# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0000940400-25-014234
**Filing Date:** 2025-12
**Character Count:** 116844
**Document Hash:** c9a27fd022e4cf467fb0e051856d3797
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014234.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014234

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND III
- **CENTRAL INDEX KEY:** 0001424212

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251597851

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Trust Exchange-Traded Fund III
- **DATE OF NAME CHANGE:** 20160419

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Trust Exchange Traded Fund III
- **DATE OF NAME CHANGE:** 20080116

## Series and Classes Contracts Data

### First Trust Horizon Managed Volatility Small/Mid ETF (Series ID: S000068212)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000218390 | First Trust Horizon Managed Volatility Small/Mid ETF | HSMV            |

## Nport-Ex

**First Trust Horizon Managed Volatility Domestic ETF (HUSV)**

**Portfolio of Investments**

**October 31, 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 — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2484 | General Dynamics Corp. | $856732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2229 | L3Harris Technologies, Inc. | 644404 |
|  |  | 1501136 |
|  | **Beverages — 2.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32899 | Coca-Cola (The) Co. | 2266741 |
|  | **Capital Markets — 3.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5785 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) <br> Corp. | 624375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4040 | CME Group, Inc. | 1072580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8043 | Intercontinental Exchange, Inc. | 1176610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6335 | Nasdaq, Inc. | 541579 |
|  |  | 3415144 |
|  | **Chemicals — 3.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916 | Air Products and Chemicals, Inc. | 464803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3803 | Ecolab, Inc. | 975089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3664 | Linde PLC | 1532651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, <br> Inc. (a) | 20687 |
|  |  | 2993230 |
|  | **Commercial Services &** <br> **Supplies — 5.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2949 | Cintas Corp. | 540463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6015 | Republic Services, Inc. | 1252564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14368 | Rollins, Inc. | 827740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9424 | Veralto Corp. | 929960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7041 | Waste Management, Inc. | 1406581 |
|  |  | 4957308 |
|  | **Communications Equipment** <br> **— 4.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27047 | Cisco Systems, Inc. | 1977406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4488 | Motorola Solutions, Inc. | 1825315 |
|  |  | 3802721 |
|  | **Construction Materials —** <br> **0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 | Martin Marietta Materials, Inc. | 377670 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10652 | Sysco Corp. | 791231 |
|  | **Containers & Packaging —** <br> **0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2905 | Avery Dennison Corp. | 508055 |
|  | **Diversified Telecommunication** <br> **Services — 1.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20963 | AT&T, Inc. | 518834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21117 | Verizon Communications, Inc. | 839190 |
|  |  | 1358024 |
|  | **Electric Utilities — 5.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8771 | Duke Energy Corp. | 1090235 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electric Utilities (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13720 | Evergy, Inc. | $1053833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18657 | FirstEnergy Corp. | 855050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8782 | Pinnacle West Capital Corp. | 777383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12736 | Southern (The) Co. | 1197694 |
|  |  | 4974195 |
|  | **Electrical Equipment — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3431 | AMETEK, Inc. | 693439 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 4.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6413 | TE Connectivity PLC | 1584075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4008 | Teledyne Technologies, Inc. (a) | 2111495 |
|  |  | 3695570 |
|  | **Financial Services — 3.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3113 | &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., <br> Class B (a) | 1486582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4378 | Jack Henry & Associates, Inc. | 652059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 | Mastercard, Inc., Class A | 553646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624 | Visa, Inc., Class A | 553362 |
|  |  | 3245649 |
|  | **Gas Utilities — 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5689 | Atmos Energy Corp. | 976915 |
|  | **Ground Transportation —** <br> **1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647 | Norfolk Southern Corp. | 466727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2455 | Union Pacific Corp. | 541008 |
|  |  | 1007735 |
|  | **Health Care Equipment &** <br> **Supplies — 4.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955 | Abbott Laboratories | 612537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550 | Boston Scientific Corp. (a) | 558996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6155 | Edwards Lifesciences Corp. (a) | 507480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7965 | Medtronic PLC | 722426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2087 | STERIS PLC | 491906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139 | Stryker Corp. | 761997 |
|  |  | 3655342 |
|  | **Health Care Providers &** <br> **Services — 2.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1903 | Cardinal Health, Inc. | 363035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218 | Cencora, Inc. | 411452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434 | Labcorp Holdings, Inc. | 364179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 | McKesson Corp. | 285592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2568 | Quest Diagnostics, Inc. | 451840 |
|  |  | 1876098 |
|  | **Health Care REITs — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11707 | Ventas, Inc. | 863860 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 | Darden Restaurants, Inc. | 256714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114 | Hilton Worldwide Holdings, Inc. | 286253 |

