# EDGAR Filing Document

**Accession Number:** 0001329377
**File Stem:** 0001445546-26-001944
**Filing Date:** 2026-3
**Character Count:** 1106463
**Document Hash:** 1b22a1cd2817ec7703e341bc00c1e6a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-26-001944.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001445546-26-001944

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21774
- **FILM NUMBER:** 26741782

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

### First Trust Nasdaq-100 Select Equal Weight ETF (Series ID: S000011047)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000030477 | First Trust Nasdaq-100 Select Equal Weight ETF | QQEW            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 4250d982-213c-47e8-9fb5-c2484a270897

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

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

811-21774

First Trust Exchange-Traded Fund

(Exact name of registrant as specified in charter)

------

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

Date of fiscal year end:

December 31

Date of reporting period:

December 31, 2025

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

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Dow Jones Select MicroCap Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Dow Jones Select MicroCap Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dow Jones Select MicroCap Index Fund | $670.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 18.62% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the Russell 2000<sup>®</sup> Index, which returned 12.81% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 33.5% and contributed 7.7% to overall Fund return, the greatest contribution of any sector. Investments in the Communication Services sector contributed -1.4% to overall Fund return, the most negative contribution of any sector, and held an average weight of 2.5%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Dow Jones Select MicroCap Index Fund | 18.62% | 12.48% | 10.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones Select MicroCap Index<sup>SM</sup> | 19.45% | 13.20% | 11.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/FDM for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215165534 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$840056 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;83% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Stoke Therapeutics, Inc. | 2.4% |
| TETRA Technologies, Inc. | 1.8% |
| GigaCloud Technology, Inc., Class A | 1.5% |
| Deluxe Corp. | 1.5% |
| Plymouth Industrial REIT, Inc. | 1.4% |
| Ameresco, Inc., Class A | 1.3% |
| Horizon Bancorp, Inc. | 1.3% |
| Universal Insurance Holdings, Inc. | 1.2% |
| Central Pacific Financial Corp. | 1.2% |
| Hanmi Financial Corp. | 1.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229013.jpg)

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

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

First Trust Dow Jones Select MicroCap Index Fund (FDM)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Morningstar Dividend Leaders Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Morningstar Dividend Leaders Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust Morningstar Dividend Leaders Index Fund | $47 | 0.44% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 14.88% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, investments in the Energy sector received the greatest allocation of any sector, with an average weight of 19.3% and contributed 0.8% to overall Fund return. With an average weight of 18.8%, investments in the Health Care sector contributed 5.2% to overall Fund return, the greatest contribution of any sector. Investments in the Materials sector contributed -0.9% to overall Fund return, the most negative contribution of any sector, and held an average weight of 2.1%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Morningstar Dividend Leaders Index Fund | 14.88% | 12.98% | 10.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar<sup>®</sup> Dividend Leaders Index<sup>SM</sup> | 15.49% | 13.54% | 11.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

 **Visit www.ftportfolios.com/etf/FDL for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6124194200 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$16092587 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 10.2% |
| Chevron Corp. | 8.4% |
| Verizon Communications, Inc. | 7.4% |
| Pfizer, Inc. | 6.1% |
| Merck & Co., Inc. | 5.5% |
| PepsiCo, Inc. | 4.9% |
| Altria Group, Inc. | 4.6% |
| Comcast Corp., Class A | 3.5% |
| Bristol-Myers Squibb Co. | 3.4% |
| United Parcel Service, Inc., Class B | 3.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229055.jpg)

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

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

First Trust Morningstar Dividend Leaders Index Fund (FDL)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust US Equity Opportunities ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust US Equity Opportunities ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust US Equity Opportunities ETF$68<sup>(1)</sup>0.57%<sup>(1)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 37.75% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the Russell 3000<sup>®</sup> Index, which returned 17.15% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 31.5% and contributed 17.8% to overall Fund return, the greatest contribution of any sector. Investments in the Materials and Energy sectors each contributed -0.1% to overall Fund return, the most negative contributions of any sectors and held average weights of 0.6% and 2.5%, respectively.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229087.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust US Equity Opportunities ETF | 37.75% | 7.19% | 12.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;IPOX<sup>®</sup>-100 U.S. Index | 38.00% | 7.66% | 13.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/FPX for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1204556866 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3863019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;83% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| GE Vernova, Inc. | 9.8% |
| AppLovin Corp., Class A | 7.5% |
| Palantir Technologies, Inc., Class A | 4.6% |
| Constellation Energy Corp. | 4.5% |
| International Business Machines Corp. | 4.1% |
| Medline, Inc., Class A | 4.0% |
| Warner Bros. Discovery, Inc. | 2.8% |
| DoorDash, Inc., Class A | 2.6% |
| Samsara, Inc., Class A | 2.5% |
| AST SpaceMobile, Inc. | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229097.jpg)

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

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

First Trust US Equity Opportunities ETF (FPX)

![TSR - First Trust Fund Logo](images_30345.jpg)

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

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FBT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | $63 | 0.56% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 24.09% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the S&P Composite 1500<sup>®</sup> Health Care Index, which returned 13.71% for the same Period.

During the Period, investments were highly concentrated in the Biotechnology industry, which received the greatest allocation of any industry, with an average weight of 79.2% and contributed 21.1% to overall Fund return, the greatest contribution of any industry. No industry represented a negative contribution to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229213.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 24.09% | 4.29% | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index | 24.77% | 4.78% | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Health Care Index | 13.71% | 7.54% | 9.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Biotechnology Index<sup>®</sup> | 33.43% | 4.52% | 5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

 **Visit www.ftportfolios.com/etf/FBT for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1328046239 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4468190 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Exact Sciences Corp. | 5.1% |
| Illumina, Inc. | 4.1% |
| Regeneron Pharmaceuticals, Inc. | 4.0% |
| Krystal Biotech, Inc. | 4.0% |
| Natera, Inc. | 4.0% |
| Bruker Corp. | 3.9% |
| ACADIA Pharmaceuticals, Inc. | 3.9% |
| Veracyte, Inc. | 3.6% |
| Biogen, Inc. | 3.5% |
| Incyte Corp. | 3.5% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229223.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Dow Jones Internet Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Dow Jones Internet Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| First Trust Dow Jones Internet Index Fund | $53 | 0.50% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 10.59% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500<sup>®</sup> Information Technology Index, which returned 23.81% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 34.7% and contributed 1.2% to overall Fund return. With an average weight of 32.0%, investments in the Communication Services sector contributed 8.9% to overall Fund return, the greatest contribution of any sector. Investments in the Financials sector contributed -1.2% to overall Fund return, the most negative contribution of any sector, and held an average weight of 3.0%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229255.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Dow Jones Internet Index Fund | 10.59% | 4.86% | 13.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones Internet Composite Index<sup>SM</sup> | 11.15% | 5.38% | 14.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Information Technology Index | 23.81% | 20.50% | 23.89% |

---

**Visit www.ftportfolios.com/etf/FDN for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6554761247 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$27413907 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Meta Platforms, Inc., Class A | 10.3% |
| Amazon.com, Inc. | 10.1% |
| Netflix, Inc. | 8.5% |
| Cisco Systems, Inc. | 6.5% |
| Alphabet, Inc., Class A | 5.5% |
| Booking Holdings, Inc. | 4.6% |
| Salesforce, Inc. | 4.6% |
| Arista Networks, Inc. | 4.5% |
| Alphabet, Inc., Class C | 4.4% |
| DoorDash, Inc., Class A | 3.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229265.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

First Trust Dow Jones Internet Index Fund (FDN)

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### FTCS \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Capital Strength<sup>®</sup> ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTCS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust Capital Strength<sup>®</sup> ETF | $56 | 0.54% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 6.39% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 24.5% and contributed 0.9% to overall Fund return. With an average weight of 19.8%, investments in the Financials sector contributed 2.2% to overall Fund return, the greatest contribution of any sector. Investments in the Information Technology sector contributed -0.6% to overall Fund return, the most negative contribution of any sector, and held an average weight of 12.9%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Capital Strength<sup>®</sup> ETF | 6.39% | 7.85% | 10.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Capital Strength<sup>TM</sup> Index | 7.00% | 8.47% | 11.33% |

---

 **Visit www.ftportfolios.com/etf/FTCS for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$8054612436 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$40772724 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;117% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Cognizant Technology Solutions Corp., Class A | 2.5% |
| Expeditors International of Washington, Inc. | 2.5% |
| Cummins, Inc. | 2.5% |
| Dover Corp. | 2.3% |
| Ross Stores, Inc. | 2.3% |
| Cisco Systems, Inc. | 2.2% |
| Monster Beverage Corp. | 2.2% |
| Moody's Corp. | 2.2% |
| Johnson & Johnson | 2.1% |
| TJX (The) Cos., Inc. | 2.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229307.jpg)

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

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

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Value Line<sup>®</sup> Dividend Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FVD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | $66 | 0.63% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 8.19% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 19.4% and contributed 2.1% to overall Fund return. With an average weight of 14.0%, investments in the Financials sector contributed 3.0% to overall Fund return, the greatest contribution of any sector. Investments in the Consumer Staples sector contributed -1.4% to overall Fund return, the most negative contribution of any sector, and held an average weight of 13.9%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229381.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Value Line<sup>®</sup> Dividend Index Fund | 8.19% | 7.95% | 9.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Value Line<sup>®</sup> Dividend Index | 8.96% | 8.72% | 10.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Value Index | 13.19% | 12.96% | 11.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones U.S. Select Dividend Index | 12.12% | 12.43% | 10.83% |

---

 **Visit www.ftportfolios.com/etf/FVD for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$8386101858 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$43421562 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| BCE, Inc. | 0.4% |
| TELUS Corp. | 0.4% |
| T-Mobile US, Inc. | 0.4% |
| Takeda Pharmaceutical Co., Ltd., ADR | 0.4% |
| Motorola Solutions, Inc. | 0.4% |
| Pembina Pipeline Corp. | 0.4% |
| Rogers Communications, Inc., Class B | 0.4% |
| Dominion Energy, Inc. | 0.4% |
| Comcast Corp., Class A | 0.4% |
| AT&T, Inc. | 0.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229391.jpg)

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### FTGS \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Growth Strength<sup>TM</sup> ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTGS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Growth Strength<sup>TM</sup> ETF | $650.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 12.83% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 27.2% and contributed 6.9% to overall Fund return, the greatest contribution of any sector. Investments in the Consumer Discretionary sector contributed

–1.2% to overall Fund return, the most negative contribution of any sector, and held an average weight of 12.0%.

#### FUND PERFORMANCE (October 25, 2022 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228919.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **Since<br> Inception<br> (10/25/22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Growth Strength<sup>TM</sup> ETF | 12.83% | 19.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Growth Strength™ Index | 13.48% | 20.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 21.49% |

---

 **Visit www.ftportfolios.com/etf/FTGS for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1259159203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6767298 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Eli Lilly & Co. | 2.7% |
| Apollo Global Management, Inc. | 2.4% |
| SLB Ltd. | 2.4% |
| Incyte Corp. | 2.3% |
| United Therapeutics Corp. | 2.3% |
| AppLovin Corp., Class A | 2.3% |
| Newmont Corp. | 2.2% |
| Monster Beverage Corp. | 2.2% |
| Caterpillar, Inc. | 2.2% |
| Moody's Corp. | 2.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228929.jpg)

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FTGS or upon request at 1-800-621-1675 or info@ftportfolios.com.

During the fiscal year ended December 31, 2025, the Fund's diversification status under the Investment Company Act of 1940 changed from non-diversified to diversified. The Fund's principal investment strategies and principal risks were revised accordingly.

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Indxx Aerospace & Defense ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Indxx Aerospace & Defense ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/MISL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Indxx Aerospace & Defense ETF | $740.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 41.24% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, investments in the Aerospace & Defense sub-industry received the greatest allocation of any sub-industry in the Fund, with an average weight of 86.6% and contributed 36.8% to overall Fund return, the greatest contribution of any sub-industry. No sub-industry represented a negative contribution to Fund return.

#### FUND PERFORMANCE (October 25, 2022 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228877.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **Since<br> Inception<br> (10/25/22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Indxx Aerospace & Defense ETF | 41.24% | 26.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indxx US Aerospace & Defense Index | 42.13% | 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 21.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Aerospace & Defense Index | 44.15% | 23.80% |

---

 **Visit www.ftportfolios.com/etf/MISL for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1289557618 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1272776 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| RTX Corp. | 9.1% |
| Boeing (The) Co. | 8.8% |
| General Electric Co. | 8.3% |
| General Dynamics Corp. | 7.9% |
| Lockheed Martin Corp. | 7.5% |
| Howmet Aerospace, Inc. | 4.4% |
| Rocket Lab Corp. | 4.3% |
| HEICO Corp. | 4.1% |
| TransDigm Group, Inc. | 4.1% |
| L3Harris Technologies, Inc. | 4.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228887.jpg)

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

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

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

First Trust Indxx Aerospace & Defense ETF (MISL)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Bloomberg Inflation Sensitive Equity ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Bloomberg Inflation Sensitive Equity ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTIF. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Bloomberg Inflation Sensitive Equity ETF | $630.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 7.73% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 35.1% and contributed 2.7% to overall Fund return. With an average weight of 18.2%, investments in the Materials sector contributed 5.7% to overall Fund return, the greatest contribution of any sector. Investments in the Energy sector contributed –0.9% to overall Fund return, the most negative contribution of any sector, and held an average weight of 28.0%.

#### FUND PERFORMANCE (March 13, 2023 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229801.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **Since<br> Inception<br> (3/13/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Bloomberg Inflation Sensitive Equity ETF | 7.73% | 7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Inflation Sensitive Equity Index | 8.54% | 8.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 24.47% |

---

 **Visit www.ftportfolios.com/etf/FTIF for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1136899 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6465 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;111% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Alcoa Corp. | 3.4% |
| Weatherford International PLC | 3.0% |
| Caterpillar, Inc. | 2.8% |
| Commercial Metals Co. | 2.7% |
| CRH PLC | 2.6% |
| Vertiv Holdings Co., Class A | 2.4% |
| Parker-Hannifin Corp. | 2.4% |
| Keysight Technologies, Inc. | 2.4% |
| GE Vernova, Inc. | 2.4% |
| Valero Energy Corp. | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229811.jpg)

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

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

First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Nasdaq-100 Select Equal Weight ETF

#### QQEW \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Nasdaq-100 Select Equal Weight ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QQEW. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

**This report describes changes to the Fund that occurred during or after the reporting period.**

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Nasdaq-100 Select Equal Weight ETF | $610.57%<sup>(1)</sup> |

---

<sup>(1)</sup> Prior to December 22, 2025, the Fund had a non-unitary fee structure. Effective December 22, 2025, the Fund began charging an annual unitary management fee of 0.55%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 14.33% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the Nasdaq-100 Index<sup>®</sup>, which returned 21.02% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 41.0% and contributed 9.2% to overall Fund return, the greatest contribution of any sector. Investments in the Industrials sector contributed -0.8% to overall Fund return, the most negative contribution of any sector, and held an average weight of 11.1%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229129.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Nasdaq-100 Select Equal Weight ETF | 14.33% | 7.66% | 13.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq-100 Select Equal Weight<sup>TM</sup>Index<sup>(1) (2)</sup> | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq-100 Equal Weighted<sup>TM</sup> Index | 14.99% | 8.20% | 13.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | 21.02% | 15.30% | 19.70% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

(2) On December 22, 2025, the Fund's underlying index changed from the Nasdaq-100 Equal Weighted<sup>TM</sup> Index to the Nasdaq-100 Select Equal Weight<sup>TM</sup> Index. Therefore, the Fund's performance and historical returns shown for the periods prior to this date are not necessarily indicative of the performance that the Fund, based on its current index, would have generated.

**Visit www.ftportfolios.com/etf/QQEW for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1882453550 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7528318 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| PDD Holdings, Inc., ADR | 2.1% |
| T-Mobile US, Inc. | 2.1% |
| CoStar Group, Inc. | 2.1% |
| NVIDIA Corp. | 2.1% |
| Verisk Analytics, Inc. | 2.1% |
| Broadcom, Inc. | 2.0% |
| ASML Holding N.V. | 2.0% |
| MercadoLibre, Inc. | 2.0% |
| Atlassian Corp., Class A | 2.0% |
| AstraZeneca PLC, ADR | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229139.jpg)

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

Repurchase agreements are held as collateral for securities lending arrangements.

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/QQEW or upon request at 1-800-621-1675 or info@ftportfolios.com.

Effective December 22, 2025, the Fund's name changed to "First Trust Nasdaq-100 Select Equal Weight ETF." During the fiscal year ended December 31, 2025, the Fund changed its investment objective to track the Nasdaq-100 Select Equal Weight<sup>TM</sup> Index and entered into a new investment management agreement that established a unitary fee structure. In connection with the unitary fee structure, the Advisor will receive a management fee starting at an annual rate equal to 0.55% of the Fund's average daily net assets (subject to reduction at certain levels of Fund assets, if applicable). Both changes were approved by the Fund's shareholders.

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

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

First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### QTEC \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust NASDAQ-100-Technology Sector Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QTEC. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust NASDAQ-100-Technology Sector Index Fund | $62 | 0.56% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 22.44% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Information Technology Index, which returned 24.04% for the same Period.

