 | NB Bancorp, Inc. (a) | 462413 |
| 33392 | NBT Bancorp, Inc. | 1387438 |
| 5441 | Northeast Bank | 484195 |
| 8949 | Northeast Community Bancorp, <br> Inc. | 208020 |

---

See Notes to Financial Statements

------

**First Trust NASDAQ**<sup>®</sup> **ABA Community Bank Index Fund (QABA)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Banks (Continued)**  |  |
| 27203 | Northfield Bancorp, Inc. | $312290 |
| 3523 | Northrim BanCorp, Inc. | 328555 |
| 81529 | Northwest Bancshares, Inc. | 1041941 |
| 5910 | Norwood Financial Corp. | 152360 |
| 37259 | OceanFirst Financial Corp. | 656131 |
| 28754 | Old Second Bancorp, Inc. | 510096 |
| 12450 | Orrstown Financial Services, Inc. | 396284 |
| 61941 | Pacific Premier Bancorp, Inc. | 1306336 |
| 15218 | Pathward Financial, Inc. | 1204048 |
| 9182 | PCB Bancorp | 192638 |
| 11319 | Peapack-Gladstone Financial <br> Corp. | 319762 |
| 22748 | Peoples Bancorp, Inc.  | 694724 |
| 6379 | Peoples Financial Services Corp. | 314931 |
| 3784 | Plumas Bancorp (b) | 168237 |
| 15307 | Ponce Financial Group, Inc. (a) | 211849 |
| 8380 | Preferred Bank | 725247 |
| 15778 | Primis Financial Corp. | 171191 |
| 10805 | QCR Holdings, Inc. | 733660 |
| 11321 | RBB Bancorp | 194834 |
| 11088 | Republic Bancorp, Inc., Class A | 810644 |
| 24462 | S&T Bancorp, Inc. | 925153 |
| 54874 | Seacoast Banking Corp. of <br> Florida | 1515620 |
| 21299 | Shore Bancshares, Inc. | 334820 |
| 8819 | Sierra Bancorp | 261836 |
| 80380 | Simmons First National Corp., <br> Class A | 1524005 |
| 10356 | South Plains Financial, Inc. | 373230 |
| 5213 | Southern First Bancshares, <br> Inc. (a) | 198250 |
| 7211 | Southern Missouri Bancorp, Inc. | 395019 |
| 18807 | Stock Yards Bancorp, Inc. | 1485377 |
| 29295 | Texas Capital Bancshares, <br> Inc. (a) | 2326023 |
| 179225 | TFS Financial Corp. | 2320964 |
| 8828 | Third Coast Bancshares, Inc. (a) | 288411 |
| 48117 | TowneBank | 1644639 |
| 20970 | TriCo Bancshares | 849075 |
| 14946 | Triumph Financial, Inc. (a) | 823674 |
| 12138 | TrustCo Bank Corp. | 405652 |
| 38596 | Trustmark Corp. | 1407210 |
| 90660 | United Bankshares, Inc. | 3302744 |
| 6402 | Unity Bancorp, Inc. | 301406 |
| 18431 | Univest Financial Corp. | 553667 |
| 12795 | USCB Financial Holdings, Inc. | 211629 |
| 34635 | Veritex Holdings, Inc. | 903974 |
| 20753 | VersaBank | 236584 |
| 51155 | WaFd, Inc. | 1497818 |
| 12311 | Washington Trust Bancorp, Inc. | 348155 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 61056 | WesBanco, Inc. | $1931201 |
| 10800 | West BanCorp, Inc. | 212004 |
| 16708 | Westamerica BanCorp | 809336 |
| 42714 | Wintrust Financial Corp. | 5295682 |
| 36234 | WSFS Financial Corp. | 1992870 |
|  |  | 120229201 |
|  | **Financial Services — 1.4%**  |  |
| 8526 | Cass Information Systems, Inc. | 370455 |
| 29281 | Merchants Bancorp | 968322 |
| 16811 | NewtekOne, Inc. (b) | 189628 |
| 12174 | Waterstone Financial, Inc. | 168123 |
|  |  | 1696528 |
|  | **Total Common Stocks** | 121925729 |
|  | (Cost $128,228,820) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 69542 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (c) | 69542 |
|  | (Cost $69,542) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** |
| $670450 | Bank of America Corp., <br> 4.39% (c), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $670,532. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $683,859. (d) | 670450 |
|  | (Cost $670,450) |  |
|  | **Total Investments — 100.5%** | 122665721 |
|  | (Cost $128,968,812) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.5)%** | (600952)<br>|
|  | **Net Assets — 100.0%** | $122064769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $655,010 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $670,450.

See Notes to Financial Statements

------

**First Trust NASDAQ**<sup>®</sup> **ABA Community Bank Index Fund (QABA)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $121925729 | $121925729 | $— | $— |
| Money Market Funds | 69542 | 69542 |  |  |
| Repurchase <br> Agreements<br>| 670450 |  | 670450 |  |
| Total Investments | $122665721 | $121995271 | $670450 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $655010 |
| Non-cash Collateral<sup>(2)</sup> <br>| (655010)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value," is not offset and is shown on a gross basis. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $670450 |
| Non-cash Collateral<sup>(4)</sup> <br>| (670450)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **NASDAQ-100** <br> **Equal Weighted** <br> **Index Fund** <br>**(QQEW)** <br>| **First Trust** <br> **NASDAQ-100-**<br> **Technology** <br> **Sector Index** <br> **Fund** <br>**(QTEC)** <br>| **First Trust** <br> **NASDAQ-100** <br> **Ex-Technology** <br> **Sector Index** <br> **Fund** <br>**(QQXT)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $1902394196 | &nbsp;&nbsp; $2735344372 | &nbsp;&nbsp; $1117716276 |
| Cash |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Dividends | 614581 | &nbsp;&nbsp; 413764 | &nbsp;&nbsp; 525188 |
| Securities lending income | 4714 | &nbsp;&nbsp; 2662 | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | 5666 | &nbsp;&nbsp; 9477 | &nbsp;&nbsp; 2250 |
| Total Assets | 1903019157 | &nbsp;&nbsp; 2735770275 | &nbsp;&nbsp; 1118243714 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Collateral for securities on loan | 11264084 | &nbsp;&nbsp; 6327418 | &nbsp;&nbsp; — |
| Investment advisory fees | 605182 | &nbsp;&nbsp; 858340 | &nbsp;&nbsp; 363786 |
| Licensing fees | 442405 | &nbsp;&nbsp; 655363 | &nbsp;&nbsp; 231295 |
| Shareholder reporting fees | 18785 | &nbsp;&nbsp; 11815 | &nbsp;&nbsp; 15646 |
| Audit and tax fees | 14590 | &nbsp;&nbsp; 14470 | &nbsp;&nbsp; 14470 |
| Trustees' fees | 2555 | &nbsp;&nbsp; 3152 | &nbsp;&nbsp; 1962 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities | 219142 | &nbsp;&nbsp; 297383 | &nbsp;&nbsp; 126683 |
| Total Liabilities | 12566743 | &nbsp;&nbsp; 8167941 | &nbsp;&nbsp; 753842 |
| **NET ASSETS** | $1890452414 | &nbsp;&nbsp; $2727602334 | &nbsp;&nbsp; $1117489872 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $1692607244 | &nbsp;&nbsp; $2710871430 | &nbsp;&nbsp; $1035355206 |
| Par value | 138500 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp; 113000 |
| Accumulated distributable earnings (loss) | 197706670 | &nbsp;&nbsp; 16602904 | &nbsp;&nbsp; 82021666 |
| **NET ASSETS** | $1890452414 | &nbsp;&nbsp; $2727602334 | &nbsp;&nbsp; $1117489872 |
| **NET ASSET VALUE,** per share | $136.49 | &nbsp;&nbsp; $213.09 | &nbsp;&nbsp; $98.89 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 13850002 | &nbsp;&nbsp; 12800002 | &nbsp;&nbsp; 11300002 |
| Investments, at cost | $1534968510 | &nbsp;&nbsp; $2388277067 | &nbsp;&nbsp; $1042558772 |
| Securities on loan, at value | $10758297 | &nbsp;&nbsp; $6028373 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Trust NASDAQ**<sup>®</sup> <br> **Clean Edge**<sup>®</sup> **Green** <br> **Energy Index Fund** <br>**(QCLN)** <br>| **First Trust S&P REIT** <br> **Index Fund** <br>**(FRI)** <br>| **First Trust Water** <br> **ETF** <br>**(FIW)** <br>| **First Trust Natural** <br> **Gas ETF** <br>**(FCG)** <br>| **First Trust NASDAQ**<sup>®</sup> <br> **ABA Community** <br> **Bank Index Fund** <br>**(QABA)** <br>|
| $440608487 | &nbsp;&nbsp; $149534310 | &nbsp;&nbsp; $1905001132 | &nbsp;&nbsp; $342586240 | &nbsp;&nbsp; $122665721 |
|  | &nbsp;&nbsp; 503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 117392 | &nbsp;&nbsp; 576395 | &nbsp;&nbsp; 1163967 | &nbsp;&nbsp; 304832 | &nbsp;&nbsp; 175662 |
| 75888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18770 | &nbsp;&nbsp; 6256 | &nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp; 1351633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 174841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3229 | &nbsp;&nbsp; 3902 | &nbsp;&nbsp; 7040 | &nbsp;&nbsp; 4199 | &nbsp;&nbsp; 2216 |
| 440979837 | &nbsp;&nbsp; 151466743 | &nbsp;&nbsp; 1906353334 | &nbsp;&nbsp; 342901527 | &nbsp;&nbsp; 122844289 |
| 39860194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46190555 | &nbsp;&nbsp; 7719794 | &nbsp;&nbsp; 670450 |
| 129576 | &nbsp;&nbsp; 36683 | &nbsp;&nbsp; 603681 | &nbsp;&nbsp; 112051 | &nbsp;&nbsp; 34351 |
| 95462 | &nbsp;&nbsp; 4285 | &nbsp;&nbsp; 216719 | &nbsp;&nbsp; 80497 | &nbsp;&nbsp; 23822 |
| 67277 | &nbsp;&nbsp; 4869 | &nbsp;&nbsp; 7487 | &nbsp;&nbsp; 14898 | &nbsp;&nbsp; 9450 |
| 14678 | &nbsp;&nbsp; 17197 | &nbsp;&nbsp; 14558 | &nbsp;&nbsp; 15561 | &nbsp;&nbsp; 14470 |
| 2167 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2059 | &nbsp;&nbsp; 1971 |
|  | &nbsp;&nbsp; 1346687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 46067 | &nbsp;&nbsp; 23663 | &nbsp;&nbsp; 209736 | &nbsp;&nbsp; 48012 | &nbsp;&nbsp; 25006 |
| 40215421 | &nbsp;&nbsp; 1435375 | &nbsp;&nbsp; 47245226 | &nbsp;&nbsp; 7992872 | &nbsp;&nbsp; 779520 |
| $400764416 | &nbsp;&nbsp; $150031368 | &nbsp;&nbsp; $1859108108 | &nbsp;&nbsp; $334908655 | &nbsp;&nbsp; $122064769 |
| $1557700535 | &nbsp;&nbsp; $178537703 | &nbsp;&nbsp; $1568154758 | &nbsp;&nbsp; $958911550 | &nbsp;&nbsp; $150835576 |
| 122500 | &nbsp;&nbsp; 55500 | &nbsp;&nbsp; 172000 | &nbsp;&nbsp; 144984 | &nbsp;&nbsp; 22500 |
| (1157058619)<br>| &nbsp;&nbsp; (28561835)<br>| &nbsp;&nbsp; 290781350 | &nbsp;&nbsp; (624147879)<br>| &nbsp;&nbsp; (28793307)<br>|
| $400764416 | &nbsp;&nbsp; $150031368 | &nbsp;&nbsp; $1859108108 | &nbsp;&nbsp; $334908655 | &nbsp;&nbsp; $122064769 |
| $32.72 | &nbsp;&nbsp; $27.03 | &nbsp;&nbsp; $108.09 | &nbsp;&nbsp; $23.10 | &nbsp;&nbsp; $54.25 |
| 12250002 | &nbsp;&nbsp; 5550002 | &nbsp;&nbsp; 17200002 | &nbsp;&nbsp; 14498365 | &nbsp;&nbsp; 2250002 |
| $811862089 | &nbsp;&nbsp; $176038012 | &nbsp;&nbsp; $1514984027 | &nbsp;&nbsp; $403081849 | &nbsp;&nbsp; $128968812 |
| $39537787 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44770702 | &nbsp;&nbsp; $7393066 | &nbsp;&nbsp; $655010 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **NASDAQ-100** <br> **Equal Weighted** <br> **Index Fund** <br>**(QQEW)** <br>| **First Trust** <br> **NASDAQ-100-**<br> **Technology** <br> **Sector Index** <br> **Fund** <br>**(QTEC)** <br>| **First Trust** <br> **NASDAQ-100** <br> **Ex-Technology** <br> **Sector Index** <br> **Fund** <br>**(QQXT)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $9163280 | &nbsp;&nbsp; $8920544 | &nbsp;&nbsp; $3539577 |
| Securities lending income (net of fees) | 12964 | &nbsp;&nbsp; 36398 | &nbsp;&nbsp; — |
| Foreign withholding tax | (40474)<br>| &nbsp;&nbsp; (159014)<br>| &nbsp;&nbsp; — |
| Total investment income | 9135770 | &nbsp;&nbsp; 8797928 | &nbsp;&nbsp; 3539577 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 3623277<br>| &nbsp;&nbsp; 6361532<br>| &nbsp;&nbsp; 1036090<br>|
| Licensing fees | 909597 | &nbsp;&nbsp; 1607232 | &nbsp;&nbsp; 258196 |
| Accounting and administration fees | 379590 | &nbsp;&nbsp; 602979 | &nbsp;&nbsp; 118020 |
| Shareholder reporting fees | 47048 | &nbsp;&nbsp; 79227 | &nbsp;&nbsp; 15429 |
| Transfer agent fees | 35042 | &nbsp;&nbsp; 52385 | &nbsp;&nbsp; 12557 |
| Custodian fees | 18824 | &nbsp;&nbsp; 25224 | &nbsp;&nbsp; 7781 |
| Legal fees | 17207 | &nbsp;&nbsp; 34579 | &nbsp;&nbsp; 6062 |
| Audit and tax fees | 14556 | &nbsp;&nbsp; 14509 | &nbsp;&nbsp; 14509 |
| Listing fees | 6218 | &nbsp;&nbsp; 6218 | &nbsp;&nbsp; 6218 |
| Trustees' fees and expenses | 4709 | &nbsp;&nbsp; 5709 | &nbsp;&nbsp; 3751 |
| Other expenses | 14535 | &nbsp;&nbsp; 28856 | &nbsp;&nbsp; 1980 |
| Total expenses | 5070603 | &nbsp;&nbsp; 8818450 | &nbsp;&nbsp; 1480593 |
| Less fees waived by the investment advisor |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | 5070603 | &nbsp;&nbsp; 8818450 | &nbsp;&nbsp; 1480593 |
| **NET INVESTMENT INCOME (LOSS)** | 4065167 | &nbsp;&nbsp; (20522)<br>| &nbsp;&nbsp; 2058984 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 5860407 | &nbsp;&nbsp; (43110070)<br>| &nbsp;&nbsp; (583573)<br>|
| In-kind redemptions | 65270751 | &nbsp;&nbsp; 255098488 | &nbsp;&nbsp; 34010951 |
| Foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | 71131158 | &nbsp;&nbsp; 211988418 | &nbsp;&nbsp; 33427378 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 91461383 | &nbsp;&nbsp; (10732667)<br>| &nbsp;&nbsp; 59309621 |
| Foreign currency translation |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 91461383 | &nbsp;&nbsp; (10732667)<br>| &nbsp;&nbsp; 59309621 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 162592541 | &nbsp;&nbsp; 201255751 | &nbsp;&nbsp; 92736999 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $166657708 | &nbsp;&nbsp; $201235229 | &nbsp;&nbsp; $94795983 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Trust NASDAQ**<sup>®</sup> <br> **Clean Edge**<sup>®</sup> **Green** <br> **Energy Index Fund** <br>**(QCLN)** <br>| **First Trust S&P REIT** <br> **Index Fund** <br>**(FRI)** <br>| **First Trust Water** <br> **ETF** <br>**(FIW)** <br>| **First Trust Natural** <br> **Gas ETF** <br>**(FCG)** <br>| **First Trust NASDAQ**<sup>®</sup> <br> **ABA Community** <br> **Bank Index Fund** <br>**(QABA)** <br>|
| $1390178 | &nbsp;&nbsp; $3233563 | &nbsp;&nbsp; $11327177 | &nbsp;&nbsp; $5672086 | &nbsp;&nbsp; $1644338 |
| 454205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60384 | &nbsp;&nbsp; 48171 | &nbsp;&nbsp; 4953 |
| (102147)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (113793)<br>| &nbsp;&nbsp; (42554)<br>| &nbsp;&nbsp; (115)<br>|
| 1742236 | &nbsp;&nbsp; 3233563 | &nbsp;&nbsp; 11273768 | &nbsp;&nbsp; 5677703 | &nbsp;&nbsp; 1649176 |
| 861896<br>| &nbsp;&nbsp; 232448<br>| &nbsp;&nbsp; 3513348<br>| &nbsp;&nbsp; 746664<br>| &nbsp;&nbsp; 224691<br>|
| 217574 | &nbsp;&nbsp; 61604 | &nbsp;&nbsp; 439162 | &nbsp;&nbsp; 186663 | &nbsp;&nbsp; 50765 |
| 99815 | &nbsp;&nbsp; 38057 | &nbsp;&nbsp; 369221 | &nbsp;&nbsp; 86717 | &nbsp;&nbsp; 28612 |
| 67367 | &nbsp;&nbsp; 16601 | &nbsp;&nbsp; 64482 | &nbsp;&nbsp; 27302 | &nbsp;&nbsp; 14497 |
| 10774 | &nbsp;&nbsp; 3874 | &nbsp;&nbsp; 34355 | &nbsp;&nbsp; 9333 | &nbsp;&nbsp; 2809 |
| 5773 | &nbsp;&nbsp; 4628 | &nbsp;&nbsp; 22275 | &nbsp;&nbsp; 5522 | &nbsp;&nbsp; 6133 |
| 5398 | &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 16098 | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 1026 |
| 14587 | &nbsp;&nbsp; 17236 | &nbsp;&nbsp; 14540 | &nbsp;&nbsp; 15537 | &nbsp;&nbsp; 14509 |
| 6218 | &nbsp;&nbsp; 5251 | &nbsp;&nbsp; 6538 | &nbsp;&nbsp; 6538 | &nbsp;&nbsp; 6218 |
| 4010 | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; 4641 | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 3753 |
| 6046 | &nbsp;&nbsp; 1332 | &nbsp;&nbsp; 12280 | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 1184 |
| 1299458 | &nbsp;&nbsp; 386371 | &nbsp;&nbsp; 4496940 | &nbsp;&nbsp; 1095153 | &nbsp;&nbsp; 354197 |
| (6614)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17160)<br>|
| 1292844 | &nbsp;&nbsp; 386371 | &nbsp;&nbsp; 4496940 | &nbsp;&nbsp; 1095153 | &nbsp;&nbsp; 337037 |
| 449392 | &nbsp;&nbsp; 2847192 | &nbsp;&nbsp; 6776828 | &nbsp;&nbsp; 4582550 | &nbsp;&nbsp; 1312139 |
| (125658636)<br>| &nbsp;&nbsp; (1406175)<br>| &nbsp;&nbsp; (21447374)<br>| &nbsp;&nbsp; (4573817)<br>| &nbsp;&nbsp; (1580228)<br>|
| (29524946)<br>| &nbsp;&nbsp; 1317331 | &nbsp;&nbsp; 18059078 | &nbsp;&nbsp; 6698474 | &nbsp;&nbsp; 3267863 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 847 | &nbsp;&nbsp; (22)<br>|
| (155183582)<br>| &nbsp;&nbsp; (88844)<br>| &nbsp;&nbsp; (3388296)<br>| &nbsp;&nbsp; 2125504 | &nbsp;&nbsp; 1687613 |
| 129179647 | &nbsp;&nbsp; (2808227)<br>| &nbsp;&nbsp; 104900792 | &nbsp;&nbsp; (34233356)<br>| &nbsp;&nbsp; (5131138)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 617 | &nbsp;&nbsp; — |
| 129179647 | &nbsp;&nbsp; (2808227)<br>| &nbsp;&nbsp; 104900792 | &nbsp;&nbsp; (34232739)<br>| &nbsp;&nbsp; (5131138)<br>|
| (26003935)<br>| &nbsp;&nbsp; (2897071)<br>| &nbsp;&nbsp; 101512496 | &nbsp;&nbsp; (32107235)<br>| &nbsp;&nbsp; (3443525)<br>|
| $(25554543)<br>| &nbsp;&nbsp; $(49879)<br>| &nbsp;&nbsp; $108289324 | &nbsp;&nbsp; $(27524685)<br>| &nbsp;&nbsp; $(2131386)<br>|