---

------

**First Trust Horizon Managed Volatility Domestic ETF (HUSV)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4857 | McDonald's Corp. | $1449475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4168 | Yum! Brands, Inc. | 576059 |
|  |  | 2568501 |
|  | **Household Products — 3.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10260 | Colgate-Palmolive Co. | 790533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7373 | Kimberly-Clark Corp. | 882622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9127 | Procter & Gamble (The) Co. | 1372427 |
|  |  | 3045582 |
|  | **Industrial Conglomerates —** <br> **0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1837 | Honeywell International, Inc. | 369843 |
|  | **Insurance — 6.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7028 | Aflac, Inc. | 753331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3421 | Chubb Ltd. | 947412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4817 | &nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), <br> Inc. | 598175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11881 | Loews Corp. | 1182872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4356 | Marsh & McLennan Cos., Inc. | 776022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8240 | W.R. Berkley Corp. | 587842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2071 | Willis Towers Watson PLC | 648430 |
|  |  | 5494084 |
|  | **IT Services — 6.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5865 | Accenture PLC, Class A | 1466837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24155 | &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br> Corp., Class A | 1760416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp. | 1472186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6480 | VeriSign, Inc. | 1553904 |
|  |  | 6253343 |
|  | **Machinery — 0.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3036 | Illinois Tool Works, Inc. | 740541 |
|  | **Media — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14725 | News Corp., Class B | 448671 |
|  | **Multi-Utilities — 5.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13078 | Ameren Corp. | 1334217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22765 | CenterPoint Energy, Inc. | 870534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13297 | CMS Energy Corp. | 977994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7266 | DTE Energy Co. | 984834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10466 | WEC Energy Group, Inc. | 1169366 |
|  |  | 5336945 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3407 | Chevron Corp. | 537352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4435 | Exxon Mobil Corp. | 507186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17046 | Kinder Morgan, Inc. | 446435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6161 | Williams (The) Cos., Inc. | 356537 |
|  |  | 1847510 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Pharmaceuticals — 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6659 | Johnson & Johnson | $1257685 |
|  | **Professional Services — 3.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4776 | Automatic Data Processing, Inc. | 1243193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br> Inc. | 667591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3662 | Paychex, Inc. | 428564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2164 | Verisk Analytics, Inc. | 473397 |
|  |  | 2812745 |
|  | **Residential REITs — 1.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32876 | Invitation Homes, Inc. | 925459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5904 | &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc. | 757070 |
|  |  | 1682529 |
|  | **Retail REITs — 3.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28023 | Realty Income Corp. | 1624773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17988 | Regency Centers Corp. | 1240273 |
|  |  | 2865046 |
|  | **Software — 9.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806 | Autodesk, Inc. (a) | 1448240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57253 | Gen Digital, Inc. | 1509189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3528 | Microsoft Corp. | 1826833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5098 | Roper Technologies, Inc. | 2274473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2972 | Tyler Technologies, Inc. (a) | 1415445 |
|  |  | 8474180 |
|  | **Specialized REITs — 1.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45009 | VICI Properties, Inc. | 1349820 |
|  | **Specialty Retail — 3.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | AutoZone, Inc. (a) | 503397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527 | Home Depot (The), Inc. | 579634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1442 | Lowe's Cos., Inc. | 343383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7641 | O'Reilly Automotive, Inc. (a) | 721616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9671 | TJX (The) Cos., Inc. | 1355294 |
|  |  | 3503324 |
|  | **Tobacco — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14225 | Altria Group, Inc. | 802006 |
|  | **Total Common Stocks** | 91812418 |
|  | (Cost $88,430,401) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146470 | &nbsp;&nbsp;&nbsp; Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.00% (b) | 146470 |
|  | (Cost $146,470) |  |
|  | **Total Investments — 100.0%** | 91958888 |
|  | (Cost $88,576,871) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 4742 |
|  | **Net Assets — 100.0%** | $91963630 |

---

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

------

**First Trust Horizon Managed Volatility Domestic ETF (HUSV)**

**Portfolio of Investments (Continued)**

**October 31, 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) Rate shown reflects yield as of October 31, 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 October 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**10/31/2025**<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\* | $91812418 | &nbsp;&nbsp; $91812418 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 146470 | &nbsp;&nbsp; 146470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $91958888 | &nbsp;&nbsp; $91958888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**Portfolio of Investments**

**October 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** |
|  | **Australia — 7.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4394 | &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. <br> (AUD) | $105368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2953 | ASX Ltd. (AUD) | 109070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10116 | Coles Group Ltd. (AUD) | 145947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34600 | Lottery (The) Corp., Ltd. (AUD) | 124513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48468 | Medibank Pvt., Ltd. (AUD) | 154757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3701 | &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. <br> (AUD) | 105629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68871 | Scentre Group (AUD) | 183404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26782 | Stockland (AUD) | 110573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114437 | Telstra Group Ltd. (AUD) | 365396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89936 | Vicinity Ltd. (AUD) | 148290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2171 | Wesfarmers Ltd. (AUD) | 119321 |
|  |  | 1672268 |
|  | **Belgium — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3075 | Ageas S.A./N.V. (EUR) | 203448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281 | &nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert N.V. <br> (EUR) | 200475 |
|  |  | 403923 |
|  | **Bermuda — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34148 | &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. <br> (HKD) | 222144 |
|  | **Cayman Islands — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29148 | CK Asset Holdings Ltd. (HKD) | 144192 |
|  | **Denmark — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124 | Novonesis Novozymes B (DKK) | 67173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8116 | Tryg A/S (DKK) | 200052 |
|  |  | 267225 |
|  | **France — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 | Air Liquide S.A. (EUR) | 181165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | BioMerieux (EUR) | 94804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37382 | Bollore SE (EUR) | 208116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4989 | Bureau Veritas S.A. (EUR) | 163776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6568 | Carrefour S.A. (EUR) | 98796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1523 | Danone S.A. (EUR) | 134610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5588 | Engie S.A. (EUR) | 130752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252 | Gecina S.A. (EUR) | 116243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9459 | Getlink SE (EUR) | 172592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5291 | Klepierre S.A. (EUR) | 202109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7313 | Orange S.A. (EUR) | 116619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611 | TotalEnergies SE (EUR) | 100180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3235 | &nbsp;&nbsp;&nbsp; Veolia Environnement S.A. <br> (EUR) | 106830 |
|  |  | 1826592 |
|  | **Germany — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | Allianz SE (EUR) | 117997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 | Beiersdorf AG (EUR) | 83625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 | Deutsche Boerse AG (EUR) | 102720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942 | Deutsche Telekom AG (EUR) | 91186 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Germany (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10886 | E.ON SE (EUR) | $202520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA <br> (EUR) | 94728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 | Hannover Rueck SE (EUR) | 97811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018 | Henkel AG & Co. KGaA (EUR) | 150611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2253 | RWE AG (EUR) | 110784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 | &nbsp;&nbsp;&nbsp; Siemens Healthineers AG <br> (EUR) (c) (d) | 88287 |
|  |  | 1140269 |
|  | **Hong Kong — 9.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53554 | CLP Holdings Ltd. (HKD) | 456934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487302 | &nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co., <br> Ltd. (HKD) | 453403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26328 | Link REIT (HKD) | 137154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125384 | MTR Corp., Ltd. (HKD) | 459870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60950 | &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. <br> (HKD) | 387166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164709 | Sino Land Co., Ltd. (HKD) | 204547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A <br> (HKD) | 140453 |
|  |  | 2239527 |
|  | **Ireland — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186 | &nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A <br> (EUR) | 108133 |
|  | **Italy — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19508 | Enel S.p.A. (EUR) | 197245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8634 | Eni S.p.A. (EUR) | 158674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3218 | Generali (EUR) | 123702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16910 | &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane <br> S.p.A. (EUR) (c) (d) | 185654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9180 | &nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. <br> (EUR) (c) (d) | 221043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37074 | Snam S.p.A. (EUR) | 228537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19848 | &nbsp;&nbsp;&nbsp; Terna-Rete Elettrica Nazionale <br> (EUR) | 203291 |
|  |  | 1318146 |
|  | **Japan — 15.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | AGC, Inc. (JPY) | 109467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900 | ANA Holdings, Inc. (JPY) | 129350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. <br> (JPY) | 78680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Asahi Kasei Corp. (JPY) | 76731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | Bridgestone Corp. (JPY) | 83392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. <br> (JPY) | 69593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; Daito Trust Construction Co., <br> Ltd. (JPY) | 145589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp; Daiwa House Industry Co., Ltd. <br> (JPY) | 112056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | East Japan Railway Co. (JPY) | 85303 |