During the Period, investments in the Semiconductors & Semiconductor Equipment industry received the greatest allocation of any industry, with an average weight of 41.4% and contributed 15.7% to overall Fund return, the greatest of any industry. Investments in the Professional Services industry contributed -1.0% to overall Fund return, the most negative of any industry, and held an average weight of 0.9%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229171.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust NASDAQ-100-Technology Sector Index Fund | 22.44% | 10.83% | 18.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq-100 Technology Sector<sup>TM</sup> Index | 23.14% | 11.47% | 19.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Information Technology Index | 24.04% | 20.91% | 24.30% |

---

 **Visit www.ftportfolios.com/etf/QTEC for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2888643382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$12042667 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Micron Technology, Inc. | 2.5% |
| PDD Holdings, Inc., ADR | 2.4% |
| NVIDIA Corp. | 2.4% |
| Broadcom, Inc. | 2.3% |
| ASML Holding N.V. | 2.3% |
| Synopsys, Inc. | 2.3% |
| Marvell Technology, Inc. | 2.3% |
| Atlassian Corp., Class A | 2.3% |
| Advanced Micro Devices, Inc. | 2.3% |
| Applied Materials, Inc. | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229181.jpg)

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

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### QQXT \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust NASDAQ-100 Ex-Technology Sector Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QQXT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | $60 | 0.58% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 7.91% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Index, which returned 17.37% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 19.4% and contributed -0.9% to overall Fund return, the most negative contribution of any sector. With an average weight of 18.2%, investments in the Health Care sector contributed 3.9% to overall Fund return, the greatest contribution of any sector.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229423.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 7.91% | 5.55% | 9.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq-100 Ex-Tech Sector<sup>TM</sup> Index | 8.54% | 6.04% | 10.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/QQXT for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$213605798 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2832746 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| CoStar Group, Inc. | 1.8% |
| Take-Two Interactive Software, Inc. | 1.8% |
| T-Mobile US, Inc. | 1.8% |
| Warner Bros. Discovery, Inc. | 1.8% |
| Verisk Analytics, Inc. | 1.8% |
| Baker Hughes Co. | 1.8% |
| Costco Wholesale Corp. | 1.8% |
| Linde PLC | 1.8% |
| Amazon.com, Inc. | 1.8% |
| Xcel Energy, Inc. | 1.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229433.jpg)

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### QCLN \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QCLN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | $68 | 0.59% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 31.66% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the Russell 2000<sup>®</sup> Index, which returned 12.81% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 33.5% and contributed 2.2% to overall Fund return. With an average weight of 24.7%, investments in the Industrials sector contributed 19.3% to overall Fund return, the greatest of any sector. No sector represented a negative contribution to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229465.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 31.66% | -8.28% | 11.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq<sup>®</sup> Clean Edge<sup>®</sup> Green Energy<sup>TM</sup> Index | 32.04% | -8.08% | 11.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/QCLN for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$534929799 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1859846 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Rivian Automotive, Inc., Class A | 9.3% |
| ON Semiconductor Corp. | 8.4% |
| Tesla, Inc. | 8.3% |
| First Solar, Inc. | 7.6% |
| Bloom Energy Corp., Class A | 6.3% |
| Albemarle Corp. | 4.3% |
| Acuity, Inc. | 3.9% |
| Nextpower, Inc., Class A | 3.8% |
| Brookfield Renewable Partners, L.P. | 3.4% |
| Advanced Energy Industries, Inc. | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229475.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust S&P REIT Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust S&P REIT Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FRI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust S&P REIT Index Fund | $520.51%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.50%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 2.82% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Index, which returned 17.15% for the same Period.

During the Period, investments in Health Care REITs received the greatest allocation of any category, with an average weight of 17.1% and contributed 4.3% to overall Fund return, the greatest contribution of any category. Investments in Data Center REITs contributed -1.7% to overall Fund return, the most negative contribution of any category, and held an average weight of 11.3%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229507.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust S&P REIT Index Fund | 2.82% | 6.16% | 5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P United States REIT Index | 3.01% | 6.58% | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE EPRA/NAREIT North America Index | 3.17% | 6.06% | 5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/FRI for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$148878078 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$450351 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Welltower, Inc. | 9.6% |
| Prologis, Inc. | 9.2% |
| Equinix, Inc. | 5.6% |
| Simon Property Group, Inc. | 4.6% |
| Realty Income Corp. | 4.4% |
| Digital Realty Trust, Inc. | 4.3% |
| Public Storage | 3.5% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class | 3.4% |
| Ventas, Inc. | 3.1% |
| VICI Properties, Inc. | 2.6% |

---

 **REIT Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229517.jpg)

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

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

First Trust S&P REIT Index Fund (FRI)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Water ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Water ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FIW. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust Water ETF | $54 | 0.52% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 7.19% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Index, which returned 17.15% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 56.3% and contributed 4.5% to overall Fund return, the greatest contribution of any sector. Investments in the Consumer Staples sector contributed -1.6% to overall Fund return, the most negative contribution of any sector, and held an average weight of 2.8%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229549.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Water ETF | 7.19% | 9.24% | 14.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;ISE Clean Edge Water<sup>TM</sup> Index | 7.78% | 9.97% | 15.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/FIW for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1895775023 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7398909 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Waters Corp. | 5.2% |
| Agilent Technologies, Inc. | 4.4% |
| IDEXX Laboratories, Inc. | 4.3% |
| Pentair PLC | 4.0% |
| Ferguson Enterprises, Inc. | 3.9% |
| Xylem, Inc. | 3.9% |
| Ecolab, Inc. | 3.9% |
| IDEX Corp. | 3.9% |
| Veralto Corp. | 3.8% |
| American Water Works Co., Inc. | 3.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229559.jpg)

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

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

First Trust Water ETF (FIW)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Natural Gas ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Natural Gas ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust Natural Gas ETF | $58 | 0.59% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -2.16% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500<sup>®</sup> Energy Index, which returned 7.69% for the same Period.

During the Period, investments in the Oil & Gas Exploration & Production sub-industry received the greatest allocation of any sub-industry, with an average weight of 83.9% and contributed -2.2% to overall Fund return, the most negative of any sub-industry. Investments in the Gas Utilities

sub-industry contributed 0.7% to overall Fund return, the greatest contribution of any sub-industry, and held an average weight of 2.5%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229591.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Natural Gas ETF | -2.16% | 25.01% | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;ISE-Revere Natural Gas<sup>TM</sup> Index | -1.53% | 25.83% | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Energy Index | 7.69% | 23.58% | 7.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/FCG for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$445938833 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1484691 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| ConocoPhillips | 4.8% |
| Hess Midstream, L.P., Class A | 4.6% |
| Western Midstream Partners, L.P. | 4.5% |
| Occidental Petroleum Corp. | 4.4% |
| EOG Resources, Inc. | 4.4% |
| Diamondback Energy, Inc. | 4.4% |
| Devon Energy Corp. | 4.1% |
| EQT Corp. | 4.0% |
| Coterra Energy, Inc. | 4.0% |
| Expand Energy Corp. | 3.9% |

---

 **Sub-Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229601.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

First Trust Natural Gas ETF (FCG)

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### QABA \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QABA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | $620.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 4.52% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500<sup>®</sup> Financials Index, which returned 14.34% for the same Period.

During the Period, 98.4% of the Fund was allocated to the Regional Banks sub-industry, with the bulk of the remainder of the average allocations being in other financial-related sub-industries. Regional banks contributed 5.1% towards Fund return, the greatest of any

sub-industry. No sub-industry represented a negative contribution to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229633.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 4.52% | 7.41% | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq OMX<sup>®</sup> ABA Community Bank<sup>TM</sup> Index | 5.08% | 8.04% | 6.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Financials Index | 14.34% | 14.91% | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

 **Visit www.ftportfolios.com/etf/QABA for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$79238895 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$393750 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Wintrust Financial Corp. | 4.6% |
| Commerce Bancshares, Inc. | 3.6% |
| United Bankshares, Inc. | 2.7% |
| Hancock Whitney Corp. | 2.6% |
| Bank OZK | 2.6% |
| Eastern Bankshares, Inc. | 2.2% |
| First Financial Bankshares, Inc. | 2.1% |
| Texas Capital Bancshares, Inc. | 2.0% |
| International Bancshares Corp. | 2.0% |
| TFS Financial Corp. | 1.9% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229643.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### FTDS \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Dividend Strength<sup>TM</sup> ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTDS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dividend Strength<sup>TM</sup> ETF | $760.71%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 13.35% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the Dow Jones U.S. Select Dividend Index, which returned 12.12% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 30.2% and contributed 5.4% to the overall Fund return, the greatest contribution of any sector. Investments in the Consumer Staples sector contributed -1.4% to the overall Fund return, the most negative contribution of any sector, and held an average weight of 3.7%.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229339.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Dividend Strength<sup>TM</sup> ETF | 13.35% | 8.73% | 10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Dividend Strength<sup>TM</sup>Index<sup>(1) (2)</sup> | 14.23% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones U.S. Select Dividend Index | 12.12% | 12.43% | 10.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

(1) On April 29, 2022, the Fund's underlying index changed from the Nasdaq AlphaDEX<sup>®</sup> Total US Market Index to The Dividend Strength<sup>TM</sup> Index. Therefore, the Fund's performance and total returns shown are not necessarily indicative of the performance the Fund, based on its current index, would have generated.

(2) Because the Fund's underlying index has an inception date of March 7, 2022, performance data for the Index is not available for all periods shown in the table because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FTDS for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28183061 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$100474 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Halliburton Co. | 2.4% |
| Cognizant Technology Solutions Corp., Class A | 2.4% |
| Merck & Co., Inc. | 2.4% |
| Cummins, Inc. | 2.4% |
| Huntington Ingalls Industries, Inc. | 2.3% |
| SLB Ltd. | 2.2% |
| East West Bancorp, Inc. | 2.2% |
| Western Alliance Bancorp | 2.2% |
| Coterra Energy, Inc. | 2.2% |
| Devon Energy Corp. | 2.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229349.jpg)

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust Dow 30 Equal Weight ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Dow 30 Equal Weight ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EDOW. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Dow 30 Equal Weight ETF | $550.51%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.50%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 15.47% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the Dow Jones Industrial Average<sup>®</sup>, which returned 14.92% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 20.2% and contributed 4.1% to the overall Fund return. With an average weight of 17.1%, investments in the Financials sector contributed 5.1% to the overall Fund return, the greatest contribution of any sector. Investments in the Materials and Consumer Discretionary sectors each contributed -0.1% to the overall Fund return, the most negative contributions of any sectors, and held average weights of 3.2% and 12.9%, respectively.

#### FUND PERFORMANCE (August 8, 2017 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229759.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **Since<br>Inception<br>(8/8/17)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Dow 30 Equal Weight ETF | 15.47% | 10.66% | 11.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones Industrial Average<sup>®</sup> Equal Weight Index | 16.11% | 11.25% | 11.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones Industrial Average<sup>®</sup> | 14.92% | 11.58% | 12.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.77% |

---

**Visit www.ftportfolios.com/etf/EDOW for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$227353268 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1128849 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Boeing (The) Co. | 3.6% |
| Merck & Co., Inc. | 3.6% |
| Visa, Inc., Class A | 3.6% |
| Walt Disney (The) Co. | 3.5% |
| Travelers (The) Cos., Inc. | 3.4% |
| JPMorgan Chase & Co. | 3.4% |
| Amgen, Inc. | 3.4% |
| Procter & Gamble (The) Co. | 3.4% |
| Verizon Communications, Inc. | 3.4% |
| Honeywell International, Inc. | 3.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229769.jpg)

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

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

First Trust Dow 30 Equal Weight ETF (EDOW)

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### FCTR \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Lunt U.S. Factor Rotation ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCTR. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Lunt U.S. Factor Rotation ETF | $690.66%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.65%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 8.47% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the Nasdaq US 500 Large Cap<sup>TM</sup> Index, which returned 17.32% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 31.8% and contributed 4.5% to the overall Fund return, the greatest contribution of any sector. Investments in the Utilities and Energy sectors each contributed -0.4% to the overall Fund return, the most negative contributions of any sectors, and held average weights of 3.3% and 3.7%, respectively.

#### FUND PERFORMANCE (July 25, 2018 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228961.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **Since<br>Inception<br>(7/25/18)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Lunt U.S. Factor Rotation ETF | 8.47% | 4.74% | 8.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lunt Capital Large Cap Factor Rotation Index | 9.19% | 5.50% | 9.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 500 Large Cap<sup>TM</sup> Index | 17.32% | 13.80% | 14.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.37% |

---

**Visit www.ftportfolios.com/etf/FCTR for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$53486199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$399967 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;371% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Warner Bros. Discovery, Inc. | 3.1% |
| Rocket Lab Corp. | 2.7% |
| Intel Corp. | 2.1% |
| Western Digital Corp. | 1.9% |
| Robinhood Markets, Inc., Class A | 1.9% |
| Seagate Technology Holdings PLC | 1.5% |
| Micron Technology, Inc. | 1.4% |
| Dollar Tree, Inc. | 1.3% |
| General Motors Co. | 1.3% |
| Marvell Technology, Inc. | 1.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228971.jpg)

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

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

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust S&P 500 Diversified Free Cash Flow ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCFY. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust S&P 500 Diversified Free Cash Flow ETF | $660.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 16.62% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

During the Period, the Information Technology sector received the greatest allocation of any sector in the Fund with an average weight of 31.1% and contributed 3.2% to the overall Fund return. With an average weight of 14.3%, the Financials sector contributed 4.0% to the Fund's return, the greatest return contribution of any sector. Investments in the Real Estate sector contributed -0.2% to the overall Fund return, the most negative contribution of any sector, and held an average weight of 2.1%.

#### FUND PERFORMANCE (August 23, 2023 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229843.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **Since<br> Inception<br> (8/23/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust S&P 500 Diversified Free Cash Flow ETF | 16.62% | 16.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Sector-Neutral FCF Index | 17.42% | 17.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 21.88% |

---

 **Visit www.ftportfolios.com/etf/FCFY for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1382073 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7615 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;78% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Skyworks Solutions, Inc. | 3.5% |
| Cognizant Technology Solutions Corp., Class A | 3.0% |
| Fox Corp., Class A | 2.9% |
| Gartner, Inc. | 2.8% |
| EPAM Systems, Inc. | 2.6% |
| Accenture PLC, Class A | 2.6% |
| HP, Inc. | 2.5% |
| ON Semiconductor Corp. | 2.4% |
| QUALCOMM, Inc. | 2.3% |
| Adobe, Inc. | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229853.jpg)

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### FT Vest Gold Strategy Quarterly Buffer ETF

#### BGLD \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BGLD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

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

---

| |
|:---|
| **Fund** |
| FT Vest Gold Strategy Quarterly Buffer ETF$106<sup>(1)</sup>0.90%<sup>(1)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 34.46% for the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period. This outperformance was due to the following:

---

| | |
|:---|:---|
| Fund Net Asset Value Performance Attributed to: |  |
| Equities/Synthetic equities on GLD | 17.88% |
| GLD Options (Buffer and Cap) | 17.48% |
| Fees and Expenses | -0.9% |

---

The Fund seeks to provide returns (before fees and expenses) that match the price return of the SPDR<sup>®</sup> Gold Trust (the "GLD"), up to a predetermined upside cap while providing a buffer against GLD losses between -5% and -15% over each of the quarterly target outcome periods. During the Period, the Fund held U.S. Treasuries, money market funds, and various options on GLD. This combination provided the buffer, and also set a cap, or limit, on upside performance. The Fund's options strategy sets a quarterly cap on Fund performance, and thus limits the Fund's performance for each quarterly roll period (ending February 28, May 31, August 31, and November 30). Due to these caps, the Fund underperformed GLD.

#### FUND PERFORMANCE (January 20, 2021 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229675.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **Since<br> Inception<br> (1/20/21)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FT Vest Gold Strategy Quarterly Buffer ETF | 34.46% | 11.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;LBMA Gold Price | 67.41% | 18.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.00% |

---

 **Visit www.ftportfolios.com/etf/BGLD for more recent performance information.**

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain expenses had not been reimbursed by the investment advisor and sub-advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$52967815 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$589061 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 92.5% |
| Money Market Funds | 0.6% |
| Purchased Options | 8.5% |
| Written Options | (1.6%) |
| Net Other Assets and Liabilities | (0.0%) |
| Total | 100.0% |

---

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

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/BGLD or upon request at 1-800-621-1675 or info@ftportfolios.com.

During the fiscal year ended December 31, 2025, the Fund's predetermined upside cap on Underlying ETF returns was reset based upon prevailing market conditions at the start of each new Target Outcome Period.

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

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

FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### IGLD \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/IGLD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest Gold Strategy Target Income ETF<sup>®</sup> | $1060.86%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.85%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 47.39% for the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% for the same Period.

This outperformance was due to the following:

---

| | |
|:---|:---|
| Fund Net Asset Value Performance Attributed to: |  |
| Equities/Synthetic equities on GLD | 17.88% |
| GLD Options (Short Calls) | 30.36% |
| Fees and Expenses | -0.85% |

---

The Fund held securities with the economic equivalent to a long position ("Synthetic Long") in SPDR<sup>®</sup> Gold Shares ("GLD"). In addition, the Fund sold (wrote) a varying amount of one-month at-the-money covered call options on GLD each month. The net effect of the Synthetic Long position in GLD and the sold options allows the Fund to participate in GLD rallies at a rate less than 100%. Due to the strong positive performance of GLD during 2025, the Fund was negatively impacted by this options strategy, which is generally expected to benefit the Fund's portfolio most during gold market downturns.

#### FUND PERFORMANCE (March 2, 2021 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229717.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **Since<br>Inception<br>(3/2/21)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FT Vest Gold Strategy Target Income ETF<sup>®</sup> | 47.39% | 14.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;LBMA Gold Price | 67.41% | 21.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.19% |

---

**Visit www.ftportfolios.com/etf/IGLD for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The final determination of the source and tax status of all calendar year 2025 distributions, including any return of capital, will be made after the end of 2025 and will be provided on Form 1099-DIV.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$447114800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2147744 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

**Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 142.2% |
| Money Market Funds | 0.4% |
| Purchased Options | 1.0% |
| Written Options | (43.5%) |
| Net Other Assets and Liabilities | (0.1%) |
| Total | 100.0% |

---

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

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

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

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust WCM Developing World Equity ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust WCM Developing World Equity ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCME. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust WCM Developing World Equity ETF | $1130.96%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.95%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 35.20% for the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Emerging Markets Index, which returned 33.57% for the same Period.

This outperformance can be attributed to the following factors:

* Positive selection effect in the information technology sector. During the Period, the Fund's information technology holdings delivered a total return of approximately 85%, materially higher than the 55% total return for the benchmark's information technology constituents. The Fund's strong performance in information technology was the result of several holdings across South Korea, Brazil, Taiwan, and North America. 

* Positive selection effect in the health care sector. The Fund's total health care return was approximately 36% for the Period, driven mainly by Malaysia and Israel. This performance was materially higher than the approximately 12% return in health care stocks for the benchmark. 

* Positive selection effect in the communication services sector. This resulted from the Fund's exposure to a Mexican cable operator which performed strongly during the Period. 

* Positive allocation effect in the energy, utilities, and real estate sectors. The three were laggards during the Period and the Fund was underweight all three sectors relative to the benchmark. 

The above-mentioned contributors were partly offset by the following detractors:

* Negative allocation effect and negative selection effect in the materials sector. This was the result of being underweight African, Mexican, and South American metals and mining companies during the Period. 

* Negative selection effect in the consumer discretionary sector. An overweight to emerging market e-commerce companies, as well as other holdings in the Chinese consumer discretionary sector detracted from relative performance during the Period. 

* Negative selection effect in the financials sector. The Fund's financials holdings in Indonesia, India, and Singapore underperformed the benchmark's financials sector performance, which was largely driven by strong returns in Latin America, South Korea, and China. 

* Negative allocation effect in the health care sector. This resulted from an overweight position relative to the benchmark. Emerging market health care was a relatively weak performing sector overall during the Period. 

* Negative allocation effect in the information technology sector. This resulted from an underweight position relative to the benchmark. Emerging market information technology was a strong performing sector during the Period. 