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust NASDAQ-100 Equal** <br> **Weighted Index Fund (QQEW)** | **First Trust NASDAQ-100 Equal** <br> **Weighted Index Fund (QQEW)** | **First Trust NASDAQ-100-**<br> **Technology Sector Index Fund** <br> **(QTEC)** | **First Trust NASDAQ-100-**<br> **Technology Sector Index Fund** <br> **(QTEC)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $4065167 | &nbsp;&nbsp; $11501351 | &nbsp;&nbsp; $(20522)<br>| &nbsp;&nbsp; $79781 |
| Net realized gain (loss) | 71131158 | &nbsp;&nbsp; 294208596 | &nbsp;&nbsp; 211988418 | &nbsp;&nbsp; 582809057 |
| Net change in unrealized appreciation (depreciation) | 91461383 | &nbsp;&nbsp; (165972049)<br>| &nbsp;&nbsp; (10732667)<br>| &nbsp;&nbsp; (318955072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 166657708 | &nbsp;&nbsp; 139737898 | &nbsp;&nbsp; 201235229 | &nbsp;&nbsp; 263933766 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (4040485)<br>| &nbsp;&nbsp; (11755236)<br>| &nbsp;&nbsp; (161850)<br>| &nbsp;&nbsp; (887760)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 93989175<br>| &nbsp;&nbsp; 389947899<br>| &nbsp;&nbsp; 519965026<br>| &nbsp;&nbsp; 1509422543<br>|
| Cost of shares redeemed | (225759324) <br>| &nbsp;&nbsp; (920601166) <br>| &nbsp;&nbsp; (1800354213) <br>| &nbsp;&nbsp; (1458791578) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (131770149)<br>| &nbsp;&nbsp; (530653267)<br>| &nbsp;&nbsp; (1280389187)<br>| &nbsp;&nbsp; 50630965 |
| Total increase (decrease) in net assets | 30847074 | &nbsp;&nbsp; (402670605)<br>| &nbsp;&nbsp; (1079315808)<br>| &nbsp;&nbsp; 313676971 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1859605340 | &nbsp;&nbsp; 2262275945 | &nbsp;&nbsp; 3806918142 | &nbsp;&nbsp; 3493241171 |
| End of period | $1890452414 | &nbsp;&nbsp; $1859605340 | &nbsp;&nbsp; $2727602334 | &nbsp;&nbsp; $3806918142 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 14900002 | &nbsp;&nbsp; 19250002 | &nbsp;&nbsp; 20250002 | &nbsp;&nbsp; 19900002 |
| Shares sold | 750000 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 8000000 |
| Shares redeemed | (1800000)<br>| &nbsp;&nbsp; (7550000)<br>| &nbsp;&nbsp; (10450000)<br>| &nbsp;&nbsp; (7650000)<br>|
| Shares outstanding, end of period | 13850002 | &nbsp;&nbsp; 14900002 | &nbsp;&nbsp; 12800002 | &nbsp;&nbsp; 20250002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **First Trust NASDAQ-100 Ex-**<br> **Technology Sector Index** <br> **Fund (QQXT)** | **First Trust NASDAQ-100 Ex-**<br> **Technology Sector Index** <br> **Fund (QQXT)** | **First Trust NASDAQ**<sup>®</sup> **Clean** <br> **Edge**<sup>®</sup> **Green Energy Index** <br> **Fund (QCLN)** | **First Trust NASDAQ**<sup>®</sup> **Clean** <br> **Edge**<sup>®</sup> **Green Energy Index** <br> **Fund (QCLN)** | **First Trust S&P REIT Index** <br> **Fund (FRI)** | **First Trust S&P REIT Index** <br> **Fund (FRI)** | **First Trust Water ETF (FIW)** | **First Trust Water ETF (FIW)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $2058984 | $1304304 | $449392 | $2399169 | $2847192 | $4161027 | $6776828 | $11994920 |
| 33427378 | 16679825 | (155183582)<br>| (280116665)<br>| (88844)<br>| 626104 | (3388296)<br>| 85712751 |
| 59309621 | (8920855)<br>| 129179647 | 70482889 | (2808227)<br>| 3167351 | 104900792 | 26154794 |
| 94795983 | 9063274 | (25554543)<br>| (207234607)<br>| (49879)<br>| 7954482 | 108289324 | 123862465 |
| (2031576)<br>| (1339342)<br>| (486980)<br>| (5762256)<br>| (1721801)<br>| (5240417)<br>| (5994421)<br>| (12067301)<br>|
| 1098874728<br>| 4586994<br>| 1627435<br>| 22072016<br>| 12287491<br>| 99035619<br>| 35906534<br>| 452458721<br>|
| (185977106) <br>| (76873236) <br>| (123260709) <br>| (399688352) <br>| (37005681) <br>| (48441699) <br>| (54896395) <br>| (305706026) <br>|
| 912897622 | (72286242)<br>| (121633274)<br>| (377616336)<br>| (24718190)<br>| 50593920 | (18989861)<br>| 146752695 |
| 1005662029 | (64562310)<br>| (147674797)<br>| (590613199)<br>| (26489870)<br>| 53307985 | 83305042 | 258547859 |
| 111827843 | 176390153 | 548439213 | 1139052412 | 176521238 | 123213253 | 1775803066 | 1517255207 |
| $1117489872 | $111827843 | $400764416 | $548439213 | $150031368 | $176521238 | $1859108108 | $1775803066 |
| 1200002 | 2000002 | 16150002 | 27000002 | 6450002 | 4700002 | 17400002 | 16000002 |
| 12100000 | 50000 | 50000 | 600000 | 450000 | 3500000 | 350000 | 4400000 |
| (2000000)<br>| (850000)<br>| (3950000)<br>| (11450000)<br>| (1350000)<br>| (1750000)<br>| (550000)<br>| (3000000)<br>|
| 11300002 | 1200002 | 12250002 | 16150002 | 5550002 | 6450002 | 17200002 | 17400002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Natural Gas ETF** <br> **(FCG)** | **First Trust Natural Gas ETF** <br> **(FCG)** | **First Trust NASDAQ**<sup>®</sup> **ABA** <br> **Community Bank Index Fund** <br> **(QABA)** | **First Trust NASDAQ**<sup>®</sup> **ABA** <br> **Community Bank Index Fund** <br> **(QABA)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $4582550 | &nbsp;&nbsp; $8149654 | &nbsp;&nbsp; $1312139 | &nbsp;&nbsp; $2336081 |
| Net realized gain (loss) | 2125504 | &nbsp;&nbsp; 1066360 | &nbsp;&nbsp; 1687613 | &nbsp;&nbsp; (4106691)<br>|
| Net change in unrealized appreciation (depreciation) | (34232739)<br>| &nbsp;&nbsp; 2404120 | &nbsp;&nbsp; (5131138)<br>| &nbsp;&nbsp; 9759343 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (27524685)<br>| &nbsp;&nbsp; 11620134 | &nbsp;&nbsp; (2131386)<br>| &nbsp;&nbsp; 7988733 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (5072757)<br>| &nbsp;&nbsp; (10526845)<br>| &nbsp;&nbsp; (1254871)<br>| &nbsp;&nbsp; (2383753)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 60117356<br>| &nbsp;&nbsp; 111918224<br>| &nbsp;&nbsp; 53323424<br>| &nbsp;&nbsp; 75880516<br>|
| Cost of shares redeemed | (94984114) <br>| &nbsp;&nbsp; (186999554) <br>| &nbsp;&nbsp; (50119566) <br>| &nbsp;&nbsp; (51430001) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (34866758)<br>| &nbsp;&nbsp; (75081330)<br>| &nbsp;&nbsp; 3203858 | &nbsp;&nbsp; 24450515 |
| Total increase (decrease) in net assets | (67464200)<br>| &nbsp;&nbsp; (73988041)<br>| &nbsp;&nbsp; (182399)<br>| &nbsp;&nbsp; 30055495 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 402372855 | &nbsp;&nbsp; 476360896 | &nbsp;&nbsp; 122247168 | &nbsp;&nbsp; 92191673 |
| End of period | $334908655 | &nbsp;&nbsp; $402372855 | &nbsp;&nbsp; $122064769 | &nbsp;&nbsp; $122247168 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 16348365 | &nbsp;&nbsp; 19598365 | &nbsp;&nbsp; 2200002 | &nbsp;&nbsp; 1850002 |
| Shares sold | 2350000 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1450000 |
| Shares redeemed | (4200000)<br>| &nbsp;&nbsp; (7650000)<br>| &nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp; (1100000)<br>|
| Shares outstanding, end of period | 14498365 | &nbsp;&nbsp; 16348365 | &nbsp;&nbsp; 2250002 | &nbsp;&nbsp; 2200002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $124.81 | &nbsp;&nbsp;&nbsp;&nbsp; $117.52 | &nbsp;&nbsp;&nbsp;&nbsp; $88.69 | &nbsp;&nbsp;&nbsp;&nbsp; $118.42 | &nbsp;&nbsp;&nbsp;&nbsp; $100.88 | &nbsp;&nbsp;&nbsp;&nbsp; $73.78 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br>|
| Net realized and unrealized gain <br> (loss)<br>| 11.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.11<br>|
| Total from investment operations | 11.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.45<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35) <br>|
| Net asset value, end of period | $136.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $124.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100.88<br>|
| **Total return** (b) | 9.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.62)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.35<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1890452<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1859605<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2262276<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1086493<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1391414<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1175270<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.56<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 0.45<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> % <br>|
| Portfolio turnover rate (d) | 12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of <br> period<br>| $188.00 | &nbsp;&nbsp;&nbsp;&nbsp; $175.54 | &nbsp;&nbsp;&nbsp;&nbsp; $105.36 | &nbsp;&nbsp;&nbsp;&nbsp; $175.32 | &nbsp;&nbsp;&nbsp;&nbsp; $138.14 | &nbsp;&nbsp;&nbsp;&nbsp; $100.08 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | (0.00) (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br>|
| Net realized and unrealized gain <br> (loss)<br>| 25.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69.98) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.09<br>|
| Total from investment operations | 25.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69.80) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.67<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61) <br>|
| Net asset value, end of period | $213.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; $188.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $105.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $138.14<br>|
| **Total return** (c) | 13.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (39.81)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.82<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $2727602<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3806918<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3493241<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1359137<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4049807<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3349911<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.55<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| (0.00)% (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>|
| Portfolio turnover rate (f) | 12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount
 is less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $93.19 | &nbsp;&nbsp;&nbsp;&nbsp; $88.19 | &nbsp;&nbsp;&nbsp;&nbsp; $76.39 | &nbsp;&nbsp;&nbsp;&nbsp; $88.47 | &nbsp;&nbsp;&nbsp;&nbsp; $79.43 | &nbsp;&nbsp;&nbsp;&nbsp; $58.39 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br>|
| Net realized and unrealized gain (loss) | 5.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.04<br>|
| Total from investment operations | 6.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.26<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22) <br>|
| Net asset value, end of period | $98.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; $93.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.43<br>|
| **Total return** (b) | 6.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.85)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.48<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1117490<br>| &nbsp;&nbsp;&nbsp;&nbsp; $111828<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176390<br>| &nbsp;&nbsp;&nbsp;&nbsp; $133682<br>| &nbsp;&nbsp;&nbsp;&nbsp; $137135<br>| &nbsp;&nbsp;&nbsp;&nbsp; $146938<br>|
| Ratio of total expenses to average net assets | 0.57<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>|
| Ratio of net expenses to average net assets | 0.57<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.79<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> % <br>|
| Portfolio turnover rate (d) | 7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust NASDAQ**<sup>®</sup> **Clean Edge**<sup>®</sup> **Green Energy Index Fund (QCLN)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $33.96 | &nbsp;&nbsp;&nbsp;&nbsp; $42.19 | &nbsp;&nbsp;&nbsp;&nbsp; $47.18 | &nbsp;&nbsp;&nbsp;&nbsp; $67.96 | &nbsp;&nbsp;&nbsp;&nbsp; $70.17 | &nbsp;&nbsp;&nbsp;&nbsp; $24.91 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br>|
| Net realized and unrealized gain (loss) | (1.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.36<br>|
| Total from investment operations | (1.20) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.67) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.20) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.47<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21) <br>|
| Net asset value, end of period | $32.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70.17<br>|
| **Total return** (b) | (3.53)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.82)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.98)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (30.37)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.14)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 183.52<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $400764<br>| &nbsp;&nbsp;&nbsp;&nbsp; $548439<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1139052<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1573504<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2823661<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1999803<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.60<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net expenses to average net <br> assets<br>| 0.60<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 0.21<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> % <br>|
| Portfolio turnover rate (d) | 11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust S&P REIT Index Fund (FRI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.37 | &nbsp;&nbsp;&nbsp;&nbsp; $26.22 | &nbsp;&nbsp;&nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp;&nbsp; $32.59 | &nbsp;&nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp;&nbsp; $26.14 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br>|
| Net realized and unrealized gain (loss) | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.72) <br>|
| Total from investment operations | (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.20) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>|
| Net asset value, end of period | $27.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.23<br>|
| **Total return** (b) | (0.12)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.63)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.10)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $150031<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176521<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123213<br>| &nbsp;&nbsp;&nbsp;&nbsp; $133098<br>| &nbsp;&nbsp;&nbsp;&nbsp; $236309<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74344<br>|
| Ratio of total expenses to average net assets | 0.50<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>|
| Ratio of net expenses to average net assets | 0.50<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 3.67<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> % <br>|
| Portfolio turnover rate (d) | 3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Water ETF (FIW)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $102.06 | &nbsp;&nbsp;&nbsp;&nbsp; $94.83 | &nbsp;&nbsp;&nbsp;&nbsp; $79.35 | &nbsp;&nbsp;&nbsp;&nbsp; $94.74 | &nbsp;&nbsp;&nbsp;&nbsp; $72.13 | &nbsp;&nbsp;&nbsp;&nbsp; $59.91 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.39<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br>|
| Net realized and unrealized gain <br> (loss)<br>| 5.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.24<br>|
| Total from investment operations | 6.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.62<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>|
| Net asset value, end of period | $108.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; $102.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $72.13<br>|
| **Total return** (b) | 6.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.65)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.20<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1859108<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1775803<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1517255<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1249781<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1605791<br>| &nbsp;&nbsp;&nbsp;&nbsp; $688794<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.51<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 0.77<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>|
| Portfolio turnover rate (d) | 9<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Natural Gas ETF (FCG)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $24.61 | &nbsp;&nbsp;&nbsp;&nbsp; $24.31 | &nbsp;&nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp;&nbsp; $17.17 | &nbsp;&nbsp;&nbsp;&nbsp; $8.80 | &nbsp;&nbsp;&nbsp;&nbsp; $12.05 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br>|
| Net realized and unrealized gain (loss) | (1.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.01) <br>|
| Total from investment operations | (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.91) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Total distributions | (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Net asset value, end of period | $23.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.80<br>|
| **Total return** (b) | (4.83)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.22)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $334909<br>| &nbsp;&nbsp;&nbsp;&nbsp; $402373<br>| &nbsp;&nbsp;&nbsp;&nbsp; $476361<br>| &nbsp;&nbsp;&nbsp;&nbsp; $888144<br>| &nbsp;&nbsp;&nbsp;&nbsp; $423225<br>| &nbsp;&nbsp;&nbsp;&nbsp; $103429<br>|
| Ratio of total expenses to average net assets | 0.59<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> % <br>|
| Ratio of net expenses to average net assets | 0.59<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 2.45<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> % <br>|
| Portfolio turnover rate (e) | 14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the year ended December 31, 2021, ratio reflects excise tax of 0.01%, which is not included in the expense cap.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust NASDAQ**<sup>®</sup> **ABA Community Bank Index Fund (QABA)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $55.57 | &nbsp;&nbsp;&nbsp;&nbsp; $49.83 | &nbsp;&nbsp;&nbsp;&nbsp; $52.72 | &nbsp;&nbsp;&nbsp;&nbsp; $58.97 | &nbsp;&nbsp;&nbsp;&nbsp; $44.75 | &nbsp;&nbsp;&nbsp;&nbsp; $51.91 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br>|
| Net realized and unrealized gain (loss) | (1.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.13) <br>|
| Total from investment operations | (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.02) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14) <br>|
| Net asset value, end of period | $54.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; $58.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.75<br>|
| **Total return** (b) | (1.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.44)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.70)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.00)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $122065<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122247<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92192<br>| &nbsp;&nbsp;&nbsp;&nbsp; $187140<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117947<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85020<br>|
| Ratio of total expenses to average net assets | 0.63<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net expenses to average net assets | 0.60<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 2.34<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> % <br>|
| Portfolio turnover rate (d) | 11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the eight funds (each a "Fund" and collectively, the "Funds") listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust NASDAQ-100 Equal Weighted Index Fund – (Nasdaq, Inc. ("Nasdaq") ticker "QQEW") |
| First Trust NASDAQ-100-Technology Sector Index Fund – (Nasdaq ticker "QTEC") |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund – (Nasdaq ticker "QQXT") |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund – (Nasdaq ticker "QCLN") |
| First Trust S&P REIT Index Fund – (NYSE Arca, Inc. ("NYSE Arca") ticker "FRI") |
| First Trust Water ETF – (NYSE Arca ticker "FIW") |
| First Trust Natural Gas ETF – (NYSE Arca ticker "FCG") |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund – (Nasdaq ticker "QABA") |

---

QCLN operates as a non-diversified series of the Trust. Each of QQEW, QTEC, QQXT, FRI, FIW, FCG and QABA operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value ("NAV"), only in large blocks of shares known as "Creation Units." The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust NASDAQ-100 Equal Weighted Index Fund | Nasdaq-100 Equal Weighted<sup>TM</sup> Index |
| First Trust NASDAQ-100-Technology Sector Index Fund | Nasdaq-100 Technology Sector<sup>TM</sup> Index |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | Nasdaq-100 Ex-Tech Sector<sup>TM</sup> Index |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | Nasdaq<sup>®</sup> Clean Edge<sup>®</sup> Green Energy<sup>TM</sup> Index |
| First Trust S&P REIT Index Fund | S&P United States REIT Index |
| First Trust Water ETF | ISE Clean Edge Water<sup>TM</sup> Index |
| First Trust Natural Gas ETF | ISE-Revere Natural Gas<sup>TM</sup> Index |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | Nasdaq OMX<sup>®</sup> ABA Community Bank<sup>TM</sup> Index |

---

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Shares of open-end funds are valued based on NAV per share.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

In addition, differences between the prices used to calculate a Fund's NAV and the prices used by such Fund's corresponding index could result in a difference between a Fund's performance and the performance of its underlying index.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of June 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in master limited partnerships ("MLPs") generally are comprised of return of capital and investment income. A Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Offsetting on the Statements of Assets and Liabilities**

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

**D. Securities Lending** 

The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, QQEW, QTEC, QCLN, FIW, FCG, and QABA had securities in the securities lending program. During the six months ended June 30, 2025, QQEW, QTEC, QCLN, FIW, FCG, and QABA participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.

**E. Repurchase Agreements** 

Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended June 30, 2025, were received as collateral for lending securities.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust NASDAQ-100 Equal Weighted Index Fund | $11755236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust NASDAQ-100-Technology Sector Index Fund | 887760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 1339342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 5762256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust S&P REIT Index Fund | 5240417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Water ETF | 12067301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Natural Gas ETF | 10526845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 2383753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust NASDAQ-100 Equal Weighted Index Fund | $— | &nbsp;&nbsp; $(215982595)<br>| &nbsp;&nbsp; $251072042 |
| First Trust NASDAQ-100-Technology Sector Index Fund |  | &nbsp;&nbsp; (485790608)<br>| &nbsp;&nbsp; 301320133 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund |  | &nbsp;&nbsp; (25263140)<br>| &nbsp;&nbsp; 14520399 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund |  | &nbsp;&nbsp; (597589036)<br>| &nbsp;&nbsp; (533428060)<br>|
| First Trust S&P REIT Index Fund |  | &nbsp;&nbsp; (534322)<br>| &nbsp;&nbsp; (26255833)<br>|
| First Trust Water ETF |  | &nbsp;&nbsp; (67816115)<br>| &nbsp;&nbsp; 256302562 |
| First Trust Natural Gas ETF |  | &nbsp;&nbsp; (543514114)<br>| &nbsp;&nbsp; (48036323)<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund |  | &nbsp;&nbsp; (21651548)<br>| &nbsp;&nbsp; (3755502)<br>|

---

**G. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust NASDAQ-100 Equal Weighted Index Fund | $215982595 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 485790608 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Non-Expiring<br> Capital Loss<br> Carryforwards<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | $25263140 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 597589036 |
| First Trust S&P REIT Index Fund | 534322 |
| First Trust Water ETF | 67816115 |
| First Trust Natural Gas ETF | 543514114 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 21651548 |

---

During the taxable year ended December 31, 2024, the following Fund utilized capital loss carryforwards in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust S&P REIT Index Fund | $333487 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the Funds had no net late year ordinary or capital losses.

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust NASDAQ-100 Equal Weighted Index Fund | $1534968510 | &nbsp;&nbsp; $429322171 | &nbsp;&nbsp; $(61896485)<br>| &nbsp;&nbsp; $367425686 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 2388277067 | &nbsp;&nbsp; 466037604 | &nbsp;&nbsp; (118970299)<br>| &nbsp;&nbsp; 347067305 |
| First Trust NASDAQ-100 Ex-Technology Sector Index <br> Fund<br>| 1042558772 | &nbsp;&nbsp; 97015221 | &nbsp;&nbsp; (21857717)<br>| &nbsp;&nbsp; 75157504 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index <br> Fund<br>| 811862089 | &nbsp;&nbsp; 43768588 | &nbsp;&nbsp; (415022190)<br>| &nbsp;&nbsp; (371253602)<br>|
| First Trust S&P REIT Index Fund | 176038012 | &nbsp;&nbsp; 6286332 | &nbsp;&nbsp; (32790034)<br>| &nbsp;&nbsp; (26503702)<br>|
| First Trust Water ETF | 1514984027 | &nbsp;&nbsp; 444052005 | &nbsp;&nbsp; (54034900)<br>| &nbsp;&nbsp; 390017105 |
| First Trust Natural Gas ETF | 403081849 | &nbsp;&nbsp; 28093215 | &nbsp;&nbsp; (88588824)<br>| &nbsp;&nbsp; (60495609)<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index <br> Fund<br>| 128968812 | &nbsp;&nbsp; 3585759 | &nbsp;&nbsp; (9888850)<br>| &nbsp;&nbsp; (6303091)<br>|

---

**H. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following "Licensors" for the respective Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust NASDAQ-100 Equal Weighted Index Fund | Nasdaq, Inc. |
| First Trust NASDAQ-100-Technology Sector Index Fund | Nasdaq, Inc. |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | Nasdaq, Inc. |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | Nasdaq, Inc. and Clean Edge<sup>®</sup> <br>|
| First Trust S&P REIT Index Fund | S&P Dow Jones Indices LLC |
| First Trust Water ETF | Nasdaq, Inc. |
| First Trust Natural Gas ETF | Nasdaq, Inc. |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | Nasdaq, Inc. and American Bankers Association |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The respective license agreements allow for the use by First Trust of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreement. The respective Funds are required to pay licensing fees, which are shown on the Statements of Operations.

**I. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

The management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Breakpoints | QQEW | QTEC | QQXT | QCLN | FRI | FIW | FCG | QABA |
| Fund net assets up to and including $2.5 billion | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.3000<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Fund net assets greater than $2.5 billion up to and <br> including $5 billion<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.2925<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Fund net assets greater than $5 billion up to and <br> including $7.5 billion<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.2850<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Fund net assets greater than $7.5 billion up to and <br> including $10 billion<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.2775<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>|
| Fund net assets greater than $10 billion up to and <br> including $15 billion<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.2700<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>|
| Fund net assets greater than $15 billion | 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.2550<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>|

---

The Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed the following amount as a percentage of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Expense Cap |
| First Trust NASDAQ-100 Equal Weighted Index Fund | 0.60<br> %<br>|
| First Trust NASDAQ-100-Technology Sector Index Fund | 0.60<br> %<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 0.60<br> %<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 0.60<br> %<br>|
| First Trust S&P REIT Index Fund | 0.50<br> %<br>|
| First Trust Water ETF | 0.60<br> %<br>|
| First Trust Natural Gas ETF | 0.60<br> %<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 0.60<br> %<br>|

---

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust NASDAQ-100 Equal Weighted Index Fund | $215441153 | &nbsp;&nbsp; $214592791 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 388478068 | &nbsp;&nbsp; 389790750 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 38843169 | &nbsp;&nbsp; 38457818 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 48828011 | &nbsp;&nbsp; 48591357 |
| First Trust S&P REIT Index Fund | 6585950 | &nbsp;&nbsp; 4741542 |
| First Trust Water ETF | 167399877 | &nbsp;&nbsp; 166670243 |
| First Trust Natural Gas ETF | 54138946 | &nbsp;&nbsp; 53612586 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 12174391 | &nbsp;&nbsp; 12104619 |

---

For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust NASDAQ-100 Equal Weighted Index Fund | $93888612 | &nbsp;&nbsp; $225595081 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 519865037 | &nbsp;&nbsp; 1800205882 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 1098318239 | &nbsp;&nbsp; 185897800 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 1623346 | &nbsp;&nbsp; 122990481 |
| First Trust S&P REIT Index Fund | 12226279 | &nbsp;&nbsp; 36784320 |
| First Trust Water ETF | 35867224 | &nbsp;&nbsp; 54837744 |
| First Trust Natural Gas ETF | 60040616 | &nbsp;&nbsp; 94805620 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 53236140 | &nbsp;&nbsp; 50057677 |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2026.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:

Upon the recommendation of First Trust, the Board of Trustees of the Trust, on June 8, 2025, approved certain changes to First Trust NASDAQ-100 Equal Weighted Index Fund (the "Fund"), including its investment objective and management fee, which will be submitted to shareholders of the Fund for approval. The proposed changes to the Fund's investment objective would result in the Fund seeking investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called Nasdaq-100 Select Equal Weight<sup>TM</sup> Index (the "New Index"), instead of the Nasdaq-100 Equal Weighted<sup>TM</sup> Index. Additionally, the proposed changes being submitted for shareholder approval would include the approval of a new investment management agreement between First Trust and the Trust, on behalf of the Fund. The new investment management agreement would move the Fund to a unitary management fee equal to 0.55% of the average daily net assets. A special meeting of the shareholders of the Fund to vote on the changes described above is expected to be held later this year. Upon approval of such changes, the Fund will be renamed "First Trust Nasdaq-100 Select Equal Weight ETF" and the Fund's policy to invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index will be modified as follows: The Fund will normally invest at least 80% of its net assets in the securities that comprise the index.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

The applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund (QABA)

First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund (QCLN)

First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)

First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)

First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)

First Trust Natural Gas ETF (FCG)

First Trust S&P REIT Index Fund (FRI)

First Trust Water ETF (FIW)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient

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**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund's advisory fee.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.

The Board considered the advisory fee rate schedule payable by each Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for each Fund through April 30, 2027. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund's Expense Group included peer funds that pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. With respect to QQEW, the Board noted that at the June 8–9, 2025 meeting, it had separately approved a new investment advisory agreement for the Fund, in connection with the Advisor's recommendation and the Board's approval of changes to the Fund's investment objective, investment strategy and name, subject to shareholder approval of the investment objective change and the adoption of a unitary fee structure for the Fund. In considering the advisory fee rate schedules overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information for periods ended December 31, 2024 regarding the performance of each Fund's underlying index, the correlation between each Fund's performance and that of its underlying index, each Fund's tracking difference and each Fund's excess return as compared to its benchmark index. With respect to QQEW, the Board noted that at the June 8–9, 2025 meeting, it had separately approved a new investment advisory agreement for the Fund, relating to the Advisor's recommendation and the Board's approval of changes to the Fund's investment objective, investment strategy and name, subject to shareholder approval of the investment objective change and the adoption of a unitary fee structure for the Fund. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index and noted the Advisor's discussion of QCLN's, QQEW's, QQXT's, QTEC's and FRI's performance at the April 22, 2025 meeting. However, given each Fund's objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.

On the basis of all the information provided on the fees, expenses and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreement.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory fee rate schedule for each Fund includes breakpoints pursuant to which the advisory fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, approved a new Investment Management Agreement (the "New Agreement") with First Trust Advisors L.P. (the "Advisor"), on behalf of First Trust Nasdaq-100 Equal Weighted ETF (the "Fund"), for an initial two-year term at a meeting held on June 8–9, 2025, to change the Fund's non-unitary advisory fee structure under its current Investment Management Agreement with the Advisor (the "Current Agreement") to a unitary fee structure, subject to the approval of the Fund's shareholders. The Board determined that the New Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

The Board considered the New Agreement over the course of meetings held on April 22, 2025 and June 8–9, 2025, noting that the principal difference between the New Agreement and the Current Agreement is the difference in fee structures. In connection with those meetings, the Board reviewed information provided by the Advisor relating to the proposed unitary fee structure under the New Agreement. At the April 22, 2025 and June 8–9, 2025 meetings, the Board also reviewed materials provided by the Advisor in connection with the annual contract review process for the funds in the First Trust Fund Complex, including the Fund. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor.

The Board noted that, under the Fund's current non-unitary advisory fee structure, the Fund pays the Advisor an advisory fee starting at an annual rate of 0.40% of its average daily net assets, subject to a breakpoint schedule pursuant to which the advisory fee rate will be reduced as assets of the Fund meet certain thresholds, and, separately, the Advisor has agreed to cap the Fund's total (net) expense ratio at an annual rate of 0.60% of its average daily net assets, with certain Fund expenses excluded from the expense cap. The Board considered that, under the proposed unitary fee structure, the Fund would pay a unitary fee starting at an annual rate of 0.55% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds, and the Advisor would be responsible for the Fund's expenses, noting the Advisor's statement that the Fund expenses excluded from the proposed unitary fee would be identical to those currently excluded from the expense cap. The Board considered that the proposed unitary fee would not result in a change in the Fund's current total (net) expense ratio. The Board also considered the Advisor's statements that the proposed unitary fee structure provides clarity and consistency of fees to shareholders and that the Fund's expense ratio under the proposed unitary fee rate would remain consistent regardless of the Fund's net asset level, which may fluctuate based on creation and redemption activity or market movement. The Board noted that under the Fund's current expense structure the total expense ratio paid by a shareholder can increase or decrease depending on the net asset level of the Fund and the level and continuation of the expense cap. The Board noted that, although the Fund's total expenses are currently subject to a 0.60% expense cap, the Advisor is under no obligation to extend the expense cap, and no assurance has been given that any extension would provide for an expense cap as favorable as the current expense cap. The Board considered that generally the Fund would require a significant increase in assets or reduction in expenses for the proposed unitary fee rate to exceed the Fund's current total expense ratio. The Board noted that, after the initial two-year term of the New Agreement, it would review the unitary fee on an annual basis in connection with its annual review of the Fund's advisory agreement.