---

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. <br> (JPY) | $91249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11300 | Hulic Co., Ltd. (JPY) | 116586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 | Japan Airlines Co., Ltd. (JPY) | 77512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | Japan Tobacco, Inc. (JPY) | 114882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600 | JFE Holdings, Inc. (JPY) | 64263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | Kao Corp. (JPY) | 109999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700 | KDDI Corp. (JPY) | 91042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 | Kirin Holdings Co., Ltd. (JPY) | 137643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 | MatsukiyoCocokara & Co. (JPY) | 79729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | MEIJI Holdings Co., Ltd. (JPY) | 103823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20700 | &nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. <br> (JPY) | 161989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co., Ltd. <br> (JPY) | 90163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127900 | NTT, Inc. (JPY) | 131460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | Obic Co., Ltd. (JPY) | 96293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | Osaka Gas Co., Ltd. (JPY) | 103812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | Secom Co., Ltd. (JPY) | 104862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp; Sekisui Chemical Co., Ltd. <br> (JPY) | 74638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Sekisui House Ltd. (JPY) | 85939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | Shimadzu Corp. (JPY) | 64629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96800 | SoftBank Corp. (JPY) | 137370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. <br> (JPY) | 99829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co., Ltd. <br> (JPY) | 91624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15200 | Tokyu Corp. (JPY) | 169251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | West Japan Railway Co. (JPY) | 110761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600 | Yakult Honsha Co., Ltd. (JPY) | 83704 |
|  |  | 3483213 |
|  | **Multi-National — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield <br> (EUR) | 115618 |
|  | **Netherlands — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990 | AerCap Holdings N.V. | 128938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2938 | ASR Nederland N.V. (EUR) | 196077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792 | Euronext N.V. (EUR) (c) (d) | 113199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052 | Ferrovial SE (EUR) | 125830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5096 | &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize <br> N.V. (EUR) | 208581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31675 | Koninklijke KPN N.V. (EUR) | 146697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2702 | NN Group N.V. (EUR) | 184936 |
|  |  | 1104258 |
|  | **New Zealand — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30765 | Contact Energy Ltd. (NZD) | 164081 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Norway — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15312 | Orkla ASA (NOK) | $155248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9858 | Telenor ASA (NOK) | 146567 |
|  |  | 301815 |
|  | **Singapore — 13.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153900 | &nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT <br> (SGD) | 333434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209800 | &nbsp;&nbsp;&nbsp; CapitaLand Integrated <br> Commercial Trust (SGD) | 382011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90600 | &nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. <br> (SGD) | 183762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (SGD) | 166978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288400 | Genting Singapore Ltd. (SGD) | 161749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16700 | Keppel Ltd. (SGD) | 130741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp., <br> Ltd. (SGD) | 457936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69400 | Singapore Airlines Ltd. (SGD) | 353505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39100 | &nbsp;&nbsp;&nbsp; Singapore Telecommunications <br> Ltd. (SGD) | 127670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. <br> (SGD) | 391556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152600 | Wilmar International Ltd. (SGD) | 366962 |
|  |  | 3056304 |
|  | **Spain — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122 | Aena SME S.A. (EUR) (c) (d) | 111891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3189 | Endesa S.A. (EUR) | 114280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8476 | Iberdrola S.A. (EUR) | 171607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7434 | Redeia Corp. S.A. (EUR) | 133758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27102 | Telefonica S.A. (EUR) | 137045 |
|  |  | 668581 |
|  | **Sweden — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1905 | Alfa Laval AB (SEK) | 91037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2202 | Assa Abloy AB, Class B (SEK) | 83141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293 | Essity AB, Class B (SEK) | 117896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2532 | &nbsp;&nbsp;&nbsp; Industrivarden AB, Class A <br> (SEK) | 105488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512 | &nbsp;&nbsp;&nbsp; Industrivarden AB, Class C <br> (SEK) | 104497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3218 | Investor AB, Class B (SEK) | 106208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, <br> Class B (SEK) | 118835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4998 | &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken <br> AB, Class A (SEK) | 95433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3163 | Swedbank AB, Class A (SEK) | 96219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25968 | Telia Co., AB (SEK) | 101901 |
|  |  | 1020655 |
|  | **Switzerland — 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | Geberit AG (CHF) | 106495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | Helvetia Holding AG (CHF) | 115288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941 | Novartis AG (CHF) | 116077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | Schindler Holding AG (CHF) | 128876 |