#### FUND PERFORMANCE (March 31, 2020 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229885.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **Since<br> Inception<br> (3/31/20)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust WCM Developing World Equity ETF | 35.20% | 4.22% | 11.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 33.57% | 4.20% | 11.82% |

---

 **Visit www.ftportfolios.com/etf/WCME for more recent performance information.**

Effective October 7, 2024, the WCM Developing World Equity Fund (the "Predecessor Mutual Fund") was reorganized into the Fund. Information presented prior to October 7, 2024 is the performance of the Institutional Class Shares of the Predecessor Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$17725401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$79000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.1% |
| SK hynix, Inc. | 4.3% |
| Tencent Holdings Ltd. | 4.0% |
| Teva Pharmaceutical Industries Ltd., ADR | 4.0% |
| AIA Group Ltd. | 3.9% |
| B3 S.A. - Brasil Bolsa Balcao | 3.8% |
| Credicorp Ltd. | 3.6% |
| ICICI Bank Ltd., ADR | 3.2% |
| Bid Corp., Ltd. | 3.2% |
| Hong Kong Exchanges & Clearing Ltd. | 3.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229895.jpg)

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

First Trust WCM Developing World Equity ETF (WCME)

![TSR - First Trust Fund Logo](images_30345.jpg)

### First Trust WCM International Equity ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust WCM International Equity ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCMI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust WCM International Equity ETF | $990.86%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.85%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 30.51% for the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI ACWI ex-USA Index, which returned 32.39% for the same Period.

This underperformance can be attributed to the following factors:

* Negative selection effect in the financials sector. This was due to the Fund's low average weighting in Western European, Canadian, and Japanese banks, all of which contributed meaningfully to the benchmark's performance. The Fund's financials sector exposure included two Indian banks, a Singaporean bank, and several diversified financials and insurance companies. In aggregate for the Period, the Fund's total return in the financials sector was approximately 13%, underperforming the benchmark's financials sector exposure which was up 45%. 

* Negative selection effect in the consumer discretionary sector. The Fund's consumer discretionary performance was roughly flat for the Period, underperforming the benchmark's approximately 17% total return from the sector. 

* Negative allocation effect and negative selection effect in the health care sector. The health care sector was a relative laggard during the Period, and the Fund's average exposure to health care was materially higher than that of the benchmark. In aggregate for the Period, the Fund's health care stocks also underperformed the benchmark's health care sector return. This was attributable to a lack of exposure to Chinese pharmaceuticals, as well as relatively weak performance across four of the Fund's Western European health care holdings. 

* Negative allocation effect and negative selection effect in the materials sector. This resulted from the Fund's low exposure to North American and Asian metals & mining stocks relative to the benchmark during the Period. 

The above-mentioned detractors were mostly offset by the following contributors:

* Positive selection effect in the industrials sector. The Fund's total return in the industrials sector was significantly higher than that of the benchmark, driven by strong performance in the Fund's capital goods/aerospace & defense holdings. 

* Positive selection effect in the information technology sector. The Fund's information technology total return was significantly higher than that of the benchmark during the Period, driven by strong performance from the Fund's software and technology hardware/equipment holdings. 

* Positive selection effect in the communication services sector. The Fund's North American and Western European communication services exposure contributed positively to both absolute and relative performance during the Period. 

#### FUND PERFORMANCE (March 31, 2020 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **Since<br> Inception<br> (3/31/20)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust WCM International Equity ETF | 30.51% | 8.23% | 14.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI ACWI ex-USA Index | 32.39% | 7.91% | 13.88% |

---

 **Visit www.ftportfolios.com/etf/WCMI for more recent performance information.**

Effective October 7, 2024, the WCM International Equity Fund (the "Predecessor Mutual Fund") was reorganized into the Fund. Information presented prior to October 7, 2024 is the performance of the Institutional Class Shares of the Predecessor Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$792707661 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2957109 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;111% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Rolls-Royce Holdings PLC | 7.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.2% |
| Babcock International Group PLC | 5.2% |
| Prosus N.V. | 3.6% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.3% |
| Siemens Energy AG | 2.8% |
| Societe Generale S.A. | 2.8% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 2.7% |
| Brookfield Corp. | 2.6% |
| Sony Group Corp., ADR | 2.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11229937.jpg)

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/WCMI or upon request at 1-800-621-1675 or info@ftportfolios.com.

During the fiscal year ended December 31, 2025, the Fund added the ability to utilize a value style of investing. The Fund's principal investment strategies and principal risks were revised accordingly.

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

First Trust WCM International Equity ETF (WCMI)

![TSR - First Trust Fund Logo](images_30345.jpg)

### FT Vest Bitcoin Strategy Floor15 ETF - April

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - April (the "Fund") for the period of April 3, 2025 (commencement of investment operations) to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFAP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy Floor15 ETF - April$70<sup>(1)</sup>0.90%<sup>(2)</sup> |

---

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

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

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 7.05% for the period from the Fund's inception on April 3, 2025 through December 31, 2025. The Fund outperformed its benchmark, the Bloomberg Bitcoin Index, which returned 6.62% for the same Period.

This outperformance was due to the following:

---

| | |
|:---|:---|
| Fund Net Asset Value Performance Attributed to\*: |  |
| Changes in Reference Asset | 2.02% |
| Changes in other Variables | 5.7% |
| Expenses (pro-rated annual expense ratio) | -0.67% |

---

The Fund holds a combination of FLexible EXchange<sup>®</sup> Options ("FLEX Options") designed to target the Fund's objective.

 *\* The Fund's performance is impacted by changes in the values of the FLEX Options to which it is exposed. We attribute (allocate) the impact on the Fund's performance into three components. The first of the three components is the impact on the Fund's performance due to changes in the Fund's Reference Asset. The second component is the aggregate impact on the Fund's performance due to changes in other variables that impact FLEX Options prices - these include changes in a) the Reference Asset's dividends, b) interest rates, c) implied volatility, and d) time to option expiration. The third component is from the Fund's fees and expenses incurred during the Period.*

#### FUND PERFORMANCE (April 3, 2025 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11230011.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **Since<br> Inception<br> (4/3/25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FT Vest Bitcoin Strategy Floor15 ETF - April | 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Bitcoin Index | 6.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 28.04% |

---

 **Visit www.ftportfolios.com/etf/BFAP for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1816093 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$36427 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Money Market Funds | 1.3% |
| Purchased Options | 1,161.6% |
| Written Options | (1,062.8%) |
| Net Other Assets and Liabilities | (0.1%) |
| Total | 100.0% |

---

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

FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)

![TSR - First Trust Fund Logo](images_30345.jpg)

### FT Vest Bitcoin Strategy Floor15 ETF - July

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - July (the "Fund") for the period of June 30, 2025 (commencement of investment operations) to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFJL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy Floor15 ETF - July$44<sup>(1)</sup>0.90%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on June 30, 2025. Had the Fund been in operation for a complete fiscal year, the cost of a $10,000 investment would have been higher.

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

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -7.67% for the period from the Fund's inception on June 30, 2025 through December 31, 2025. The Fund outperformed its benchmark, the Bloomberg Bitcoin Index, which returned -18.77% for the same Period.

This outperformance was due to the following:

---

| | |
|:---|:---|
| Fund Net Asset Value Performance Attributed to\*: |  |
| Changes in Reference Asset | -6.86% |
| Changes in other Variables | -0.36% |
| Expenses (pro-rated annual expense ratio) | -0.45% |

---

The Fund holds a combination of FLexible EXchange<sup>®</sup> Options ("FLEX Options") designed to target the Fund's objective.

&nbsp;&nbsp;&nbsp;&nbsp;*\* The Fund's performance is impacted by changes in the values of the FLEX Options to which it is exposed. We attribute (allocate) the impact on the Fund's performance into three components. The first of the three components is the impact on the Fund's performance due to changes in the Fund's Reference Asset. The second component is the aggregate impact on the Fund's performance due to changes in other variables that impact FLEX Options prices - these include changes in a) the Reference Asset's dividends, b) interest rates, c) implied volatility, and d) time to option expiration. The third component is from the Fund's fees and expenses incurred during the Period.*

#### FUND PERFORMANCE (June 30, 2025 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11230053.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **Since<br> Inception<br> (6/30/25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FT Vest Bitcoin Strategy Floor15 ETF - July | -7.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Bitcoin Index | -18.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 11.00% |

---

 **Visit www.ftportfolios.com/etf/BFJL for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2718523 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$12726 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Money Market Funds | 2.3% |
| Purchased Options | 1,402.7% |
| Written Options | (1,304.9%) |
| Net Other Assets and Liabilities | (0.1%) |
| Total | 100.0% |

---

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

FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)

![TSR - First Trust Fund Logo](images_30345.jpg)

### FT Vest Bitcoin Strategy Floor15 ETF - October

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - October (the "Fund") for the period of September 30, 2025 (commencement of investment operations) to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFOC. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy Floor15 ETF - October$22<sup>(1)</sup>0.90%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on September 30, 2025. Had the Fund been in operation for a complete fiscal year, the cost of a $10,000 investment would have been higher.

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

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -8.94% for the period from the Fund's inception on September 30, 2025 through December 31, 2025. The Fund outperformed its benchmark, the Bloomberg Bitcoin Index, which returned -23.56% for the same Period.

This outperformance was due to the following:

---

| | |
|:---|:---|
| Fund Net Asset Value Performance Attributed to\*: |  |
| Changes in Reference Asset | -7.31% |
| Changes in other Variables | -1.4% |
| Expenses (pro-rated annual expense ratio) | -0.23% |

---

The Fund holds a combination of FLexible EXchange<sup>®</sup> Options ("FLEX Options") designed to target the Fund's objective.

 *\* The Fund's performance is impacted by changes in the values of the FLEX Options to which it is exposed. We attribute (allocate) the impact on the Fund's performance into three components. The first of the three components is the impact on the Fund's performance due to changes in the Fund's Reference Asset. The second component is the aggregate impact on the Fund's performance due to changes in other variables that impact FLEX Options prices - these include changes in a) the Reference Asset's dividends, b) interest rates, c) implied volatility, and d) time to option expiration. The third component is from the Fund's fees and expenses incurred during the Period.*

#### FUND PERFORMANCE (September 30, 2025 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11384956.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **Since<br> Inception<br> (9/30/25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FT Vest Bitcoin Strategy Floor15 ETF - October | -8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Bitcoin Index | -23.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 2.66% |

---

 **Visit www.ftportfolios.com/etf/BFOC for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$8203375 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$9616 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Money Market Funds | 1.9% |
| Purchased Options | 1,456.2% |
| Written Options | (1,358.0%) |
| Net Other Assets and Liabilities | (0.1%) |
| Total | 100.0% |

---

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

FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)

![TSR - First Trust Fund Logo](images_30345.jpg)

### FT Vest Bitcoin Strategy & Target Income ETF

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the FT Vest Bitcoin Strategy & Target Income ETF (the "Fund") for the period of April 2, 2025 (commencement of investment operations) to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/DFII. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest Bitcoin Strategy & Target Income ETF$64<sup>(1)</sup>0.85%<sup>(2)</sup> |

---

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

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

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -0.63% for the period from the Fund's inception on April 2, 2025 through December 31, 2025. The Fund underperformed its benchmark, the Bloomberg Bitcoin Index, which returned 0.82% for the same Period.

This underperformance was due to the following:

---

| | |
|:---|:---|
| Fund Net Asset Value Performance Attributed to\*: |  |
| Changes in Reference Asset | 0.3% |
| Changes in other Variables | -0.29% |
| Expenses (pro-rated annual expense ratio) | -0.64% |

---

The Fund holds a combination of FLexible EXchange<sup>®</sup> Options ("FLEX Options") designed to target the Fund's objective.

&nbsp;&nbsp;&nbsp;&nbsp;*\* The Fund's performance is impacted by changes in the values of the FLEX Options to which it is exposed. We attribute (allocate) the impact on the Fund's performance into three components. The first of the three components is the impact on the Fund's performance due to changes in the Fund's Reference Asset. The second component is the aggregate impact on the Fund's performance due to changes in other variables that impact FLEX Options prices - these include changes in a) the Reference Asset's dividends, b) interest rates, c) implied volatility, and d) time to option expiration. The third component is from the Fund's fees and expenses incurred during the Period.*

#### FUND PERFORMANCE (April 2, 2025 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11229969.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **Since<br> Inception<br> (4/2/25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FT Vest Bitcoin Strategy & Target Income ETF | -0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Bitcoin Index | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 21.85% |

---

 **Visit www.ftportfolios.com/etf/DFII for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The final determination of the source and tax status of all calendar year 2025 distributions, including any return of capital, will be made after the end of 2025 and will be provided on Form 1099-DIV.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18633284 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$65099 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.

 **Fund Allocation**

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Purchased Options | 1,739.5% |
| Written Options | (1,642.5%) |
| Net Other Assets and Liabilities | 1.6% |
| Total | 100.0% |

---

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

FT Vest Bitcoin Strategy & Target Income ETF (DFII)

(b) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The First Trust Exchange-Traded Fund ("Registrant"), as of the end of the period covered
by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code
of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and
that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant, during the period covered by this report, has not granted any waivers, including an
implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's
instructions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

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

The Registrant's Board of Trustees has determined that Thomas J. Driscoll, Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is "independent," as defined by Item 3 of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements were $514,000 for the fiscal year ended 2024 and $581,500 for the fiscal
year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by
the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and
are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Investment Advisor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for tax return review and debt instrument tax analysis and reporting were $224,824 for the fiscal year ended 2024 and $262,407
for the fiscal year ended 2025.

Tax Fees (Investment Advisor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's advisor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Tax Fees (Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's distributor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

These fees were for tax consultation and/or tax return preparation and professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the
principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal
year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Investment Advisor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's investment advisor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the "Committee") is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the Registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor's engagements for non-audit services with the Registrant's advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the Registrant's advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the Registrant and the Registrant's investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Advisor and Distributor: |
| &nbsp;&nbsp;(b) 0% | &nbsp;&nbsp; (b) 0% |
| &nbsp;&nbsp;(c) 0% | &nbsp;&nbsp; (c) 0% |
| &nbsp;&nbsp;(d) 0% | &nbsp;&nbsp; (d) 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to
the Registrant, and rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $224,824 for the Registrant,
$28,080 for the Registrant's investment advisor and $32,400 for the Registrant's distributor; and for the fiscal year ended
2025 were $262,407 for the Registrant, $28,620 for the Registrant's investment advisor and $32,940 for the Registrant's distributor.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee of its Board of Trustees has determined that the provision
of non-audit services that were rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily
portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by,
or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit
committee of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith,
Niel B. Nielson and Bronwyn Wright.

(b) Not applicable to the Registrant.

**Item 6. Investments.**

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

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

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

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

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

Annual Financial Statements and Other Information <br> For the Year Ended December 31, 2025

![](imgc963b7b31.gif)