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**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

In addition, the Board considered that the proposed unitary fee structure was the primary fee structure for exchange-traded funds ("ETFs") in the First Trust Fund Complex and a common fee structure in the ETF industry and, therefore, may allow investors to more easily compare the Fund to peer funds. The Board also considered the Advisor's statements that the services provided to the Fund by the Advisor under the Current Agreement will not change as a result of the transition to the proposed unitary fee structure under the New Agreement and that the Advisor would bear the costs associated with obtaining shareholder approval of the New Agreement. Based on the foregoing, the Board determined that the transition to the proposed unitary fee structure under the New Agreement is in the best interests of the Fund.

In addition to considering the change in fee structure, to reach its determination that the New Agreement is in the best interests of the Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor, some of which were in response to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees regarding the annual renewal of the Current Agreement, that, among other things, outlined: the services to be provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other ETFs managed by the Advisor; the estimated expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor is a reasonable business arrangement from the Fund's perspective.

In evaluating whether to approve the New Agreement for the Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor under the New Agreement, noting the Advisor's statement that the services provided to the Fund by the Advisor under the Current Agreement will not change as a result of the transition to the proposed unitary fee structure under the New Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Fund under the Current Agreement and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for the day-to-day management of the Fund's investments. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. In addition, the Board considered the Advisor's ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex.

The Board noted that the Fund is an index ETF designed to track the performance of an underlying index. Because the Fund's underlying index is proposed to change, subject to the approval by the Fund's shareholders, the Fund did not have any historical investment performance based on its new underlying index that the Board could consider. However, because the Fund will continue to track the performance of an underlying index, the Board considered the information it received in connection with the annual renewal of the Current Agreement and reports it receives on a quarterly basis showing the correlation and tracking difference between the Fund and its current underlying index and noted that the Fund's performance under the management of the Advisor has been correlated to that of its current underlying index and that the Fund's tracking difference has been within a reasonable range. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Advisor under the New Agreement are expected to remain satisfactory.

The Board considered the proposed unitary fee rate schedule payable by the Fund under the New Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee starting at an annual rate of 0.55% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board noted that the Advisor would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the New Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions (such as dividend and distribution expenses

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**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

from securities sold short and/or other investment-related costs), distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other ETFs. Because the Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other ETFs managed by the Advisor, the Board considered the Advisor's statement that the Fund is most comparable to two other ETFs in the First Trust Fund Complex that follow U.S. equity ETF index strategies managed by the Advisor, due to their shared focus on targeted exposures within a segment of the Nasdaq-100 Index, and that each such fund pays an advisory fee starting at an annual rate of 0.40% of its average daily net assets, with a net expense ratio of 0.55% or 0.60%. The Board considered that the proposed unitary fee would not result in a change in the Fund's current total (net) expense ratio. In light of the information considered and the nature, extent and quality of the services provided under the Current Agreement and expected to continue to be provided to the Fund under the New Agreement, the Board determined that the proposed unitary fee was fair and reasonable.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing investment advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund generally would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the proposed unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for the Fund under the New Agreement. The Board considered the Advisor's estimate of the profitability of the New Agreement to the Advisor at current asset levels. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's estimated profitability level under the New Agreement was not unreasonable. In addition, The Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the New Agreement are fair and reasonable and that the approval of the New Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

**Disclaimer**

Nasdaq<sup>®</sup>, Nasdaq-100<sup>®</sup>, Nasdaq-100 Index<sup>®</sup>, Clean Edge<sup>®</sup>, OMX<sup>®</sup>, Nasdaq OMX<sup>®</sup>, Nasdaq-100 Equal Weighted<sup>TM</sup> Index,

Nasdaq-100 Technology Sector<sup>TM</sup> Index, Nasdaq-100 Ex-Tech Sector<sup>TM</sup> Index, Nasdaq<sup>®</sup> Clean Edge<sup>®</sup> Green Energy<sup>TM</sup> Index, ISE Clean Edge Water<sup>TM</sup> Index, ISE-Revere Natural Gas<sup>TM</sup> Index and Nasdaq OMX<sup>®</sup> ABA Community Bank<sup>TM</sup> Index ("the Nasdaq Indexes") are registered trademarks and service marks of Nasdaq, Inc., Clean Edge, Inc., and American Bankers Association, respectively, (together with their affiliates hereinafter referred to as the "Corporations"), and are licensed for use by First Trust. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

S&P United States REIT Index ("Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P on their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for the errors, omissions or interruptions of the Index.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended June 30, 2025

![](img7e8061bc1.gif)

<u>First Trust Exchange-Traded Fund</u>

Book 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| First Trust Dividend Strength<sup>TM</sup> ETF (FTDS) |
| First Trust Dow 30 Equal Weight ETF (EDOW) |
| First Trust Lunt U.S. Factor Rotation ETF (FCTR) |
| First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) |

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**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025** 

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOI-TOC-ScheduleofInvestments-4226_1) |  |
| [First Trust Dividend Strength](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOI-TOC-ScheduleofInvestments-4226_1)<sup>TM</sup>[ETF (FTDS)](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOI-TOC-ScheduleofInvestments-4226_1) | 1 |
| [First Trust Dow 30 Equal Weight ETF (EDOW)](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOI-TOC-ScheduleofInvestments-4300_1) | 3 |
| [First Trust Lunt U.S. Factor Rotation ETF (FCTR)](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOI-TOC-ScheduleofInvestments-4204_1) | 5 |
| [First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOI-TOC-ScheduleofInvestments-4558_1) | 9 |
| [Statements of Assets and Liabilities](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SAL1-TOC-StatementofAssetsandLiabilities-4226_1) | 12 |
| [Statements of Operations](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOP1-TOC-StatementofOperations-4558_1) | 13 |
| [Statements of Changes in Net Assets](#xx_c9465dec-2df6-46aa-898d-8526e6206447_SOC1-TOC-StatementofChanges-4226_1) | 14 |
| [Financial Highlights](#xx_c9465dec-2df6-46aa-898d-8526e6206447_FIHI-TOC-FinancialHighlights-4226_1) | 16 |
| [Notes to Financial Statements](#xx_c9465dec-2df6-46aa-898d-8526e6206447_NTF-TOC-NotestoFinancialStatements-4226_1) | 20 |
| [Other Information](#xx_c9465dec-2df6-46aa-898d-8526e6206447_AI-TOC-AdditionalInformation-4558_1) | 27 |

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**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

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**First Trust Dividend Strength**<sup>TM</sup> **ETF (FTDS)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.9%**  |  |
| 1727 | General Dynamics Corp. | $503697 |
| 2173 | Huntington Ingalls Industries, <br> Inc. | 524692 |
|  |  | 1028389 |
|  | **Banks — 8.7%**  |  |
| 7960 | Commerce Bancshares, Inc. | 494873 |
| 4273 | Cullen/Frost Bankers, Inc. | 549251 |
| 6158 | East West Bancorp, Inc. | 621835 |
| 5557 | Popular, Inc. | 612437 |
|  |  | 2278396 |
|  | **Beverages — 1.5%**  |  |
| 14111 | Brown-Forman Corp., Class B | 379727 |
|  | **Broadline Retail — 2.1%**  |  |
| 7196 | eBay, Inc. | 535814 |
|  | **Building Products — 1.9%**  |  |
| 7552 | A.O. Smith Corp. | 495185 |
|  | **Capital Markets — 4.4%**  |  |
| 544 | Blackrock, Inc. | 570792 |
| 5601 | Stifel Financial Corp. | 581272 |
|  |  | 1152064 |
|  | **Chemicals — 8.2%**  |  |
| 1814 | Air Products and Chemicals, Inc. | 511657 |
| 6366 | CF Industries Holdings, Inc. | 585672 |
| 4766 | PPG Industries, Inc. | 542133 |
| 4623 | RPM International, Inc. | 507790 |
|  |  | 2147252 |
|  | **Containers & Packaging —** <br> **1.9%**  |  |
| 2791 | Avery Dennison Corp. | 489737 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 3689 | TE Connectivity PLC | 622224 |
|  | **Energy Equipment & Services** <br> **— 1.8%**  |  |
| 12255 | Baker Hughes Co. | 469857 |
|  | **Financial Services — 2.2%**  |  |
| 10173 | Equitable Holdings, Inc. | 570705 |
|  | **Ground Transportation —** <br> **6.2%**  |  |
| 17226 | CSX Corp. | 562085 |
| 2169 | Norfolk Southern Corp. | 555199 |
| 2165 | Union Pacific Corp. | 498123 |
|  |  | 1615407 |
|  | **Health Care Equipment &** <br> **Supplies — 1.9%**  |  |
| 3640 | Abbott Laboratories | 495076 |

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services — 2.0%**  |  |
| 2911 | Quest Diagnostics, Inc. | $522903 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.8%**  |  |
| 5855 | Wyndham Hotels & Resorts, Inc. | 475485 |
|  | **Household Durables — 1.9%**  |  |
| 4553 | Lennar Corp., Class A | 503607 |
|  | **Insurance — 15.1%**  |  |
| 4438 | Aflac, Inc. | 468031 |
| 2450 | Allstate (The) Corp. | 493209 |
| 3606 | Cincinnati Financial Corp. | 537005 |
| 7714 | Fidelity National Financial, Inc. | 432447 |
| 2949 | Hanover Insurance Group (The), <br> Inc. | 500947 |
| 6610 | Principal Financial Group, Inc. | 525032 |
| 1796 | Progressive (The) Corp. | 479281 |
| 6285 | Unum Group | 507577 |
|  |  | 3943529 |
|  | **IT Services — 1.9%**  |  |
| 1689 | Accenture PLC, Class A | 504825 |
|  | **Machinery — 8.3%**  |  |
| 1620 | Caterpillar, Inc. | 628900 |
| 1692 | Cummins, Inc. | 554130 |
| 1561 | Snap-on, Inc. | 485752 |
| 7102 | Toro (The) Co. | 501970 |
|  |  | 2170752 |
|  | **Metals & Mining — 1.9%**  |  |
| 8657 | Newmont Corp. | 504357 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 7.6%**  |  |
| 5359 | ConocoPhillips | 480917 |
| 15732 | Devon Energy Corp. | 500435 |
| 3464 | Diamondback Energy, Inc. | 475953 |
| 4315 | EOG Resources, Inc. | 516117 |
|  |  | 1973422 |
|  | **Pharmaceuticals — 1.9%**  |  |
| 6113 | Merck & Co., Inc. | 483905 |
|  | **Professional Services — 1.7%**  |  |
| 4194 | Booz Allen Hamilton Holding <br> Corp. | 436721 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 4.5%**  |  |
| 2793 | NXP Semiconductors N.V. | 610243 |
| 3489 | QUALCOMM, Inc. | 555658 |
|  |  | 1165901 |
|  | **Specialty Retail — 1.9%**  |  |
| 2570 | Dick's Sporting Goods, Inc. | 508372 |

---

See Notes to Financial Statements

------

**First Trust Dividend Strength**<sup>TM</sup> **ETF (FTDS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 2.3%**  |  |
| 8551 | NIKE, Inc., Class B | $607463 |
|  | **Total Common Stocks** | 26081075 |
|  | (Cost $24,889,778) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 17965 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (a) | 17965 |
|  | (Cost $17,965) |  |
|  | **Total Investments — 100.0%** | 26099040 |
|  | (Cost $24,907,743) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (7408)<br>|
|  | **Net Assets — 100.0%** | $26091632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of June 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $26081075 | $26081075 | $— | $— |
| Money Market Funds | 17965 | 17965 |  |  |
| Total Investments | $26099040 | $26099040 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Dow 30 Equal Weight ETF (EDOW)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.2%**  |  |
| 33731 | Boeing (The) Co. (a) | $7067656 |
|  | **Banks — 3.5%**  |  |
| 26920 | JPMorgan Chase & Co. | 7804377 |
|  | **Beverages — 3.2%**  |  |
| 100158 | Coca-Cola (The) Co. | 7086179 |
|  | **Biotechnology — 3.1%**  |  |
| 24738 | Amgen, Inc. | 6907097 |
|  | **Broadline Retail — 3.3%**  |  |
| 33857 | Amazon.com, Inc. (a) | 7427887 |
|  | **Capital Markets — 3.7%**  |  |
| 11564 | Goldman Sachs Group (The), <br> Inc. | 8184421 |
|  | **Chemicals — 3.1%**  |  |
| 20213 | Sherwin-Williams (The) Co. | 6940336 |
|  | **Communications Equipment** <br> **— 3.5%**  |  |
| 112453 | Cisco Systems, Inc. | 7801989 |
|  | **Consumer Finance — 3.5%**  |  |
| 24134 | American Express Co. | 7698263 |
|  | **Consumer Staples Distribution** <br> **& Retail — 3.3%**  |  |
| 75348 | Walmart, Inc. | 7367528 |
|  | **Diversified Telecommunication** <br> **Services — 3.2%**  |  |
| 165031 | Verizon Communications, Inc. | 7140891 |
|  | **Entertainment — 3.4%**  |  |
| 60395 | Walt Disney (The) Co. | 7489584 |
|  | **Financial Services — 3.1%**  |  |
| 19335 | Visa, Inc., Class A | 6864892 |
|  | **Health Care Providers &** <br> **Services — 3.3%**  |  |
| 23245 | UnitedHealth Group, Inc. | 7251743 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.1%**  |  |
| 23925 | McDonald's Corp. | 6990167 |
|  | **Household Products — 3.2%**  |  |
| 44528 | Procter & Gamble (The) Co. | 7094201 |
|  | **Industrial Conglomerates —** <br> **6.7%**  |  |
| 49045 | 3M Co. | 7466611 |
| 31964 | Honeywell International, Inc. | 7443776 |
|  |  | 14910387 |
|  | **Insurance — 3.3%**  |  |
| 27629 | Travelers (The) Cos., Inc. | 7391863 |
|  | **IT Services — 3.4%**  |  |
| 25641 | International Business Machines <br> Corp. | 7558454 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery — 3.5%**  |  |
| 19879 | Caterpillar, Inc. | $7717227 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.2%**  |  |
| 49858 | Chevron Corp. | 7139167 |
|  | **Pharmaceuticals — 6.4%**  |  |
| 46492 | Johnson & Johnson | 7101653 |
| 89871 | Merck & Co., Inc. | 7114188 |
|  |  | 14215841 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.6%**  |  |
| 50538 | NVIDIA Corp. | 7984499 |
|  | **Software — 6.7%**  |  |
| 15272 | Microsoft Corp. | 7596445 |
| 27146 | Salesforce, Inc. | 7402443 |
|  |  | 14998888 |
|  | **Specialty Retail — 3.3%**  |  |
| 20025 | Home Depot (The), Inc. | 7341966 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 3.4%**  |  |
| 36314 | Apple, Inc. | 7450543 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 3.7%**  |  |
| 114379 | NIKE, Inc., Class B | 8125484 |
|  | **Total Common Stocks** | 221951530 |
|  | (Cost $194,530,098) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 103356 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 103356 |
|  | (Cost $103,356) |  |
|  | **Total Investments — 100.0%** | 222054886 |
|  | (Cost $194,633,454) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 105280 |
|  | **Net Assets — 100.0%** | $222160166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

See Notes to Financial Statements

------

**First Trust Dow 30 Equal Weight ETF (EDOW)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $221951530 | $221951530 | $— | $— |
| Money Market Funds | 103356 | 103356 |  |  |
| Total Investments | $222054886 | $222054886 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Lunt U.S. Factor Rotation ETF (FCTR)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 5.1%**  |  |
| 589 | Axon Enterprise, Inc. (a) | $487657 |
| 1844 | General Electric Co. | 474627 |
| 2995 | HEICO Corp. | 982360 |
| 5408 | Howmet Aerospace, Inc. | 1006591 |
| 222 | TransDigm Group, Inc. | 337582 |
|  |  | 3288817 |
|  | **Automobiles — 0.5%**  |  |
| 1055 | Tesla, Inc. (a) | 335131 |
|  | **Biotechnology — 0.6%**  |  |
| 1096 | Alnylam Pharmaceuticals, <br> Inc. (a) | 357395 |
|  | **Building Products — 1.5%**  |  |
| 402 | Carlisle Cos., Inc. | 150107 |
| 239 | Lennox International, Inc. | 137004 |
| 1566 | Trane Technologies PLC | 684984 |
|  |  | 972095 |
|  | **Capital Markets — 6.0%**  |  |
| 643 | Ameriprise Financial, Inc. | 343188 |
| 1654 | Ares Management Corp., <br> Class A | 286473 |
| 533 | CME Group, Inc. | 146906 |
| 1425 | FactSet Research Systems, Inc. | 637374 |
| 424 | Goldman Sachs Group (The), <br> Inc. | 300086 |
| 3272 | Intercontinental Exchange, Inc. | 600314 |
| 1253 | Moody's Corp. | 628492 |
| 564 | MSCI, Inc. | 325281 |
| 1111 | S&P Global, Inc. | 585819 |
|  |  | 3853933 |
|  | **Chemicals — 1.6%**  |  |
| 2451 | Ecolab, Inc. | 660397 |
| 778 | Linde PLC | 365022 |
|  |  | 1025419 |
|  | **Commercial Services &** <br> **Supplies — 4.8%**  |  |
| 4095 | Cintas Corp. | 912653 |
| 4806 | Republic Services, Inc. | 1185208 |
| 8017 | Rollins, Inc. | 452319 |
| 2749 | Veralto Corp. | 277511 |
| 1288 | Waste Management, Inc. | 294720 |
|  |  | 3122411 |
|  | **Communications Equipment** <br> **— 1.6%**  |  |
| 3372 | Arista Networks, Inc. (a) | 344990 |
| 4666 | Cisco Systems, Inc. | 323727 |
| 933 | Motorola Solutions, Inc. | 392289 |
|  |  | 1061006 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Construction & Engineering** <br> **— 0.7%**  |  |
| 861 | Comfort Systems USA, Inc. | $461677 |
|  | **Consumer Staples Distribution** <br> **& Retail — 2.3%**  |  |
| 400 | Casey's General Stores, Inc. | 204108 |
| 5186 | Sprouts Farmers Market, Inc. (a) | 853823 |
| 3536 | Sysco Corp. | 267817 |
| 2051 | US Foods Holding Corp. (a) | 157947 |
|  |  | 1483695 |
|  | **Containers & Packaging —** <br> **0.2%**  |  |
| 791 | Avery Dennison Corp. | 138797 |
|  | **Electric Utilities — 2.4%**  |  |
| 4578 | Alliant Energy Corp. | 276832 |
| 1344 | American Electric Power Co., <br> Inc. | 139454 |
| 3768 | Duke Energy Corp. | 444624 |
| 6624 | Exelon Corp. | 287614 |
| 1575 | Southern (The) Co. | 144632 |
| 4053 | Xcel Energy, Inc. | 276009 |
|  |  | 1569165 |
|  | **Electrical Equipment — 0.6%**  |  |
| 1400 | AMETEK, Inc. | 253344 |
| 462 | Eaton Corp. PLC | 164929 |
|  |  | 418273 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.0%**  |  |
| 2020 | Amphenol Corp., Class A | 199475 |
| 1703 | Jabil, Inc. | 371425 |
| 1131 | Ralliant Corp. (a) | 54842 |
|  |  | 625742 |
|  | **Entertainment — 2.3%**  |  |
| 718 | Netflix, Inc. (a) | 961495 |
| 4834 | ROBLOX Corp., Class A (a) | 508537 |
|  |  | 1470032 |
|  | **Financial Services — 5.4%**  |  |
| 913 | Corpay, Inc. (a) | 302952 |
| 6521 | Equitable Holdings, Inc. | 365828 |
| 1576 | Fiserv, Inc. (a) | 271718 |
| 1834 | Mastercard, Inc., Class A | 1030598 |
| 9490 | Toast, Inc., Class A (a) | 420312 |
| 3154 | Visa, Inc., Class A | 1119828 |
|  |  | 3511236 |
|  | **Food Products — 0.6%**  |  |
| 2407 | General Mills, Inc. | 124707 |
| 4486 | Tyson Foods, Inc., Class A | 250947 |
|  |  | 375654 |

---

See Notes to Financial Statements

------

**First Trust Lunt U.S. Factor Rotation ETF (FCTR)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Ground Transportation —** <br> **0.4%**  |  |
| 1082 | Union Pacific Corp. | $248947 |
|  | **Health Care Equipment &** <br> **Supplies — 3.4%**  |  |
| 1197 | Becton Dickinson & Co. | 206183 |
| 3587 | Boston Scientific Corp. (a) | 385280 |
| 623 | Intuitive Surgical, Inc. (a) | 338544 |
| 2852 | Medtronic PLC | 248609 |
| 1466 | ResMed, Inc. | 378228 |
| 1222 | STERIS PLC | 293549 |
| 873 | Stryker Corp. | 345385 |
|  |  | 2195778 |
|  | **Health Care Providers &** <br> **Services — 2.5%**  |  |
| 4174 | Cardinal Health, Inc. | 701232 |
| 1074 | Cencora, Inc. | 322039 |
| 1127 | Labcorp Holdings, Inc. | 295849 |
| 406 | McKesson Corp. | 297508 |
|  |  | 1616628 |
|  | **Health Care REITs — 0.7%**  |  |
| 2812 | Welltower, Inc. | 432289 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.4%**  |  |
| 37 | Booking Holdings, Inc. | 214202 |
| 2907 | DoorDash, Inc., Class A (a) | 716604 |
| 983 | Hilton Worldwide Holdings, Inc. | 261812 |
| 771 | McDonald's Corp. | 225263 |
| 1749 | Royal Caribbean Cruises Ltd. | 547682 |
| 1681 | Yum! Brands, Inc. | 249091 |
|  |  | 2214654 |
|  | **Household Durables — 0.5%**  |  |
| 1443 | Garmin Ltd. | 301183 |
|  | **Household Products — 2.2%**  |  |
| 6161 | Colgate-Palmolive Co. | 560035 |
| 3151 | Kimberly-Clark Corp. | 406227 |
| 2648 | Procter & Gamble (The) Co. | 421879 |
|  |  | 1388141 |
|  | **Industrial Conglomerates —** <br> **0.5%**  |  |
| 1278 | Honeywell International, Inc. | 297621 |
|  | **Insurance — 6.0%**  |  |
| 3921 | Aflac, Inc. | 413509 |
| 1988 | American International Group, <br> Inc. | 170153 |
| 1351 | Aon PLC, Class A | 481983 |
| 925 | Arthur J. Gallagher & Co. | 296111 |
| 8026 | Brown & Brown, Inc. | 889843 |
| 2151 | Hartford Insurance Group (The), <br> Inc. | 272897 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance (Continued)**  |  |
| 3257 | Loews Corp. | $298537 |
| 1617 | Marsh & McLennan Cos., Inc. | 353541 |
| 2112 | Progressive (The) Corp. | 563608 |
| 2184 | W.R. Berkley Corp. | 160458 |
|  |  | 3900640 |
|  | **Interactive Media & Services** <br> **— 0.3%**  |  |
| 288 | Meta Platforms, Inc., Class A | 212570 |
|  | **IT Services — 3.0%**  |  |
| 2871 | Cloudflare, Inc., Class A (a) | 562228 |
| 3214 | Cognizant Technology Solutions <br> Corp., Class A | 250788 |
| 1214 | International Business Machines <br> Corp. | 357863 |
| 1921 | Snowflake, Inc., Class A (a) | 429862 |
| 1215 | VeriSign, Inc. | 350892 |
|  |  | 1951633 |
|  | **Machinery — 2.9%**  |  |
| 3396 | Fortive Corp. | 177033 |
| 2191 | Illinois Tool Works, Inc. | 541725 |
| 2928 | Otis Worldwide Corp. | 289931 |
| 437 | Parker-Hannifin Corp. | 305231 |
| 575 | Snap-on, Inc. | 178928 |
| 1702 | Westinghouse Air Brake <br> Technologies Corp. | 356314 |
|  |  | 1849162 |
|  | **Media — 1.1%**  |  |
| 9838 | News Corp., Class A | 292385 |
| 5797 | Trade Desk (The), Inc., <br> Class A (a) | 417326 |
|  |  | 709711 |
|  | **Multi-Utilities — 0.9%**  |  |
| 7729 | CenterPoint Energy, Inc. | 283964 |
| 2298 | DTE Energy Co. | 304393 |
|  |  | 588357 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.1%**  |  |
| 2938 | Targa Resources Corp. | 511447 |
| 934 | Texas Pacific Land Corp. | 986668 |
| 7670 | Williams (The) Cos., Inc. | 481753 |
|  |  | 1979868 |
|  | **Pharmaceuticals — 1.9%**  |  |
| 521 | Eli Lilly & Co. | 406135 |
| 1999 | Johnson & Johnson | 305347 |
| 1517 | Merck & Co., Inc. | 120086 |
| 9933 | Pfizer, Inc. | 240776 |
| 858 | Zoetis, Inc. | 133805 |
|  |  | 1206149 |
|  | **Professional Services — 5.1%**  |  |
| 1601 | Automatic Data Processing, Inc. | 493748 |