---

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Switzerland (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 | Schindler Holding AG (CHF) | $112659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | SGS S.A. (CHF) | 107652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 | Swiss Life Holding AG (CHF) | 169114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | Swiss Prime Site AG (CHF) | 198844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 | Swisscom AG (CHF) | 217560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG <br> (CHF) | 174351 |
|  |  | 1446916 |
|  | **United Kingdom — 7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2589 | Admiral Group PLC (GBP) | 111422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12666 | Aviva PLC (GBP) | 111250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1342 | &nbsp;&nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC | 119210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3327 | Compass Group PLC (GBP) | 110185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22733 | Haleon PLC (GBP) | 105749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512 | Intertek Group PLC (GBP) | 100607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31651 | M&G PLC (GBP) | 109480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8621 | National Grid PLC (GBP) | 129109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291 | &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC <br> (GBP) | 98638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2547 | RELX PLC (GBP) | 112325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4224 | Shell PLC (GBP) | 158010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3605 | Smiths Group PLC (GBP) | 119249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17276 | Tesco PLC (GBP) | 104263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 | Unilever PLC (GBP) | 165303 |
|  |  | 1654800 |
|  | **Total Investments — 99.1%** | 22358660 |
|  | (Cost $20,846,755) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.9%** | 204763 |
|  | **Net Assets — 100.0%** | $22563423 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Sector Allocation table.

&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) 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: |
| AUD | – Australian Dollar |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| JPY | – Japanese Yen |
| NOK | – Norwegian Krone |
| NZD | – New Zealand Dollar |
| SEK | – Swedish Krona |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Total** <br>**Investments**<br>|
| Financials | &nbsp;&nbsp; 21.6% |
| Industrials | &nbsp;&nbsp; 16.6 |
| Utilities | &nbsp;&nbsp; 16.0 |
| Consumer Staples | &nbsp;&nbsp; 13.2 |
| Real Estate | &nbsp;&nbsp; 12.7 |
| Communication Services | &nbsp;&nbsp;&nbsp; 9.9 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp; 3.1 |
| Health Care | &nbsp;&nbsp;&nbsp; 2.6 |
| Energy | &nbsp;&nbsp;&nbsp; 1.9 |
| All Other | &nbsp;&nbsp;&nbsp; 2.4 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | &nbsp;&nbsp; 29.3% |
| JPY | &nbsp;&nbsp; 15.6 |
| SGD | &nbsp;&nbsp; 13.7 |
| HKD | &nbsp;&nbsp; 11.6 |
| AUD | &nbsp;&nbsp;&nbsp; 7.5 |
| GBP | &nbsp;&nbsp;&nbsp; 6.9 |
| CHF | &nbsp;&nbsp;&nbsp; 6.5 |
| SEK | &nbsp;&nbsp;&nbsp; 4.6 |
| NOK | &nbsp;&nbsp;&nbsp; 1.3 |
| DKK | &nbsp;&nbsp;&nbsp; 1.2 |
| USD | &nbsp;&nbsp;&nbsp; 1.1 |
| NZD | &nbsp;&nbsp;&nbsp; 0.7 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**10/31/2025**<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\* | $22358660 | &nbsp;&nbsp; $22358660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for country breakout.