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

Book 1

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

---

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

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4209_1) |  |
| [First Trust Dow Jones Select MicroCap Index Fund (FDM)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4209_1) | 1 |
| [First Trust Morningstar Dividend Leaders Index Fund (FDL)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4210_1) | 5 |
| [First Trust US Equity Opportunities ETF (FPX)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4211_1) | 7 |
| [First Trust NYSE](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4214_1)<sup>®</sup>[Arca](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4214_1)<sup>®</sup>[Biotechnology Index Fund (FBT)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4214_1) | 11 |
| [First Trust Dow Jones Internet Index Fund (FDN)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4215_1) | 13 |
| [First Trust Capital Strength](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4216_1)<sup>®</sup>[ETF (FTCS)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4216_1) | 15 |
| [First Trust Value Line](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4227_1)<sup>®</sup>[Dividend Index Fund (FVD)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4227_1) | 17 |
| [First Trust Growth Strength](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4202_1)<sup>TM</sup>[ETF (FTGS)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4202_1) | 22 |
| [First Trust Indxx Aerospace & Defense ETF (MISL)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4201_1) | 24 |
| [First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOI-TOC-ScheduleofInvestments-4486_1) | 25 |
| [Statements of Assets and Liabilities](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SAL1-TOC-StatementofAssetsandLiabilities-4209_2) | 28 |
| [Statements of Operations](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOP1-TOC-StatementofOperations-4209_1) | 30 |
| [Statements of Changes in Net Assets](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_SOC1-TOC-StatementofChanges-4209_1) | 32 |
| [Financial Highlights](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_FIHI-TOC-FinancialHighlights-4209_1) | 36 |
| [Notes to Financial Statements](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_NTF-TOC-NotestoFinancialStatements-4209_1) | 46 |
| [Report of Independent Registered Public Accounting Firm](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_AUD-TOC-RIRPAFirm-4209_1) | 57 |
| [Other Information](#xx_5aa56a7e-872d-4de8-8426-a871380db08e_AI-TOC-AdditionalInformation-4209_1) | 59 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 0.8%**  |  |
| 16732 | National Presto Industries, Inc. | $1786308 |
|  | **Automobile Components —** <br> **2.7%**  |  |
| 375248 | American Axle & Manufacturing <br> Holdings, Inc. (a) | 2405340 |
| 66071 | Standard Motor Products, Inc. | 2434716 |
| 13231 | Strattec Security Corp. (a) | 1007408 |
|  |  | 5847464 |
|  | **Banks — 30.8%**  |  |
| 68894 | Bridgewater Bancshares, Inc. (a) | 1207712 |
| 93626 | Business First Bancshares, Inc. | 2447384 |
| 9622 | C&F Financial Corp. | 698461 |
| 70509 | California BanCorp | 1316403 |
| 53498 | Camden National Corp. | 2320743 |
| 36039 | Capital Bancorp, Inc. | 1015219 |
| 43710 | Capital City Bank Group, Inc. | 1860735 |
| 69826 | Carter Bankshares, Inc. (a) | 1372779 |
| 84815 | Central Pacific Financial Corp. | 2642835 |
| 43697 | ChoiceOne Financial Services, <br> Inc. | 1289935 |
| 65590 | Civista Bancshares, Inc. | 1457410 |
| 92393 | CNB Financial Corp.  | 2417925 |
| 53904 | Community West Bancshares | 1212840 |
| 48246 | Equity Bancshares, Inc., Class A | 2154184 |
| 119037 | Farmers National Banc Corp. | 1585573 |
| 26316 | First Business Financial <br> Services, Inc. | 1428959 |
| 37466 | First Financial Corp. | 2263696 |
| 24263 | First Western Financial, Inc. (a) | 650491 |
| 13310 | Franklin Financial Services <br> Corp. | 668162 |
| 26176 | Great Southern Bancorp, Inc. | 1611395 |
| 93882 | Hanmi Financial Corp. | 2537630 |
| 21778 | Home Bancorp, Inc. | 1258768 |
| 42658 | HomeTrust Bancshares, Inc. | 1831734 |
| 161919 | Horizon Bancorp, Inc. | 2746146 |
| 182154 | Kearny Financial Corp.  | 1349761 |
| 123531 | NB Bancorp, Inc. | 2448384 |
| 114971 | Northfield Bancorp, Inc. | 1314118 |
| 32593 | Northpointe Bancshares, Inc. | 546911 |
| 69839 | Northrim BanCorp, Inc. | 1858416 |
| 36708 | OP Bancorp | 518317 |
| 32962 | Orange County Bancorp, Inc. | 941065 |
| 61645 | Orrstown Financial Services, Inc. | 2183466 |
| 50127 | Peapack-Gladstone Financial <br> Corp. | 1396037 |
| 29071 | Peoples Financial Services Corp. | 1416048 |
| 39342 | RBB Bancorp | 812019 |
| 65600 | Riverview Bancorp, Inc. | 329312 |
| 97223 | Shore Bancshares, Inc. | 1718903 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 46296 | SmartFinancial, Inc. | $1712489 |
| 38525 | South Plains Financial, Inc. | 1494770 |
| 29748 | Southern Missouri Bancorp, Inc. | 1758702 |
| 39972 | Third Coast Bancshares, Inc. (a) | 1519336 |
| 58246 | TrustCo Bank Corp. | 2407307 |
| 51179 | Western New England Bancorp, <br> Inc. | 645879 |
|  |  | 66368359 |
|  | **Biotechnology — 4.7%**  |  |
| 423168 | CytomX Therapeutics, Inc. (a) | 1802696 |
| 122667 | Puma Biotechnology, Inc. (a) | 729869 |
| 57383 | Rigel Pharmaceuticals, Inc. (a) | 2457714 |
| 162514 | Stoke Therapeutics, Inc. (a) | 5158194 |
|  |  | 10148473 |
|  | **Building Products — 0.9%**  |  |
| 61382 | Insteel Industries, Inc. | 1943968 |
|  | **Capital Markets — 0.6%**  |  |
| 7953 | Diamond Hill Investment Group, <br> Inc. | 1348034 |
|  | **Chemicals — 1.6%**  |  |
| 43495 | Flotek Industries, Inc. (a) | 749419 |
| 62008 | Koppers Holdings, Inc. | 1679176 |
| 177514 | Orion S.A. | 937274 |
|  |  | 3365869 |
|  | **Commercial Services &** <br> **Supplies — 1.5%**  |  |
| 142289 | Deluxe Corp. | 3177313 |
|  | **Communications Equipment** <br> **— 0.4%**  |  |
| 11798 | BK Technologies Corp. (a) | 880013 |
|  | **Construction & Engineering** <br> **— 2.8%**  |  |
| 96807 | Ameresco, Inc., Class A (a) | 2835477 |
| 30381 | NWPX Infrastructure, Inc. (a) | 1898509 |
| 119837 | Orion Group Holdings, Inc. (a) | 1191180 |
|  |  | 5925166 |
|  | **Consumer Finance — 2.6%**  |  |
| 108954 | NerdWallet, Inc., Class A (a) | 1476327 |
| 87458 | OppFi, Inc. | 914811 |
| 123343 | PRA Group, Inc. (a) | 2181937 |
| 27943 | Regional Management Corp. | 1082791 |
|  |  | 5655866 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.5%**  |  |
| 29570 | Village Super Market, Inc., <br> Class A | 1046630 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Distributors — 2.5%**  |  |
| 81540 | GigaCloud Technology, Inc., <br> Class A (a) | $3202891 |
| 62328 | Gold.com, Inc. | 2122269 |
|  |  | 5325160 |
|  | **Diversified Consumer Services** <br> **— 2.0%**  |  |
| 57174 | American Public Education, <br> Inc. (a) | 2161177 |
| 49777 | Carriage Services, Inc. | 2105567 |
|  |  | 4266744 |
|  | **Diversified Telecommunication** <br> **Services — 0.2%**  |  |
| 10504 | GCI Liberty, Inc., Class A (a) | 387282 |
|  | **Electric Utilities — 0.4%**  |  |
| 66180 | Genie Energy Ltd., Class B | 911960 |
|  | **Electrical Equipment — 1.0%**  |  |
| 6866 | Espey Mfg. & Electronics Corp. | 323595 |
| 98298 | LSI Industries, Inc. | 1800819 |
|  |  | 2124414 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 12909 | Climb Global Solutions, Inc. | 1326916 |
| 21575 | Frequency Electronics, Inc. (a) | 1161598 |
| 76943 | Kimball Electronics, Inc. (a) | 2140554 |
| 8244 | M-Tron Industries, Inc. (a) | 438746 |
|  |  | 5067814 |
|  | **Energy Equipment & Services** <br> **— 3.4%**  |  |
| 38954 | Energy Services of America <br> Corp. | 318254 |
| 69697 | Flowco Holdings, Inc., Class A | 1306122 |
| 34570 | Natural Gas Services Group, Inc. | 1163281 |
| 44415 | Ranger Energy Services, Inc., <br> Class A | 620922 |
| 422831 | TETRA Technologies, Inc. (a) | 3961926 |
|  |  | 7370505 |
|  | **Financial Services — 2.9%**  |  |
| 80291 | Alerus Financial Corp. | 1808153 |
| 36814 | Cass Information Systems, Inc. | 1528517 |
| 11974 | Finance Of America Cos., Inc., <br> Class A (a) | 289891 |
| 85845 | NewtekOne, Inc. | 974341 |
| 20128 | Onity Group, Inc. (a) | 921661 |
| 30745 | Velocity Financial, Inc. (a) | 638266 |
|  |  | 6160829 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Food Products — 1.7%**  |  |
| 28601 | John B Sanfilippo & Son, Inc. | $2019230 |
| 15533 | Seneca Foods Corp., Class A (a) | 1718416 |
|  |  | 3737646 |
|  | **Health Care Equipment &** <br> **Supplies — 0.1%**  |  |
| 5775 | Pro-Dex, Inc. (a) (b) | 222222 |
|  | **Health Care Providers &** <br> **Services — 1.2%**  |  |
| 11415 | Nutex Health, Inc. (a) (b) | 1879137 |
| 104566 | Viemed Healthcare, Inc. (a) | 776926 |
|  |  | 2656063 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.8%**  |  |
| 8275 | Nathan's Famous, Inc. | 774292 |
| 227408 | Portillo's, Inc., Class A (a) | 1032432 |
|  |  | 1806724 |
|  | **Household Durables — 1.3%**  |  |
| 151525 | Cricut, Inc., Class A (b) | 750049 |
| 14602 | Hovnanian Enterprises, Inc., <br> Class A (a) | 1424279 |
| 28675 | Legacy Housing Corp. (a) | 559736 |
|  |  | 2734064 |
|  | **Household Products — 1.1%**  |  |
| 25627 | Central Garden & Pet Co. (a) | 823908 |
| 32793 | Oil-Dri Corp. of America | 1604889 |
|  |  | 2428797 |
|  | **Industrial REITs — 1.4%**  |  |
| 140845 | Plymouth Industrial REIT, Inc. | 3081689 |
|  | **Insurance — 5.4%**  |  |
| 78625 | American Coastal Insurance <br> Corp. | 993034 |
| 21662 | American Integrity Insurance <br> Group, Inc. (a) | 451219 |
| 53033 | Donegal Group, Inc., Class A | 1059599 |
| 70209 | Heritage Insurance Holdings, <br> Inc. (a) | 2054315 |
| 4954 | Investors Title Co. | 1236717 |
| 37121 | Kingstone Cos, Inc. | 624746 |
| 69368 | United Fire Group, Inc. | 2521527 |
| 79807 | Universal Insurance Holdings, <br> Inc. | 2697477 |
|  |  | 11638634 |
|  | **Interactive Media & Services** <br> **— 0.1%**  |  |
| 37515 | Arena Group Holdings (The), <br> Inc. (a) | 150060 |
|  | **Leisure Products — 0.6%**  |  |
| 140184 | Smith & Wesson Brands, Inc. | 1383616 |
|  | **Machinery — 2.3%**  |  |
| 72842 | Douglas Dynamics, Inc. | 2378291 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Machinery (Continued)**  |  |
| 84480 | Luxfer Holdings PLC | $1143014 |
| 112139 | Manitowoc (The) Co., Inc. (a) | 1344547 |
|  |  | 4865852 |
|  | **Marine Transportation —** <br> **1.4%**  |  |
| 120304 | Genco Shipping & Trading Ltd. | 2217203 |
| 106813 | Pangaea Logistics Solutions Ltd. | 734873 |
|  |  | 2952076 |
|  | **Media — 2.8%**  |  |
| 216284 | EW Scripps (The) Co., <br> Class A (a) | 862973 |
| 262653 | Gray Media, Inc. | 1271241 |
| 124819 | Sinclair, Inc. | 1909731 |
| 393170 | USA Today Co., Inc. (a) | 2024825 |
|  |  | 6068770 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.1%**  |  |
| 108768 | Amplify Energy Corp. (a) | 497070 |
| 60694 | Epsilon Energy Ltd. | 281620 |
| 2085 | PrimeEnergy Resources <br> Corp. (a) (b) | 356535 |
| 31949 | Riley Exploration Permian, Inc. | 843454 |
| 99838 | SandRidge Energy, Inc. | 1440662 |
| 329604 | VAALCO Energy, Inc. | 1199758 |
|  |  | 4619099 |
|  | **Passenger Airlines — 1.1%**  |  |
| 166654 | Sun Country Airlines Holdings, <br> Inc. (a) | 2398151 |
|  | **Personal Care Products —** <br> **0.5%**  |  |
| 44803 | Nature's Sunshine Products, <br> Inc. (a) | 966849 |
|  | **Pharmaceuticals — 0.4%**  |  |
| 131308 | SIGA Technologies, Inc. | 802292 |
|  | **Professional Services — 1.9%**  |  |
| 56850 | Mistras Group, Inc. (a) | 719152 |
| 15229 | RCM Technologies, Inc. (a) | 311357 |
| 11590 | Resolute Holdings Management, <br> Inc. (a) (b) | 2392524 |
| 53696 | TaskUS, Inc., Class A (a) | 633076 |
|  |  | 4056109 |
|  | **Real Estate Management &** <br> **Development — 0.2%**  |  |
| 63406 | RE/MAX Holdings, Inc., <br> Class A (a) | 481252 |
|  | **Retail REITs — 0.9%**  |  |
| 141940 | Whitestone REIT | 1971547 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software — 1.3%**  |  |
| 60086 | Consensus Cloud Solutions, <br> Inc. (a) | $1311077 |
| 120219 | OneSpan, Inc. | 1543612 |
|  |  | 2854689 |
|  | **Specialty Retail — 2.3%**  |  |
| 24862 | America's Car-Mart, Inc. (a) | 628014 |
| 170553 | Arhaus, Inc. (a) | 1911899 |
| 38255 | Build-A-Bear Workshop, Inc. | 2343884 |
|  |  | 4883797 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.6%**  |  |
| 19801 | CPI Card Group, Inc. (a) | 290679 |
| 222476 | Eastman Kodak Co. (a) | 1882147 |
| 86031 | Immersion Corp. | 585011 |
| 43346 | Turtle Beach Corp. (a) | 608144 |
|  |  | 3365981 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.8%**  |  |
| 49577 | Movado Group, Inc. | 1022278 |
| 23692 | Rocky Brands, Inc. | 694886 |
|  |  | 1717164 |
|  | **Trading Companies &** <br> **Distributors — 0.7%**  |  |
| 121292 | Hudson Technologies, Inc. (a) | 830850 |
| 27324 | Karat Packaging, Inc. | 616703 |
|  |  | 1447553 |
|  | **Water Utilities — 0.8%**  |  |
| 47343 | Consolidated Water Co., Ltd. | 1670734 |
|  | **Wireless Telecommunication** <br> **Services — 0.4%**  |  |
| 65119 | Spok Holdings, Inc. | 858920 |
|  | **Total Common Stocks** | 214928521 |
|  | (Cost $188,091,507) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 260737 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (c) | 260737 |
|  | (Cost $260,737) |  |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** |
| $2164147 | Bank of America Corp., <br> 3.82% (c), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $2,164,606. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $2,207,431. (d) | $2164147 |
|  | (Cost $2,164,147) |  |
|  | **Total Investments — 101.0%** | 217353405 |
|  | (Cost $190,516,391) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.0)%** | (2187871)<br>|
|  | **Net Assets — 100.0%** | $215165534 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $1,973,215 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,164,147.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $214928521 | &nbsp;&nbsp; $214928521 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 260737 | &nbsp;&nbsp; 260737 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 2164147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2164147 | &nbsp;&nbsp; — |
| Total Investments | $217353405 | &nbsp;&nbsp; $215189258 | &nbsp;&nbsp; $2164147 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $1973215 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1973215)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $2164147 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2164147)<br>|
| Net Amount | $— |