---

See Notes to Financial Statements

------

**First Trust Lunt U.S. Factor Rotation ETF (FCTR)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services** <br> **(Continued)**  |  |
| 5325 | Booz Allen Hamilton Holding <br> Corp. | $554492 |
| 1386 | Broadridge Financial Solutions, <br> Inc. | 336840 |
| 2104 | Jacobs Solutions, Inc. | 276571 |
| 2406 | Leidos Holdings, Inc. | 379570 |
| 2256 | Paychex, Inc. | 328158 |
| 2974 | Verisk Analytics, Inc. | 926401 |
|  |  | 3295780 |
|  | **Real Estate Management &** <br> **Development — 0.5%**  |  |
| 2280 | CBRE Group, Inc., Class A (a) | 319474 |
|  | **Residential REITs — 1.0%**  |  |
| 3660 | Equity Residential | 247013 |
| 459 | Essex Property Trust, Inc. | 130081 |
| 1675 | Mid-America Apartment <br> Communities, Inc. | 247917 |
|  |  | 625011 |
|  | **Retail REITs — 1.0%**  |  |
| 5185 | Realty Income Corp. | 298708 |
| 2242 | Simon Property Group, Inc. | 360424 |
|  |  | 659132 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.8%**  |  |
| 1553 | Broadcom, Inc. | 428084 |
| 3693 | Marvell Technology, Inc. | 285838 |
| 2748 | NVIDIA Corp. | 434157 |
|  |  | 1148079 |
|  | **Software — 14.4%**  |  |
| 944 | Adobe, Inc. (a) | 365215 |
| 5067 | AppLovin Corp., Class A (a) | 1773855 |
| 952 | Autodesk, Inc. (a) | 294711 |
| 1137 | Cadence Design Systems, <br> Inc. (a) | 350366 |
| 887 | CrowdStrike Holdings, Inc., <br> Class A (a) | 451758 |
| 2911 | Datadog, Inc., Class A (a) | 391035 |
| 206 | Fair Isaac Corp. (a) | 376560 |
| 2604 | Fortinet, Inc. (a) | 275295 |
| 2161 | Guidewire Software, Inc. (a) | 508807 |
| 470 | HubSpot, Inc. (a) | 261616 |
| 406 | Intuit, Inc. | 319778 |
| 576 | Microsoft Corp. | 286508 |
| 1152 | MicroStrategy, Inc., Class A (a) | 465673 |
| 4115 | Nutanix, Inc., Class A (a) | 314551 |
| 1638 | Oracle Corp. | 358116 |
| 4599 | Palantir Technologies, Inc., <br> Class A (a) | 626936 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 2540 | Palo Alto Networks, Inc. (a) | $519785 |
| 486 | Roper Technologies, Inc. | 275484 |
| 388 | ServiceNow, Inc. (a) | 398895 |
| 555 | Synopsys, Inc. (a) | 284537 |
| 1333 | Zscaler, Inc. (a) | 418482 |
|  |  | 9317963 |
|  | **Specialized REITs — 1.8%**  |  |
| 658 | American Tower Corp. | 145431 |
| 279 | Equinix, Inc. | 221936 |
| 2871 | Iron Mountain, Inc. | 294479 |
| 782 | Public Storage | 229454 |
| 8430 | VICI Properties, Inc. | 274818 |
|  |  | 1166118 |
|  | **Specialty Retail — 1.2%**  |  |
| 140 | AutoZone, Inc. (a) | 519712 |
| 2927 | O'Reilly Automotive, Inc. (a) | 263811 |
|  |  | 783523 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.3%**  |  |
| 1097 | Apple, Inc. | 225071 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.2%**  |  |
| 8543 | Tapestry, Inc. | 750161 |
|  | **Tobacco — 0.4%**  |  |
| 4730 | Altria Group, Inc. | 277320 |
|  | **Trading Companies &** <br> **Distributors — 0.6%**  |  |
| 7040 | Fastenal Co. | 295680 |
| 271 | Watsco, Inc. | 119679 |
|  |  | 415359 |
|  | **Wireless Telecommunication** <br> **Services — 0.6%**  |  |
| 1685 | T-Mobile US, Inc. | 401468 |
|  | **Total Common Stocks** | 64548268 |
|  | (Cost $57,410,235) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 30651 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 30651 |
|  | (Cost $30,651) |  |
|  | **Total Investments — 100.0%** | 64578919 |
|  | (Cost $57,440,886) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 7941 |
|  | **Net Assets — 100.0%** | $64586860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Lunt U.S. Factor Rotation ETF (FCTR)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $64548268 | $64548268 | $— | $— |
| Money Market Funds | 30651 | 30651 |  |  |
| Total Investments | $64578919 | $64578919 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Air Freight & Logistics —** <br> **0.5%**  |  |
| 58 | United Parcel Service, Inc., <br> Class B | $5854 |
|  | **Automobile Components —** <br> **1.1%**  |  |
| 196 | Aptiv PLC (a) | 13371 |
|  | **Banks — 6.8%**  |  |
| 186 | Bank of America Corp. | 8801 |
| 132 | Citigroup, Inc. | 11236 |
| 219 | Citizens Financial Group, Inc. | 9800 |
| 545 | Huntington Bancshares, Inc. | 9134 |
| 41 | M&T Bank Corp. | 7954 |
| 364 | Regions Financial Corp. | 8561 |
| 236 | Truist Financial Corp. | 10146 |
| 213 | U.S. Bancorp | 9638 |
| 113 | Wells Fargo & Co. | 9054 |
|  |  | 84324 |
|  | **Beverages — 0.6%**  |  |
| 147 | Molson Coors Beverage Co., <br> Class B | 7069 |
|  | **Biotechnology — 2.7%**  |  |
| 129 | Biogen, Inc. (a) | 16201 |
| 90 | Gilead Sciences, Inc. | 9978 |
| 15 | Regeneron Pharmaceuticals, Inc. | 7875 |
|  |  | 34054 |
|  | **Building Products — 1.5%**  |  |
| 82 | A.O. Smith Corp. | 5377 |
| 64 | Builders FirstSource, Inc. (a) | 7468 |
| 84 | Masco Corp. | 5406 |
|  |  | 18251 |
|  | **Capital Markets — 0.9%**  |  |
| 742 | Invesco Ltd. | 11701 |
|  | **Chemicals — 1.5%**  |  |
| 91 | CF Industries Holdings, Inc. | 8372 |
| 46 | DuPont de Nemours, Inc. | 3155 |
| 39 | Eastman Chemical Co. | 2912 |
| 70 | LyondellBasell Industries N.V., <br> Class A | 4050 |
|  |  | 18489 |
|  | **Communications Equipment** <br> **— 1.5%**  |  |
| 64 | F5, Inc. (a) | 18836 |
|  | **Consumer Finance — 4.6%**  |  |
| 93 | Capital One Financial Corp. | 19786 |
| 551 | Synchrony Financial | 36774 |
|  |  | 56560 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.8%**  |  |
| 130 | Dollar Tree, Inc. (a) | $12875 |
| 102 | Target Corp. | 10062 |
|  |  | 22937 |
|  | **Containers & Packaging —** <br> **0.2%**  |  |
| 17 | Avery Dennison Corp. | 2983 |
|  | **Electric Utilities — 2.4%**  |  |
| 69 | NextEra Energy, Inc. | 4790 |
| 153 | NRG Energy, Inc. | 24569 |
|  |  | 29359 |
|  | **Electrical Equipment — 1.3%**  |  |
| 46 | Emerson Electric Co. | 6133 |
| 66 | Generac Holdings, Inc. (a) | 9452 |
|  |  | 15585 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 7.5%**  |  |
| 184 | Jabil, Inc. | 40130 |
| 26 | Ralliant Corp. (a) | 1261 |
| 150 | TE Connectivity PLC | 25301 |
| 84 | Zebra Technologies Corp., <br> Class A (a) | 25902 |
|  |  | 92594 |
|  | **Energy Equipment & Services** <br> **— 1.2%**  |  |
| 402 | Halliburton Co. | 8193 |
| 190 | Schlumberger N.V. | 6422 |
|  |  | 14615 |
|  | **Entertainment — 2.3%**  |  |
| 2529 | Warner Bros. Discovery, Inc. (a) | 28982 |
|  | **Food Products — 2.1%**  |  |
| 352 | Conagra Brands, Inc. | 7206 |
| 119 | General Mills, Inc. | 6165 |
| 40 | Hershey (The) Co. | 6638 |
| 246 | Kraft Heinz (The) Co. | 6352 |
|  |  | 26361 |
|  | **Ground Transportation —** <br> **0.5%**  |  |
| 65 | Uber Technologies, Inc. (a) | 6064 |
|  | **Health Care Equipment &** <br> **Supplies — 1.7%**  |  |
| 51 | Align Technology, Inc. (a) | 9656 |
| 180 | Hologic, Inc. (a) | 11729 |
|  |  | 21385 |
|  | **Health Care Providers &** <br> **Services — 2.8%**  |  |
| 34 | Cigna Group (The) | 11240 |
| 53 | DaVita, Inc. (a) | 7550 |

---

See Notes to Financial Statements

------

**First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 28 | Humana, Inc. | $6845 |
| 52 | Universal Health Services, Inc., <br> Class B | 9420 |
|  |  | 35055 |
|  | **Health Care REITs — 0.6%**  |  |
| 59 | Alexandria Real Estate Equities, <br> Inc. | 4285 |
| 159 | Healthpeak Properties, Inc. | 2784 |
|  |  | 7069 |
|  | **Hotel & Resort REITs — 0.4%**  |  |
| 285 | Host Hotels & Resorts, Inc. | 4378 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.1%**  |  |
| 82 | Airbnb, Inc., Class A (a) | 10852 |
| 92 | Expedia Group, Inc. | 15518 |
|  |  | 26370 |
|  | **Household Durables — 3.8%**  |  |
| 70 | D.R. Horton, Inc. | 9024 |
| 99 | Lennar Corp., Class A | 10950 |
| 95 | Mohawk Industries, Inc. (a) | 9960 |
| 1 | NVR, Inc. (a) | 7386 |
| 99 | PulteGroup, Inc. | 10441 |
|  |  | 47761 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.7%**  |  |
| 47 | Vistra Corp. | 9109 |
|  | **Insurance — 2.3%**  |  |
| 182 | MetLife, Inc. | 14637 |
| 130 | Prudential Financial, Inc. | 13967 |
|  |  | 28604 |
|  | **Interactive Media & Services** <br> **— 2.3%**  |  |
| 906 | Match Group, Inc. | 27986 |
|  | **IT Services — 3.2%**  |  |
| 218 | Akamai Technologies, Inc. (a) | 17388 |
| 128 | EPAM Systems, Inc. (a) | 22633 |
|  |  | 40021 |
|  | **Machinery — 2.6%**  |  |
| 16 | Caterpillar, Inc. | 6211 |
| 80 | Fortive Corp. | 4171 |
| 55 | PACCAR, Inc. | 5228 |
| 20 | Snap-on, Inc. | 6224 |
| 71 | Stanley Black & Decker, Inc. | 4810 |
| 28 | Westinghouse Air Brake <br> Technologies Corp. | 5862 |
|  |  | 32506 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Media — 4.1%**  |  |
| 1017 | Interpublic Group of (The) Cos., <br> Inc. | $24896 |
| 358 | Omnicom Group, Inc. | 25755 |
|  |  | 50651 |
|  | **Metals & Mining — 0.3%**  |  |
| 64 | Newmont Corp. | 3729 |
|  | **Multi-Utilities — 0.3%**  |  |
| 30 | WEC Energy Group, Inc. | 3126 |
|  | **Office REITs — 0.4%**  |  |
| 68 | BXP, Inc. | 4588 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.3%**  |  |
| 72 | EOG Resources, Inc. | 8612 |
| 58 | Marathon Petroleum Corp. | 9634 |
| 80 | Valero Energy Corp. | 10754 |
|  |  | 29000 |
|  | **Passenger Airlines — 1.5%**  |  |
| 144 | Delta Air Lines, Inc. | 7082 |
| 138 | United Airlines Holdings, <br> Inc. (a) | 10989 |
|  |  | 18071 |
|  | **Pharmaceuticals — 2.8%**  |  |
| 236 | Bristol-Myers Squibb Co. | 10924 |
| 133 | Merck & Co., Inc. | 10528 |
| 1535 | Viatris, Inc. | 13708 |
|  |  | 35160 |
|  | **Professional Services — 0.5%**  |  |
| 39 | Leidos Holdings, Inc. | 6153 |
|  | **Retail REITs — 0.5%**  |  |
| 56 | Realty Income Corp. | 3226 |
| 21 | Simon Property Group, Inc. | 3376 |
|  |  | 6602 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 10.1%**  |  |
| 345 | Enphase Energy, Inc. (a) | 13679 |
| 567 | ON Semiconductor Corp. (a) | 29717 |
| 171 | QUALCOMM, Inc. | 27233 |
| 726 | Skyworks Solutions, Inc. | 54102 |
|  |  | 124731 |
|  | **Software — 2.4%**  |  |
| 1033 | Gen Digital, Inc. | 30370 |
|  | **Specialized REITs — 0.3%**  |  |
| 101 | VICI Properties, Inc. | 3293 |
|  | **Specialty Retail — 1.0%**  |  |
| 190 | Best Buy Co., Inc. | 12755 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 7.2%**  |  |
| 1529 | Hewlett Packard Enterprise Co. | 31268 |

---

See Notes to Financial Statements

------

**First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals (Continued)**  |  |
| 1274 | HP, Inc. | $31162 |
| 258 | NetApp, Inc. | 27490 |
|  |  | 89920 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.8%**  |  |
| 79 | Deckers Outdoor Corp. (a) | 8143 |
| 51 | Ralph Lauren Corp. | 13988 |
|  |  | 22131 |
|  | **Tobacco — 0.8%**  |  |
| 170 | Altria Group, Inc. | 9967 |
|  | **Total Common Stocks** | 1238480 |
|  | (Cost $1,218,806) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1075 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 1075 |
|  | (Cost $1,075) |  |
|  | **Total Investments — 99.9%** | 1239555 |
|  | (Cost $1,219,881) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 1400 |
|  | **Net Assets — 100.0%** | $1240955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1238480 | $1238480 | $— | $— |
| Money Market Funds | 1075 | 1075 |  |  |
| Total Investments | $1239555 | $1239555 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust** <br> **Dividend** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTDS)** <br>| **First Trust Dow** <br> **30 Equal Weight** <br> **ETF** <br>**(EDOW)** <br>| **First Trust Lunt** <br> **U.S. Factor** <br> **Rotation ETF** <br>**(FCTR)** <br>| **First Trust S&P** <br> **500 Diversified** <br> **Free Cash Flow** <br> **ETF** <br>**(FCFY)** <br>|
| **ASSETS:** |  |  |  |  |
| Investments, at value | $26099040 | &nbsp;&nbsp; $222054886 | &nbsp;&nbsp; $64578919 | &nbsp;&nbsp; $1239555 |
| Receivables: |  |  |  |  |
| Dividends | 26508 | &nbsp;&nbsp; 196644 | &nbsp;&nbsp; 41993 | &nbsp;&nbsp; 1996 |
| Prepaid expenses | 2060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | 26127608 | &nbsp;&nbsp; 222251530 | &nbsp;&nbsp; 64620912 | &nbsp;&nbsp; 1241551 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Audit and tax fees | 14569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees | 6383 | &nbsp;&nbsp; 91364 | &nbsp;&nbsp; 34052 | &nbsp;&nbsp; 596 |
| Licensing fees | 4364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reporting fees | 3803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trustees' fees | 1945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities | 4912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Liabilities | 35976 | &nbsp;&nbsp; 91364 | &nbsp;&nbsp; 34052 | &nbsp;&nbsp; 596 |
| **NET ASSETS** | $26091632 | &nbsp;&nbsp; $222160166 | &nbsp;&nbsp; $64586860 | &nbsp;&nbsp; $1240955 |
| **NET ASSETS consist of:** |  |  |  |  |
| Paid-in capital | $29347623 | &nbsp;&nbsp; $198127017 | &nbsp;&nbsp; $217955650 | &nbsp;&nbsp; $1306134 |
| Par value | 5000 | &nbsp;&nbsp; 57978 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 500 |
| Accumulated distributable earnings (loss) | (3260991)<br>| &nbsp;&nbsp; 23975171 | &nbsp;&nbsp; (153387790)<br>| &nbsp;&nbsp; (65679)<br>|
| **NET ASSETS** | $26091632 | &nbsp;&nbsp; $222160166 | &nbsp;&nbsp; $64586860 | &nbsp;&nbsp; $1240955 |
| **NET ASSET VALUE,** per share | $52.18 | &nbsp;&nbsp; $38.32 | &nbsp;&nbsp; $33.99 | &nbsp;&nbsp; $24.82 |
| Number of shares outstanding (unlimited number of <br> shares authorized, par value $0.01 per share)<br>| 500002 | &nbsp;&nbsp; 5797756 | &nbsp;&nbsp; 1900002 | &nbsp;&nbsp; 50002 |
| Investments, at cost | $24907743 | &nbsp;&nbsp; $194633454 | &nbsp;&nbsp; $57440886 | &nbsp;&nbsp; $1219881 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust** <br> **Dividend** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTDS)** <br>| **First Trust Dow** <br> **30 Equal Weight** <br> **ETF** <br>**(EDOW)** <br>| **First Trust Lunt** <br> **U.S. Factor** <br> **Rotation ETF** <br>**(FCTR)** <br>| **First Trust S&P** <br> **500 Diversified** <br> **Free Cash Flow** <br> **ETF** <br>**(FCFY)** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $310050 | &nbsp;&nbsp; $2213153 | &nbsp;&nbsp; $358881 | &nbsp;&nbsp; $14386 |
| Foreign withholding tax | (2556)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12)<br>|
| Total investment income | 307494 | &nbsp;&nbsp; 2213153 | &nbsp;&nbsp; 358881 | &nbsp;&nbsp; 14374 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 63105<br>| &nbsp;&nbsp; 560,902<br> (a)<br>| &nbsp;&nbsp; 210,467<br> (a)<br>| &nbsp;&nbsp; 3,535<br> (a)<br>|
| Audit and tax fees | 14550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reporting fees | 10975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accounting and administration fees | 8300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trustees' fees and expenses | 3703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Listing fees | 3271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Custodian fees | 974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfer agent fees | 631 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Legal fees | 223 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Licensing fees | (8708)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other expenses | 929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total expenses | 97953 | &nbsp;&nbsp; 560902 | &nbsp;&nbsp; 210467 | &nbsp;&nbsp; 3535 |
| Less fees waived by the investment advisor | (9607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | 88346 | &nbsp;&nbsp; 560902 | &nbsp;&nbsp; 210467 | &nbsp;&nbsp; 3535 |
| **NET INVESTMENT INCOME (LOSS)** | 219148 | &nbsp;&nbsp; 1652251 | &nbsp;&nbsp; 148414 | &nbsp;&nbsp; 10839 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | (408909)<br>| &nbsp;&nbsp; 590819 | &nbsp;&nbsp; (2770267)<br>| &nbsp;&nbsp; (4394)<br>|
| In-kind redemptions | 313762 | &nbsp;&nbsp; 13185451 | &nbsp;&nbsp; 807306 | &nbsp;&nbsp; — |
| Net realized gain (loss) | (95147)<br>| &nbsp;&nbsp; 13776270 | &nbsp;&nbsp; (1962961)<br>| &nbsp;&nbsp; (4394)<br>|
| Net change in unrealized appreciation (depreciation) <br> on investments<br>| 927751 | &nbsp;&nbsp; (3428758)<br>| &nbsp;&nbsp; 3590078 | &nbsp;&nbsp; 39906 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS)**<br>| 832604 | &nbsp;&nbsp; 10347512 | &nbsp;&nbsp; 1627117 | &nbsp;&nbsp; 35512 |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $1051752 | &nbsp;&nbsp; $11999763 | &nbsp;&nbsp; $1775531 | &nbsp;&nbsp; $46351 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dividend Strength**<sup>TM</sup> <br> **ETF (FTDS)** | **First Trust Dividend Strength**<sup>TM</sup> <br> **ETF (FTDS)** | **First Trust Dow 30 Equal Weight** <br> **ETF (EDOW)** | **First Trust Dow 30 Equal Weight** <br> **ETF (EDOW)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $219148 | &nbsp;&nbsp; $462126 | &nbsp;&nbsp; $1652251 | &nbsp;&nbsp; $3895877 |
| Net realized gain (loss) | (95147)<br>| &nbsp;&nbsp; 3035509 | &nbsp;&nbsp; 13776270 | &nbsp;&nbsp; 16278740 |
| Net change in unrealized appreciation (depreciation) | 927751 | &nbsp;&nbsp; (1235634)<br>| &nbsp;&nbsp; (3428758)<br>| &nbsp;&nbsp; 7772100 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1051752 | &nbsp;&nbsp; 2262001 | &nbsp;&nbsp; 11999763 | &nbsp;&nbsp; 27946717 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (209401)<br>| &nbsp;&nbsp; (484147)<br>| &nbsp;&nbsp; (1560622)<br>| &nbsp;&nbsp; (3971713)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 2546052<br>| &nbsp;&nbsp; 17760421<br>| &nbsp;&nbsp; 44992421<br>| &nbsp;&nbsp; 47098125<br>|
| Cost of shares redeemed | (2577049) <br>| &nbsp;&nbsp; (15166154) <br>| &nbsp;&nbsp; (63788779) <br>| &nbsp;&nbsp; (90158500) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (30997)<br>| &nbsp;&nbsp; 2594267 | &nbsp;&nbsp; (18796358)<br>| &nbsp;&nbsp; (43060375)<br>|
| Total increase (decrease) in net assets | 811354 | &nbsp;&nbsp; 4372121 | &nbsp;&nbsp; (8357217)<br>| &nbsp;&nbsp; (19085371)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 25280278 | &nbsp;&nbsp; 20908157 | &nbsp;&nbsp; 230517383 | &nbsp;&nbsp; 249602754 |
| End of period | $26091632 | &nbsp;&nbsp; $25280278 | &nbsp;&nbsp; $222160166 | &nbsp;&nbsp; $230517383 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 500002 | &nbsp;&nbsp; 450002 | &nbsp;&nbsp; 6347756 | &nbsp;&nbsp; 7647756 |
| Shares sold | 50000 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1350000 |
| Shares redeemed | (50000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp; (2650000)<br>|
| Shares outstanding, end of period | 500002 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 5797756 | &nbsp;&nbsp; 6347756 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **First Trust Lunt U.S. Factor** <br> **Rotation ETF (FCTR)** | **First Trust Lunt U.S. Factor** <br> **Rotation ETF (FCTR)** | **First Trust S&P 500 Diversified** <br> **Free Cash Flow ETF (FCFY)** | **First Trust S&P 500 Diversified** <br> **Free Cash Flow ETF (FCFY)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $148414 | &nbsp;&nbsp; $587162 | &nbsp;&nbsp; $10839 | &nbsp;&nbsp; $18944 |
| (1962961)<br>| &nbsp;&nbsp; 17632750 | &nbsp;&nbsp; (4394)<br>| &nbsp;&nbsp; 238278 |
| 3590078 | &nbsp;&nbsp; (5387624)<br>| &nbsp;&nbsp; 39906 | &nbsp;&nbsp; (129709)<br>|
| 1775531 | &nbsp;&nbsp; 12832288 | &nbsp;&nbsp; 46351 | &nbsp;&nbsp; 127513 |
| (117875)<br>| &nbsp;&nbsp; (601261)<br>| &nbsp;&nbsp; (9690)<br>| &nbsp;&nbsp; (21236)<br>|
| —<br>| &nbsp;&nbsp; 6679235<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 2339396<br>|
| (7967311) <br>| &nbsp;&nbsp; (31433329) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2342913) <br>|
| (7967311)<br>| &nbsp;&nbsp; (24754094)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3517)<br>|
| (6309655)<br>| &nbsp;&nbsp; (12523067)<br>| &nbsp;&nbsp; 36661 | &nbsp;&nbsp; 102760 |
| 70896515 | &nbsp;&nbsp; 83419582 | &nbsp;&nbsp; 1204294 | &nbsp;&nbsp; 1101534 |
| $64586860 | &nbsp;&nbsp; $70896515 | &nbsp;&nbsp; $1240955 | &nbsp;&nbsp; $1204294 |
| 2150002 | &nbsp;&nbsp; 3000002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |
|  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100000 |
| (250000)<br>| &nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100000)<br>|
| 1900002 | &nbsp;&nbsp; 2150002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Dividend Strength**<sup>TM</sup> **ETF (FTDS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $50.56 | &nbsp;&nbsp;&nbsp;&nbsp; $46.46 | &nbsp;&nbsp;&nbsp;&nbsp; $42.50 | &nbsp;&nbsp;&nbsp;&nbsp; $50.45 | &nbsp;&nbsp;&nbsp;&nbsp; $40.62 | &nbsp;&nbsp;&nbsp;&nbsp; $36.20 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br>|
| Net realized and unrealized gain (loss) | 1.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br>|
| Total from investment operations | 2.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>|
| Net asset value, end of period | $52.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.62<br>|
| **Total return** (b) | 4.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.75)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.65<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $26092<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25280<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20908<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19127<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25223<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16249<br>|
| Ratio of total expenses to average net assets | 0.78<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> % <br>|
| Ratio of net expenses to average net assets | 0.70<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 1.74<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> % <br>|
| Portfolio turnover rate (d) | 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 225<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 125<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 variation in the portfolio turnover rate is due to the change in the Fund's underlying index effective April 29, 2022, which resulted
 in a complete
 rebalance of the Fund's portfolio.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Dow 30 Equal Weight ETF (EDOW)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $36.31 | &nbsp;&nbsp;&nbsp;&nbsp; $32.64 | &nbsp;&nbsp;&nbsp;&nbsp; $28.79 | &nbsp;&nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp;&nbsp; $27.19 | &nbsp;&nbsp;&nbsp;&nbsp; $26.11 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>|
| Net realized and unrealized gain (loss) | 1.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br>|
| Total from investment operations | 2.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.41) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50) <br>|
| Net asset value, end of period | $38.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.19<br>|
| **Total return** (b) | 6.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.52)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.41<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $222160<br>| &nbsp;&nbsp;&nbsp;&nbsp; $230517<br>| &nbsp;&nbsp;&nbsp;&nbsp; $249603<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158274<br>| &nbsp;&nbsp;&nbsp;&nbsp; $138042<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71994<br>|
| Ratio of total expenses to average net assets | 0.50<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.47<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % <br>|
| Portfolio turnover rate (d) | 10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Lunt U.S. Factor Rotation ETF (FCTR)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $32.98 | &nbsp;&nbsp;&nbsp;&nbsp; $27.81 | &nbsp;&nbsp;&nbsp;&nbsp; $27.92 | &nbsp;&nbsp;&nbsp;&nbsp; $35.55 | &nbsp;&nbsp;&nbsp;&nbsp; $29.47 | &nbsp;&nbsp;&nbsp;&nbsp; $22.80 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.07<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br>|
| Net realized and unrealized gain (loss) | 1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.68<br>|
| Total from investment operations | 1.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.80<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>|
| Net asset value, end of period | $33.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.47<br>|
| **Total return** (c) | 3.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> % (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.37)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.02<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $64587<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70897<br>| &nbsp;&nbsp;&nbsp;&nbsp; $83420<br>| &nbsp;&nbsp;&nbsp;&nbsp; $268025<br>| &nbsp;&nbsp;&nbsp;&nbsp; $663005<br>| &nbsp;&nbsp;&nbsp;&nbsp; $131157<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 0.46<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> % <br>|
| Portfolio turnover rate (e) | 165<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 431<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 562<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 379<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 307<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 460<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund received a payment from the advisor in the amount of $25,082, which represents $0.01 per share. Since the advisor reimbursed the Fund,
 there was no effect on the Fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**12/31/2024**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**12/31/2024**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
| Net asset value, beginning of period | $24.08 | &nbsp;&nbsp;&nbsp;&nbsp; $22.03 | &nbsp;&nbsp;&nbsp;&nbsp; $20.13 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>|
| Net realized and unrealized gain (loss) | 0.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br>|
| Total from investment operations | 0.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>|
| Net asset value, end of period | $24.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.03<br>|
| **Total return** (c) | 3.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.23<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $1241<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1204<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1102<br>|
| Ratio of total expenses to average net assets | 0.60<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 1.84<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> % (d)<br>|
| Portfolio turnover rate (e) | 36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is August 23, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the four funds (each a "Fund" and collectively, the "Funds") listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Dividend Strength<sup>TM</sup> ETF – (Nasdaq, Inc. ("Nasdaq") ticker "FTDS") |
| First Trust Dow 30 Equal Weight ETF – (NYSE Arca, Inc. ("NYSE Arca") ticker "EDOW") |
| First Trust Lunt U.S. Factor Rotation ETF – (Cboe BZX Exchange, Inc. ticker "FCTR") |
| First Trust S&P 500 Diversified Free Cash Flow ETF – (NYSE Arca ticker "FCFY") |

---

FCFY operates as a non-diversified series of the Trust. Each of FTDS, EDOW, and FCTR operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value ("NAV"), only in large blocks of shares known as "Creation Units." The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust Dividend Strength<sup>TM</sup> ETF | The Dividend Strength<sup>TM</sup> Index |
| First Trust Dow 30 Equal Weight ETF | Dow Jones Industrial Average<sup>®</sup> Equal Weight Index |
| First Trust Lunt U.S. Factor Rotation ETF | Lunt Capital Large Cap Factor Rotation Index |
| First Trust S&P 500 Diversified Free Cash Flow ETF | S&P 500<sup>®</sup> Sector-Neutral FCF Index |

---

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Shares of open-end funds are valued based on NAV per share.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

In addition, differences between the prices used to calculate a Fund's NAV and the prices used by such Fund's corresponding index could result in a difference between a Fund's performance and the performance of its underlying index.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of June 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $484147 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Dow 30 Equal Weight ETF | 3971713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Lunt U.S. Factor Rotation ETF | 601261 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 21236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $— | &nbsp;&nbsp; $(4204928)<br>| &nbsp;&nbsp; $101586 |
| First Trust Dow 30 Equal Weight ETF |  | &nbsp;&nbsp; (14181579)<br>| &nbsp;&nbsp; 27717609 |
| First Trust Lunt U.S. Factor Rotation ETF |  | &nbsp;&nbsp; (158589515)<br>| &nbsp;&nbsp; 3544069 |
| First Trust S&P 500 Diversified Free Cash Flow ETF |  | &nbsp;&nbsp; (69463)<br>| &nbsp;&nbsp; (32877)<br>|

---

**D. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For FTDS, EDOW, and FCTR, the taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. For FCFY, the taxable period ended 2023 and taxable year ended 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $4204928 |
| First Trust Dow 30 Equal Weight ETF\* | 14181579 |
| First Trust Lunt U.S. Factor Rotation ETF | 158589515 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 69463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* $3,196,504 of First Trust Dow 30 Equal Weight ETF's non-expiring net capital losses is subject to loss limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of $212,620 per year. 