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments**

**October 31, 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 — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760 | Hexcel Corp. | $125664 |
|  | **Automobile Components —** <br> **1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455 | Autoliv, Inc. | 169944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5503 | Gentex Corp. | 129045 |
|  |  | 298989 |
|  | **Banks — 2.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485 | City Holding Co. | 175052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3372 | Commerce Bancshares, Inc. | 177469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4474 | Hilltop Holdings, Inc. | 144510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2599 | Prosperity Bancshares, Inc. | 171066 |
|  |  | 668097 |
|  | **Building Products — 0.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119 | Armstrong World Industries, Inc. | 213091 |
|  | **Capital Markets — 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 | Affiliated Managers Group, Inc. | 114459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728 | Morningstar, Inc. | 154554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716 | SEI Investments Company | 218937 |
|  |  | 487950 |
|  | **Chemicals — 3.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854 | Balchem Corp. | 284385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2381 | Innospec, Inc. | 175194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 | NewMarket Corp. | 204261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770 | RPM International, Inc. | 193426 |
|  |  | 857266 |
|  | **Commercial Services &** <br> **Supplies — 2.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3752 | ABM Industries, Inc. | 161336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 | Clean Harbors, Inc. (a) | 201669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1972 | MSA Safety, Inc. | 309663 |
|  |  | 672668 |
|  | **Construction & Engineering** <br> **— 1.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | AECOM | 271790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985 | Granite Construction, Inc. | 204276 |
|  |  | 476066 |
|  | **Consumer Finance — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862 | FirstCash Holdings, Inc. | 136627 |
|  | **Consumer Staples Distribution** <br> **& Retail — 3.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8124 | Albertsons Cos., Inc., Class A | 143714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc. (a) | 134685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | Casey's General Stores, Inc. | 171406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933 | Performance Food Group Co. (a) | 186998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3541 | US Foods Holding Corp. (a) | 257147 |
|  |  | 893950 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Containers & Packaging —** <br> **3.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325 | AptarGroup, Inc. | $269723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261 | Crown Holdings, Inc. | 219724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7734 | Graphic Packaging Holding Co. | 123667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914 | Silgan Holdings, Inc. | 151159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3792 | Sonoco Products Co. | 153841 |
|  |  | 918114 |
|  | **Diversified Consumer Services** <br> **— 2.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp; Grand Canyon Education, <br> Inc. (a) | 132375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3671 | H&R Block, Inc. | 182596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3954 | Service Corp. International | 330198 |
|  |  | 645169 |
|  | **Diversified REITs — 1.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5390 | &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br> Inc. | 161053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4285 | WP Carey, Inc. | 282810 |
|  |  | 443863 |
|  | **Electric Utilities — 4.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3015 | IDACORP, Inc. | 388995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 | MGE Energy, Inc. | 130106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9696 | OGE Energy Corp. | 427982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 | Otter Tail Corp. | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4899 | Portland General Electric Co. | 223786 |
|  |  | 1210869 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625 | Arrow Electronics, Inc. (a) | 181269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3726 | Avnet, Inc. | 180524 |
|  |  | 361793 |
|  | **Entertainment — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br> Corp. (a) | 219750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5912 | &nbsp;&nbsp;&nbsp; Warner Music Group Corp., <br> Class A | 188947 |
|  |  | 408697 |
|  | **Financial Services — 3.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7010 | Enact Holdings, Inc. | 250397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3592 | Essent Group Ltd. | 217568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7637 | MGIC Investment Corp. | 209407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4289 | NMI Holdings, Inc. (a) | 156248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4663 | Radian Group, Inc. | 158262 |
|  |  | 991882 |
|  | **Food Products — 4.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14988 | Flowers Foods, Inc. | 178807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3172 | Ingredion, Inc. | 366080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461 | J & J Snack Foods Corp. | 123674 |

---

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 | Marzetti (The) Company | $139073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2892 | Post Holdings, Inc. (a) | 300565 |
|  |  | 1108199 |
|  | **Gas Utilities — 4.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 | Chesapeake Utilities Corp. | 127662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014 | MDU Resources Group, Inc. | 38629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043 | National Fuel Gas Co. | 82303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9210 | New Jersey Resources Corp. | 408003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3834 | Northwest Natural Holding Co. | 174562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1634 | ONE Gas, Inc. | 131030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 | Southwest Gas Holdings, Inc. | 43169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160 | Spire, Inc. | 186624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1759 | UGI Corp. | 58803 |
|  |  | 1250785 |
|  | **Ground Transportation —** <br> **0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 | Landstar System, Inc. | 136264 |
|  | **Health Care Providers &** <br> **Services — 2.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 | Chemed Corp. | 151387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092 | Encompass Health Corp. | 238174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072 | Ensign Group (The), Inc. | 193067 |
|  |  | 582628 |
|  | **Health Care REITs — 3.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 | CareTrust REIT, Inc. | 51629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153 | Healthcare Realty Trust, Inc. | 38151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8786 | LTC Properties, Inc. | 308213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4477 | Omega Healthcare Investors, Inc. | 188168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11143 | Sabra Health Care REIT, Inc. | 198568 |
|  |  | 784729 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1741 | Choice Hotels International, Inc. | 161843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307 | Churchill Downs, Inc. | 129655 |
|  |  | 291498 |
|  | **Household Products — 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10104 | &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, <br> Inc. | 246942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1373 | WD-40 Co. | 266746 |
|  |  | 513688 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 | Ormat Technologies, Inc. | 40527 |
|  | **Industrial REITs — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 | EastGroup Properties, Inc. | 52882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713 | First Industrial Realty Trust, Inc. | 39415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4224 | LXP Industrial Trust | 40086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948 | Rexford Industrial Realty, Inc. | 39171 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Industrial REITs (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 | STAG Industrial, Inc. | $40069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657 | Terreno Realty Corp. | 37534 |
|  |  | 249157 |
|  | **Insurance — 7.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 | American Financial Group, Inc. | 196203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3135 | Assured Guaranty Ltd. | 252618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3307 | CNO Financial Group, Inc. | 132346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395 | Fidelity National Financial, Inc. | 132300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1987 | First American Financial Corp. | 124208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp; Hanover Insurance Group (The), <br> Inc. | 210695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7287 | Old Republic International Corp. | 287545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 | Primerica, Inc. | 159820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp; Reinsurance Group of America, <br> Inc. | 125350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723 | RenaissanceRe Holdings Ltd. | 183707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4086 | RLI Corp. | 240911 |
|  |  | 2045703 |
|  | **Machinery — 3.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3325 | Donaldson Co., Inc. | 280131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916 | Franklin Electric Co., Inc. | 181579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4121 | Graco, Inc. | 336974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995 | ITT, Inc. | 184145 |
|  |  | 982829 |
|  | **Media — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2333 | &nbsp;&nbsp;&nbsp; New York Times (The) Co., <br> Class A | 132958 |
|  | **Metals & Mining — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 | Reliance, Inc. | 174542 |
|  | **Mortgage REITs — 6.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15971 | &nbsp;&nbsp;&nbsp; Annaly Capital Management, <br> Inc. | 338106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10673 | &nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, <br> Inc. | 173116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11723 | &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A | 216641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33919 | Ellington Financial, Inc. | 451801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22972 | Starwood Property Trust, Inc. | 417631 |
|  |  | 1597295 |
|  | **Multi-Utilities — 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6468 | Avista Corp. | 246107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4064 | Black Hills Corp. | 257780 |
|  |  | 503887 |
|  | **Office REITs — 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7098 | COPT Defense Properties | 199951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509 | Cousins Properties, Inc. | 39128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364 | Highwoods Properties, Inc. | 39051 |
|  |  | 278130 |