---

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
|  | **Air Freight & Logistics —** <br> **3.2%**  |  |
| 1996858 | United Parcel Service, Inc., <br> Class B | $198068345 |
|  | **Automobiles — 1.5%**  |  |
| 7059616 | Ford Motor Co. | 92622162 |
|  | **Banks — 10.2%**  |  |
| 227231 | Associated Banc-Corp. | 5853471 |
| 223150 | Atlantic Union Bankshares Corp. | 7877195 |
| 153269 | Bank OZK | 7053439 |
| 187893 | Cadence Bank | 8049336 |
| 570441 | Citizens Financial Group, Inc. | 33319459 |
| 583950 | Columbia Banking System, Inc. | 16321402 |
| 168642 | Comerica, Inc. | 14660049 |
| 926448 | Fifth Third Bancorp | 43367031 |
| 2209443 | Huntington Bancshares, Inc. | 38333836 |
| 1567005 | KeyCorp | 32342983 |
| 532427 | PNC Financial Services Group <br> (The), Inc. | 111133488 |
| 1358420 | Regions Financial Corp. | 36813182 |
| 2210775 | Truist Financial Corp. | 108792238 |
| 2474422 | U.S. Bancorp | 132035158 |
| 214913 | United Bankshares, Inc. | 8252659 |
| 668995 | Valley National Bancorp | 7813862 |
| 179988 | Zions Bancorp N.A. | 10536497 |
|  |  | 622555285 |
|  | **Beverages — 4.9%**  |  |
| 2105350 | PepsiCo, Inc. | 302159832 |
|  | **Capital Markets — 1.4%**  |  |
| 623018 | Franklin Resources, Inc. | 14883900 |
| 437112 | Invesco Ltd. | 11482932 |
| 167740 | Janus Henderson Group PLC | 7979392 |
| 146832 | Lazard, Inc. | 7130162 |
| 414550 | T. Rowe Price Group, Inc. | 42441629 |
|  |  | 83918015 |
|  | **Chemicals — 0.3%**  |  |
| 249243 | Eastman Chemical Co. | 15909181 |
|  | **Consumer Finance — 0.3%**  |  |
| 307088 | OneMain Holdings, Inc. | 20743794 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.4%**  |  |
| 875393 | Target Corp. | 85569666 |
|  | **Containers & Packaging —** <br> **1.5%**  |  |
| 5657203 | Amcor PLC | 47181073 |
| 971070 | Smurfit WestRock PLC | 37551277 |
| 198990 | Sonoco Products Co. | 8683923 |
|  |  | 93416273 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Diversified Telecommunication** <br> **Services — 10.8%**  |  |
| 7085169 | Comcast Corp., Class A | $211775701 |
| 11089913 | Verizon Communications, Inc. | 451692157 |
|  |  | 663467858 |
|  | **Electric Utilities — 5.5%**  |  |
| 665668 | American Electric Power Co., <br> Inc. | 76758177 |
| 891839 | Edison International | 53528177 |
| 342378 | Evergy, Inc. | 24818981 |
| 623449 | Eversource Energy | 41976821 |
| 1467196 | Exelon Corp. | 63955074 |
| 807592 | FirstEnergy Corp. | 36155894 |
| 312522 | OGE Energy Corp. | 13344689 |
| 195595 | Pinnacle West Capital Corp. | 17349277 |
| 187683 | Portland General Electric Co. | 9006907 |
|  |  | 336893997 |
|  | **Food Products — 3.5%**  |  |
| 628131 | Archer-Daniels-Midland Co. | 36111251 |
| 406350 | Campbell's (The) Co. | 11324975 |
| 1536181 | Conagra Brands, Inc. | 26591293 |
| 1113464 | General Mills, Inc. | 51776076 |
| 554444 | Hormel Foods Corp. | 13140323 |
| 180341 | J.M. Smucker (The) Co. | 17639153 |
| 2235241 | Kraft Heinz (The) Co. | 54204594 |
|  |  | 210787665 |
|  | **Gas Utilities — 0.6%**  |  |
| 162810 | New Jersey Resources Corp. | 7508797 |
| 77287 | ONE Gas, Inc. | 5970421 |
| 86826 | Spire, Inc. | 7180510 |
| 335950 | UGI Corp. | 12574609 |
|  |  | 33234337 |
|  | **Health Care Providers &** <br> **Services — 2.3%**  |  |
| 1728813 | CVS Health Corp. | 137198600 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.1%**  |  |
| 82788 | Travel + Leisure Co. | 5839038 |
|  | **Household Durables — 0.1%**  |  |
| 104834 | Whirlpool Corp. | 7562725 |
|  | **Household Products — 0.4%**  |  |
| 239714 | Clorox (The) Co. | 24170363 |
| 82719 | Reynolds Consumer Products, <br> Inc. | 1895919 |
|  |  | 26066282 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.3%**  |  |
| 1417482 | AES (The) Corp. | 20326692 |
|  | **Insurance — 2.4%**  |  |
| 19876 | F&G Annuities & Life, Inc. | 613175 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)**  |  |
| 356948 | Fidelity National Financial, Inc. | $19485791 |
| 137573 | First American Financial Corp. | 8452485 |
| 280138 | Lincoln National Corp. | 12474545 |
| 316393 | Principal Financial Group, Inc. | 27909026 |
| 667353 | Prudential Financial, Inc. | 75330807 |
|  |  | 144265829 |
|  | **Leisure Products — 0.2%**  |  |
| 178119 | Hasbro, Inc. | 14605758 |
|  | **Machinery — 0.3%**  |  |
| 276022 | Stanley Black & Decker, Inc. | 20502914 |
|  | **Media — 0.9%**  |  |
| 40919 | Nexstar Media Group, Inc. | 8308603 |
| 485673 | Omnicom Group, Inc. | 39218095 |
| 371736 | Sirius XM Holdings, Inc. | 7432861 |
|  |  | 54959559 |
|  | **Multi-Utilities — 0.2%**  |  |
| 109303 | Black Hills Corp. | 7587814 |
| 90948 | Northwestern Energy Group, <br> Inc. | 5869784 |
|  |  | 13457598 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 26.5%**  |  |
| 541280 | APA Corp. | 13239709 |
| 3376929 | Chevron Corp. | 514677749 |
| 1757667 | ConocoPhillips | 164535208 |
| 987067 | Coterra Energy, Inc. | 25979603 |
| 790705 | EOG Resources, Inc. | 83031932 |
| 5183511 | Exxon Mobil Corp. | 623783714 |
| 3315621 | Kinder Morgan, Inc. | 91146421 |
| 209889 | Murphy Oil Corp. | 6559031 |
| 1343629 | ONEOK, Inc. | 98756732 |
|  |  | 1621710099 |
|  | **Pharmaceuticals — 14.9%**  |  |
| 3843800 | Bristol-Myers Squibb Co. | 207334572 |
| 3199321 | Merck & Co., Inc. | 336760528 |
| 14886829 | Pfizer, Inc. | 370682042 |
|  |  | 914777142 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.3%**  |  |
| 239886 | Skyworks Solutions, Inc. | 15211171 |
|  | **Specialty Retail — 0.4%**  |  |
| 402134 | Best Buy Co., Inc. | 26914829 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.6%**  |  |
| 1710308 | HP, Inc. | 38105662 |
|  | **Tobacco — 4.6%**  |  |
| 4824263 | Altria Group, Inc. | 278167005 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors — 0.1%**  |  |
| 66418 | MSC Industrial Direct Co., Inc., <br> Class A | $5585754 |
|  | **Total Common Stocks** | 6104603067 |
|  | (Cost $5,635,263,707) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 7275490 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (a) | 7275490 |
|  | (Cost $7,275,490) |  |
|  | **Total Investments — 99.8%** | 6111878557 |
|  | (Cost $5,642,539,197) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.2%** | 12315643 |
|  | **Net Assets — 100.0%** | $6124194200 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $6104603067 | &nbsp;&nbsp; $6104603067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 7275490 | &nbsp;&nbsp; 7275490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $6111878557 | &nbsp;&nbsp; $6111878557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 0.7%**  |  |
| 69633 | Karman Holdings, Inc. (a) | $5095046 |
| 105607 | StandardAero, Inc. (a) | 3028809 |
|  |  | 8123855 |
|  | **Automobile Components —** <br> **0.3%**  |  |
| 67547 | BorgWarner, Inc. | 3043668 |
|  | **Automobiles — 1.1%**  |  |
| 645124 | Rivian Automotive, Inc., <br> Class A (a) | 12715394 |
|  | **Banks — 0.5%**  |  |
| 48290 | Cadence Bank | 2068744 |
| 37381 | Nicolet Bankshares, Inc. | 4534315 |
|  |  | 6603059 |
|  | **Beverages — 0.5%**  |  |
| 107886 | Vita Coco (The) Co., Inc. (a) | 5719037 |
|  | **Biotechnology — 2.4%**  |  |
| 172399 | Bridgebio Pharma, Inc. (a) | 13186800 |
| 25470 | CG Oncology, Inc. (a) | 1057514 |
| 70602 | Exelixis, Inc. (a) | 3094486 |
| 34095 | Ionis Pharmaceuticals, Inc. (a) | 2697255 |
| 20319 | Nuvalent, Inc., Class A (a) | 2043888 |
| 8849 | Regeneron Pharmaceuticals, Inc. | 6830278 |
|  |  | 28910221 |
|  | **Capital Markets — 3.8%**  |  |
| 21427 | Miami International Holdings, <br> Inc. (a) | 950930 |
| 236988 | Robinhood Markets, Inc., <br> Class A (a) | 26803343 |
| 282417 | TPG, Inc. | 18029501 |
|  |  | 45783774 |
|  | **Chemicals — 0.8%**  |  |
| 200469 | Solstice Advanced Materials, <br> Inc. (a) | 9738784 |
|  | **Commercial Services &** <br> **Supplies — 0.3%**  |  |
| 39199 | Veralto Corp. | 3911276 |
|  | **Communications Equipment** <br> **— 1.2%**  |  |
| 37311 | Lumentum Holdings, Inc. (a) | 13752462 |
| 35590 | Viasat, Inc. (a) | 1226431 |
|  |  | 14978893 |
|  | **Construction & Engineering** <br> **— 0.6%**  |  |
| 211960 | Centuri Holdings, Inc. (a) | 5351990 |
| 10737 | Everus Construction Group, <br> Inc. (a) | 918658 |
| 27717 | Legence Corp., Class A (a) | 1192939 |
|  |  | 7463587 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Construction Materials —** <br> **1.6%**  |  |
| 357975 | Amrize Ltd. (a) | $19359288 |
|  | **Consumer Finance — 2.0%**  |  |
| 17898 | Dave, Inc. (a) | 3962796 |
| 39154 | Enova International, Inc. (a) | 6155009 |
| 56306 | Figure Technology Solutions, <br> Inc., Class A (a) (b) | 2299537 |
| 463817 | SoFi Technologies, Inc. (a) | 12142729 |
|  |  | 24560071 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.2%**  |  |
| 66314 | Maplebear, Inc. (a) | 2982804 |
|  | **Diversified Telecommunication** <br> **Services — 2.3%**  |  |
| 388437 | AST SpaceMobile, Inc. (a) | 28212179 |
|  | **Electric Utilities — 7.3%**  |  |
| 154537 | Constellation Energy Corp. | 54593286 |
| 141011 | Entergy Corp. | 13033647 |
| 106899 | NRG Energy, Inc. | 17022597 |
| 42756 | Oklo, Inc. (a) | 3068170 |
|  |  | 87717700 |
|  | **Electrical Equipment — 10.5%**  |  |
| 180395 | GE Vernova, Inc. | 117900760 |
| 101513 | Nextpower, Inc., Class A (a) | 8842798 |
|  |  | 126743558 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.6%**  |  |
| 61852 | Ingram Micro Holding Corp. (b) | 1319922 |
| 66780 | Mirion Technologies, Inc. (a) | 1563988 |
| 83109 | Ralliant Corp. | 4231079 |
|  |  | 7114989 |
|  | **Entertainment — 3.4%**  |  |
| 82686 | Liberty Live Holdings, Inc., <br> Class C (a) | 6876168 |
| 1173608 | Warner Bros. Discovery, Inc. (a) | 33823382 |
|  |  | 40699550 |
|  | **Financial Services — 2.1%**  |  |
| 377988 | Corebridge Financial, Inc. | 11403898 |
| 151974 | Enact Holdings, Inc. | 6024250 |
| 42922 | Jackson Financial, Inc., Class A | 4577631 |
| 77782 | NCR Atleos Corp. (a) | 2964272 |
|  |  | 24970051 |
|  | **Food Products — 0.3%**  |  |
| 153085 | Smithfield Foods, Inc. | 3418388 |
|  | **Health Care Equipment &** <br> **Supplies — 7.9%**  |  |
| 335599 | GE HealthCare Technologies, <br> Inc. | 27525830 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Equipment &** <br> **Supplies (Continued)**  |  |
| 35417 | Globus Medical, Inc., <br> Class A (a) | $3092258 |
| 1162874 | Medline, Inc., Class A (a) | 48840708 |
| 191677 | Solventum Corp. (a) | 15188486 |
|  |  | 94647282 |
|  | **Health Care Providers &** <br> **Services — 4.1%**  |  |
| 201844 | Alignment Healthcare, Inc. (a) | 3986419 |
| 189818 | BrightSpring Health Services, <br> Inc. (a) | 7108684 |
| 55127 | Cencora, Inc. | 18619144 |
| 155348 | Privia Health Group, Inc. (a) | 3683301 |
| 78623 | Tenet Healthcare Corp. (a) | 15623963 |
|  |  | 49021511 |
|  | **Health Care REITs — 3.0%**  |  |
| 198105 | American Healthcare REIT, Inc. | 9322821 |
| 164514 | CareTrust REIT, Inc. | 5948826 |
| 65608 | Sabra Health Care REIT, Inc. | 1242616 |
| 247192 | Ventas, Inc. | 19127717 |
|  |  | 35641980 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.0%**  |  |
| 136085 | DoorDash, Inc., Class A (a) | 30820531 |
| 67701 | Travel + Leisure Co. | 4774951 |
|  |  | 35595482 |
|  | **Insurance — 0.7%**  |  |
| 258809 | Hamilton Insurance Group Ltd., <br> Class B (a) | 7220771 |
| 19663 | Lemonade, Inc. (a) | 1399612 |
|  |  | 8620383 |
|  | **Interactive Media & Services** <br> **— 1.9%**  |  |
| 99721 | Reddit, Inc., Class A (a) | 22922866 |
|  | **IT Services — 4.9%**  |  |
| 122125 | CoreWeave, Inc., Class A (a) | 8745371 |
| 24074 | DigitalOcean Holdings, Inc. (a) | 1158441 |
| 167244 | International Business Machines <br> Corp. | 49539345 |
|  |  | 59443157 |
|  | **Life Sciences Tools & Services** <br> **— 0.2%**  |  |
| 37449 | Tempus AI, Inc. (a) | 2211364 |
|  | **Machinery — 2.3%**  |  |
| 85786 | Atmus Filtration Technologies, <br> Inc. | 4453151 |
| 84868 | Crane Co. | 15652205 |
| 126527 | Symbotic, Inc. (a) | 7528357 |
|  |  | 27633713 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Media — 0.6%**  |  |
| 93448 | Fox Corp., Class A | $6828245 |
|  | **Mortgage REITs — 0.1%**  |  |
| 145820 | Rithm Capital Corp. | 1589438 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.4%**  |  |
| 35477 | CNX Resources Corp. (a) | 1304489 |
| 31742 | CVR Energy, Inc. (a) | 807517 |
| 203319 | DT Midstream, Inc. | 24333218 |
| 48400 | HF Sinclair Corp. | 2230272 |
|  |  | 28675496 |
|  | **Personal Care Products —** <br> **0.6%**  |  |
| 423432 | Kenvue, Inc. | 7304202 |
|  | **Pharmaceuticals — 1.0%**  |  |
| 20715 | Ligand Pharmaceuticals, Inc. (a) | 3916585 |
| 212964 | Royalty Pharma PLC, Class A | 8228929 |
|  |  | 12145514 |
|  | **Professional Services — 1.2%**  |  |
| 51276 | Amentum Holdings, Inc. (a) | 1487004 |
| 261202 | Legalzoom.com, Inc. (a) | 2593736 |
| 137515 | UL Solutions, Inc., Class A | 10844433 |
|  |  | 14925173 |
|  | **Real Estate Management &** <br> **Development — 0.1%**  |  |
| 150290 | Compass, Inc., Class A (a) | 1588565 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.8%**  |  |
| 17777 | Astera Labs, Inc. (a) | 2957382 |
| 70342 | Credo Technology Group <br> Holding Ltd. (a) | 10121510 |
| 17673 | MKS, Inc. | 2824145 |
| 72750 | Qnity Electronics, Inc. | 5940038 |
|  |  | 21843075 |
|  | **Software — 18.1%**  |  |
| 135163 | AppLovin Corp., Class A (a) | 91075533 |
| 23879 | CrowdStrike Holdings, Inc., <br> Class A (a) | 11193520 |
| 313431 | Palantir Technologies, Inc., <br> Class A (a) | 55712360 |
| 128406 | Rubrik, Inc., Class A (a) | 9820491 |
| 177330 | SailPoint, Inc. (a) | 3587386 |
| 850200 | Samsara, Inc., Class A (a) | 30139590 |
| 56180 | ServiceTitan, Inc., Class A (a) | 5983170 |
| 225184 | Unity Software, Inc. (a) | 9946377 |
|  |  | 217458427 |
|  | **Specialized REITs — 0.3%**  |  |
| 139772 | Millrose Properties, Inc. | 4174990 |
|  | **Specialty Retail — 0.1%**  |  |
| 21121 | Victoria's Secret & Co. (a) | 1144125 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 3.2%**  |  |
| 239482 | CompoSecure, Inc., Class A (a) | $4617213 |
| 57070 | Sandisk Corp. (a) | 13547276 |
| 71925 | Seagate Technology <br> Holdings PLC | 19807426 |
|  |  | 37971915 |
|  | **Total Common Stocks** | 1204157029 |
|  | (Cost $789,567,517) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 626444 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (c) | 626444 |
|  | (Cost $626,444) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** |
| $2731333 | Bank of America Corp., <br> 3.82% (c), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $2,731,913. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $2,785,961. (d) | 2731333 |
|  | (Cost $2,731,333) |  |
|  | **Total Investments — 100.2%** | 1207514806 |
|  | (Cost $792,925,294) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.2)%** | (2957940)<br>|
|  | **Net Assets — 100.0%** | $1204556866 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $2,573,654 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,731,333.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1204157029 | &nbsp;&nbsp; $1204157029 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 626444 | &nbsp;&nbsp; 626444 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 2731333 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2731333 | &nbsp;&nbsp; — |
| Total Investments | $1207514806 | &nbsp;&nbsp; $1204783473 | &nbsp;&nbsp; $2731333 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $2573654 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2573654)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $2731333 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2731333)<br>|
| Net Amount | $— |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Biotechnology — 80.6%**  |  |
| 1957224 | ACADIA Pharmaceuticals, <br> Inc. (a) | $52277453 |
| 1257994 | Alkermes PLC (a) | 35198672 |
| 85320 | Alnylam Pharmaceuticals, <br> Inc. (a) | 33927498 |
| 135325 | Amgen, Inc. | 44293226 |
| 49268 | Argenx SE, ADR (a) | 41431925 |
| 122657 | BeOne Medicines Ltd., ADR (a) | 37264423 |
| 267876 | Biogen, Inc. (a) | 47143497 |
| 750418 | BioMarin Pharmaceutical, <br> Inc. (a) | 44597342 |
| 384694 | BioNTech SE, ADR (a) | 36622869 |
| 672986 | Exact Sciences Corp. (a) | 68348458 |
| 1029501 | Exelixis, Inc. (a) | 45123029 |
| 1234265 | Genmab A/S, ADR (a) (b) | 38015362 |
| 335054 | Gilead Sciences, Inc. | 41124528 |
| 612510 | Halozyme Therapeutics, Inc. (a) | 41221923 |
| 468520 | Incyte Corp. (a) | 46275720 |
| 216354 | Krystal Biotech, Inc. (a) | 53339915 |
| 1463361 | Moderna, Inc. (a) | 43154516 |
| 231948 | Natera, Inc. (a) | 53136967 |
| 287363 | Neurocrine Biosciences, Inc. (a) | 40756694 |
| 69535 | Regeneron Pharmaceuticals, Inc. | 53671980 |
| 1776478 | Sarepta Therapeutics, Inc. (a) | 38229807 |
| 89234 | United Therapeutics Corp. (a) | 43479267 |
| 1128218 | Veracyte, Inc. (a) | 47497978 |
| 96277 | Vertex Pharmaceuticals, Inc. (a) | 43648141 |
|  |  | 1069781190 |
|  | **Life Sciences Tools & Services** <br> **— 18.0%**  |  |
| 1112868 | Bruker Corp. | 52427211 |
| 418360 | Illumina, Inc. (a) | 54872098 |
| 30826 | Mettler-Toledo International, <br> Inc. (a) | 42977301 |
| 270328 | Repligen Corp. (a) | 44295946 |
| 118620 | Waters Corp. (a) | 45055435 |
|  |  | 239627991 |
|  | **Pharmaceuticals — 1.4%**  |  |
| 530853 | Corcept Therapeutics, Inc. (a) | 18473684 |
|  | **Total Common Stocks** | 1327882865 |
|  | (Cost $1,067,415,862) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 959084 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (c) | 959084 |
|  | (Cost $959,084) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** |
| $6461524 | Bank of America Corp., <br> 3.82% (c), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $6,462,895. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $6,590,757. (d) | $6461524 |
|  | (Cost $6,461,524) |  |
|  | **Total Investments — 100.5%** | 1335303473 |
|  | (Cost $1,074,836,470) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.5)%** | (7257234)<br>|
|  | **Net Assets — 100.0%** | $1328046239 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $6,179,466 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $6,461,524.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1327882865 | &nbsp;&nbsp; $1327882865 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 959084 | &nbsp;&nbsp; 959084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 6461524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6461524 | &nbsp;&nbsp; — |
| Total Investments | $1335303473 | &nbsp;&nbsp; $1328841949 | &nbsp;&nbsp; $6461524 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $6179466 |
| Non-cash Collateral<sup>(2)</sup> <br>| (6179466)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $6461524 |
| Non-cash Collateral<sup>(4)</sup> <br>| (6461524)<br>|
| Net Amount | $— |

---

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Broadline Retail — 11.8%**  |  |
| 2866425 | Amazon.com, Inc. (a) | $661628218 |
| 1258569 | eBay, Inc. | 109621360 |
|  |  | 771249578 |
|  | **Commercial Services &** <br> **Supplies — 1.5%**  |  |
| 2479285 | Copart, Inc. (a) | 97064008 |
|  | **Communications Equipment** <br> **— 13.0%**  |  |
| 2258774 | Arista Networks, Inc. (a) | 295967157 |
| 392763 | Ciena Corp. (a) | 91855483 |
| 5538420 | Cisco Systems, Inc. | 426624493 |
| 160615 | F5, Inc. (a) | 40998585 |
|  |  | 855445718 |
|  | **Diversified Consumer Services** <br> **— 0.3%**  |  |
| 111413 | Duolingo, Inc. (a) | 19552982 |
|  | **Entertainment — 10.8%**  |  |
| 5955274 | Netflix, Inc. (a) | 558366490 |
| 1823401 | ROBLOX Corp., Class A (a) | 147750183 |
|  |  | 706116673 |
|  | **Financial Services — 2.3%**  |  |
| 2605274 | PayPal Holdings, Inc. | 152095896 |
|  | **Health Care Technology —** <br> **1.4%**  |  |
| 419886 | Veeva Systems, Inc., Class A (a) | 93731152 |
|  | **Hotels, Restaurants & Leisure** <br> **— 13.0%**  |  |
| 1184201 | Airbnb, Inc., Class A (a) | 160719760 |
| 56660 | Booking Holdings, Inc. | 303432998 |
| 1040903 | DoorDash, Inc., Class A (a) | 235743711 |
| 1386025 | DraftKings, Inc., Class A (a) | 47762421 |
| 488048 | Flutter Entertainment PLC (a) | 104949842 |
|  |  | 852608732 |
|  | **Interactive Media & Services** <br> **— 20.2%**  |  |
| 1151902 | Alphabet, Inc., Class A | 360545326 |
| 920657 | Alphabet, Inc., Class C | 288902166 |
| 1021921 | Meta Platforms, Inc., Class A | 674559833 |
|  |  | 1324007325 |
|  | **IT Services — 9.2%**  |  |
| 400576 | Akamai Technologies, Inc. (a) | 34950256 |
| 877797 | Cloudflare, Inc., Class A (a) | 173057678 |
| 634789 | CoreWeave, Inc., Class A (a) | 45457240 |
| 376290 | GoDaddy, Inc., Class A (a) | 46690063 |
| 469070 | Okta, Inc. (a) | 40560483 |
| 943374 | Snowflake, Inc. (a) | 206938521 |
| 232307 | VeriSign, Inc. | 56438986 |
|  |  | 604093227 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Professional Services — 0.3%**  |  |
| 136074 | Paycom Software, Inc. | $21684753 |
|  | **Software — 13.6%**  |  |
| 467901 | Atlassian Corp., Class A (a) | 75865468 |
| 403425 | Box, Inc., Class A (a) | 12066442 |
| 831845 | Confluent, Inc., Class A (a) | 25154993 |
| 906175 | Datadog, Inc., Class A (a) | 123230738 |
| 559961 | Docusign, Inc. (a) | 38301332 |
| 485678 | Dropbox, Inc., Class A (a) | 13501848 |
| 145857 | HubSpot, Inc. (a) | 58532414 |
| 1053030 | MARA Holdings, Inc. (a) (b) | 9456209 |
| 753995 | Nutanix, Inc., Class A (a) | 38974002 |
| 1131606 | Salesforce, Inc. | 299773746 |
| 604219 | Workday, Inc., Class A (a) | 129774157 |
| 741927 | Zoom Communications, Inc. (a) | 64020881 |
|  |  | 888652230 |
|  | **Specialty Retail — 2.5%**  |  |
| 393777 | Carvana Co. (a) | 166181770 |
|  | **Total Common Stocks** | 6552484044 |
|  | (Cost $6,935,270,660) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 5712012 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (c) | 5712012 |
|  | (Cost $5,712,012) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |
| $5765030 | Bank of America Corp., <br> 3.82% (c), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $5,766,253. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $5,880,332. (d) | 5765030 |
|  | (Cost $5,765,030) |  |
|  | **Total Investments — 100.1%** | 6563961086 |
|  | (Cost $6,946,747,702) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (9199839)<br>|
|  | **Net Assets — 100.0%** | $6554761247 |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $5,295,991 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $5,765,030.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $6552484044 | &nbsp;&nbsp; $6552484044 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 5712012 | &nbsp;&nbsp; 5712012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 5765030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5765030 | &nbsp;&nbsp; — |
| Total Investments | $6563961086 | &nbsp;&nbsp; $6558196056 | &nbsp;&nbsp; $5765030 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $5295991 |
| Non-cash Collateral<sup>(2)</sup> <br>| (5295991)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $5765030 |
| Non-cash Collateral<sup>(4)</sup> <br>| (5765030)<br>|
| Net Amount | $— |