During the taxable year ended December 31, 2024, the following Fund utilized capital loss carryforwards in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Lunt U.S. Factor Rotation ETF | $13041186 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the Funds had no net late year ordinary or capital losses.

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $24907743 | &nbsp;&nbsp; $2195536 | &nbsp;&nbsp; $(1004239)<br>| &nbsp;&nbsp; $1191297 |
| First Trust Dow 30 Equal Weight ETF | 194633454 | &nbsp;&nbsp; 37032954 | &nbsp;&nbsp; (9611522)<br>| &nbsp;&nbsp; 27421432 |
| First Trust Lunt U.S. Factor Rotation ETF | 57440886 | &nbsp;&nbsp; 8415751 | &nbsp;&nbsp; (1277718)<br>| &nbsp;&nbsp; 7138033 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 1219881 | &nbsp;&nbsp; 118068 | &nbsp;&nbsp; (98394)<br>| &nbsp;&nbsp; 19674 |

---

**E. Expenses**

Expenses that are directly related to First Trust Dividend Strength<sup>TM</sup> ETF (the "Non-Unitary Fee Fund") are charged directly to the Fund. Expenses for First Trust Dow 30 Equal Weight ETF, First Trust Lunt U.S. Factor Rotation ETF, and First Trust S&P 500 Diversified Free Cash Flow ETF (the "Unitary Fee Funds"), other than excluded expenses (discussed in Note 3), are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following "Licensors" for the respective Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust Dividend Strength<sup>TM</sup> ETF | Nasdaq, Inc. |
| First Trust Dow 30 Equal Weight ETF | S&P Dow Jones Indices LLC |
| First Trust Lunt U.S. Factor Rotation ETF | Lunt Capital Management, Inc. |
| First Trust S&P 500 Diversified Free Cash Flow ETF | S&P Dow Jones Indices LLC |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The respective license agreements allow for the use by First Trust of each Fund's respective index and of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreements. The Funds, except for the Unitary Fee Funds, are required to pay licensing fees, which are shown on the Statements of Operations. The licensing fees for the Unitary Fee Funds are paid by First Trust from the unitary investment advisory fees it receives from each of these Funds.

**F. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

The management fee payable by First Trust Dividend Strength<sup>TM</sup> ETF to First Trust for these services will be reduced at certain levels of First Trust Dividend Strength<sup>TM</sup> ETF's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>|

---

For the First Trust Dividend Strength<sup>TM</sup> ETF, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least April 30, 2026.

For the Unitary Fee Funds, First Trust is paid an annual unitary management fee of such Fund's average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, licensing and other services, but excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| Breakpoints | EDOW | FCTR | FCFY |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>| 0.65000<br> %<br>| 0.600<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>| 0.63375<br> %<br>| 0.585<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>| 0.61750<br> %<br>| 0.570<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>| 0.60125<br> %<br>| 0.555<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>| 0.58500<br> %<br>| 0.540<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>| 0.55250<br> %<br>| 0.510<br> %<br>|

---

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dividend Strength<sup>TM</sup> ETF | $19973810 | &nbsp;&nbsp; $19929049 |
| First Trust Dow 30 Equal Weight ETF | 22072738 | &nbsp;&nbsp; 21925846 |
| First Trust Lunt U.S. Factor Rotation ETF | 108544748 | &nbsp;&nbsp; 108428239 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 429378 | &nbsp;&nbsp; 427078 |

---

For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dividend Strength<sup>TM</sup> ETF | $2537308 | &nbsp;&nbsp; $2573984 |
| First Trust Dow 30 Equal Weight ETF | 44930757 | &nbsp;&nbsp; 63713591 |
| First Trust Lunt U.S. Factor Rotation ETF |  | &nbsp;&nbsp; 7967362 |
| First Trust S&P 500 Diversified Free Cash Flow ETF |  | &nbsp;&nbsp; — |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2026.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

For the Non-Unitary Fee Fund (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the "Agreement" and collectively, the "Agreements") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Dividend Strength ETF (FTDS)

First Trust Dow 30 Equal Weight ETF (EDOW)

First Trust Lunt U.S. Factor Rotation ETF (FCTR)

First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate schedule payable by FTDS and the unitary fee rate schedules payable by each of EDOW, FCTR and FCFY (each a "Unitary Fee Fund" and collectively, the "Unitary Fee Funds") as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund's perspective. The

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing FTDS's advisory fee and the Unitary Fee Funds' unitary fees.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.

With respect to FTDS, the Board considered the advisory fee rate schedule payable by FTDS under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for FTDS through April 30, 2027. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in FTDS's Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because FTDS's Expense Group included peer funds that pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for FTDS was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to FTDS's Expense Group, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between FTDS and other non-ETF clients that limited their comparability. In considering the advisory fee rate schedule for FTDS overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to FTDS and the other funds in the First Trust Fund Complex.

With respect to each Unitary Fee Fund, the Board considered the unitary fee rate schedule payable by each Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Unitary Fee Funds' Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Unitary Fee Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Unitary Fee Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups for the Unitary Fee Funds, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Unitary Fee Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules for the Unitary Fee Funds overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Unitary Fee Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

and reviewed information for one or more periods ended December 31, 2024 regarding the performance of each Fund's underlying index, the correlation between each Fund's performance and that of its underlying index, each Fund's tracking difference and each Fund's excess return as compared to its benchmark index. With respect to FTDS, the Board noted that during 2022, it approved changes to the Fund's investment objective and, effective April 29, 2022, the Fund changed its name and ticker symbol and began tracking The Dividend Strength™ Index, and that the performance information included a blend of the old and new indexes. The Board also noted that during 2015, FTDS changed its underlying index. Based on the information provided for each Fund and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index. However, given each Fund's objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.

On the basis of all the information provided on the fees and expenses of FTDS, the unitary fees of the Unitary Fee Funds and the performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for FTDS and the unitary fee for each Unitary Fee Fund continue to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory fee rate schedule for FTDS and the unitary fee rate schedule for each Unitary Fee Fund include breakpoints pursuant to which the fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. For the Unitary Fee Funds, the Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Unitary Fee Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Unitary Fee Funds. The Board concluded that the advisory fee rate schedule for FTDS and the unitary fee rate schedule for each Unitary Fee Fund reflect an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

**Disclaimer**

Nasdaq<sup>®</sup> and The Dividend Strength<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

Dow Jones Industrial Average<sup>®</sup> Equal Weight Index and S&P 500<sup>®</sup> Sector-Neutral FCF Index are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by First Trust. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indexes.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Lunt Capital Management, Inc. ("Lunt") and the Lunt Capital Large Cap Factor Rotation Index ("Lunt Index") are trademarks of Lunt and have been licensed for use for certain purposes by First Trust. The First Trust Lunt U.S. Factor Rotation ETF is based on the Lunt Index and is not sponsored, endorsed, sold or promoted by Lunt, and Lunt makes no representation regarding the advisability of trading in such fund. Lunt has contracted with Nasdaq, Inc. to calculate and maintain the Lunt Index. The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly, or the ability of the Lunt Index to track general stock performance.

S&P 500<sup>®</sup> Sector-Neutral FCF Index ("Index") is a product of S&P Dow Jones Indices, LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Advisors L.P. ("First Trust"). S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Consolidated Financial Statements and Other Information <br> For the Six Months Ended June 30, 2025

![](imgd7bc042f1.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)<br>

------

**Table of Contents** 

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Semi-Annual Consolidated Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_SOI-TOC-ScheduleofInvestments-4282_1) | 1 |
| [Consolidated Statement of Assets and Liabilities](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_SAL1-TOC-StatementofAssetsandLiabilities-4282_1) | 3 |
| [Consolidated Statement of Operations](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_SOP1-TOC-StatementofOperations-4282_1) | 4 |
| [Consolidated Statements of Changes in Net Assets](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_SOC1-TOC-StatementofChanges-4282_1) | 5 |
| [Consolidated Financial Highlights](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_FIHI-TOC-FinancialHighlights-4282_1) | 6 |
| [Notes to Consolidated Financial Statements](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_NTF-TOC-NotestoFinancialStatements-4282_1) | 7 |
| [Other Information](#xx_224e5f84-3ba0-41d7-83fc-d3a1cac92fa2_AI-TOC-AdditionalInformation-4282_1) | 14 |

---

**Performance and Risk Disclosure**

There is no assurance that FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 93.4%** | **U.S. TREASURY BILLS — 93.4%** | **U.S. TREASURY BILLS — 93.4%** | **U.S. TREASURY BILLS — 93.4%** |
| $71710000 | U.S. Treasury Bill (a)<br> (b) | 08/28/25 | $71210898 |
|  | (Cost $71,219,561) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
| 468144 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (c) | 468144 |
|  | (Cost $468,144) |  |
|  | **Total Investments — 94.0%** | 71679042 |
|  | (Cost $71,687,705) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 6.6%** | **PURCHASED OPTIONS — 6.6%** | **PURCHASED OPTIONS — 6.6%** | **PURCHASED OPTIONS — 6.6%** | **PURCHASED OPTIONS — 6.6%** | **PURCHASED OPTIONS — 6.6%** |
|  | **Call Options Purchased — 6.6%** | **Call Options Purchased — 6.6%** | **Call Options Purchased — 6.6%** | **Call Options Purchased — 6.6%** |  |
| 2504 | SPDR<sup>®</sup> Gold Shares  | $76329432 | $288.42 | 08/29/25 | 5029459 |
|  | (Cost $5,841,525) |  |  |  |  |
| **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** |
|  | **Call Options Written — (0.5)%** | **Call Options Written — (0.5)%** | **Call Options Written — (0.5)%** | **Call Options Written — (0.5)%** |  |
| (2504) | SPDR<sup>®</sup> Gold Shares  | (76329432)<br>| 330.59 | 08/29/25 | (402643)<br>|
|  | (Premiums received $1,125,346) |  |  |  |  |
|  | **Put Options Written — (0.1)%** | **Put Options Written — (0.1)%** | **Put Options Written — (0.1)%** | **Put Options Written — (0.1)%** |  |
| (2504) | SPDR<sup>®</sup> Gold Shares  | (76329432)<br>| 258.06 | 08/29/25 | (41692)<br>|
|  | (Premiums received $132,220) |  |  |  |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (444335)<br>|
|  | (Premiums received $1,257,566) | (Premiums received $1,257,566) | (Premiums received $1,257,566) | (Premiums received $1,257,566) |  |
|  | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | 23030 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $76287196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is segregated as collateral for the options written. At June 30, 2025, the segregated value of this security
 amounts to $11,320,656.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Consolidated Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| U.S. Treasury Bills | $71210898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71210898 | &nbsp;&nbsp; $— |
| Money Market Funds | 468144 | &nbsp;&nbsp; 468144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 71679042 | &nbsp;&nbsp; 468144 | &nbsp;&nbsp; 71210898 | &nbsp;&nbsp; — |
| Purchased Options | 5029459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5029459 | &nbsp;&nbsp; — |
| Total | $76708501 | &nbsp;&nbsp; $468144 | &nbsp;&nbsp; $76240357 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | $(444335)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(444335)<br>| &nbsp;&nbsp; $— |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $71679042 |
| Options contracts purchased, at value | 5029459 |
| Cash | 41664 |
| Due from broker | 220 |
| Cash segregated as collateral | 28508 |
| Dividends receivable | 7369 |
| Total Assets | 76786262 |
| **LIABILITIES:** |  |
| Options contracts written, at value | 444335 |
| Investment advisory fees payable | 54731 |
| Total Liabilities | 499066 |
| **NET ASSETS** | $76287196 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $67471109 |
| Par value | 35500 |
| Accumulated distributable earnings (loss) | 8780587 |
| **NET ASSETS** | $76287196 |
| **NET ASSET VALUE,** per share | $21.49 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3550002 |
| Investments, at cost | $71687705 |
| Premiums paid on options contracts purchased | $5841525 |
| Premiums received on options contracts written | $1257566 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $1167840 |
| Dividends | 49183 |
| Total investment income | 1217023 |
| **EXPENSES:** |  |
| Investment advisory fees | 281118<br>|
| Total expenses | 281118 |
| **NET INVESTMENT INCOME (LOSS)** | 935905 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (891)<br>|
| Purchased options contracts | 12352910 |
| Written options contracts | (4511577)<br>|
| Net realized gain (loss) | 7840442 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (26750)<br>|
| Purchased options contracts | 6315 |
| Written options contracts | 561469 |
| Net change in unrealized appreciation (depreciation) | 541034 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8381476 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9317381 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $935905 | &nbsp;&nbsp; $1176621 |
| Net realized gain (loss) | 7840442 | &nbsp;&nbsp; 5348767 |
| Net change in unrealized appreciation (depreciation) | 541034 | &nbsp;&nbsp; (750835)<br>|
| Net increase (decrease) in net assets resulting from operations | 9317381 | &nbsp;&nbsp; 5774553 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations |  | &nbsp;&nbsp; (6419384)<br>|
| Return of capital |  | &nbsp;&nbsp; (703650)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (7123034)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 41306618<br>| &nbsp;&nbsp; 43702313<br>|
| Cost of shares redeemed | (25718746) <br>| &nbsp;&nbsp; (20127734) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 15587872 | &nbsp;&nbsp; 23574579 |
| Total increase (decrease) in net assets | 24905253 | &nbsp;&nbsp; 22226098 |
| **NET ASSETS:** |  |  |
| Beginning of period | 51381943 | &nbsp;&nbsp; 29155845 |
| End of period | $76287196 | &nbsp;&nbsp; $51381943 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 2800002 | &nbsp;&nbsp; 1550002 |
| Shares sold | 2000000 | &nbsp;&nbsp; 2250000 |
| Shares redeemed | (1250000)<br>| &nbsp;&nbsp; (1000000)<br>|
| Shares outstanding, end of period | 3550002 | &nbsp;&nbsp; 2800002 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Financial Highlights**

**For a share outstanding throughout each period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
| Net asset value, beginning of period | $18.35 | &nbsp;&nbsp;&nbsp;&nbsp; $18.81 | &nbsp;&nbsp;&nbsp;&nbsp; $18.40 | &nbsp;&nbsp;&nbsp;&nbsp; $18.93 | &nbsp;&nbsp;&nbsp;&nbsp; $19.99 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.31<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) <br>|
| Net realized and unrealized gain (loss) | 2.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98) <br>|
| Total from investment operations | 3.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.67) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $21.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.93<br>|
| **Total return** (c) | 17.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.41)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.30)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $76287<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51382<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29156<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12879<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17980<br>|
| Ratio of total expenses to average net assets | 0.90<br> % (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 3.00<br> % (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)% (d)<br>|
| Portfolio turnover rate (f) | 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is January 20, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Consolidated Financial Statements

------

**Notes to Consolidated Financial Statements**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "BGLD" on Cboe BZX Exchange, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The Fund's investment objective is to seek to provide investors with returns (before fees and expenses) that match the price return of the SPDR<sup>®</sup> Gold Trust (the "Underlying ETF"), up to a predetermined upside cap of 8.89% while providing a buffer (before fees and expenses) against Underlying ETF losses between -5% and -15% over the period from June 2, 2025 to August 29, 2025 (the "Target Outcome Period"). Prior to June 2, 2025, the Fund's investment objective included an upside cap of 8.64% and 8.00% and a Target Outcome Period of December 2, 2024 to February 28, 2025 and March 3, 2025 to May 30, 2025, respectively. Under normal market conditions, the Fund will invest substantially all of its assets in U.S. Treasury securities, cash and cash equivalents, and in the shares of a wholly-owned subsidiary (the "Subsidiary") that holds FLexible EXchange<sup>®</sup> Options ("FLEX Options") that reference the price performance of the Underlying ETF. The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund does not invest directly in FLEX Options on the Underlying ETF. The Fund gains exposure to these investments exclusively by investing in the Subsidiary. The Fund will invest up to approximately 25% of its total assets in the Subsidiary. As of June 30, 2025, the Fund invested 20.93% of the Fund's total assets in the Subsidiary. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies** 

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The consolidated financial statements include the accounts on a consolidated basis of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the consolidated financial statements. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Consolidated Portfolio of Investments. The Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust's Board of Trustees.

Shares of open-end funds are valued based on NAV per share.

If the Fund's investments are not able to be priced by pre-established pricing methods, such investments may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. A variety of factors may be considered in determining the fair value of such investments.

Valuing the Fund's holdings using fair value pricing will result in using prices for those holdings that may differ from current market valuations. The Subsidiary's holdings will be valued in the same manner as the Fund's holdings.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of June 30, 2025, is included with the Fund's Consolidated Portfolio of Investments.

**B. Investment Transactions and Investment Income**

Investment transactions are recorded as of the trade date. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

The Fund, through the Subsidiary, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that the Subsidiary holds that reference the Underlying ETF will give the Subsidiary the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Subsidiary purchases or sells the option. The FLEX Options held by the Subsidiary are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.

When the Subsidiary writes (sells) an option, an amount equal to the premium received by the Subsidiary is included in "Options contracts written, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on written options is presented

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

separately as "Net realized gain (loss) on written options contracts" on the Consolidated Statement of Operations. When the Subsidiary purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in "Options contracts purchased, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on purchased options is included in "Net realized gain (loss) on purchased options contracts" on the Consolidated Statement of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid annually, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the consolidated financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for consolidated financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $6419384 |
| Capital gains |  |
| Return of capital | 703650 |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (5946)<br>|
| Net unrealized appreciation (depreciation) | (543078)<br>|

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income, whether or not such earnings are distributed by the Subsidiary to the Fund. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's consolidated financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, the Fund had $492 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

During the fiscal year ended December 31, 2024, the Fund utilized $127 of non-expiring capital loss carryforwards.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the Fund had no net late year ordinary or capital losses.

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $76271664 | &nbsp;&nbsp; $813231 | &nbsp;&nbsp; $(820729)<br>| &nbsp;&nbsp; $(7498)<br>|

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's and the Subsidiary's investment portfolios, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

First Trust is responsible for the expenses of the Fund and the Subsidiary including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.9000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.8775<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.8550<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.8325<br> %<br>|
| Fund net assets greater than $10 billion | 0.8100<br> %<br>|

---

The Subsidiary does not pay First Trust a separate management fee.

Vest Financial LLC ("Vest"), an affiliate of First Trust, serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of the Fund's assets and will pay Vest for its services as the Fund's sub-advisor a

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund's expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $0 and $0, respectively.

For the six months ended June 30, 2025, the Fund had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Subsidiary at June 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Commodity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $5029459 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $444335 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Consolidated Statement of Operations Location** | **Consolidated Statement of Operations Location** |
| **Commodity Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $12352910 |
| Written options contracts | (4511577)<br>|
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Purchased options contracts | 6315 |
| Written options contracts | 561469 |

---

During the six months ended June 30, 2025, the premiums for purchased options contracts opened were $12,285,667 and the premiums for purchased options contracts closed, exercised and expired were $9,792,262.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

During the six months ended June 30, 2025, the premiums for written options contracts opened were $2,146,820 and the premiums for written options contracts closed, exercised and expired were $1,289,525.

The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Consolidated Statement of Assets and Liabilities.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2026.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the consolidated financial statements that have not already been disclosed.

------

**Other Information**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Consolidated Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Fund Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund") and the Investment Sub-Advisory Agreement (the "Fund Sub-Advisory Agreement" and together with the Fund Advisory Agreement, the "Fund Agreements") among the Trust, on behalf of the Fund, the Advisor and Vest Financial LLC (the "Sub-Advisor"). The Board approved the continuation of the Fund Agreements for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. Because the Fund invests in options contracts through a wholly-owned subsidiary of the Fund (the "Subsidiary"), the Board, including the Independent Trustees, also approved the continuation of an Investment Management Agreement (the "Subsidiary Advisory Agreement") with the Advisor on behalf of the Subsidiary and an Investment Sub-Advisory Agreement (the "Subsidiary Sub-Advisory Agreement" and together with the Subsidiary Advisory Agreement, the "Subsidiary Agreements") among the Subsidiary, the Advisor and the Sub-Advisor. The Fund Agreements and the Subsidiary Agreements are referred to herein collectively as the "Agreements." The Board determined that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to the Fund and the Subsidiary (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the Subsidiary and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor, among the Trust, the Advisor and the Sub-Advisor, between the Subsidiary and the Advisor and among the Subsidiary, the Advisor and the Sub-Advisor continue to be

------

**Other Information (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

reasonable business arrangements from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's unitary fee.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. The Board considered that the Advisor is responsible for the overall management and administration of the Trust, the Fund and the Subsidiary and reviewed all of the services provided by the Advisor to the Fund and the Subsidiary, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of the Fund's and the Subsidiary's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. With respect to the Fund Sub-Advisory Agreement and the Subsidiary Sub-Advisory Agreement, the Board noted that the Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund's and the Subsidiary's investments. In addition to the written materials provided by the Sub-Advisor, at the June 8–9, 2025 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to the Fund and the Subsidiary, including the Sub-Advisor's day-to-day management of the Fund's and the Subsidiary's investments. In considering the Sub-Advisor's management of the Fund and the Subsidiary, the Board noted the background and experience of the Sub-Advisor's portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust, the Fund and the Subsidiary by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate schedule payable by the Fund under the Fund Advisory Agreement for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from the unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Fund Advisory Agreement and interest, taxes, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board noted that the Advisor receives no compensation under the Subsidiary Advisory Agreement, that the Advisor pays the expenses of the Subsidiary and that no compensation is paid to the Sub-Advisor under the Subsidiary Sub-Advisory Agreement. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedule overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2024 to the performance of the funds in the Performance Universe and to that of a benchmark index. The Board noted that the Fund is a target outcome ETF that seeks to provide investors with returns (before fees and expenses) over a defined period of time (typically one

------

**Other Information (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

quarter of a year) that match the price return of the SPDR Gold Trust ("GLD"), up to a predetermined cap, while providing a buffer (before fees and expenses) against certain losses on the price return of GLD. The Board considered information provided by the Sub-Advisor on the Fund's performance during its four quarterly target outcome periods for the year ended February 28, 2025 and noted that the Fund delivered on its target outcome objective.