---

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments (Continued)**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12404 | Antero Midstream Corp. | $213969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1930 | DT Midstream, Inc. | 211316 |
|  |  | 425285 |
|  | **Pharmaceuticals — 1.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8876 | Innoviva, Inc. (a) | 161543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2711 | &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, <br> Inc. (a) | 164287 |
|  |  | 325830 |
|  | **Professional Services — 4.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793 | CSG Systems International, Inc. | 218608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2987 | Exponent, Inc. | 211509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553 | FTI Consulting, Inc. (a) | 256261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3738 | Genpact Ltd. | 142605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3048 | KBR, Inc. | 130576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567 | Korn Ferry | 166085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751 | Maximus, Inc. | 145543 |
|  |  | 1271187 |
|  | **Residential REITs — 1.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp; American Homes 4 Rent, <br> Class A | 147509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3798 | Elme Communities | 62477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3068 | Equity LifeStyle Properties, Inc. | 187302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3224 | Independence Realty Trust, Inc. | 51358 |
|  |  | 448646 |
|  | **Retail REITs — 4.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 | Acadia Realty Trust | 38731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921 | Agree Realty Corp. | 359282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686 | Brixmor Property Group, Inc. | 44106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642 | Curbline Properties Corp. | 37865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1758 | Kite Realty Group Trust | 38922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6379 | NNN REIT, Inc. | 258094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7743 | Phillips Edison & Co., Inc. | 262023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214 | Tanger, Inc. | 39528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1967 | Urban Edge Properties | 37826 |
|  |  | 1116377 |
|  | **Software — 1.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., <br> Class A | 268132 |
|  | **Specialized REITs — 4.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 | CubeSmart | 36427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085 | EPR Properties | 53187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17746 | Four Corners Property Trust, Inc. | 419515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9588 | &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, <br> Inc. | 428200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 | Lamar Advertising Co., Class A | 39846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284 | National Storage Affiliates Trust | 37352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1743 | Rayonier, Inc. | 38468 |
|  |  | 1052995 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Tobacco — 0.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901 | Universal Corp. | $197703 |
|  | **Trading Companies &** <br> **Distributors — 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383 | GATX Corp. | 216923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1902 | &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., <br> Class A | 161499 |
|  |  | 378422 |
|  | **Water Utilities — 1.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1803 | American States Water Co. | 128572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526 | California Water Service Group | 67724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294 | Essential Utilities, Inc. | 89535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 | H2O America | 36583 |
|  |  | 322414 |
|  | **Total Common Stocks** | 26290565 |
|  | (Cost $25,744,194) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56667 | &nbsp;&nbsp;&nbsp; Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.00% (b) | 56667 |
|  | (Cost $56,667) |  |
|  | **Total Investments — 100.0%** | 26347232 |
|  | (Cost $25,800,861) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 11484 |
|  | **Net Assets — 100.0%** | $26358716 |

---

&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 October 31, 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 October 31, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**10/31/2025**<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\* | $26290565 | &nbsp;&nbsp; $26290565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 56667 | &nbsp;&nbsp; 56667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $26347232 | &nbsp;&nbsp; $26347232 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**October 31, 2025 (Unaudited)**

**Valuation Inputs**

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;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs that 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.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Trust Exchange-Traded Fund III

- **b. Investment Company Act file number:** 811-22245

- **c. CIK number of Registrant:** 0001424212

- **d. LEI of Registrant:** 5493003Z20QMESC6XS29

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 120 East Liberty Drive, Suite 400

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

  - **Telephone number:** 630-765-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Trust Horizon Managed Volatility Small/Mid ETF

- **b. EDGAR series identifier (if any):** S000068212

- **c. LEI of Series:** 5493003PJU7KHDQNZ665

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $26376984.37

**Total Liabilities:** $19412.83

**Net Assets:** $26357571.54

**Cash Not Reported:** $170.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218390 | 4.07%                | -0.81%               | -3.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1045247.99                                |
| Month 2  | $-3962.02                | $-298198.08                                |
| Month 3  | $135658.68               | $-1091596.79                               |