---

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 4.0%**  |  |
| 487601 | General Dynamics Corp. | $164155752 |
| 271604 | Northrop Grumman Corp. | 154871317 |
|  |  | 319027069 |
|  | **Air Freight & Logistics —** <br> **2.5%**  |  |
| 1345799 | Expeditors International of <br> Washington, Inc. | 200537509 |
|  | **Beverages — 6.1%**  |  |
| 2358107 | Coca-Cola (The) Co. | 164855261 |
| 2298339 | Monster Beverage Corp. (a) | 176213651 |
| 1050491 | PepsiCo, Inc. | 150766468 |
|  |  | 491835380 |
|  | **Biotechnology — 2.0%**  |  |
| 703349 | AbbVie, Inc. | 160708213 |
|  | **Capital Markets — 12.5%**  |  |
| 343199 | Ameriprise Financial, Inc. | 168284198 |
| 673514 | Cboe Global Markets, Inc. | 169052014 |
| 1715199 | Charles Schwab (The) Corp. | 171365532 |
| 342784 | Moody's Corp. | 175111206 |
| 999879 | Raymond James Financial, Inc. | 160570568 |
| 1557086 | T. Rowe Price Group, Inc. | 159414465 |
|  |  | 1003797983 |
|  | **Chemicals — 3.8%**  |  |
| 583450 | Ecolab, Inc. | 153167294 |
| 358094 | Linde PLC | 152687701 |
|  |  | 305854995 |
|  | **Commercial Services &** <br> **Supplies — 3.7%**  |  |
| 3641650 | Copart, Inc. (a) | 142570597 |
| 1571338 | Veralto Corp. | 156788106 |
|  |  | 299358703 |
|  | **Communications Equipment** <br> **— 5.6%**  |  |
| 2301282 | Cisco Systems, Inc. | 177267752 |
| 536628 | F5, Inc. (a) | 136979663 |
| 362871 | Motorola Solutions, Inc. | 139095712 |
|  |  | 453343127 |
|  | **Construction & Engineering** <br> **— 1.5%**  |  |
| 1233839 | AECOM | 117621872 |
|  | **Consumer Staples Distribution** <br> **& Retail — 3.9%**  |  |
| 172450 | Costco Wholesale Corp. | 148710533 |
| 1498090 | Walmart, Inc. | 166902207 |
|  |  | 315612740 |
|  | **Entertainment — 1.8%**  |  |
| 1040485 | Live Nation Entertainment, <br> Inc. (a) | 148269112 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Financial Services — 4.1%**  |  |
| 287700 | Mastercard, Inc., Class A | $164242176 |
| 472295 | Visa, Inc., Class A | 165638579 |
|  |  | 329880755 |
|  | **Ground Transportation —** <br> **2.0%**  |  |
| 713983 | Union Pacific Corp. | 165158548 |
|  | **Health Care Equipment &** <br> **Supplies — 3.7%**  |  |
| 1256196 | Abbott Laboratories | 157388797 |
| 602287 | ResMed, Inc. | 145072870 |
|  |  | 302461667 |
|  | **Health Care Providers &** <br> **Services — 2.1%**  |  |
| 497062 | Cencora, Inc. | 167882690 |
|  | **Household Products — 3.9%**  |  |
| 2040808 | Colgate-Palmolive Co. | 161264648 |
| 1066529 | Procter & Gamble (The) Co. | 152844271 |
|  |  | 314108919 |
|  | **Industrial Conglomerates —** <br> **4.1%**  |  |
| 1057318 | 3M Co. | 169276612 |
| 843602 | Honeywell International, Inc. | 164578314 |
|  |  | 333854926 |
|  | **Insurance — 3.9%**  |  |
| 851679 | Marsh & McLennan Cos., Inc. | 158003488 |
| 2180550 | W.R. Berkley Corp. | 152900166 |
|  |  | 310903654 |
|  | **IT Services — 2.5%**  |  |
| 2442326 | Cognizant Technology Solutions <br> Corp., Class A | 202713058 |
|  | **Machinery — 6.9%**  |  |
| 391883 | Cummins, Inc. | 200036677 |
| 969308 | Dover Corp. | 189247694 |
| 475254 | Snap-on, Inc. | 163772529 |
|  |  | 553056900 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.0%**  |  |
| 1519384 | EOG Resources, Inc. | 159550514 |
|  | **Pharmaceuticals — 3.9%**  |  |
| 835265 | Johnson & Johnson | 172858092 |
| 1120879 | Zoetis, Inc. | 141028996 |
|  |  | 313887088 |
|  | **Professional Services — 3.6%**  |  |
| 574053 | Automatic Data Processing, Inc. | 147663653 |
| 1275863 | Paychex, Inc. | 143126312 |
|  |  | 290789965 |
|  | **Software — 1.9%**  |  |
| 314251 | Microsoft Corp. | 151978069 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialized REITs — 1.7%**  |  |
| 524937 | Public Storage | $136221151 |
|  | **Specialty Retail — 6.2%**  |  |
| 411995 | Home Depot (The), Inc. | 141767480 |
| 1032489 | Ross Stores, Inc. | 185992568 |
| 1122007 | TJX (The) Cos., Inc. | 172351495 |
|  |  | 500111543 |
|  | **Total Common Stocks** | 8048526150 |
|  | (Cost $7,246,131,713) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 6273651 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 6273651 |
|  | (Cost $6,273,651) |  |
|  | **Total Investments — 100.0%** | 8054799801 |
|  | (Cost $7,252,405,364) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (187365)<br>|
|  | **Net Assets — 100.0%** | $8054612436 |

---

&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 December 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 December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $8048526150 | &nbsp;&nbsp; $8048526150 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 6273651 | &nbsp;&nbsp; 6273651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $8054799801 | &nbsp;&nbsp; $8054799801 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
|  | **Aerospace & Defense — 2.1%**  |  |
| 102754 | General Dynamics Corp. | $34593162 |
| 120194 | L3Harris Technologies, Inc. | 35285353 |
| 73349 | Lockheed Martin Corp. | 35476711 |
| 60662 | Northrop Grumman Corp. | 34590079 |
| 191026 | RTX Corp. | 35034168 |
|  |  | 174979473 |
|  | **Air Freight & Logistics —** <br> **0.4%**  |  |
| 231789 | Expeditors International of <br> Washington, Inc. | 34538879 |
|  | **Automobiles — 0.8%**  |  |
| 1172915 | Honda Motor Co., Ltd., ADR | 34577534 |
| 161587 | Toyota Motor Corp., ADR | 34589314 |
|  |  | 69166848 |
|  | **Banks — 3.4%**  |  |
| 273385 | Bank of Montreal | 35482639 |
| 485815 | Bank of Nova Scotia (The) | 35799707 |
| 384106 | Canadian Imperial Bank of <br> Commerce | 34803845 |
| 668969 | Commerce Bancshares, Inc. | 35013837 |
| 450511 | HSBC Holdings PLC, ADR | 35441700 |
| 109780 | JPMorgan Chase & Co. | 35373312 |
| 208854 | Royal Bank of Canada | 35607519 |
| 381216 | Toronto-Dominion Bank (The) | 35910547 |
|  |  | 283433106 |
|  | **Beverages — 2.9%**  |  |
| 559529 | Anheuser-Busch InBev <br> S.A./N.V., ADR | 35832237 |
| 505178 | Coca-Cola (The) Co. | 35316994 |
| 388186 | Coca-Cola Europacific <br> Partners PLC | 35208470 |
| 250235 | Constellation Brands, Inc., <br> Class A | 34522420 |
| 408300 | Diageo PLC, ADR | 35224041 |
| 1255665 | Keurig Dr Pepper, Inc. | 35171177 |
| 241207 | PepsiCo, Inc. | 34618029 |
|  |  | 245893368 |
|  | **Biotechnology — 1.3%**  |  |
| 155624 | AbbVie, Inc. | 35558528 |
| 107034 | Amgen, Inc. | 35033298 |
| 285677 | Gilead Sciences, Inc. | 35063995 |
|  |  | 105655821 |
|  | **Capital Markets — 5.4%**  |  |
| 302480 | Bank of New York Mellon (The) <br> Corp. | 35114903 |
| 32593 | Blackrock, Inc. | 34885592 |
| 140842 | Cboe Global Markets, Inc. | 35351342 |
| 129821 | CME Group, Inc. | 35451519 |
| 121917 | FactSet Research Systems, Inc. | 35379094 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 39451 | Goldman Sachs Group (The), <br> Inc. | $34677429 |
| 198913 | Houlihan Lokey, Inc. | 34648656 |
| 219692 | Intercontinental Exchange, Inc. | 35581316 |
| 197314 | Morgan Stanley | 35029155 |
| 363931 | Nasdaq, Inc. | 35348618 |
| 213665 | Raymond James Financial, Inc. | 34312462 |
| 420501 | SEI Investments Co. | 34489492 |
| 338443 | T. Rowe Price Group, Inc. | 34649794 |
|  |  | 454919372 |
|  | **Chemicals — 2.9%**  |  |
| 144900 | Air Products and Chemicals, Inc. | 35793198 |
| 528680 | Corteva, Inc. | 35437420 |
| 132658 | Ecolab, Inc. | 34825378 |
| 83749 | Linde PLC | 35709736 |
| 49726 | NewMarket Corp. | 34174691 |
| 343128 | PPG Industries, Inc. | 35156895 |
| 336925 | RPM International, Inc. | 35040200 |
|  |  | 246137518 |
|  | **Commercial Services &** <br> **Supplies — 2.1%**  |  |
| 436376 | Brady Corp., Class A | 34198787 |
| 219665 | MSA Safety, Inc. | 35177153 |
| 166580 | Republic Services, Inc. | 35303299 |
| 580129 | Rollins, Inc. | 34819343 |
| 161476 | Waste Management, Inc. | 35477892 |
|  |  | 174976474 |
|  | **Communications Equipment** <br> **— 0.8%**  |  |
| 454086 | Cisco Systems, Inc. | 34978244 |
| 95171 | Motorola Solutions, Inc. | 36480948 |
|  |  | 71459192 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.4%**  |  |
| 475578 | Sysco Corp. | 35045343 |
|  | **Containers & Packaging —** <br> **2.1%**  |  |
| 4263083 | Amcor PLC | 35554112 |
| 288980 | AptarGroup, Inc. | 35244001 |
| 195924 | Avery Dennison Corp. | 35634657 |
| 171724 | Packaging Corp. of America | 35414641 |
| 821603 | Sonoco Products Co. | 35854755 |
|  |  | 177702166 |
|  | **Distributors — 0.4%**  |  |
| 283316 | Genuine Parts Co. | 34836535 |
|  | **Diversified REITs — 0.4%**  |  |
| 550589 | WP Carey, Inc. | 35435908 |
|  | **Diversified Telecommunication** <br> **Services — 2.2%**  |  |
| 1459622 | AT&T, Inc. | 36257010 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Diversified Telecommunication** <br> **Services (Continued)**  |  |
| 1560440 | BCE, Inc. | $37169681 |
| 1213027 | Comcast Corp., Class A | 36257377 |
| 2803866 | TELUS Corp. | 36926915 |
| 887160 | Verizon Communications, Inc. | 36134027 |
|  |  | 182745010 |
|  | **Electric Utilities — 8.5%**  |  |
| 545422 | Alliant Energy Corp. | 35457884 |
| 309446 | American Electric Power Co., <br> Inc. | 35682218 |
| 304973 | Duke Energy Corp. | 35745885 |
| 731617 | Emera, Inc. | 36024821 |
| 385571 | Entergy Corp. | 35638328 |
| 489691 | Evergy, Inc. | 35497701 |
| 537076 | Eversource Energy | 36161327 |
| 814435 | Exelon Corp. | 35501222 |
| 798493 | FirstEnergy Corp. | 35748532 |
| 692618 | Fortis, Inc. | 35974579 |
| 280210 | IDACORP, Inc. | 35463378 |
| 452646 | MGE Energy, Inc. | 35496499 |
| 443136 | NextEra Energy, Inc. | 35574958 |
| 824288 | OGE Energy Corp. | 35197098 |
| 404482 | Pinnacle West Capital Corp. | 35877553 |
| 747347 | Portland General Electric Co. | 35865182 |
| 1022746 | PPL Corp. | 35816565 |
| 413772 | Southern (The) Co. | 36080918 |
| 601887 | TXNM Energy, Inc. | 35439107 |
| 480283 | Xcel Energy, Inc. | 35473702 |
|  |  | 713717457 |
|  | **Electrical Equipment — 1.3%**  |  |
| 110711 | Eaton Corp. PLC | 35262561 |
| 262753 | Emerson Electric Co. | 34872578 |
| 78635 | Hubbell, Inc. | 34922590 |
|  |  | 105057729 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.4%**  |  |
| 151890 | TE Connectivity PLC | 34556494 |
|  | **Financial Services — 0.4%**  |  |
| 191377 | Jack Henry & Associates, Inc. | 34922475 |
|  | **Food Products — 4.6%**  |  |
| 1242344 | Campbell's (The) Co. | 34624127 |
| 2054981 | Conagra Brands, Inc. | 35571721 |
| 748282 | General Mills, Inc. | 34795113 |
| 190308 | Hershey (The) Co. | 34632250 |
| 1470514 | Hormel Foods Corp. | 34851182 |
| 319391 | Ingredion, Inc. | 35216052 |
| 357731 | J.M. Smucker (The) Co. | 34989669 |
| 1468696 | Kraft Heinz (The) Co. | 35615878 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Food Products (Continued)**  |  |
| 212494 | Marzetti (The) Company | $34938263 |
| 514643 | McCormick & Co., Inc. | 35052335 |
| 653087 | Mondelez International, Inc., <br> Class A | 35155673 |
|  |  | 385442263 |
|  | **Gas Utilities — 3.4%**  |  |
| 211961 | Atmos Energy Corp. | 35531023 |
| 285124 | Chesapeake Utilities Corp. | 35572070 |
| 431752 | National Fuel Gas Co. | 34566065 |
| 764085 | New Jersey Resources Corp. | 35239600 |
| 753534 | Northwest Natural Holding Co. | 35220179 |
| 457068 | ONE Gas, Inc. | 35308503 |
| 440991 | Southwest Gas Holdings, Inc. | 35288100 |
| 428520 | Spire, Inc. | 35438604 |
|  |  | 282164144 |
|  | **Ground Transportation —** <br> **2.1%**  |  |
| 361192 | Canadian National Railway Co. | 35703829 |
| 970679 | CSX Corp. | 35187114 |
| 243990 | Landstar System, Inc. | 35061363 |
| 121641 | Norfolk Southern Corp. | 35120189 |
| 151174 | Union Pacific Corp. | 34969570 |
|  |  | 176042065 |
|  | **Health Care Equipment &** <br> **Supplies — 1.3%**  |  |
| 283296 | Abbott Laboratories | 35494156 |
| 180276 | Becton Dickinson & Co. | 34986163 |
| 362997 | Medtronic PLC | 34869492 |
|  |  | 105349811 |
|  | **Health Care Providers &** <br> **Services — 1.3%**  |  |
| 128701 | Cigna Group (The) | 35422376 |
| 139064 | Labcorp Holdings, Inc. | 34888376 |
| 201143 | Quest Diagnostics, Inc. | 34904345 |
|  |  | 105215097 |
|  | **Health Care REITs — 0.4%**  |  |
| 190257 | Welltower, Inc. | 35313602 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.8%**  |  |
| 112162 | McDonald's Corp. | 34280072 |
| 228430 | Yum! Brands, Inc. | 34556891 |
|  |  | 68836963 |
|  | **Household Products — 2.1%**  |  |
| 421041 | Church & Dwight Co., Inc. | 35304288 |
| 448749 | Colgate-Palmolive Co. | 35460146 |
| 355465 | Kimberly-Clark Corp. | 35862864 |
| 248578 | Procter & Gamble (The) Co. | 35623713 |
| 1506106 | Reynolds Consumer Products, <br> Inc. | 34519950 |
|  |  | 176770961 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Industrial Conglomerates —** <br> **0.4%**  |  |
| 180998 | Honeywell International, Inc. | $35310900 |
|  | **Insurance — 8.4%**  |  |
| 322292 | Aflac, Inc. | 35539139 |
| 170291 | Allstate (The) Corp. | 35446072 |
| 410372 | American International Group, <br> Inc. | 35107325 |
| 146866 | Assurant, Inc. | 35372676 |
| 325526 | Axis Capital Holdings Ltd. | 34860579 |
| 114071 | Chubb Ltd. | 35603840 |
| 212443 | Cincinnati Financial Corp. | 34696191 |
| 741558 | CNA Financial Corp. | 35401979 |
| 190935 | Hanover Insurance Group (The), <br> Inc. | 34897190 |
| 254164 | Hartford Insurance Group (The), <br> Inc. | 35023799 |
| 970949 | Manulife Financial Corp. | 35226030 |
| 191192 | Marsh & McLennan Cos., Inc. | 35469940 |
| 435999 | MetLife, Inc. | 34417761 |
| 767890 | Old Republic International Corp. | 35046500 |
| 135910 | Primerica, Inc. | 35113707 |
| 308852 | Prudential Financial, Inc. | 34863214 |
| 414258 | Selective Insurance Group, Inc. | 34660967 |
| 570694 | Sun Life Financial, Inc. | 35611305 |
| 121624 | Travelers (The) Cos., Inc. | 35278257 |
| 106711 | Willis Towers Watson PLC | 35065235 |
|  |  | 702701706 |
|  | **IT Services — 2.9%**  |  |
| 131042 | Accenture PLC, Class A | 35158568 |
| 442803 | Amdocs Ltd. | 35650069 |
| 416258 | Cognizant Technology Solutions <br> Corp., Class A | 34549414 |
| 1851200 | Infosys Ltd., ADR | 32988384 |
| 117141 | International Business Machines <br> Corp. | 34698336 |
| 144084 | VeriSign, Inc. | 35005208 |
| 11744658 | Wipro Ltd., ADR | 33354829 |
|  |  | 241404808 |
|  | **Machinery — 5.0%**  |  |
| 60898 | Caterpillar, Inc. | 34886638 |
| 68299 | Cummins, Inc. | 34863225 |
| 383078 | Donaldson Co., Inc. | 33963695 |
| 177776 | Dover Corp. | 34708986 |
| 361637 | Franklin Electric Co., Inc. | 34547183 |
| 425029 | Graco, Inc. | 34839627 |
| 197581 | IDEX Corp. | 35157563 |
| 140987 | Illinois Tool Works, Inc. | 34725098 |
| 145082 | Lincoln Electric Holdings, Inc. | 34767451 |
| 406563 | Otis Worldwide Corp. | 35513278 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 314418 | PACCAR, Inc. | $34431915 |
| 101327 | Snap-on, Inc. | 34917284 |
|  |  | 417321943 |
|  | **Metals & Mining — 0.4%**  |  |
| 442803 | Rio Tinto PLC, ADR | 35437524 |
|  | **Multi-Utilities — 5.1%**  |  |
| 356615 | Ameren Corp. | 35611574 |
| 925598 | Avista Corp. | 35672547 |
| 515092 | Black Hills Corp. | 35757687 |
| 938326 | CenterPoint Energy, Inc. | 35975419 |
| 508363 | CMS Energy Corp. | 35549825 |
| 359833 | Consolidated Edison, Inc. | 35738613 |
| 619873 | Dominion Energy, Inc. | 36318359 |
| 276431 | DTE Energy Co. | 35654070 |
| 855704 | NiSource, Inc. | 35734199 |
| 554725 | Northwestern Energy Group, <br> Inc. | 35801951 |
| 439402 | Public Service Enterprise Group, <br> Inc. | 35283981 |
| 338217 | WEC Energy Group, Inc. | 35668365 |
|  |  | 428766590 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.4%**  |  |
| 236775 | Chevron Corp. | 36086878 |
| 757396 | Enbridge, Inc. | 36226251 |
| 300210 | Exxon Mobil Corp. | 36127271 |
| 956805 | Pembina Pipeline Corp. | 36415998 |
| 488689 | Shell PLC, ADR | 35908868 |
| 646411 | TC Energy Corp. | 35559069 |
| 539123 | TotalEnergies SE | 35269426 |
| 601988 | Williams (The) Cos., Inc. | 36185499 |
|  |  | 287779260 |
|  | **Personal Care Products —** <br> **0.9%**  |  |
| 2085172 | Kenvue, Inc. | 35969217 |
| 546012 | Unilever PLC, ADR | 35709185 |
|  |  | 71678402 |
|  | **Pharmaceuticals — 4.3%**  |  |
| 387433 | AstraZeneca PLC, ADR | 35616716 |
| 648904 | Bristol-Myers Squibb Co. | 35001882 |
| 729967 | GSK PLC, ADR | 35797581 |
| 171083 | Johnson & Johnson | 35405627 |
| 338702 | Merck & Co., Inc. | 35651772 |
| 259147 | Novartis AG, ADR | 35728597 |
| 1406941 | Pfizer, Inc. | 35032831 |
| 738472 | Sanofi S.A., ADR | 35786353 |
| 2348934 | Takeda Pharmaceutical Co., Ltd., <br> ADR | 36619881 |
| 286545 | Zoetis, Inc. | 36053092 |
|  |  | 356694332 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services — 2.1%**  |  |
| 136548 | Automatic Data Processing, Inc. | $35124242 |
| 155411 | Broadridge Financial Solutions, <br> Inc. | 34683073 |
| 308744 | Paychex, Inc. | 34634902 |
| 398926 | SS&C Technologies Holdings, <br> Inc. | 34874111 |
| 266686 | Thomson Reuters Corp. | 35173216 |
|  |  | 174489544 |
|  | **Residential REITs — 3.8%**  |  |
| 1127062 | American Homes 4 Rent, <br> Class A | 36178690 |
| 194332 | AvalonBay Communities, Inc. | 35234335 |
| 326839 | Camden Property Trust | 35978437 |
| 578800 | Equity LifeStyle Properties, Inc. | 35081068 |
| 569419 | Equity Residential | 35896174 |
| 1297329 | Invitation Homes, Inc. | 36052773 |
| 259507 | Mid-America Apartment <br> Communities, Inc. | 36048118 |
| 287921 | Sun Communities, Inc. | 35676291 |
| 982243 | UDR, Inc. | 36028673 |
|  |  | 322174559 |
|  | **Retail REITs — 0.8%**  |  |
| 625885 | Realty Income Corp. | 35281137 |
| 513223 | Regency Centers Corp. | 35427784 |
|  |  | 70708921 |
|  | **Software — 0.4%**  |  |
| 535460 | Dolby Laboratories, Inc., <br> Class A | 34387241 |
|  | **Specialized REITs — 0.8%**  |  |
| 135687 | Public Storage | 35210776 |
| 1273106 | VICI Properties, Inc. | 35799741 |
|  |  | 71010517 |
|  | **Specialty Retail — 1.7%**  |  |
| 102396 | Home Depot (The), Inc. | 35234464 |
| 146526 | Lowe's Cos., Inc. | 35336210 |
| 226527 | TJX (The) Cos., Inc. | 34796812 |
| 685791 | Tractor Supply Co. | 34296408 |
|  |  | 139663894 |
|  | **Tobacco — 1.3%**  |  |
| 605169 | Altria Group, Inc. | 34894045 |
| 624778 | British American Tobacco PLC, <br> ADR | 35374930 |
| 222098 | Philip Morris International, Inc. | 35624519 |
|  |  | 105893494 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors — 0.8%**  |  |
| 849558 | Fastenal Co. | $34092762 |
| 406938 | MSC Industrial Direct Co., Inc., <br> Class A | 34223486 |
|  |  | 68316248 |
|  | **Water Utilities — 1.7%**  |  |
| 481393 | American States Water Co. | 34891365 |
| 269378 | American Water Works Co., Inc. | 35153829 |
| 819522 | California Water Service Group | 35509888 |
| 919591 | Essential Utilities, Inc. | 35275511 |
|  |  | 140830593 |
|  | **Wireless Telecommunication** <br> **Services — 1.3%**  |  |
| 1720951 | America Movil S.A.B. de C.V., <br> ADR | 35572057 |
| 964877 | Rogers Communications, Inc., <br> Class B | 36404809 |
| 181183 | T-Mobile US, Inc. | 36787397 |
|  |  | 108764263 |
|  | **Total Common Stocks** | 8363648813 |
|  | (Cost $7,575,053,628) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 11420376 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (a) | 11420376 |
|  | (Cost $11,420,376) |  |
|  | **Total Investments — 99.9%** | 8375069189 |
|  | (Cost $7,586,474,004) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 11032669 |
|  | **Net Assets — 100.0%** | $8386101858 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