On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2024 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board also noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's statement that it believes that the sub-advisory fee for the Fund is appropriate. The Board noted the Sub-Advisor's statements that it continues to invest in infrastructure, technology and personnel, and that it anticipates that its expenses relating to providing services to the Fund will remain approximately the same for the next twelve months. The Board noted that the Advisor pays the Sub-Advisor from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that the Fund's sub-advisory fee was the product of an arm's length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Fund, and noted the Sub-Advisor's statements that it is the Sub-Advisor's policy currently not to enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions and that, as a result, there are no foreseen indirect benefits from its relationship with the Fund. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

**Disclaimer**

The Fund is not sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to

------

**Other Information (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**June 30, 2025 (Unaudited)**

be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Consolidated Financial Statements and Other Information <br> For the Six Months Ended June 30, 2025

![](imge1f3aa431.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest Gold Strategy Target Income ETF<sup>®</sup> (IGLD)<br>

------

**Table of Contents** 

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Semi-Annual Consolidated Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_SOI-TOC-ScheduleofInvestments-4283_1) | 1 |
| [Consolidated Statement of Assets and Liabilities](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_SAL1-TOC-StatementofAssetsandLiabilities-4283_1) | 3 |
| [Consolidated Statement of Operations](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_SOP1-TOC-StatementofOperations-4283_1) | 4 |
| [Consolidated Statements of Changes in Net Assets](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_SOC1-TOC-StatementofChanges-4283_1) | 5 |
| [Consolidated Financial Highlights](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_FIHI-TOC-FinancialHighlights-4283_1) | 6 |
| [Notes to Consolidated Financial Statements](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_NTF-TOC-NotestoFinancialStatements-4283_1) | 7 |
| [Other Information](#xx_33dfd90c-7d7e-4ded-a9ea-856854af837b_AI-TOC-AdditionalInformation-4283_1) | 13 |

---

**Performance and Risk Disclosure**

There is no assurance that FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 117.9%** | **U.S. TREASURY BILLS — 117.9%** | **U.S. TREASURY BILLS — 117.9%** | **U.S. TREASURY BILLS — 117.9%** |
| $301845900 | U.S. Treasury Bill (a)<br> (b) | 11/28/25 | $296662956 |
|  | (Cost $296,651,536) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** |
| 1182602 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (c) | 1182602 |
|  | (Cost $1,182,602) |  |
|  | **Total Investments — 118.3%** | 297845558 |
|  | (Cost $297,834,138) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** |
|  | **Call Options Purchased — 0.5%** | **Call Options Purchased — 0.5%** | **Call Options Purchased — 0.5%** | **Call Options Purchased — 0.5%** |  |
| 8208 | SPDR<sup>®</sup> Gold Shares  | $250204464 | $367.50 | 11/28/25 | 1255824 |
|  | (Cost $1,341,890) |  |  |  |  |
| **WRITTEN OPTIONS — (19.5)%** | **WRITTEN OPTIONS — (19.5)%** | **WRITTEN OPTIONS — (19.5)%** | **WRITTEN OPTIONS — (19.5)%** | **WRITTEN OPTIONS — (19.5)%** | **WRITTEN OPTIONS — (19.5)%** |
|  | **Call Options Written — (0.7)%** | **Call Options Written — (0.7)%** | **Call Options Written — (0.7)%** | **Call Options Written — (0.7)%** |  |
| (2791) | SPDR<sup>®</sup> Gold Shares  | (85078053)<br>| 304.83 | 07/31/25 | (1694137)<br>|
|  | (Premiums received $1,689,799) |  |  |  |  |
|  | **Put Options Written — (18.8)%** | **Put Options Written — (18.8)%** | **Put Options Written — (18.8)%** | **Put Options Written — (18.8)%** |  |
| (8208) | SPDR<sup>®</sup> Gold Shares  | (250204464)<br>| 367.50 | 11/28/25 | (47384784)<br>|
|  | (Premiums received $75,434,823) |  |  |  |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (49078921)<br>|
|  | (Premiums received $77,124,622) | (Premiums received $77,124,622) | (Premiums received $77,124,622) | (Premiums received $77,124,622) |  |
|  | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | 1643286 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $251665747 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is segregated as collateral for the options written. At June 30, 2025, the segregated value of this security
 amounts to $94,772,448.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of June 30, 2025.

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Consolidated Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| U.S. Treasury Bills | $296662956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296662956 | &nbsp;&nbsp; $— |
| Money Market Funds | 1182602 | &nbsp;&nbsp; 1182602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 297845558 | &nbsp;&nbsp; 1182602 | &nbsp;&nbsp; 296662956 | &nbsp;&nbsp; — |
| Purchased Options | 1255824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1255824 | &nbsp;&nbsp; — |
| Total | $299101382 | &nbsp;&nbsp; $1182602 | &nbsp;&nbsp; $297918780 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | $(49078921)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(49078921)<br>| &nbsp;&nbsp; $— |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $297845558 |
| Options contracts purchased, at value | 1255824 |
| Due from broker | 200 |
| Cash segregated as collateral | 69476 |
| Receivables: |  |
| Investment securities sold | 3538485 |
| Capital shares sold | 2169789 |
| Dividends | 3647 |
| Total Assets | 304882979 |
| **LIABILITIES:** |  |
| Options contracts written, at value | 49078921 |
| Payables: |  |
| Investment securities purchased | 2719598 |
| Capital shares redeemed | 1260000 |
| Investment advisory fees | 158713 |
| Total Liabilities | 53217232 |
| **NET ASSETS** | $251665747 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $231104970 |
| Par value | 116000 |
| Accumulated distributable earnings (loss) | 20444777 |
| **NET ASSETS** | $251665747 |
| **NET ASSET VALUE,** per share | $21.70 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 11600002 |
| Investments, at cost | $297834138 |
| Premiums paid on options contracts purchased | $1341890 |
| Premiums received on options contracts written | $77124622 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $4503135 |
| Dividends | 19731 |
| Total investment income | 4522866 |
| **EXPENSES:** |  |
| Investment advisory fees | 728337<br>|
| Total expenses | 728337 |
| **NET INVESTMENT INCOME (LOSS)** | 3794529 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (4384)<br>|
| Purchased options contracts | (158327)<br>|
| Written options contracts | (6245352)<br>|
| Net realized gain (loss) | (6408063)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (289459)<br>|
| Purchased options contracts | 181842 |
| Written options contracts | 30507264 |
| Net change in unrealized appreciation (depreciation) | 30399647 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 23991584 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $27786113 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $3794529 | &nbsp;&nbsp; $5863306 |
| Net realized gain (loss) | (6408063)<br>| &nbsp;&nbsp; 14872466 |
| Net change in unrealized appreciation (depreciation) | 30399647 | &nbsp;&nbsp; (3729836)<br>|
| Net increase (decrease) in net assets resulting from operations | 27786113 | &nbsp;&nbsp; 17005936 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (6011031)<br>| &nbsp;&nbsp; (19955595)<br>|
| Return of capital |  | &nbsp;&nbsp; (3669043)<br>|
| Total distributions to shareholders | (6011031)<br>| &nbsp;&nbsp; (23624638)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 130854649<br>| &nbsp;&nbsp; 66370997<br>|
| Cost of shares redeemed | (31861026) <br>| &nbsp;&nbsp; (13678173) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 98993623 | &nbsp;&nbsp; 52692824 |
| Total increase (decrease) in net assets | 120768705 | &nbsp;&nbsp; 46074122 |
| **NET ASSETS:** |  |  |
| Beginning of period | 130897042 | &nbsp;&nbsp; 84822920 |
| End of period | $251665747 | &nbsp;&nbsp; $130897042 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 6950002 | &nbsp;&nbsp; 4400002 |
| Shares sold | 6250000 | &nbsp;&nbsp; 3250000 |
| Shares redeemed | (1600000)<br>| &nbsp;&nbsp; (700000)<br>|
| Shares outstanding, end of period | 11600002 | &nbsp;&nbsp; 6950002 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Financial Highlights**

**For a share outstanding throughout each period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
| Net asset value, beginning of period | $18.83 | &nbsp;&nbsp;&nbsp;&nbsp; $19.28 | &nbsp;&nbsp;&nbsp;&nbsp; $18.81 | &nbsp;&nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp;&nbsp; $20.14 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.45<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) <br>|
| Net realized and unrealized gain (loss) | 3.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br>|
| Total from investment operations | 3.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>|
| Total distributions | (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>|
| Net asset value, end of period | $21.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.31<br>|
| **Total return** (c) | 19.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.26)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $251666<br>| &nbsp;&nbsp;&nbsp;&nbsp; $130897<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84823<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38570<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31476<br>|
| Ratio of total expenses to average net assets | 0.85<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 4.43<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is March 2, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Consolidated Financial Statements

------

**Notes to Consolidated Financial Statements**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "IGLD" on Cboe BZX Exchange, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The Fund's investment objective is to seek to deliver participation in the price returns of the SPDR<sup>®</sup> Gold Trust (the "Underlying ETF") while providing a consistent level of income. The Fund's investments principally include short-term U.S. Treasury securities, cash and cash equivalents, and the shares of a wholly-owned subsidiary (the "Subsidiary") that holds FLexible EXchange<sup>®</sup> Options ("FLEX Options") that reference the price performance of the Underlying ETF. In seeking to achieve its objective, the Fund, through the Subsidiary, will generally purchase or sell FLEX Options. In combination, the purchased call and sold put options generally provide exposure to price returns of the Underlying ETF both on the upside and downside. The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund may invest up to 25% of its total assets in the Subsidiary. As of June 30, 2025, the Fund invested 18.83% of the Fund's total assets in the Subsidiary. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies** 

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The consolidated financial statements include the accounts on a consolidated basis of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the consolidated financial statements. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Consolidated Portfolio of Investments. The Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust's Board of Trustees.

Shares of open-end funds are valued based on NAV per share.

If the Fund's investments are not able to be priced by pre-established pricing methods, such investments may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. A variety of factors may be considered in determining the fair value of such investments.

Valuing the Fund's holdings using fair value pricing will result in using prices for those holdings that may differ from current market valuations. The Subsidiary's holdings will be valued in the same manner as the Fund's holdings.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of June 30, 2025, is included with the Fund's Consolidated Portfolio of Investments.

**B. Investment Transactions and Investment Income**

Investment transactions are recorded as of the trade date. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

The Fund, through the Subsidiary, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that the Subsidiary holds that reference the Underlying ETF will give the Subsidiary the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Subsidiary purchases or sells the option. The FLEX Options held by the Subsidiary are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.

When the Subsidiary writes (sells) an option, an amount equal to the premium received by the Subsidiary is included in "Options contracts written, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on written options is presented separately as "Net realized gain (loss) on written options contracts" on the Consolidated Statement of Operations. When the Subsidiary purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in "Options

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

contracts purchased, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on purchased options is included in "Net realized gain (loss) on purchased options contracts" on the Consolidated Statement of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the consolidated financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for consolidated financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $19955595 |
| Capital gains |  |
| Return of capital | 3669043 |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (52826)<br>|
| Net unrealized appreciation (depreciation) | (2412059)<br>|

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income, whether or not such earnings are distributed by the Subsidiary to the Fund. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's consolidated financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, the Fund had $32,339 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the Fund had no net late year ordinary or capital losses.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $222051406 | &nbsp;&nbsp; $28061459 | &nbsp;&nbsp; $(90404)<br>| &nbsp;&nbsp; $27971055 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's and the Subsidiary's investment portfolios, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

First Trust is responsible for the expenses of the Fund and the Subsidiary including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.76500<br> %<br>|

---

The Subsidiary does not pay First Trust a separate management fee.

Vest Financial LLC ("Vest"), an affiliate of First Trust, serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of the Fund's assets and will pay Vest for its services as the Fund's sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund's expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $0 and $0, respectively.

For the six months ended June 30, 2025, the Fund had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Subsidiary at June 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Commodity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $1255824 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $49078921 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Consolidated Statement of Operations Location** | **Consolidated Statement of Operations Location** |
| **Commodity Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $(158327)<br>|
| Written options contracts | (6245352)<br>|
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Purchased options contracts | 181842 |
| Written options contracts | 30507264 |

---

During the six months ended June 30, 2025, the premiums for purchased options contracts opened were $1,111,160 and the premiums for purchased options contracts closed, exercised and expired were $439,178.

During the six months ended June 30, 2025, the premiums for written options contracts opened were $41,574,557 and the premiums for written options contracts closed, exercised and expired were $23,097,264.

The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Consolidated Statement of Assets and Liabilities.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2026.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the consolidated financial statements that have not already been disclosed.

------

**Other Information**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Consolidated Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Fund Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the FT Vest Gold Strategy Target Income ETF (the "Fund") and the Investment Sub-Advisory Agreement (the "Fund Sub-Advisory Agreement" and together with the Fund Advisory Agreement, the "Fund Agreements") among the Trust, on behalf of the Fund, the Advisor and Vest Financial LLC (the "Sub-Advisor"). The Board approved the continuation of the Fund Agreements for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. Because the Fund invests in options contracts through a wholly-owned subsidiary of the Fund (the "Subsidiary"), the Board, including the Independent Trustees, also approved the continuation of an Investment Management Agreement (the "Subsidiary Advisory Agreement") with the Advisor on behalf of the Subsidiary and an Investment Sub-Advisory Agreement (the "Subsidiary Sub-Advisory Agreement" and together with the Subsidiary Advisory Agreement, the "Subsidiary Agreements") among the Subsidiary, the Advisor and the Sub-Advisor. The Fund Agreements and the Subsidiary Agreements are referred to herein collectively as the "Agreements." The Board determined that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to the Fund and the Subsidiary (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the Subsidiary and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor, among the Trust, the Advisor and the Sub-Advisor, between the Subsidiary and the Advisor and among the Subsidiary, the Advisor and the Sub-Advisor continue to be

------

**Other Information (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

reasonable business arrangements from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's unitary fee.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. The Board considered that the Advisor is responsible for the overall management and administration of the Trust, the Fund and the Subsidiary and reviewed all of the services provided by the Advisor to the Fund and the Subsidiary, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of the Fund's and the Subsidiary's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. With respect to the Fund Sub-Advisory Agreement and the Subsidiary Sub-Advisory Agreement, the Board noted that the Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund's and the Subsidiary's investments. In addition to the written materials provided by the Sub-Advisor, at the June 8–9, 2025 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to the Fund and the Subsidiary, including the Sub-Advisor's day-to-day management of the Fund's and the Subsidiary's investments. In considering the Sub-Advisor's management of the Fund and the Subsidiary, the Board noted the background and experience of the Sub-Advisor's portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust, the Fund and the Subsidiary by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate schedule payable by the Fund under the Fund Advisory Agreement for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from the unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Fund Advisory Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board noted that the Advisor receives no compensation under the Subsidiary Advisory Agreement, that the Advisor pays the expenses of the Subsidiary and that no compensation is paid to the Sub-Advisor under the Subsidiary Sub-Advisory Agreement. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedule overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2024 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund outperformed the Performance Universe median and underperformed the benchmark index for the one- and

------

**Other Information (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**June 30, 2025 (Unaudited)**

three-year periods ended December 31, 2024. The Board considered that the Fund follows an options-based strategy that seeks to deliver participation in the price returns of the SPDR Gold Trust while providing a consistent level of income, and took this strategy into account when considering the comparative performance information.

On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2024 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board also noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's statement that it believes that the sub-advisory fee for the Fund is appropriate. The Board noted the Sub-Advisor's statements that it continues to invest in infrastructure, technology and personnel, and that it anticipates that its expenses relating to providing services to the Fund will remain approximately the same for the next twelve months. The Board noted that the Advisor pays the Sub-Advisor from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that the Fund's sub-advisory fee was the product of an arm's length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Fund, and noted the Sub-Advisor's statements that it is the Sub-Advisor's policy currently not to enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions and that, as a result, there are no foreseen indirect benefits from its relationship with the Fund. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

**Disclaimer**

The Fund is not sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended June 30, 2025

![](img92ba19da1.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

First Trust WCM Developing World Equity ETF (WCME) <br> First Trust WCM International Equity ETF (WCMI)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_SOI-TOC-ScheduleofInvestments-4943_1) |  |
| [First Trust WCM Developing World Equity ETF (WCME)](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_SOI-TOC-ScheduleofInvestments-4943_1) | 1 |
| [First Trust WCM International Equity ETF (WCMI)](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_SOI-TOC-ScheduleofInvestments-4944_1) | 3 |
| [Statements of Assets and Liabilities](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_SAL1-TOC-StatementofAssetsandLiabilities-4943_1) | 5 |
| [Statements of Operations](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_SOP1-TOC-StatementofOperations-4943_1) | 6 |
| [Statements of Changes in Net Assets](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_SOC1-TOC-StatementofChanges-4943_1) | 7 |
| [Financial Highlights](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_FIHI-TOC-FinancialHighlights-4943_1) | 8 |
| [Notes to Financial Statements](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_NTF-TOC-NotestoFinancialStatements-4943_1) | 10 |
| [Other Information](#xx_4c2a6db2-0ab8-4424-b2b5-a96d9220caa6_AI-TOC-AdditionalInformation-4943_1) | 18 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**First Trust WCM Developing World Equity ETF (WCME)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 96.0%** | **COMMON STOCKS (a) (b) — 96.0%** | **COMMON STOCKS (a) (b) — 96.0%** |
|  | **Bermuda — 3.1%** |  |
| 1254 | Credicorp Ltd. | $280294 |
|  | **Brazil — 12.5%** |  |
| 149025 | B3 S.A. - Brasil Bolsa Balcao <br> (BRL) | 399916 |
| 3478 | Embraer S.A., ADR | 197933 |
| 21234 | Hapvida Participacoes e <br> Investimentos S.A. <br> (BRL) (c) (d) (e) | 144020 |
| 51018 | TOTVS S.A. (BRL) | 396361 |
|  |  | 1138230 |
|  | **Canada — 4.5%** |  |
| 1857 | Celestica, Inc. (d) | 289896 |
| 15328 | Ivanhoe Mines Ltd., Class A <br> (CAD) (d) | 115150 |
|  |  | 405046 |
|  | **Cayman Islands — 12.3%** |  |
| 14494 | Alibaba Group Holding Ltd. <br> (HKD) | 202732 |
| 1870 | Sea Ltd., ADR (d) | 299088 |
| 39519 | Shenzhou International Group <br> Holdings Ltd. (HKD) | 280914 |
| 5166 | Tencent Holdings Ltd. (HKD) | 331021 |
|  |  | 1113755 |
|  | **China — 2.0%** |  |
| 11474 | BYD Co., Ltd., Class H (HKD) | 179054 |
|  | **Hong Kong — 7.3%** |  |
| 38125 | AIA Group Ltd. (HKD) | 341913 |
| 5957 | Hong Kong Exchanges & <br> Clearing Ltd. (HKD) | 317810 |
|  |  | 659723 |
|  | **Hungary — 1.6%** |  |
| 4844 | Richter Gedeon Nyrt (HUF) | 142784 |
|  | **India — 8.0%** |  |
| 2372 | HDFC Bank Ltd., ADR | 181861 |
| 10674 | ICICI Bank Ltd., ADR | 359073 |
| 4640 | Tata Consultancy Services Ltd. <br> (INR) | 187310 |
|  |  | 728244 |
|  | **Indonesia — 2.6%** |  |
| 446237 | Bank Central Asia Tbk PT (IDR) | 238442 |
|  | **Israel — 2.3%** |  |
| 12681 | Teva Pharmaceutical Industries <br> Ltd., ADR (d) | 212534 |
|  | **Japan — 3.7%** |  |
| 42300 | Nippon Paint Holdings Co., Ltd. <br> (JPY) | 340738 |
|  | **Malaysia — 2.5%** |  |
| 138600 | IHH Healthcare Bhd (MYR) | 224499 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Mexico — 4.5%** |  |
| 10275 | Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V., <br> Class B (MXN) | $235858 |
| 62298 | Megacable Holdings S.A.B. de <br> C.V., Series CPO (MXN) | 174598 |
|  |  | 410456 |
|  | **Panama — 2.3%** |  |
| 1895 | Copa Holdings S.A., Class A | 208393 |
|  | **Singapore — 2.6%** |  |
| 8277 | United Overseas Bank Ltd. <br> (SGD) | 234347 |
|  | **South Africa — 3.6%** |  |
| 12438 | Bid Corp., Ltd. (ZAR) | 328399 |
|  | **South Korea — 2.7%** |  |
| 5554 | Samsung Electronics Co., Ltd. <br> (KRW) | 246094 |
|  | **Taiwan — 9.3%** |  |
| 25357 | Feng TAY Enterprise Co., Ltd. <br> (TWD) | 106334 |
| 20313 | Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (TWD) | 737087 |
|  |  | 843421 |
|  | **United States — 8.6%** |  |
| 10531 | Coupang, Inc. (d) | 315509 |
| 1512 | Exxon Mobil Corp. | 162993 |
| 117 | MercadoLibre, Inc. (d) | 305795 |
|  |  | 784297 |
|  | **Total Investments — 96.0%** | 8718750 |
|  | (Cost $7,942,857) |  |
|  | **Net Other Assets and** <br> **Liabilities — 4.0%** | 360598 |
|  | **Net Assets — 100.0%** | $9079348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust WCM Developing World Equity ETF (WCME)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| HKD | – Hong Kong Dollar |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| JPY | – Japanese Yen |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| SGD | – Singapore Dollar |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| USD | 32.3% |
| HKD | 19.0 |
| BRL | 10.8 |
| TWD | 9.7 |
| MXN | 4.7 |
| JPY | 3.9 |
| ZAR | 3.8 |
| KRW | 2.8 |
| IDR | 2.7 |
| SGD | 2.7 |
| MYR | 2.6 |
| INR | 2.1 |
| HUF | 1.6 |
| CAD | 1.3 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $8718750 | $8718750 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust WCM International Equity ETF (WCMI)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 98.3%** | **COMMON STOCKS (a) (b) — 98.3%** | **COMMON STOCKS (a) (b) — 98.3%** |
|  | **Brazil — 4.9%** |  |
| 2874632 | B3 S.A. - Brasil Bolsa Balcao <br> (BRL) | $7714221 |
| 883864 | TOTVS S.A. (BRL) | 6866780 |
|  |  | 14581001 |
|  | **Canada — 3.5%** |  |
| 45094 | Celestica, Inc. (c) | 7039625 |
| 438239 | Ivanhoe Mines Ltd., Class A <br> (CAD) (c) | 3292223 |
|  |  | 10331848 |
|  | **Cayman Islands — 5.1%** |  |
| 51786 | Sea Ltd., ADR (c) | 8282653 |
| 942495 | Shenzhou International Group <br> Holdings Ltd. (HKD) | 6699561 |
|  |  | 14982214 |
|  | **Denmark — 2.2%** |  |
| 68500 | Coloplast A/S, Class B (DKK) | 6506351 |
|  | **France — 8.2%** |  |
| 60962 | Legrand S.A. (EUR) | 8150480 |
| 9773 | LVMH Moet Hennessy Louis <br> Vuitton SE (EUR) | 5118297 |
| 26929 | Sartorius Stedim Biotech (EUR) | 6433040 |
| 71984 | TotalEnergies SE (EUR) | 4417757 |
|  |  | 24119574 |
|  | **Germany — 7.4%** |  |
| 717832 | Evotec SE (EUR) (c) | 6091505 |
| 80318 | Hensoldt AG (EUR) | 9215098 |
| 56418 | Siemens Energy AG (EUR) (c) | 6516850 |
|  |  | 21823453 |
|  | **Hong Kong — 2.3%** |  |
| 741874 | AIA Group Ltd. (HKD) | 6653282 |
|  | **India — 3.2%** |  |
| 123994 | HDFC Bank Ltd., ADR | 9506620 |
|  | **Ireland — 6.4%** |  |
| 14792 | Accenture PLC, Class A | 4421181 |
| 16726 | Aon PLC, Class A | 5967168 |
| 19523 | Trane Technologies PLC | 8539555 |
|  |  | 18927904 |
|  | **Japan — 8.5%** |  |
| 128135 | GMO Payment Gateway, Inc. <br> (JPY) | 8311580 |
| 10100 | Keyence Corp. (JPY) | 4056692 |
| 878700 | Nippon Paint Holdings Co., Ltd. <br> (JPY) | 7078171 |
| 221625 | Sony Group Corp., ADR | 5768899 |
|  |  | 25215342 |
|  | **Mexico — 2.0%** |  |
| 2143791 | Megacable Holdings S.A.B. de <br> C.V., Series CPO (MXN) | 6008259 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Netherlands — 4.4%** |  |
| 3746 | Adyen N.V. (EUR) (c) (d) (e) | $6876617 |
| 9413 | ASM International N.V. (EUR) | 6025260 |
|  |  | 12901877 |
|  | **Singapore — 3.4%** |  |
| 350613 | United Overseas Bank Ltd. <br> (SGD) | 9926911 |
|  | **Spain — 3.5%** |  |
| 540563 | Iberdrola S.A. (EUR) | 10372788 |
|  | **Sweden — 1.9%** |  |
| 263253 | Epiroc AB, Class A (SEK) | 5715330 |
|  | **Taiwan — 3.4%** |  |
| 272728 | Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (TWD) | 9896333 |
|  | **United Kingdom — 26.3%** |  |
| 107716 | AstraZeneca PLC, ADR | 7527194 |
| 494192 | Babcock International <br> Group PLC (GBP) | 7787465 |
| 214049 | Compass Group PLC (GBP) | 7248379 |
| 1479689 | ConvaTec Group PLC <br> (GBP) (d) (e) | 5857661 |
| 1614220 | Haleon PLC (GBP) | 8295777 |
| 44831 | London Stock Exchange <br> Group PLC (GBP) | 6544470 |
| 227649 | Persimmon PLC (GBP) | 4049760 |
| 1032782 | Rolls-Royce Holdings PLC <br> (GBP) | 13717123 |
| 89307 | Spirax Group PLC (GBP) | 7300049 |
| 642757 | Wise PLC, Class A (GBP) (c) | 9175689 |
|  |  | 77503567 |
|  | **United States — 1.7%** |  |
| 9085 | Mastercard, Inc., Class A | 5105225 |
|  | **Total Investments — 98.3%** | 290077879 |
|  | (Cost $266,496,134) |  |
|  | **Net Other Assets and** <br> **Liabilities — 1.7%** | 5161007 |
|  | **Net Assets — 100.0%** | $295238886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