### Schedule of Portfolio Investments

| Name                               | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prosperity Bancshares Inc          | Prosperity Bancshares Inc             | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2599 | NS      | $171066.18    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp              | Antero Midstream Corp                 | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12404 | NS      | $213969.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                            | KBR Inc                               | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      3048 | NS      | $130576.32    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In     | Four Corners Property Trust Inc       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     17746 | NS      | $419515.44    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp              | US Foods Holding Corp                 | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      3541 | NS      | $257147.42    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                 | CareTrust REIT Inc                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      1490 | NS      | $51628.50     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc           | Granite Construction Inc              | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      1985 | NS      | $204276.35    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corp            | Warner Music Group Corp               | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5912 | NS      | $188947.52    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                           | WD-40 Co                              | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |      1373 | NS      | $266746.44    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co       | Portland General Electric Co          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      4899 | NS      | $223786.32    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                     | MSA Safety Inc                        | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      1972 | NS      | $309663.16    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I     | Reinsurance Group of America Inc      | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       687 | NS      | $125350.02    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd               | Assured Guaranty Ltd                  | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      3135 | NS      | $252618.30    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp              | Encompass Health Corp                 | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      2092 | NS      | $238174.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                   | Elme Communities                      | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |      3798 | NS      | $62477.10     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc      | Independence Realty Trust Inc         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |      3224 | NS      | $51358.32     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc     | Armstrong World Industries Inc        | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      1119 | NS      | $213091.17    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                       | NNN REIT Inc                          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      6379 | NS      | $258094.34    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th     | Hanover Insurance Group Inc/The       | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      1233 | NS      | $210695.04    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group     | California Water Service Group        | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      1526 | NS      | $67723.88     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I     | Prestige Consumer Healthcare Inc      | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2711 | NS      | $164286.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc         | Grand Canyon Education Inc            | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       703 | NS      | $132374.90    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co       | Northwest Natural Holding Co          | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      3834 | NS      | $174562.02    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA                  | Universal Corp/VA                     | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      3901 | NS      | $197702.68    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc        | Healthcare Realty Trust Inc           | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      2153 | NS      | $38151.16     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                   | Black Hills Corp                      | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      4064 | NS      | $257779.52    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc        | Starwood Property Trust Inc           | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     22972 | NS      | $417630.96    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                | Silgan Holdings Inc                   | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      3914 | NS      | $151158.68    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In     | Equity LifeStyle Properties Inc       | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      3068 | NS      | $187301.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                 | Sonoco Products Co                    | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      3792 | NS      | $153841.44    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr     | Essential Properties Realty Trust Inc | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      5390 | NS      | $161053.20    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                        | Avista Corp                           | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      6468 | NS      | $246107.40    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                        | H2O America                           | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       791 | NS      | $36583.75     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc           | Highwoods Properties Inc              | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      1364 | NS      | $39051.32     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties      | Gaming and Leisure Properties Inc     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      9588 | NS      | $428200.08    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                            | ITT Inc                               | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |       995 | NS      | $184144.65    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                     | AptarGroup Inc                        | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2325 | NS      | $269723.25    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent              | American Homes 4 Rent                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      4668 | NS      | $147508.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc           | Phillips Edison & Co Inc              | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |      7743 | NS      | $262023.12    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In     | Fidelity National Financial Inc       | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      2395 | NS      | $132299.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc      | CSG Systems International Inc         | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      2793 | NS      | $218608.11    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                       | Reliance Inc                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       618 | NS      | $174541.74    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc         | Casey's General Stores Inc            | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       334 | NS      | $171405.46    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                  | Agree Realty Corp                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4921 | NS      | $359282.21    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                    | Otter Tail Corp                       | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       518 | NS      | $39999.96     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc         | Sabra Health Care REIT Inc            | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     11143 | NS      | $198568.26    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc               | Hilltop Holdings Inc                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |      4474 | NS      | $144510.20    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust      | First Industrial Realty Trust Inc     | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       713 | NS      | $39414.64     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO         | Commerce Bancshares Inc/MO            | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3372 | NS      | $177468.36    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                     | NewMarket Corp                        | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |       266 | NS      | $204261.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc      | Blackstone Mortgage Trust Inc         | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     11723 | NS      | $216641.04    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc              | Arrow Electronics Inc                 | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      1625 | NS      | $181268.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                          | Graco Inc                             | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      4121 | NS      | $336974.17    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc        | ARMOUR Residential REIT Inc           | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |     10673 | NS      | $173116.06    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C     | Madison Square Garden Sports Corp     | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1025 | NS      | $219749.75    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                   | Radian Group Inc                      | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      4663 | NS      | $158262.22    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                | Acadia Realty Trust                   | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |      2031 | NS      | $38731.17     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc             | FirstCash Holdings Inc                | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       862 | NS      | $136627.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                   | DT Midstream Inc                      | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1930 | NS      | $211315.70    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                           | UGI Corp                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      1759 | NS      | $58803.37     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                              | AECOM                                 | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      2023 | NS      | $271790.05    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                | Churchill Downs Inc                   | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |      1307 | NS      | $129654.40    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                        | Hexcel Corp                           | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |      1760 | NS      | $125664.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                        | ONE Gas Inc                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      1634 | NS      | $131030.46    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                  | Clean Harbors Inc                     | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |       958 | NS      | $201668.58    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                   | Donaldson Co Inc                      | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      3325 | NS      | $280131.25    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                 | ABM Industries Inc                    | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      3752 | NS      | $161336.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                          | Spire Inc                             | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |      2160 | NS      | $186624.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                      | H&R Block Inc                         | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      3671 | NS      | $182595.54    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                   | Essent Group Ltd                      | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      3592 | NS      | $217567.44    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In     | Choice Hotels International Inc       | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      1741 | NS      | $161843.36    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co           | American States Water Co              | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1803 | NS      | $128571.93    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                          | CubeSmart                             | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       967 | NS      | $36426.89     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd         | RenaissanceRe Holdings Ltd            | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       723 | NS      | $183707.07    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                        | Chemed Corp                           | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       351 | NS      | $151386.30    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                       | Innoviva Inc                          | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      8876 | NS      | $161543.20    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                     | EPR Properties                        | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      1085 | NS      | $53186.