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

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $8363648813 | &nbsp;&nbsp; $8363648813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 11420376 | &nbsp;&nbsp; 11420376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $8375069189 | &nbsp;&nbsp; $8375069189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 1.9%**  |  |
| 42914 | Northrop Grumman Corp. | $24469992 |
|  | **Beverages — 2.2%**  |  |
| 363334 | Monster Beverage Corp. (a) | 27856818 |
|  | **Biotechnology — 4.6%**  |  |
| 291348 | Incyte Corp. (a) | 28776442 |
| 58879 | United Therapeutics Corp. (a) | 28688793 |
|  |  | 57465235 |
|  | **Capital Markets — 10.5%**  |  |
| 54254 | Ameriprise Financial, Inc. | 26602906 |
| 106471 | Cboe Global Markets, Inc. | 26724221 |
| 271012 | Charles Schwab (The) Corp. | 27076809 |
| 385218 | Interactive Brokers Group, Inc., <br> Class A | 24773370 |
| 54164 | Moody's Corp. | 27669679 |
|  |  | 132846985 |
|  | **Commercial Services &** <br> **Supplies — 1.8%**  |  |
| 575397 | Copart, Inc. (a) | 22526793 |
|  | **Communications Equipment** <br> **— 5.3%**  |  |
| 178288 | Arista Networks, Inc. (a) | 23361077 |
| 84790 | F5, Inc. (a) | 21643495 |
| 57330 | Motorola Solutions, Inc. | 21975736 |
|  |  | 66980308 |
|  | **Consumer Staples Distribution** <br> **& Retail — 4.0%**  |  |
| 27246 | Costco Wholesale Corp. | 23495316 |
| 236824 | Walmart, Inc. | 26384562 |
|  |  | 49879878 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.2%**  |  |
| 203051 | Amphenol Corp., Class A | 27440312 |
|  | **Energy Equipment & Services** <br> **— 4.4%**  |  |
| 564699 | Baker Hughes Co. | 25716392 |
| 781894 | SLB Ltd. | 30009092 |
|  |  | 55725484 |
|  | **Entertainment — 1.6%**  |  |
| 212706 | Netflix, Inc. (a) | 19943315 |
|  | **Financial Services — 8.7%**  |  |
| 210194 | Apollo Global Management, Inc. | 30427683 |
| 89373 | Corpay, Inc. (a) | 26895017 |
| 45482 | Mastercard, Inc., Class A | 25964764 |
| 74626 | Visa, Inc., Class A | 26172085 |
|  |  | 109459549 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Ground Transportation —** <br> **1.8%**  |  |
| 276418 | Uber Technologies, Inc. (a) | $22586115 |
|  | **Health Care Equipment &** <br> **Supplies — 3.8%**  |  |
| 383078 | Dexcom, Inc. (a) | 25424887 |
| 95165 | ResMed, Inc. | 22922393 |
|  |  | 48347280 |
|  | **Hotels, Restaurants & Leisure** <br> **— 4.0%**  |  |
| 202628 | Airbnb, Inc., Class A (a) | 27500672 |
| 609488 | Chipotle Mexican Grill, Inc. (a) | 22551056 |
|  |  | 50051728 |
|  | **Household Durables — 3.6%**  |  |
| 102469 | Garmin Ltd. | 20785837 |
| 205010 | PulteGroup, Inc. | 24039472 |
|  |  | 44825309 |
|  | **Insurance — 2.0%**  |  |
| 134572 | Marsh & McLennan Cos., Inc. | 24965797 |
|  | **Interactive Media & Services** <br> **— 3.5%**  |  |
| 35588 | Meta Platforms, Inc., Class A | 23491283 |
| 787687 | Pinterest, Inc., Class A (a) | 20393216 |
|  |  | 43884499 |
|  | **IT Services — 1.9%**  |  |
| 198176 | GoDaddy, Inc., Class A (a) | 24589678 |
|  | **Machinery — 2.2%**  |  |
| 48406 | Caterpillar, Inc. | 27730345 |
|  | **Media — 1.5%**  |  |
| 510467 | Trade Desk (The), Inc., <br> Class A (a) | 19377327 |
|  | **Metals & Mining — 2.2%**  |  |
| 281073 | Newmont Corp. | 28065139 |
|  | **Pharmaceuticals — 2.7%**  |  |
| 31782 | Eli Lilly & Co. | 34155480 |
|  | **Professional Services — 1.9%**  |  |
| 90705 | Automatic Data Processing, Inc. | 23332047 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 5.9%**  |  |
| 73031 | Broadcom, Inc. | 25276029 |
| 25398 | Monolithic Power Systems, Inc. | 23019731 |
| 139246 | NVIDIA Corp. | 25969379 |
|  |  | 74265139 |
|  | **Software — 13.5%**  |  |
| 42573 | AppLovin Corp., Class A (a) | 28686539 |
| 78234 | Cadence Design Systems, <br> Inc. (a) | 24454384 |
| 529978 | Dynatrace, Inc. (a) | 22969246 |
| 305767 | Fortinet, Inc. (a) | 24280957 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 38574 | Intuit, Inc. | $25552189 |
| 122723 | Palo Alto Networks, Inc. (a) | 22605577 |
| 141182 | ServiceNow, Inc. (a) | 21627671 |
|  |  | 170176563 |
|  | **Specialty Retail — 2.2%**  |  |
| 177373 | TJX (The) Cos., Inc. | 27246267 |
|  | **Total Common Stocks** | 1258193382 |
|  | (Cost $1,196,432,833) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 965224 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 965224 |
|  | (Cost $965,224) |  |
|  | **Total Investments — 100.0%** | 1259158606 |
|  | (Cost $1,197,398,057) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 597 |
|  | **Net Assets — 100.0%** | $1259159203 |

---

&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 December 31, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1258193382 | &nbsp;&nbsp; $1258193382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 965224 | &nbsp;&nbsp; 965224 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1259158606 | &nbsp;&nbsp; $1259158606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 86.5%**  |  |
| 69359 | AAR Corp. (a) | $5742232 |
| 88639 | AeroVironment, Inc. (a) | 21440888 |
| 56087 | AIRO Group Holdings, Inc. (a) | 458792 |
| 62709 | Astronics Corp. (a) | 3401336 |
| 522189 | Boeing (The) Co. (a) | 113377676 |
| 66924 | Curtiss-Wright Corp. | 36893194 |
| 26525 | Ducommun, Inc. (a) | 2523323 |
| 304548 | General Dynamics Corp. | 102529130 |
| 347949 | General Electric Co. | 107178730 |
| 165238 | HEICO Corp. | 53469364 |
| 141123 | Hexcel Corp. | 10428990 |
| 275566 | Howmet Aerospace, Inc. | 56496541 |
| 69898 | Huntington Ingalls Industries, <br> Inc. | 23770213 |
| 317187 | Intuitive Machines, Inc. (a) | 5147945 |
| 235120 | Karman Holdings, Inc. (a) | 17203730 |
| 299678 | Kratos Defense & Security <br> Solutions, Inc. (a) | 22748557 |
| 173638 | L3Harris Technologies, Inc. | 50974908 |
| 472188 | Leonardo DRS, Inc. | 16096889 |
| 166386 | Loar Holdings, Inc. (a) | 11314248 |
| 200811 | Lockheed Martin Corp. | 97126256 |
| 106166 | Mercury Systems, Inc. (a) | 7751180 |
| 56633 | Moog, Inc., Class A | 13792967 |
| 12668 | National Presto Industries, Inc. | 1352436 |
| 81397 | Northrop Grumman Corp. | 46413383 |
| 789334 | Rocket Lab Corp. (a) | 55063940 |
| 643385 | RTX Corp. | 117996809 |
| 316532 | Textron, Inc. | 27592094 |
| 39780 | TransDigm Group, Inc. | 52901433 |
| 104880 | Voyager Technologies, Inc., <br> Class A (a) | 2741563 |
| 106682 | Woodward, Inc. | 32252102 |
|  |  | 1116180849 |
|  | **Diversified Telecommunication** <br> **Services — 3.5%**  |  |
| 618125 | AST SpaceMobile, Inc. (a) | 44894419 |
|  | **Professional Services — 7.1%**  |  |
| 39169 | CACI International, Inc., <br> Class A (a) | 20869635 |
| 228564 | KBR, Inc. | 9188273 |
| 227900 | Leidos Holdings, Inc. | 41113160 |
| 189380 | Parsons Corp. (a) | 11703684 |
| 81454 | Science Applications <br> International Corp. | 8199159 |
|  |  | 91073911 |
|  | **Software — 0.0%**  |  |
| 129043 | Telos Corp. (a) | 658119 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors — 2.8%**  |  |
| 182099 | FTAI Aviation Ltd. | $35846188 |
|  | **Total Common Stocks** | 1288653486 |
|  | (Cost $1,251,347,970) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1142558 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 1142558 |
|  | (Cost $1,142,558) |  |
|  | **Total Investments — 100.0%** | 1289796044 |
|  | (Cost $1,252,490,528) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (238426)<br>|
|  | **Net Assets — 100.0%** | $1289557618 |