See Notes to Financial Statements

------

**First Trust WCM International Equity ETF (WCMI)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| JPY | – Japanese Yen |
| MXN | – Mexican Peso |
| SEK | – Swedish Krona |
| SGD | – Singapore Dollar |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| GBP | 24.1% |
| EUR | 23.9 |
| USD | 21.4 |
| JPY | 6.7 |
| BRL | 5.0 |
| HKD | 4.6 |
| SGD | 3.4 |
| TWD | 3.4 |
| DKK | 2.3 |
| MXN | 2.1 |
| SEK | 2.0 |
| CAD | 1.1 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $290077879 | $290077879 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **WCM** <br> **Developing** <br> **World Equity** <br> **ETF** <br>**(WCME)** <br>| **First Trust** <br> **WCM** <br> **International** <br> **Equity ETF** <br>**(WCMI)** <br>|
| **ASSETS:** |  |  |
| Investments, at value | $8718750 | &nbsp;&nbsp; $290077879 |
| Cash | 885619 | &nbsp;&nbsp; 5813331 |
| Foreign currency, at value | 146000 | &nbsp;&nbsp; 428774 |
| Receivables: |  |  |
| Capital shares sold | 219207 | &nbsp;&nbsp; 12250950 |
| Dividends | 10153 | &nbsp;&nbsp; 487419 |
| Reclaims | 423 | &nbsp;&nbsp; 56747 |
| Total Assets | 9980152 | &nbsp;&nbsp; 309115100 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | 891151 | &nbsp;&nbsp; 13686341 |
| Investment advisory fees | 5543 | &nbsp;&nbsp; 175841 |
| Capital shares redeemed | 553 | &nbsp;&nbsp; 1581 |
| Other liabilities | 3557 | &nbsp;&nbsp; 12451 |
| Total Liabilities | 900804 | &nbsp;&nbsp; 13876214 |
| **NET ASSETS** | $9079348 | &nbsp;&nbsp; $295238886 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital | $8418753 | &nbsp;&nbsp; $268443248 |
| Par value | 5813 | &nbsp;&nbsp; 186504 |
| Accumulated distributable earnings (loss) | 654782 | &nbsp;&nbsp; 26609134 |
| **NET ASSETS** | $9079348 | &nbsp;&nbsp; $295238886 |
| **NET ASSET VALUE,** per share | $15.62 | &nbsp;&nbsp; $15.83 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per <br> share)<br>| 581339 | &nbsp;&nbsp; 18650443 |
| Investments, at cost | $7942857 | &nbsp;&nbsp; $266496134 |
| Foreign currency, at cost (proceeds) | $145998 | &nbsp;&nbsp; $428774 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **WCM** <br> **Developing** <br> **World Equity** <br> **ETF** <br>**(WCME)** <br>| **First Trust** <br> **WCM** <br> **International** <br> **Equity ETF** <br>**(WCMI)** <br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $74869 | &nbsp;&nbsp; $2101792 |
| Foreign withholding tax | (5243)<br>| &nbsp;&nbsp; (127808)<br>|
| Total investment income | 69626 | &nbsp;&nbsp; 1973984 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 19132<br>| &nbsp;&nbsp; 578493<br>|
| Excise tax expense | 275 | &nbsp;&nbsp; — |
| Total expenses | 19407 | &nbsp;&nbsp; 578493 |
| **NET INVESTMENT INCOME (LOSS)** | 50219 | &nbsp;&nbsp; 1395491 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments | (54896)<br>| &nbsp;&nbsp; (1912440)<br>|
| In-kind redemptions | 188121 | &nbsp;&nbsp; 5514982 |
| Foreign currency transactions | (3979)<br>| &nbsp;&nbsp; (44509)<br>|
| Net realized gain (loss) | 129246 | &nbsp;&nbsp; 3558033 |
| Net increase from payment by the advisor | 6992 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | 746266 | &nbsp;&nbsp; 21644577 |
| Foreign currency translation | 1420 | &nbsp;&nbsp; 17767 |
| Net change in unrealized appreciation (depreciation) | 747686 | &nbsp;&nbsp; 21662344 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 883924 | &nbsp;&nbsp; 25220377 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $934143 | &nbsp;&nbsp; $26615868 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust WCM Developing** <br> **World Equity ETF (WCME)** | **First Trust WCM Developing** <br> **World Equity ETF (WCME)** | **First Trust WCM International** <br> **Equity ETF (WCMI)** | **First Trust WCM International** <br> **Equity ETF (WCMI)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024 (a)**<br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024 (b)**<br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $50219 | &nbsp;&nbsp; $27755 | &nbsp;&nbsp; $1395491 | &nbsp;&nbsp; $1318272 |
| Net realized gain (loss) | 129246 | &nbsp;&nbsp; 19550 | &nbsp;&nbsp; 3558033 | &nbsp;&nbsp; 9021288 |
| Net increase from payment by the advisor | 6992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 747686 | &nbsp;&nbsp; (94000)<br>| &nbsp;&nbsp; 21662344 | &nbsp;&nbsp; (6563842)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 934143 | &nbsp;&nbsp; (46695)<br>| &nbsp;&nbsp; 26615868 | &nbsp;&nbsp; 3775718 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (49915)<br>| &nbsp;&nbsp; (12258)<br>| &nbsp;&nbsp; (1291084)<br>| &nbsp;&nbsp; (6730371)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 6520999<br>| &nbsp;&nbsp; 894420<br>| &nbsp;&nbsp; 237808803<br>| &nbsp;&nbsp; 27181392<br>|
| Cost of shares redeemed | (649089) <br>| &nbsp;&nbsp; (408185) <br>| &nbsp;&nbsp; (22294957) <br>| &nbsp;&nbsp; (56719129) <br>|
| Proceeds from shares sold (Investor Class) | —<br>| &nbsp;&nbsp; 5896<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 431544<br>|
| Cost of shares redeemed (Investor Class) | —<br>| &nbsp;&nbsp; (180418) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1123450) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 5871910 | &nbsp;&nbsp; 311713 | &nbsp;&nbsp; 215513846 | &nbsp;&nbsp; (30229643)<br>|
| Total increase (decrease) in net assets | 6756138 | &nbsp;&nbsp; 252760 | &nbsp;&nbsp; 240838630 | &nbsp;&nbsp; (33184296)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 2323210 | &nbsp;&nbsp; 2070450 | &nbsp;&nbsp; 54400256 | &nbsp;&nbsp; 87584552 |
| End of period | $9079348 | &nbsp;&nbsp; $2323210 | &nbsp;&nbsp; $295238886 | &nbsp;&nbsp; $54400256 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 181339 | &nbsp;&nbsp; 148329 | &nbsp;&nbsp; 4150443 | &nbsp;&nbsp; 5950747 |
| Shares sold | 450000 | &nbsp;&nbsp; 64493 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 1910623 |
| Shares redeemed | (50000)<br>| &nbsp;&nbsp; (31483)<br>| &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp; (3710927)<br>|
| Shares outstanding, end of period  | 581339 | &nbsp;&nbsp; 181339 | &nbsp;&nbsp; 18650443 | &nbsp;&nbsp; 4150443 |
| <br>Shares outstanding, beginning of period (Investor Class) |  | &nbsp;&nbsp; 13238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42949 |
| Shares sold (Investor Class) |  | &nbsp;&nbsp; 458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29479 |
| Shares redeemed (Investor Class) |  | &nbsp;&nbsp; (13696)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (72428)<br>|
| Shares outstanding, end of period | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| Total Shares outstanding, end of period  | 581339 | &nbsp;&nbsp; 181339 | &nbsp;&nbsp; 18650443 | &nbsp;&nbsp; 4150443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) First
 Trust WCM Developing World Equity ETF (the "Fund") acquired all of the assets and liabilities of the WCM Developing World
 Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on October 4, 2024. Performance
 and financial history of the Predecessor Fund's Institutional Class Shares have been adopted by the Fund and will be used
 going forward. As a result, the financial highlight information reflects that of the Predecessor Fund's Institutional Class
 Shares for the period January 1, 2024 up through the reorganization. Prior to the reorganization on October 7, 2024, the Fund
 converted all Investor Class Shares into Institutional Class Shares. This was a tax-free exchange. The Investor Class Shares were
 terminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) First
 Trust WCM International Equity ETF (the "Fund") acquired all of the assets and liabilities of the WCM International
 Equity Fund
 ("Predecessor Fund") in a reorganization that occurred as of the close of business on October 4, 2024. Performance and financial
 history of the Predecessor Fund's Institutional Class Shares have been adopted by the Fund and will be used going forward.
 As a result, the financial highlight information reflects that of the Predecessor Fund's Institutional Class Shares for the period
 January 1, 2024 up through the reorganization. Prior to the reorganization on October 7, 2024, the Fund converted all Investor
 Class Shares into Institutional Class Shares. This was a tax-free exchange. The Investor Class Shares were terminated.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust WCM Developing World Equity ETF (WCME)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **Year Ended April 30,** | **Year Ended April 30,** | **Period** <br>**Ended** <br>**4/30/2020(a) (c)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024(a)** | **2023(a)** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **2022(a)** | **2021(a)** | **Period** <br>**Ended** <br>**4/30/2020(a) (c)** |
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp;&nbsp; $12.81 | &nbsp;&nbsp;&nbsp; $12.82 | &nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp; $12.88 | &nbsp;&nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |  |
| Net investment income (loss) <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br>|
| Net realized and unrealized <br> gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> (e)<br>| &nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>| &nbsp;&nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp;&nbsp; (1.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br>|
| Total from investment <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp; —<br>|
| From net realized gain | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $15.62<br>| &nbsp;&nbsp;&nbsp; $12.81<br>| &nbsp;&nbsp;&nbsp; $12.82<br>| &nbsp;&nbsp;&nbsp; $12.18<br>| &nbsp;&nbsp;&nbsp; $12.88<br>| &nbsp;&nbsp;&nbsp; $15.15<br>| &nbsp;&nbsp;&nbsp; $10.99<br>|
| **Total return** (f) | &nbsp;&nbsp;&nbsp;&nbsp; 22.75<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.86<br> % <br>| &nbsp;&nbsp;&nbsp; (4.22)% <br>| &nbsp;&nbsp;&nbsp; (12.06)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.10<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |  |
| Net assets, end of period (in <br> 000's)<br>| &nbsp;&nbsp;&nbsp; $9079<br>| &nbsp;&nbsp;&nbsp; $2323<br>| &nbsp;&nbsp;&nbsp; $1901<br>| &nbsp;&nbsp;&nbsp; $1896<br>| &nbsp;&nbsp;&nbsp; $2767<br>| &nbsp;&nbsp;&nbsp; $1495<br>| &nbsp;&nbsp;&nbsp; $571<br>|
| Ratio of total expenses to <br> average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> % (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.41<br> % (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.75<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.89<br> % (g)<br>|
| Ratio of net expenses to <br> average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> % (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> % (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % (i) (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g)<br>|
| Ratio of net investment <br> income (loss) to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> % (g)<br>|
| Portfolio turnover rate (l) | &nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp; 85<br> % <br>| &nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp; 30<br> % <br>| &nbsp;&nbsp;&nbsp; 67<br> % <br>| &nbsp;&nbsp;&nbsp; 41<br> % <br>| &nbsp;&nbsp;&nbsp; 6<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Results
 for periods prior to October 7, 2024 are for WCM Developing World Equity Fund - Institutional Class. See Note 4 in the Notes to Financial
 Statements. The advisor prior to October 7, 2024 was WCM Investment Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fiscal
 year end changed to December 31, effective December 14, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Commenced
 investment operations on March 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Fund received a payment from the advisor in the amount of $6,992, which represents $0.01 per share. Since the advisor reimbursed the Fund,
 there was no effect on the Fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes
 excise tax. If this excise tax expense was not included, the total and net expense ratios would have been 0.95%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective
 October 7, 2024, there is no longer a fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Effective
 October 1, 2023, the investment advisor to the Predecessor Funds contractually agreed to limit the annual operating expenses to 0.95%. Prior
 to October 1, 2023, the investment advisor to the Predecessor Funds had contractually agreed to limit the annual operating expenses to 1.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust WCM International Equity ETF (WCMI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **Year Ended April 30,** | **Year Ended April 30,** | **Period** <br>**Ended** <br>**4/30/2020(a) (c)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024(a)** | **2023(a)** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **2022(a)** | **2021(a)** | **Period** <br>**Ended** <br>**4/30/2020(a) (c)** |
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp;&nbsp; $13.11 | &nbsp;&nbsp;&nbsp; $14.61 | &nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp; $13.66 | &nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br>| &nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br>|
| Total from investment <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp; (0.00) (e)<br>| &nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp;&nbsp; —<br>|
| From net realized gain | &nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp; (1.62) <br>| &nbsp;&nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp;&nbsp; (0.00) (e)<br>| &nbsp;&nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp; (2.01) <br>| &nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp; (0.00) <br>| &nbsp;&nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $15.83<br>| &nbsp;&nbsp;&nbsp; $13.11<br>| &nbsp;&nbsp;&nbsp; $14.61<br>| &nbsp;&nbsp;&nbsp; $13.26<br>| &nbsp;&nbsp;&nbsp; $13.66<br>| &nbsp;&nbsp;&nbsp; $14.92<br>| &nbsp;&nbsp;&nbsp; $10.92<br>|
| **Total return** (f) | &nbsp;&nbsp;&nbsp;&nbsp; 21.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.83<br> % <br>| &nbsp;&nbsp;&nbsp; (2.90)% <br>| &nbsp;&nbsp;&nbsp; (5.74)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.30<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |  |
| Net assets, end of period (in <br> 000's)<br>| &nbsp;&nbsp;&nbsp; $295239<br>| &nbsp;&nbsp;&nbsp; $54400<br>| &nbsp;&nbsp;&nbsp; $86960<br>| &nbsp;&nbsp;&nbsp; $59425<br>| &nbsp;&nbsp;&nbsp; $4731<br>| &nbsp;&nbsp;&nbsp; $2751<br>| &nbsp;&nbsp;&nbsp; $596<br>|
| Ratio of total expenses to <br> average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 69.05<br> % (g)<br>|
| Ratio of net expenses to average <br> net assets excluding interest <br> expense<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> % (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g)<br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % (g)<br>|
| Portfolio turnover rate (k) | &nbsp;&nbsp;&nbsp; 45<br> % <br>| &nbsp;&nbsp;&nbsp; 65<br> % <br>| &nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp; 20<br> % <br>| &nbsp;&nbsp;&nbsp; 59<br> % <br>| &nbsp;&nbsp;&nbsp; 19<br> % <br>| &nbsp;&nbsp;&nbsp; 9<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Results
 for periods prior to October 7, 2024 are for WCM International Equity Fund - Institutional Class. See Note 4 in the Notes to Financial Statements.
 The advisor prior to October 7, 2024 was WCM Investment Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fiscal
 year end changed to December 31, effective December 14, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Commenced
 investment operations on March 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective
 October 7, 2024, there is no longer a fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective
 October 1, 2023, the investment advisor to the Predecessor Funds contractually agreed to limit the annual operating expenses to 0.85%. Prior
 to October 1, 2023, the investment advisor to the Predecessor Funds had contractually agreed to limit the annual operating expenses to 1.10%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective
 December 31, 2022, the investment advisor to the Predecessor Funds contractually agreed to limit the annual operating expenses to 1.10%.
 Prior to December 31, 2022, the investment advisor to the Predecessor Funds had contractually agreed to limit the annual operating expenses
 to 1.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the two Funds (each a "Fund" and collectively, the "Funds") listed below. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

First Trust WCM Developing World Equity ETF – (ticker "WCME") <br> First Trust WCM International Equity ETF – (ticker "WCMI")

WCME operates as a non-diversified series of the Trust. WCMI operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund is an actively managed exchange-traded fund representing a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

WCME's investment objective is to seek to provide investors with long-term capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in developing countries.

WCMI's investment objective is to seek to provide investors with long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. domiciled companies / companies not located in the U.S.

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

1)

the last sale price on the exchange on which they are principally traded;

2)

the value of similar foreign securities traded on other foreign markets;

3)

ADR trading of similar securities;

4)

closed-end fund or exchange-traded fund trading of similar securities;

5)

foreign currency exchange activity;

6)

the trading prices of financial products that are tied to baskets of foreign securities;

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

10)

other relevant factors.

Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund's securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of June 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

**C. Foreign Currency**

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) on foreign currency transactions" on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) on investments" on the Statements of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid semi-annually, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust WCM Developing World Equity ETF | $12258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust WCM International Equity ETF | 2688239 | &nbsp;&nbsp; 4042132 | &nbsp;&nbsp; — |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust WCM Developing World Equity ETF | $5121 | &nbsp;&nbsp; $(203938)<br>| &nbsp;&nbsp; $(30629)<br>|
| First Trust WCM International Equity ETF |  | &nbsp;&nbsp; (32558)<br>| &nbsp;&nbsp; 1316908 |

---

**E. Income and Other Taxes**

Each Fund intends to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in "Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax" on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in "Net realized gain (loss) on foreign capital gains tax" on the Statements of Operations.

**Capital Gains.** India's Finance Act, 2024 ("Finance Act, 2024") was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax ("STT") is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.

In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.

Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.

**Buy back.** Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20%

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.

Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).

**Dividend income.** The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.

**Interest income.** Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).

**Other income.** Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).

Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund's shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable periods April 30, 2021 and 2022, and December 31, 2022, 2023 and 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust WCM Developing World Equity ETF | $203938 |
| First Trust WCM International Equity ETF |  |

---

During the taxable year ended December 31, 2024, the following Fund utilized capital loss carryforwards in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust WCM Developing World Equity ETF | $11908 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the following Fund incurred and elected to defer net late year ordinary or capital losses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Qualified Late Year Losses | Qualified Late Year Losses |
|  | Ordinary Losses | Capital Losses |
| First Trust WCM International Equity ETF | $— | &nbsp;&nbsp; $279456 |

---

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust WCM Developing World Equity ETF | $7942857 | &nbsp;&nbsp; $852239 | &nbsp;&nbsp; $(76346)<br>| &nbsp;&nbsp; $775893 |
| First Trust WCM International Equity ETF | 266496134 | &nbsp;&nbsp; 26531414 | &nbsp;&nbsp; (2949669)<br>| &nbsp;&nbsp; 23581745 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of each Fund's assets and is responsible for the expenses of each Fund, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Breakpoints | WCME | WCMI |
| Fund net assets up to and including $2.5 billion | 0.95000<br> %<br>| 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.92625<br> %<br>| 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.90250<br> %<br>| 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.87875<br> %<br>| 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.85500<br> %<br>| 0.76500<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

During the six months ended ended June 30, 2025, WCME received a payment from the Advisor in the amount of $6,992 in connection with a trade error.

WCM Investment Management, LLC ("WCM" or the "Sub-Advisor") serves as each Fund's sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of each Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of each Fund, the Advisor and WCM, First Trust will supervise WCM and its management of the investment of each Fund's assets and will pay WCM for its services as each Fund's sub-advisor a sub-advisory fee equal to 50% of the monthly management fee paid to the Advisor, less its share of each Fund's expenses.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Reorganization**

On April 29, 2024, the Board of Trustees of WCM Developing World Equity Fund and WCM International Equity Fund (the "Predecessor Funds" and each, a "Predecessor Fund") approved reorganizations into WCME and WCMI (the "Acquiring Funds" and each, an "Acquiring Fund"), each an actively managed exchange-traded fund managed by First Trust and sub-advised by WCM. Effective October 7, 2024, each Fund acquired all of the assets and assumed all of the liabilities of its respective Predecessor Fund pursuant to an agreement and plan of reorganization approved by the Board of Trustees of the Fund on June 3, 2024. Prior to the reorganization, each Predecessor Fund converted all Investor Class Shares into Institutional Class Shares. This was a tax-free exchange. The Investor Class Shares were terminated. The Predecessor Funds are the accounting survivors. As a result, the historical information received from each of the Predecessor Funds was carried forward to the applicable Fund for U.S. GAAP and tax purposes.

Under the terms of reorganizations, which were tax-free, the assets of each Predecessor Fund were transferred to, and the liabilities of each Predecessor Fund were assumed by, the respective Acquiring Fund. The shareholders of each Predecessor Fund received shares of the respective Acquiring Fund with a value equal to the aggregate net asset value of the shares of the Predecessor Fund held by them.

**5. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust WCM Developing World Equity ETF | $5042962 | &nbsp;&nbsp; $2248498 |
| First Trust WCM International Equity ETF | 95877246 | &nbsp;&nbsp; 63305013 |

---

For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust WCM Developing World Equity ETF | $3374297 | &nbsp;&nbsp; $632410 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust WCM International Equity ETF | $201892205 | &nbsp;&nbsp; $22454938 |

---

**6. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before October 2, 2026.

**8. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements and Other Information <br> For the Period Ended June 30, 2025

![](imgcd3db4dc1.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) <br> FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL) <br> FT Vest Bitcoin Strategy & Target Income ETF (DFII)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SOI-TOC-ScheduleofInvestments-4975_1) |  |
| [FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SOI-TOC-ScheduleofInvestments-4975_1) | 1 |
| [FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SOI-TOC-ScheduleofInvestments-5078_1) | 3 |
| [FT Vest Bitcoin Strategy & Target Income ETF (DFII)](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SOI-TOC-ScheduleofInvestments-4974_1) | 4 |
| [Statements of Assets and Liabilities](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SAL1-TOC-StatementofAssetsandLiabilities-4975_1) | 6 |
| [Statements of Operations](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SOP1-TOC-StatementofOperations-4975_1) | 7 |
| [Statements of Changes in Net Assets](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_SOC1-TOC-StatementofChanges-4975_1) | 8 |
| [Financial Highlights](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_FIHI-TOC-FinancialHighlights-4975_1) | 9 |
| [Notes to Financial Statements](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_NTF-TOC-NotestoFinancialStatements-4975_1) | 12 |
| [Other Information](#xx_f71b3618-a063-455f-bc21-830d0b1e4f96_AI-TOC-AdditionalInformation-4975_1) | 19 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 33501 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (a) | $33501 |
|  | (Cost $33,501) |  |
|  | **Total Investments — 0.1%** | 33501 |
|  | (Cost $33,501) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,114.0%** | **PURCHASED OPTIONS — 1,114.0%** | **PURCHASED OPTIONS — 1,114.0%** | **PURCHASED OPTIONS — 1,114.0%** | **PURCHASED OPTIONS — 1,114.0%** | **PURCHASED OPTIONS — 1,114.0%** |
|  | **Call Options Purchased — 28.1%** | **Call Options Purchased — 28.1%** | **Call Options Purchased — 28.1%** | **Call Options Purchased — 28.1%** |  |
| 1352 | Cboe Mini Bitcoin U.S. ETF Index  | $34470592 | $223.11 | 03/31/26 | 8493264 |
| 2194 | S&P 500 Mini Index  | 136137700 | 2044.05 | 03/31/26 | 17552 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 8510816 |
|  | (Cost $8,366,964) | (Cost $8,366,964) | (Cost $8,366,964) | (Cost $8,366,964) |  |
|  | **Put Options Purchased — 1,085.9%** | **Put Options Purchased — 1,085.9%** | **Put Options Purchased — 1,085.9%** | **Put Options Purchased — 1,085.9%** |  |
| 1352 | Cboe Mini Bitcoin U.S. ETF Index  | 34470592 | 164.91 | 03/31/26 | 1074840 |
| 2194 | S&P 500 Mini Index  | 136137700 | 2180.32 | 03/31/26 | 328299190 |
|  | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | 329374030 |
|  | (Cost $330,130,464) | (Cost $330,130,464) | (Cost $330,130,464) | (Cost $330,130,464) |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 337884846 |
|  | (Cost $338,497,428) | (Cost $338,497,428) | (Cost $338,497,428) | (Cost $338,497,428) |  |
| **WRITTEN OPTIONS — (1,015.5)%** | **WRITTEN OPTIONS — (1,015.5)%** | **WRITTEN OPTIONS — (1,015.5)%** | **WRITTEN OPTIONS — (1,015.5)%** | **WRITTEN OPTIONS — (1,015.5)%** | **WRITTEN OPTIONS — (1,015.5)%** |
|  | **Call Options Written — (19.0)%** | **Call Options Written — (19.0)%** | **Call Options Written — (19.0)%** | **Call Options Written — (19.0)%** |  |
| (1352) | Cboe Mini Bitcoin U.S. ETF Index  | (34470592)<br>| 260.96 | 03/31/26 | (5766280)<br>|
| (2194) | S&P 500 Mini Index  | (136137700)<br>| 2180.32 | 03/31/26 | (2194)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (5768474)<br>|
|  | (Premiums received $5,666,812) | (Premiums received $5,666,812) | (Premiums received $5,666,812) | (Premiums received $5,666,812) |  |
|  | **Put Options Written — (996.5)%** | **Put Options Written — (996.5)%** | **Put Options Written — (996.5)%** | **Put Options Written — (996.5)%** |  |
| (1352) | Cboe Mini Bitcoin U.S. ETF Index  | (34470592)<br>| 223.11 | 03/31/26 | (2932488)<br>|
| (2194) | S&P 500 Mini Index  | (136137700)<br>| 2044.05 | 03/31/26 | (299307674)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (302240162)<br>|
|  | (Premiums received $303,118,026) | (Premiums received $303,118,026) | (Premiums received $303,118,026) | (Premiums received $303,118,026) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (308008636)<br>|
|  | (Premiums received $308,784,838) | (Premiums received $308,784,838) | (Premiums received $308,784,838) | (Premiums received $308,784,838) |  |
|  | **Net Other Assets and Liabilities — 1.4%** | **Net Other Assets and Liabilities — 1.4%** | **Net Other Assets and Liabilities — 1.4%** | **Net Other Assets and Liabilities — 1.4%** | 421671 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $30331382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of June 30, 2025.