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                         | Korn Ferry                            | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      2567 | NS      | $166084.90    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp             | J & J Snack Foods Corp                | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |      1461 | NS      | $123673.65    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                        | Maximus Inc                           | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      1751 | NS      | $145543.12    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc      | Affiliated Managers Group Inc         | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       481 | NS      | $114458.76    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                          | Avnet Inc                             | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      3726 | NS      | $180524.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                        | IDACORP Inc                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      3015 | NS      | $388995.30    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc            | MDU Resources Group Inc               | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2014 | NS      | $38628.52     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc     | Reynolds Consumer Products Inc        | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |     10104 | NS      | $246941.76    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I     | BJ's Wholesale Club Holdings Inc      | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1526 | NS      | $134684.76    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties            | COPT Defense Properties               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      7098 | NS      | $199950.66    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc       | MSC Industrial Direct Co Inc          | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |      1902 | NS      | $161498.82    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The              | New York Times Co/The                 | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      2333 | NS      | $132957.67    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                    | City Holding Co                       | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1485 | NS      | $175051.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                       | Balchem Corp                          | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      1854 | NS      | $284385.06    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                     | MGE Energy Inc                        | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1570 | NS      | $130105.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                 | Enact Holdings Inc                    | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |      7010 | NS      | $250397.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                    | OGE Energy Corp                       | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      9696 | NS      | $427981.44    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                 | Crown Holdings Inc                    | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      2261 | NS      | $219723.98    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor     | Old Republic International Corp       | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      7287 | NS      | $287545.02    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                  | Flowers Foods Inc                     | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     14988 | NS      | $178806.84    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust               | LXP Industrial Trust                  | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      4224 | NS      | $40085.76     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc              | RPM International Inc                 | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      1770 | NS      | $193425.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                | Terreno Realty Corp                   | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       657 | NS      | $37534.41     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                        | Gentex Corp                           | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      5503 | NS      | $129045.35    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties              | Urban Edge Properties                 | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1967 | NS      | $37825.41     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                | STAG Industrial Inc                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |      1047 | NS      | $40068.69     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                 | LTC Properties Inc                    | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      8786 | NS      | $308212.88    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co          | Performance Food Group Co             | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      1933 | NS      | $186998.42    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co               | National Fuel Gas Co                  | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1043 | NS      | $82303.13     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc            | Ellington Financial Inc               | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     33919 | NS      | $451801.08    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management    | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |     56667 | NS      | $56666.88     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                         | Tanger Inc                            | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      1214 | NS      | $39527.84     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc     | Omega Healthcare Investors Inc        | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      4477 | NS      | $188168.31    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                    | Morningstar Inc                       | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       728 | NS      | $154554.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc      | Rexford Industrial Realty Inc         | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |       948 | NS      | $39171.36     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust            | Kite Realty Group Trust               | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1758 | NS      | $38922.12     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc         | Brixmor Property Group Inc            | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      1686 | NS      | $44105.76     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                 | FTI Consulting Inc                    | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      1553 | NS      | $256260.53    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc           | EastGroup Properties Inc              | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |       303 | NS      | $52882.59     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O     | American Financial Group Inc/OH       | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      1490 | NS      | $196203.20    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc           | Franklin Electric Co Inc              | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      1916 | NS      | $181579.32    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                       | WP Carey Inc                          | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      4285 | NS      | $282810.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp          | Chesapeake Utilities Corp             | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |      1003 | NS      | $127661.84    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                        | Autoliv Inc                           | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      1455 | NS      | $169944.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp      | First American Financial Corp         | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |      1987 | NS      | $124207.37    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp           | Curbline Properties Corp              | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |      1642 | NS      | $37864.52     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co               | Lamar Advertising Co                  | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |       336 | NS      | $39846.24     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc            | Essential Utilities Inc               | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |      2294 | NS      | $89534.82     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                       | Innospec Inc                          | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      2381 | NS      | $175193.98    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                | Landstar System Inc                   | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      1061 | NS      | $136264.23    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp               | MGIC Investment Corp                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      7637 | NS      | $209406.54    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                           | RLI Corp                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      4086 | NS      | $240910.56    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc            | CNO Financial Group Inc               | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      3307 | NS      | $132346.14    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr     | National Storage Affiliates Trust     | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |      1284 | NS      | $37351.56     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc             | Cousins Properties Inc                | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      1509 | NS      | $39128.37     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc                 | Albertsons Cos Inc                    | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |      8124 | NS      | $143713.56    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                       | Rayonier Inc                          | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      1743 | NS      | $38468.01     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc         | Southwest Gas Holdings Inc            | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |       543 | NS      | $43168.50     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                 | SEI Investments Co                    | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      2716 | NS      | $218936.76    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US      | Service Corp International/US         | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      3954 | NS      | $330198.54    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                      | Primerica Inc                         | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |       615 | NS      | $159820.05    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The               | Marzetti Company/The                  | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |       887 | NS      | $139072.73    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co       | Graphic Packaging Holding Co          | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7734 | NS      | $123666.66    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corp                          | GATX Corp                             | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      1383 | NS      | $216923.55    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The               | Ensign Group Inc/The                  | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      1072 | NS      | $193067.20    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc             | Dolby Laboratories Inc                | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |      4043 | NS      | $268131.76    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                      | Ingredion Inc                         | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      3172 | NS      | $366080.52    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                  | Post Holdings Inc                     | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      2892 | NS      | $300565.56    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp          | New Jersey Resources Corp             | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |      9210 | NS      | $408003.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                   | NMI Holdings Inc                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      4289 | NS      | $156248.27    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc      | Annaly Capital Management Inc         | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15971 | NS      | $338106.07    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                       | Exponent Inc                          | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      2987 | NS      | $211509.47    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc             | Ormat Technologies Inc                | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |       381 | NS      | $40526.97     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                        | Genpact Ltd                           | CUSIP: 000000000<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | US        |      3738 | NS      | $142604.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** First Trust Exchange-Traded Fund III

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

**Title:** Treasurer, Chief Financial Officer and Chief Accounting Officer