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Money Market Funds | $33501 | &nbsp;&nbsp; $33501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Purchased Options | 337884846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 337884846 | &nbsp;&nbsp; — |
| Total | $337918347 | &nbsp;&nbsp; $33501 | &nbsp;&nbsp; $337884846 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | $(308008636)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(308008636)<br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,320.3%** | **PURCHASED OPTIONS — 1,320.3%** | **PURCHASED OPTIONS — 1,320.3%** | **PURCHASED OPTIONS — 1,320.3%** | **PURCHASED OPTIONS — 1,320.3%** | **PURCHASED OPTIONS — 1,320.3%** |
|  | **Call Options Purchased — 16.6%** | **Call Options Purchased — 16.6%** | **Call Options Purchased — 16.6%** | **Call Options Purchased — 16.6%** |  |
| 39 | Cboe Mini Bitcoin U.S. ETF Index  | $994344 | $293.20 | 06/30/26 | $165360 |
| 73 | S&P 500 Mini Index  | 4529650 | 2320.73 | 06/30/26 | 438 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 165798 |
|  | (Cost $166,022) | (Cost $166,022) | (Cost $166,022) | (Cost $166,022) |  |
|  | **Put Options Purchased — 1,303.7%** | **Put Options Purchased — 1,303.7%** | **Put Options Purchased — 1,303.7%** | **Put Options Purchased — 1,303.7%** |  |
| 39 | Cboe Mini Bitcoin U.S. ETF Index  | 994344 | 216.72 | 06/30/26 | 107679 |
| 73 | S&P 500 Mini Index  | 4529650 | 2475.44 | 06/30/26 | 12855884 |
|  | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | 12963563 |
|  | (Cost $12,963,787) | (Cost $12,963,787) | (Cost $12,963,787) | (Cost $12,963,787) |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 13129361 |
|  | (Cost $13,129,809) | (Cost $13,129,809) | (Cost $13,129,809) | (Cost $13,129,809) |  |
| **WRITTEN OPTIONS — (1,222.8)%** | **WRITTEN OPTIONS — (1,222.8)%** | **WRITTEN OPTIONS — (1,222.8)%** | **WRITTEN OPTIONS — (1,222.8)%** | **WRITTEN OPTIONS — (1,222.8)%** | **WRITTEN OPTIONS — (1,222.8)%** |
|  | **Call Options Written — (11.8)%** | **Call Options Written — (11.8)%** | **Call Options Written — (11.8)%** | **Call Options Written — (11.8)%** |  |
| (39) | Cboe Mini Bitcoin U.S. ETF Index  | (994344)<br>| 334.66 | 06/30/26 | (117234)<br>|
| (73) | S&P 500 Mini Index  | (4529650)<br>| 2475.44 | 06/30/26 | (73)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (117307)<br>|
|  | (Premiums received $117,232) | (Premiums received $117,232) | (Premiums received $117,232) | (Premiums received $117,232) |  |
|  | **Put Options Written — (1,211.0)%** | **Put Options Written — (1,211.0)%** | **Put Options Written — (1,211.0)%** | **Put Options Written — (1,211.0)%** |  |
| (39) | Cboe Mini Bitcoin U.S. ETF Index  | (994344)<br>| 293.20 | 06/30/26 | (271557)<br>|
| (73) | S&P 500 Mini Index  | (4529650)<br>| 2320.73 | 06/30/26 | (11770812)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (12042369)<br>|
|  | (Premiums received $12,042,145) | (Premiums received $12,042,145) | (Premiums received $12,042,145) | (Premiums received $12,042,145) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (12159676)<br>|
|  | (Premiums received $12,159,377) | (Premiums received $12,159,377) | (Premiums received $12,159,377) | (Premiums received $12,159,377) |  |
|  | **Net Other Assets and Liabilities — 2.5%** | **Net Other Assets and Liabilities — 2.5%** | **Net Other Assets and Liabilities — 2.5%** | **Net Other Assets and Liabilities — 2.5%** | 24699 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $994384 |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Purchased Options | $13129361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13129361 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | $(12159676)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12159676)<br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy & Target Income ETF (DFII)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** |
| 58841 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (a) | $58841 |
|  | (Cost $58,841) |  |
|  | **Total Investments — 1.2%** | 58841 |
|  | (Cost $58,841) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,437.9%** | **PURCHASED OPTIONS — 1,437.9%** | **PURCHASED OPTIONS — 1,437.9%** | **PURCHASED OPTIONS — 1,437.9%** | **PURCHASED OPTIONS — 1,437.9%** | **PURCHASED OPTIONS — 1,437.9%** |
|  | **Call Options Purchased — 0.8%** | **Call Options Purchased — 0.8%** | **Call Options Purchased — 0.8%** | **Call Options Purchased — 0.8%** |  |
| 185 | Cboe Mini Bitcoin U.S. ETF Index  | $4716760 | $382.44 | 09/30/25 | 34595 |
| 376 | S&P 500 Mini Index  | 23330800 | 2317.31 | 09/30/25 | 2256 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 36851 |
|  | (Cost $37,976) | (Cost $37,976) | (Cost $37,976) | (Cost $37,976) |  |
|  | **Put Options Purchased — 1,437.1%** | **Put Options Purchased — 1,437.1%** | **Put Options Purchased — 1,437.1%** | **Put Options Purchased — 1,437.1%** |  |
| 376 | S&P 500 Mini Index  | 23330800 | 2471.80 | 09/30/25 | 68626016 |
|  | (Cost $68,626,788) |  |  |  |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 68662867 |
|  | (Cost $68,664,764) | (Cost $68,664,764) | (Cost $68,664,764) | (Cost $68,664,764) |  |
| **WRITTEN OPTIONS — (1,365.3)%** | **WRITTEN OPTIONS — (1,365.3)%** | **WRITTEN OPTIONS — (1,365.3)%** | **WRITTEN OPTIONS — (1,365.3)%** | **WRITTEN OPTIONS — (1,365.3)%** | **WRITTEN OPTIONS — (1,365.3)%** |
|  | **Call Options Written — (0.3)%** | **Call Options Written — (0.3)%** | **Call Options Written — (0.3)%** | **Call Options Written — (0.3)%** |  |
| (36) | Cboe Mini Bitcoin U.S. ETF Index  | (917856)<br>| 252.86 | 07/03/25 | (15588)<br>|
| (376) | S&P 500 Mini Index  | (23330800)<br>| 2471.80 | 09/30/25 | (376)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (15964)<br>|
|  | (Premiums received $15,274) | (Premiums received $15,274) | (Premiums received $15,274) | (Premiums received $15,274) |  |
|  | **Put Options Written — (1,365.0)%** | **Put Options Written — (1,365.0)%** | **Put Options Written — (1,365.0)%** | **Put Options Written — (1,365.0)%** |  |
| (185) | Cboe Mini Bitcoin U.S. ETF Index  | (4716760)<br>| 382.44 | 09/30/25 | (2301770)<br>|
| (376) | S&P 500 Mini Index  | (23330800)<br>| 2317.31 | 09/30/25 | (62879232)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (65181002)<br>|
|  | (Premiums received $65,179,877) | (Premiums received $65,179,877) | (Premiums received $65,179,877) | (Premiums received $65,179,877) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (65196966)<br>|
|  | (Premiums received $65,195,151) | (Premiums received $65,195,151) | (Premiums received $65,195,151) | (Premiums received $65,195,151) |  |
|  | **Net Other Assets and Liabilities — 26.2%** | **Net Other Assets and Liabilities — 26.2%** | **Net Other Assets and Liabilities — 26.2%** | **Net Other Assets and Liabilities — 26.2%** | 1250607 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4775349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of June 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Money Market Funds | $58841 | &nbsp;&nbsp; $58841 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Purchased Options | 68662867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68662867 | &nbsp;&nbsp; — |
| Total | $68721708 | &nbsp;&nbsp; $58841 | &nbsp;&nbsp; $68662867 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy & Target Income ETF (DFII)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | $(65196966)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(65196966)<br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - April** <br>**(BFAP)** <br>| **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - July** <br>**(BFJL)** <br>| **FT Vest Bitcoin** <br> **Strategy &** <br> **Target Income** <br> **ETF** <br>**(DFII)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $33501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58841 |
| Options contracts purchased, at value | 337884846 | &nbsp;&nbsp; 13129361 | &nbsp;&nbsp; 68662867 |
| Cash |  | &nbsp;&nbsp; 40 | &nbsp;&nbsp; — |
| Due from broker | 199 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 |
| Receivables: |  |  |  |
| Investment securities sold | 284275268 | &nbsp;&nbsp; 12159227 | &nbsp;&nbsp; 115114917 |
| Capital shares sold | 28024305 | &nbsp;&nbsp; 995241 | &nbsp;&nbsp; 1194779 |
| Dividends | 96 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212 |
| Total Assets | 650218215 | &nbsp;&nbsp; 26283869 | &nbsp;&nbsp; 185031742 |
| **LIABILITIES:** |  |  |  |
| Options contracts written, at value | 308008636 | &nbsp;&nbsp; 12159676 | &nbsp;&nbsp; 65196966 |
| Payables: |  |  |  |
| Investment securities purchased | 311872245 | &nbsp;&nbsp; 13129809 | &nbsp;&nbsp; 115055079 |
| Investment advisory fees | 1204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2371 |
| Other liabilities | 4748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1977 |
| Total Liabilities | 619886833 | &nbsp;&nbsp; 25289485 | &nbsp;&nbsp; 180256393 |
| **NET ASSETS** | $30331382 | &nbsp;&nbsp; $994384 | &nbsp;&nbsp; $4775349 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $30161566 | &nbsp;&nbsp; $994781 | &nbsp;&nbsp; $4469394 |
| Par value | 13000 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 2000 |
| Accumulated distributable earnings (loss) | 156816 | &nbsp;&nbsp; (897)<br>| &nbsp;&nbsp; 303955 |
| **NET ASSETS** | $30331382 | &nbsp;&nbsp; $994384 | &nbsp;&nbsp; $4775349 |
| **NET ASSET VALUE,** per share | $23.33 | &nbsp;&nbsp; $19.89 | &nbsp;&nbsp; $23.88 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 1300002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 200002 |
| Investments, at cost | $33501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58841 |
| Premiums paid on options contracts purchased | $338497428 | &nbsp;&nbsp; $13129809 | &nbsp;&nbsp; $68664764 |
| Premiums received on options contracts written | $308784838 | &nbsp;&nbsp; $12159377 | &nbsp;&nbsp; $65195151 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Period Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - April** <br>**(BFAP) (a)**<br>| **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - July** <br>**(BFJL) (b)**<br>| **FT Vest Bitcoin** <br> **Strategy &** <br> **Target Income** <br> **ETF** <br>**(DFII) (c)**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384 |
| Total investment income | 258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 2728<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 4517<br>|
| Total expenses | 2728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4517 |
| **NET INVESTMENT INCOME (LOSS)** | (2470)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4133)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Purchased options contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (945341)<br>|
| Written options contracts | (4334)<br>| &nbsp;&nbsp; (150)<br>| &nbsp;&nbsp; 1309227 |
| Net realized gain (loss) | (4334)<br>| &nbsp;&nbsp; (150)<br>| &nbsp;&nbsp; 363886 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Purchased options contracts | (612582)<br>| &nbsp;&nbsp; (448)<br>| &nbsp;&nbsp; (1897)<br>|
| Written options contracts | 776202 | &nbsp;&nbsp; (299)<br>| &nbsp;&nbsp; (1815)<br>|
| Net change in unrealized appreciation (depreciation) | 163620 | &nbsp;&nbsp; (747)<br>| &nbsp;&nbsp; (3712)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 159286 | &nbsp;&nbsp; (897)<br>| &nbsp;&nbsp; 360174 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $156816 | &nbsp;&nbsp; $(897)<br>| &nbsp;&nbsp; $356041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception
 date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception
 date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest Bitcoin** <br> **Strategy** <br> **Floor15 ETF -** <br> **April (BFAP)**<br>| **FT Vest Bitcoin** <br> **Strategy** <br> **Floor15 ETF -** <br> **July (BFJL)**<br>| **FT Vest Bitcoin** <br> **Strategy &** <br> **Target Income** <br> **ETF (DFII)**<br>|
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)**<br>| **Period** <br>**Ended** <br>**6/30/2025 (b)** <br>**(Unaudited)**<br>| **Period** <br>**Ended** <br>**6/30/2025 (c)** <br>**(Unaudited)**<br>|
| **OPERATIONS:** |  |  |  |
| Net investment income (loss) | $(2470)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4133)<br>|
| Net realized gain (loss) | (4334)<br>| &nbsp;&nbsp; (150)<br>| &nbsp;&nbsp; 363886 |
| Net change in unrealized appreciation (depreciation) | 163620 | &nbsp;&nbsp; (747)<br>| &nbsp;&nbsp; (3712)<br>|
| Net increase (decrease) in net assets resulting from operations | 156816 | &nbsp;&nbsp; (897)<br>| &nbsp;&nbsp; 356041 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |
| Investment operations |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (52086)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |
| Proceeds from shares sold | 30174566<br>| &nbsp;&nbsp; 995281<br>| &nbsp;&nbsp; 4471394<br>|
| Cost of shares redeemed | —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 30174566 | &nbsp;&nbsp; 995281 | &nbsp;&nbsp; 4471394 |
| Total increase (decrease) in net assets | 30331382 | &nbsp;&nbsp; 994384 | &nbsp;&nbsp; 4775349 |
| **NET ASSETS:** |  |  |  |
| Beginning of period |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| End of period | $30331382 | &nbsp;&nbsp; $994384 | &nbsp;&nbsp; $4775349 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |
| Shares outstanding, beginning of period |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares sold | 1300002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 200002 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares outstanding, end of period | 1300002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 200002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception
 date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception
 date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)** |
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)** |
| Net asset value, beginning of period | $20.18 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.03) <br>|
| Net realized and unrealized gain (loss) | 3.18<br>|
| Total from investment operations | 3.15<br>|
| Net asset value, end of period | $23.33<br>|
| **Total return** (c) | 15.61<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $30331<br>|
| Ratio of total expenses to average net assets | 0.90<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.81)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)** |
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)** |
| Net asset value, beginning of period | $19.89 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | —<br>|
| Net realized and unrealized gain (loss) | (0.00) (c)<br>|
| Total from investment operations | (0.00) (c)<br>|
| Net asset value, end of period | $19.89<br>|
| **Total return** (d) | 0.00<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $994<br>|
| Ratio of total expenses to average net assets | 0.00<br> % (e) (f)<br>|
| Ratio of net investment income (loss) to average net assets | 0.00<br> % (e)<br>|
| Portfolio turnover rate (g) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Fund's annual expense ratio is 0.90% of average daily net assets. Since the Fund commenced its investment operations on the last
 day of the period,
 it did not incur any expenses for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy & Target Income ETF (DFII)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)** |
|  | **Period** <br>**Ended** <br>**6/30/2025 (a)** <br>**(Unaudited)** |
| Net asset value, beginning of period | $20.17 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.04) <br>|
| Net realized and unrealized gain (loss) | 4.43<br>|
| Total from investment operations | 4.39<br>|
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.68) <br>|
| Net asset value, end of period | $23.88<br>|
| **Total return** (c) | 21.94<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $4775<br>|
| Ratio of total expenses to average net assets | 0.85<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.78)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the three funds (each a "Fund" and collectively, the "Funds") listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest Bitcoin Strategy Floor15 ETF - April – (ticker "BFAP")<sup>(1)</sup> <br> FT Vest Bitcoin Strategy Floor15 ETF - July – (ticker "BFJL")<sup>(2)</sup> <br> FT Vest Bitcoin Strategy & Target Income ETF – (ticker "DFII")<sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Commenced investment operations on April 3, 2025. <br> <sup>(2)</sup> Commenced investment operations on June 30, 2025. <br> <sup>(3)</sup> Commenced investment operations on April 2, 2025.

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

Each Fund is an actively managed exchange-traded fund ("ETF").

The investment objective of BFAP is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the "Bitcoin Reference Instrument"), up to a predetermined upside cap of 34.51% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the "floor"), over the period from April 4, 2025 through March 31, 2026.

The investment objective of BFJL is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of the Bitcoin Reference Instrument, up to a predetermined upside cap of 31.26% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the "floor"), over the period from July 1, 2025 through June 30, 2026.

Under normal market conditions, each of BFAP and BFJL invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund's "floor" as described above. In seeking to achieve its objective, each of BFAP and BFJL will invest in option contracts, which include FLexible EXchange Options

("FLEX Options"), standardized listed options and/or over-the-counter options (collectively, "Options") that each utilize the Bitcoin Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents.

The investment objective of DFII seeks to deliver partial participation in the returns of bitcoin while providing a high level of income. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to bitcoin or income-producing investments.

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs, within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

Shares of open-end funds are valued based on NAV per share.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of June 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

Each Fund purchases and sells call and put FLEX Options based on the performance of the applicable Bitcoin Reference Instrument. The FLEX Options that each Fund holds that reference the applicable Bitcoin Reference Instrument will give each Fund the right to receive or deliver shares of the applicable Bitcoin Reference Instrument on the option expiration date at a strike price, depending on whether the option is a put or call option and whether each Fund purchases or sells the option. The FLEX Options held by each Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. All options held by each Fund at June 30, 2025 are FLEX Options.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income, if any, are declared and paid annually for BFAP and BFJL and monthly for DFII, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

**E. Income Taxes**

Each Fund intends to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership.

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest Bitcoin Strategy Floor15 ETF - April | $29746091 | &nbsp;&nbsp; $1025545 | &nbsp;&nbsp; $(861925)<br>| &nbsp;&nbsp; $163620 |
| FT Vest Bitcoin Strategy Floor15 ETF - July | 970432 | &nbsp;&nbsp; — | &nbsp;&nbsp; (747)<br>| &nbsp;&nbsp; (747)<br>|
| FT Vest Bitcoin Strategy & Target Income ETF | 3528454 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3712)<br>| &nbsp;&nbsp; (3712)<br>|

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

First Trust is paid an annual unitary management fee based on a percentage of each Fund's average daily net assets. The annual unitary management fee payable by each Fund, with the exception of DFII, to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.9000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.8775<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.8550<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.8325<br> %<br>|
| Fund net assets greater than $10 billion | 0.8100<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

For DFII, the annual unitary management fee payable by the Fund will be calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.76500<br> %<br>|

---

First Trust and Vest Financial LLC ("Vest"), an affiliate of First Trust, are responsible for each Fund's expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

Vest serves as the Funds' sub-advisor (the "Sub-Advisor") and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of each Fund's assets and will pay Vest for its services as the Funds' sub-advisor a sub-advisory fee equal to 50% of the monthly unitary management fee paid to the Advisor, less Vest's 50% share of each Fund's expenses for that month. In the event the Sub-Advisor's share of the expenses exceeds the amount of the sub-advisory fee in any month, the Sub-Advisor will pay the difference to the Advisor. During any period in which the Advisor's management fee is reduced in accordance with the breakpoints described above, the investment sub-advisory fee (which is based on the Advisor's management fee) paid to Vest will be reduced to reflect the reduction in the Advisor's management fee.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the period ended June 30, 2025, the Funds had no purchases or sales of investments, excluding short-term investments and in-kind transactions. Each Fund holds options for a period of one year or less based on the expiration date of the options. For securities transactions purposes, the options are considered short-term investments.

For the period ended June 30, 2025, the Funds had no in-kind transactions.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Derivative Transactions** 

The following table presents the types of derivatives held by each Fund at June 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** |
| **BFAP** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $337884846 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $308008636 |
| **BFJL** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 13129361 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 12159676 |
| **DFII** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 68662867 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 65196966 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the period ended June 30, 2025, on each Fund's derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Operations Location** | **BFAP**  | **BFJL**  | **DFII**  |
| **Equity Risk Exposure** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Purchased options contracts | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(945341)<br>|
| Written options contracts | (4334)<br>| &nbsp;&nbsp; (150)<br>| &nbsp;&nbsp; 1309227 |
| Net change in unrealized appreciation <br>(depreciation) on:<br>|  |  |  |
| Purchased options contracts | (612582)<br>| &nbsp;&nbsp; (448)<br>| &nbsp;&nbsp; (1897)<br>|
| Written options contracts | 776202 | &nbsp;&nbsp; (299)<br>| &nbsp;&nbsp; (1815)<br>|

---

The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.

The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the period ended June 30, 2025, on each Fund's options contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums for** <br>**purchased** <br>**options contracts** <br>**opened**<br>| **Premiums for** <br>**purchased** <br>**options contracts** <br>**closed, exercised** <br>**and expired**<br>| **Premiums for** <br>**written options** <br>**contracts opened**<br>| **Premiums for** <br>**written options** <br>**contracts closed,** <br>**exercised and** <br>**expired**<br>|
| BFAP | $338497428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $308784838 | &nbsp;&nbsp; $— |
| BFJL | 13129809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12159377 | &nbsp;&nbsp; — |
| DFII | 121052277 | &nbsp;&nbsp; 52387513 | &nbsp;&nbsp; 114409422 | &nbsp;&nbsp; 49214271 |

---

**6. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 26, 2027 for BFAP and DFII, and June 18, 2027 for BFJL.

**8. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the period ended June 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the period ended June 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, approved the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, the Advisor and Vest Financial LLC (the "Sub-Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

FT Vest Bitcoin Strategy Floor15 ETF – January (BFJA)

FT Vest Bitcoin Strategy Floor15 ETF – April (BFAP)

FT Vest Bitcoin Strategy Floor15 ETF – July (BFJL)

FT Vest Bitcoin Strategy Floor15 ETF – October (BFOC)

The Board approved the Agreements for each Fund for an initial two-year term at a meeting held on March 9-10, 2025 (the "Meeting"). The Board determined for each Fund that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Agreements for each Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Meeting responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services to be provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other exchange-traded funds ("ETFs") managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from each Fund's perspective.

In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of each Fund and reviewed all of the services to be provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

experience of the persons responsible for such services. The Board considered that each Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the Meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to the Funds, and the Trustees were able to ask questions about the proposed investment strategy for the Funds. The Board noted the background and experience of the Sub-Advisor's portfolio management team and the Sub-Advisor's investment style. The Board also noted that the Sub-Advisor manages a number of other defined-outcome ETFs in the First Trust Fund Complex. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to each Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.

The Board considered the proposed unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Advisor a unitary fee starting at an annual rate of 0.90% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for each Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to 50% of the Fund's unitary fee less one-half of the Fund's expenses and that the sub-advisory fee would be reduced consistent with the breakpoints in the unitary fee rate schedule. The Board noted that the Advisor and the Sub-Advisor would be responsible for each Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETF clients. Because each Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Funds compared and differed from the peer funds. The Board took this information into account in considering the peer data. In addition, at the Meeting, the Advisor provided additional information on the expense ratios of other peer funds that provide direct or indirect investment exposure to Bitcoin. With respect to fees charged to other ETF clients, the Board considered the Advisor's statement that the Funds will be unique to the market and the First Trust Fund Complex, but will be most similar to a quarterly defined outcome ETF and the ETFs in the FT Vest U.S. Equity Buffer ETF, FT Vest Nasdaq-100 Buffer ETF and FT Vest International Equity Moderate Buffer ETF product lines in the First Trust Fund Complex, which are managed by the Advisor and sub-advised by the Sub-Advisor and have unitary fee rate schedules starting at annual rates of 0.85% or 0.90% of their respective average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to each Fund under the Agreements, the Board determined that, for each Fund, the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.

The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Funds and whether the Funds may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the proposed unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from each Fund's unitary fee, that the sub-advisory fee for each Fund would be reduced consistent with the breakpoints in the Fund's unitary fee rate schedule and its understanding that the sub-advisory fee for each Fund

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

was the product of an arm's length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for each Fund under the Advisory Agreement. The Board considered the Advisor's estimate of the asset level for each Fund at which the Advisor expects the Advisory Agreement for the Fund to be profitable to the Advisor and the Advisor's estimate of the profitability of the Advisory Agreement for each Fund if its assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's estimated profitability level for each Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement for each Fund to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board noted the Sub-Advisor's statements that it does not foresee any indirect benefits from its relationship with the Funds and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, approved the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor"), on behalf of FT Vest Bitcoin Strategy & Target Income ETF (the "Fund"), and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, on behalf of the Fund, the Advisor and Vest Financial LLC (the "Sub-Advisor"), for an initial two-year term at a meeting held on March 9-10, 2025 (the "Meeting"). The Board determined that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Agreements for the Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Meeting responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services to be provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other exchange-traded funds ("ETFs") managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from the Fund's perspective.

In evaluating whether to approve the Agreements for the Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

experience of the persons responsible for such services. The Board considered that the Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the Meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to the Fund, and the Trustees were able to ask questions about the proposed investment strategy for the Fund. The Board noted the background and experience of the Sub-Advisor's portfolio management team and the Sub-Advisor's investment style. The Board also noted that the Sub-Advisor manages a number of other target income ETFs in the First Trust Fund Complex. Because the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.

The Board considered the proposed unitary fee rate schedule payable by the Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee starting at an annual rate of 0.85% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for the Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to 50% of the Fund's unitary fee less one-half of the Fund's expenses and that the sub-advisory fee would be reduced consistent with the breakpoints in the unitary fee rate schedule. The Board noted that the Advisor and the Sub-Advisor would be responsible for the Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETF clients. Because the Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. In addition, at the Meeting, the Advisor provided additional information on the expense ratios of other peer funds that provide direct or indirect investment exposure to Bitcoin. With respect to fees charged to other ETF clients, the Board considered the Advisor's statement that the Fund will be unique to the market and the First Trust Fund Complex, but will be most similar to two other target income ETFs in the First Trust Fund Complex that are managed by the Advisor and sub-advised by the Sub-Advisor and employ options-based strategies, each of which has a unitary fee rate schedule starting at an annual rate of 0.85% of its average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Agreements, the Board determined that the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.

The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Fund and whether the Fund may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the proposed unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from the Fund's unitary fee, that the sub-advisory fee would be reduced consistent with the breakpoints in the Fund's unitary fee rate schedule and its understanding that the sub-advisory fee for the Fund was the product of an arm's length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**June 30, 2025 (Unaudited)**

performed for the Fund under the Advisory Agreement. The Board considered the Advisor's estimate of the asset level for the Fund at which the Advisor expects the Advisory Agreement to be profitable to the Advisor and the Advisor's estimate of the profitability of the Advisory Agreement if the Fund's assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's estimated profitability level for the Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board noted the Sub-Advisor's statements that it does not foresee any indirect benefits from its relationship with the Fund and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under
Item 7(a) of this form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial
reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) Not applicable to semi-annual reports on Form N-CSR.

(a)(2) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_302.htm).

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust Exchange-Traded Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>September 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>September 8, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u>September 8, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---