---

&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 December 31, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1288653486 | &nbsp;&nbsp; $1288653486 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 1142558 | &nbsp;&nbsp; 1142558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1289796044 | &nbsp;&nbsp; $1289796044 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Building Products — 10.8%**  |  |
| 58 | Carlisle Cos., Inc. | $18552 |
| 206 | Johnson Controls <br> International PLC | 24668 |
| 158 | Owens Corning | 17682 |
| 140 | Simpson Manufacturing Co., Inc. | 22606 |
| 50 | Trane Technologies PLC | 19460 |
| 219 | UFP Industries, Inc. | 19940 |
|  |  | 122908 |
|  | **Chemicals — 6.1%**  |  |
| 236 | CF Industries Holdings, Inc. | 18252 |
| 292 | Corteva, Inc. | 19573 |
| 317 | DuPont de Nemours, Inc. | 12743 |
| 291 | Eastman Chemical Co. | 18575 |
|  |  | 69143 |
|  | **Construction & Engineering** <br> **— 2.1%**  |  |
| 57 | Quanta Services, Inc. | 24057 |
|  | **Construction Materials —** <br> **2.6%**  |  |
| 237 | CRH PLC | 29578 |
|  | **Electrical Equipment — 12.8%**  |  |
| 120 | AMETEK, Inc. | 24637 |
| 61 | Eaton Corp. PLC | 19429 |
| 163 | Emerson Electric Co. | 21633 |
| 41 | GE Vernova, Inc. | 26796 |
| 65 | Rockwell Automation, Inc. | 25290 |
| 169 | Vertiv Holdings Co., Class A | 27380 |
|  |  | 145165 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 133 | Keysight Technologies, Inc. (a) | 27024 |
|  | **Energy Equipment & Services** <br> **— 5.2%**  |  |
| 567 | Baker Hughes Co. | 25821 |
| 432 | Weatherford International PLC | 33808 |
|  |  | 59629 |
|  | **Hotel & Resort REITs — 2.2%**  |  |
| 1415 | Host Hotels & Resorts, Inc. | 25088 |
|  | **Machinery — 11.0%**  |  |
| 56 | Caterpillar, Inc. | 32081 |
| 261 | Ingersoll Rand, Inc. | 20676 |
| 31 | Parker-Hannifin Corp. | 27248 |
| 104 | Westinghouse Air Brake <br> Technologies Corp. | 22199 |
| 168 | Xylem, Inc. | 22878 |
|  |  | 125082 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Metals & Mining — 8.4%**  |  |
| 736 | Alcoa Corp. | $39111 |
| 444 | Commercial Metals Co. | 30733 |
| 501 | Freeport-McMoRan, Inc. | 25446 |
|  |  | 95290 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 22.4%**  |  |
| 540 | Antero Resources Corp. (a) | 18608 |
| 476 | California Resources Corp. | 21282 |
| 242 | ConocoPhillips | 22653 |
| 856 | Coterra Energy, Inc. | 22530 |
| 373 | EQT Corp. | 19993 |
| 186 | Expand Energy Corp. | 20527 |
| 108 | Gulfport Energy Corp. (a) | 22463 |
| 967 | Magnolia Oil & Gas Corp., <br> Class A | 21168 |
| 1596 | Permian Resources Corp. | 22392 |
| 534 | Range Resources Corp. | 18829 |
| 63 | Texas Pacific Land Corp. | 18095 |
| 162 | Valero Energy Corp. | 26372 |
|  |  | 254912 |
|  | **Paper & Forest Products —** <br> **1.8%**  |  |
| 253 | Louisiana-Pacific Corp. | 20432 |
|  | **Professional Services — 1.5%**  |  |
| 149 | Paychex, Inc. | 16715 |
|  | **Residential REITs — 3.5%**  |  |
| 147 | Mid-America Apartment <br> Communities, Inc. | 20420 |
| 532 | UDR, Inc. | 19514 |
|  |  | 39934 |
|  | **Retail REITs — 2.2%**  |  |
| 135 | Simon Property Group, Inc. | 24990 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.1%**  |  |
| 158 | Qnity Electronics, Inc. | 12901 |
|  | **Specialized REITs — 3.7%**  |  |
| 147 | Extra Space Storage, Inc. | 19142 |
| 179 | Lamar Advertising Co., Class A | 22658 |
|  |  | 41800 |
|  | **Total Common Stocks** | 1134648 |
|  | (Cost $1,078,529) |  |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 2001 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | $2001 |
|  | (Cost $2,001) |  |
|  | **Total Investments — 100.0%** | 1136649 |
|  | (Cost $1,080,530) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 250 |
|  | **Net Assets — 100.0%** | $1136899 |

---

&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 December 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 December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1134648 | &nbsp;&nbsp; $1134648 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 2001 | &nbsp;&nbsp; 2001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1136649 | &nbsp;&nbsp; $1136649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**December 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dow** <br> **Jones Select** <br> **MicroCap Index** <br> **Fund** <br>**(FDM)** <br>| **First Trust** <br> **Morningstar** <br> **Dividend** <br> **Leaders Index** <br> **Fund** <br>**(FDL)** <br>| **First Trust US** <br> **Equity** <br> **Opportunities** <br> **ETF** <br>**(FPX)** <br>| **First Trust** <br> **NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology** <br> **Index Fund** <br>**(FBT)** <br>|
| **ASSETS:** |  |  |  |  |
| Investments, at value | $217353405 | &nbsp;&nbsp; $6111878557 | &nbsp;&nbsp; $1207514806 | &nbsp;&nbsp; $1335303473 |
| Cash |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Dividends | 131026 | &nbsp;&nbsp; 15835059 | &nbsp;&nbsp; 643842 | &nbsp;&nbsp; 57492 |
| Securities lending income | 1280 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 1488 |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; 8865917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 7964 | &nbsp;&nbsp; 67464 |
| Prepaid expenses | 976 | &nbsp;&nbsp; 27391 | &nbsp;&nbsp; 5515 | &nbsp;&nbsp; 5186 |
| Total Assets | 217486687 | &nbsp;&nbsp; 6136606924 | &nbsp;&nbsp; 1208175889 | &nbsp;&nbsp; 1335435103 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Collateral for securities on loan | 2164147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2731333 | &nbsp;&nbsp; 6461524 |
| Investment advisory fees | 83415 | &nbsp;&nbsp; 1525056 | &nbsp;&nbsp; 412629 | &nbsp;&nbsp; 461137 |
| Audit and tax fees | 25120 | &nbsp;&nbsp; 25047 | &nbsp;&nbsp; 24493 | &nbsp;&nbsp; 24514 |
| Shareholder reporting fees | 10173 | &nbsp;&nbsp; 101716 | &nbsp;&nbsp; 23275 | &nbsp;&nbsp; 35645 |
| Licensing fees | 6419 | &nbsp;&nbsp; 1349179 | &nbsp;&nbsp; 284047 | &nbsp;&nbsp; 252327 |
| Investment securities purchased |  | &nbsp;&nbsp; 8838288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities | 31879 | &nbsp;&nbsp; 573438 | &nbsp;&nbsp; 143246 | &nbsp;&nbsp; 153717 |
| Total Liabilities | 2321153 | &nbsp;&nbsp; 12412724 | &nbsp;&nbsp; 3619023 | &nbsp;&nbsp; 7388864 |
| **NET ASSETS** | $215165534 | &nbsp;&nbsp; $6124194200 | &nbsp;&nbsp; $1204556866 | &nbsp;&nbsp; $1328046239 |
| **NET ASSETS consist of:** |  |  |  |  |
| Paid-in capital | $272742322 | &nbsp;&nbsp; $6355671208 | &nbsp;&nbsp; $1365240765 | &nbsp;&nbsp; $1697131700 |
| Par value | 27050 | &nbsp;&nbsp; 1381500 | &nbsp;&nbsp; 73500 | &nbsp;&nbsp; 64500 |
| Accumulated distributable earnings (loss) | (57603838)<br>| &nbsp;&nbsp; (232858508)<br>| &nbsp;&nbsp; (160757399)<br>| &nbsp;&nbsp; (369149961)<br>|
| **NET ASSETS** | $215165534 | &nbsp;&nbsp; $6124194200 | &nbsp;&nbsp; $1204556866 | &nbsp;&nbsp; $1328046239 |
| **NET ASSET VALUE,** per share | $79.54 | &nbsp;&nbsp; $44.33 | &nbsp;&nbsp; $163.89 | &nbsp;&nbsp; $205.90 |
| Number of shares outstanding (unlimited number of <br> shares authorized, par value $0.01 per share)<br>| 2705000 | &nbsp;&nbsp; 138150002 | &nbsp;&nbsp; 7350002 | &nbsp;&nbsp; 6450002 |
| Investments, at cost | $190516391 | &nbsp;&nbsp; $5642539197 | &nbsp;&nbsp; $792925294 | &nbsp;&nbsp; $1074836470 |
| Securities on loan, at value | $1973215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2573654 | &nbsp;&nbsp; $6179466 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Dow** <br> **Jones Internet** <br> **Index Fund** <br>**(FDN)** <br>| **First Trust** <br> **Capital Strength**<sup>®</sup> <br> **ETF** <br>**(FTCS)** <br>| **First Trust Value** <br> **Line**<sup>®</sup> **Dividend** <br> **Index Fund** <br>**(FVD)** <br>| **First Trust** <br> **Growth** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTGS)** <br>| **First Trust Indxx** <br> **Aerospace &** <br> **Defense ETF** <br>**(MISL)** <br>| **First Trust** <br> **Bloomberg** <br> **Inflation Sensitive** <br> **Equity ETF** <br>**(FTIF)** <br>|
| $6563961086 | &nbsp;&nbsp; $8054799801 | &nbsp;&nbsp; $8375069189 | &nbsp;&nbsp; $1259158606 | &nbsp;&nbsp; $1289796044 | &nbsp;&nbsp; $1136649 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 732820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 562576 | &nbsp;&nbsp; 3980622 | &nbsp;&nbsp; 15136887 | &nbsp;&nbsp; 639967 | &nbsp;&nbsp; 155489 | &nbsp;&nbsp; 835 |
| 1593 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 13452682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4594801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1765972 | &nbsp;&nbsp; 2138535 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1657177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 37372 | &nbsp;&nbsp; 40166 | &nbsp;&nbsp; 42882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6578015309 | &nbsp;&nbsp; 8058820589 | &nbsp;&nbsp; 8397233756 | &nbsp;&nbsp; 1261564545 | &nbsp;&nbsp; 1292090068 | &nbsp;&nbsp; 1137484 |
| 5765030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2264031 | &nbsp;&nbsp; 3358300 | &nbsp;&nbsp; 3485112 | &nbsp;&nbsp; 639920 | &nbsp;&nbsp; 395250 | &nbsp;&nbsp; 585 |
| 25047 | &nbsp;&nbsp; 25120 | &nbsp;&nbsp; 25488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 98266 | &nbsp;&nbsp; 150409 | &nbsp;&nbsp; 153293 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1057140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2181253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1765422 | &nbsp;&nbsp; 2137200 | &nbsp;&nbsp; — |
| 13459284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4606633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 585264 | &nbsp;&nbsp; 674324 | &nbsp;&nbsp; 680119 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 23254062 | &nbsp;&nbsp; 4208153 | &nbsp;&nbsp; 11131898 | &nbsp;&nbsp; 2405342 | &nbsp;&nbsp; 2532450 | &nbsp;&nbsp; 585 |
| $6554761247 | &nbsp;&nbsp; $8054612436 | &nbsp;&nbsp; $8386101858 | &nbsp;&nbsp; $1259159203 | &nbsp;&nbsp; $1289557618 | &nbsp;&nbsp; $1136899 |
| $8714394766 | &nbsp;&nbsp; $8509286819 | &nbsp;&nbsp; $8367398067 | &nbsp;&nbsp; $1285570157 | &nbsp;&nbsp; $1255225551 | &nbsp;&nbsp; $1198795 |
| 243500 | &nbsp;&nbsp; 871000 | &nbsp;&nbsp; 1820409 | &nbsp;&nbsp; 356500 | &nbsp;&nbsp; 301500 | &nbsp;&nbsp; 500 |
| (2159877019)<br>| &nbsp;&nbsp; (455545383)<br>| &nbsp;&nbsp; 16883382 | &nbsp;&nbsp; (26767454)<br>| &nbsp;&nbsp; 34030567 | &nbsp;&nbsp; (62396)<br>|
| $6554761247 | &nbsp;&nbsp; $8054612436 | &nbsp;&nbsp; $8386101858 | &nbsp;&nbsp; $1259159203 | &nbsp;&nbsp; $1289557618 | &nbsp;&nbsp; $1136899 |
| $269.19 | &nbsp;&nbsp; $92.48 | &nbsp;&nbsp; $46.07 | &nbsp;&nbsp; $35.32 | &nbsp;&nbsp; $42.77 | &nbsp;&nbsp; $22.74 |
| 24350002 | &nbsp;&nbsp; 87100002 | &nbsp;&nbsp; 182040884 | &nbsp;&nbsp; 35650002 | &nbsp;&nbsp; 30150002 | &nbsp;&nbsp; 50002 |
| $6946747702 | &nbsp;&nbsp; $7252405364 | &nbsp;&nbsp; $7586474004 | &nbsp;&nbsp; $1197398057 | &nbsp;&nbsp; $1252490528 | &nbsp;&nbsp; $1080530 |
| $5295991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Year Ended December 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dow** <br> **Jones Select** <br> **MicroCap Index** <br> **Fund** <br>**(FDM)** <br>| **First Trust** <br> **Morningstar** <br> **Dividend** <br> **Leaders Index** <br> **Fund** <br>**(FDL)** <br>| **First Trust US** <br> **Equity** <br> **Opportunities** <br> **ETF** <br>**(FPX)** <br>| **First Trust** <br> **NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology** <br> **Index Fund** <br>**(FBT)** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $3568692 | &nbsp;&nbsp; $259392975 | &nbsp;&nbsp; $6089135 | &nbsp;&nbsp; $2703803 |
| Securities lending income (net of fees) | 19345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4223279 | &nbsp;&nbsp; 13912 |
| Foreign withholding tax | (1793)<br>| &nbsp;&nbsp; (13327)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1830)<br>|
| Total investment income | 3586244 | &nbsp;&nbsp; 259379648 | &nbsp;&nbsp; 10312414 | &nbsp;&nbsp; 2715885 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 940325<br>| &nbsp;&nbsp; 16092587<br>| &nbsp;&nbsp; 3863019<br>| &nbsp;&nbsp; 4468190<br>|
| Accounting and administration fees | 93435 | &nbsp;&nbsp; 1790641 | &nbsp;&nbsp; 437715 | &nbsp;&nbsp; 500662 |
| Licensing fees | 87915 | &nbsp;&nbsp; 4918160 | &nbsp;&nbsp; 965755 | &nbsp;&nbsp; 896801 |
| Shareholder reporting fees | 32417 | &nbsp;&nbsp; 293320 | &nbsp;&nbsp; 66575 | &nbsp;&nbsp; 110915 |
| Audit and tax fees | 29372 | &nbsp;&nbsp; 29336 | &nbsp;&nbsp; 29367 | &nbsp;&nbsp; 29348 |
| Custodian fees | 10358 | &nbsp;&nbsp; 128369 | &nbsp;&nbsp; 14861 | &nbsp;&nbsp; 24236 |
| Transfer agent fees | 9403 | &nbsp;&nbsp; 161263 | &nbsp;&nbsp; 46921 | &nbsp;&nbsp; 52905 |
| Listing fees | 8799 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 8800 | &nbsp;&nbsp; 8800 |
| Trustees' fees and expenses | 8574 | &nbsp;&nbsp; 13101 | &nbsp;&nbsp; 9242 | &nbsp;&nbsp; 9313 |
| Legal fees | 4912 | &nbsp;&nbsp; 138500 | &nbsp;&nbsp; 21720 | &nbsp;&nbsp; 25586 |
| Other expenses | 17008 | &nbsp;&nbsp; 472953 | &nbsp;&nbsp; 80191 | &nbsp;&nbsp; 93859 |
| Total expenses | 1242518 | &nbsp;&nbsp; 24060230 | &nbsp;&nbsp; 5544166 | &nbsp;&nbsp; 6220615 |
| Less fees waived by the investment advisor | (100269)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | 1142249 | &nbsp;&nbsp; 24060230 | &nbsp;&nbsp; 5544166 | &nbsp;&nbsp; 6220615 |
| **NET INVESTMENT INCOME (LOSS)** | 2443995 | &nbsp;&nbsp; 235319418 | &nbsp;&nbsp; 4768248 | &nbsp;&nbsp; (3504730)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | (15413709)<br>| &nbsp;&nbsp; (134185124)<br>| &nbsp;&nbsp; 90859190 | &nbsp;&nbsp; 49367293 |
| In-kind redemptions | 36713807 | &nbsp;&nbsp; 483970997 | &nbsp;&nbsp; 22401506 | &nbsp;&nbsp; 38464546 |
| Foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | 21300098 | &nbsp;&nbsp; 349785873 | &nbsp;&nbsp; 113260696 | &nbsp;&nbsp; 87831839 |
| Net change in unrealized appreciation (depreciation) <br> on:<br>|  |  |  |  |
| Investments | 9642379 | &nbsp;&nbsp; 162186170 | &nbsp;&nbsp; 181338284 | &nbsp;&nbsp; 159190948 |
| Foreign currency translation |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 9642379 | &nbsp;&nbsp; 162186170 | &nbsp;&nbsp; 181338284 | &nbsp;&nbsp; 159190948 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS)**<br>| 30942477 | &nbsp;&nbsp; 511972043 | &nbsp;&nbsp; 294598980 | &nbsp;&nbsp; 247022787 |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $33386472 | &nbsp;&nbsp; $747291461 | &nbsp;&nbsp; $299367228 | &nbsp;&nbsp; $243518057 |

---

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

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

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Dow** <br> **Jones Internet** <br> **Index Fund** <br>**(FDN)** <br>| **First Trust** <br> **Capital Strength**<sup>®</sup> <br> **ETF** <br>**(FTCS)** <br>| **First Trust Value** <br> **Line**<sup>®</sup> **Dividend** <br> **Index Fund** <br>**(FVD)** <br>| **First Trust** <br> **Growth** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTGS)** <br>| **First Trust Indxx** <br> **Aerospace &** <br> **Defense ETF** <br>**(MISL)** <br>| **First Trust** <br> **Bloomberg** <br> **Inflation Sensitive** <br> **Equity ETF** <br>**(FTIF)** <br>|
| $21776690 | &nbsp;&nbsp; $134994722 | &nbsp;&nbsp; $275316346 | &nbsp;&nbsp; $8699539 | &nbsp;&nbsp; $1534215 | &nbsp;&nbsp; $23492 |
| 27766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (4034)<br>| &nbsp;&nbsp; (5722683)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 21804456 | &nbsp;&nbsp; 134990688 | &nbsp;&nbsp; 269593663 | &nbsp;&nbsp; 8699539 | &nbsp;&nbsp; 1534215 | &nbsp;&nbsp; 23492 |
| 27413907<br>| &nbsp;&nbsp; 40772724<br>| &nbsp;&nbsp; 43421562<br>| &nbsp;&nbsp; 6,767,298<br> (a)<br>| &nbsp;&nbsp; 1,272,776<br> (a)<br>| &nbsp;&nbsp; 6,465<br> (a)<br>|
| 2100226 | &nbsp;&nbsp; 2371814 | &nbsp;&nbsp; 2484530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4235707 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 9016916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 298178 | &nbsp;&nbsp; 451317 | &nbsp;&nbsp; 407619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 29335 | &nbsp;&nbsp; 29372 | &nbsp;&nbsp; 29446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 171467 | &nbsp;&nbsp; 213365 | &nbsp;&nbsp; 114884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 200447 | &nbsp;&nbsp; 235258 | &nbsp;&nbsp; 249574 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 14000 | &nbsp;&nbsp; 4604 | &nbsp;&nbsp; 37950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 14732 | &nbsp;&nbsp; 15522 | &nbsp;&nbsp; 16048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 164000 | &nbsp;&nbsp; 189089 | &nbsp;&nbsp; 215295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 629799 | &nbsp;&nbsp; 748643 | &nbsp;&nbsp; 799733 | &nbsp;&nbsp; 81831 | &nbsp;&nbsp; 11043 | &nbsp;&nbsp; 80 |
| 35271798 | &nbsp;&nbsp; 45131708 | &nbsp;&nbsp; 56793557 | &nbsp;&nbsp; 6849129 | &nbsp;&nbsp; 1283819 | &nbsp;&nbsp; 6545 |
| 35271798 | &nbsp;&nbsp; 45131708 | &nbsp;&nbsp; 56793557 | &nbsp;&nbsp; 6849129 | &nbsp;&nbsp; 1283819 | &nbsp;&nbsp; 6545 |
| (13467342)<br>| &nbsp;&nbsp; 89858980 | &nbsp;&nbsp; 212800106 | &nbsp;&nbsp; 1850410 | &nbsp;&nbsp; 250396 | &nbsp;&nbsp; 16947 |
| (23227536)<br>| &nbsp;&nbsp; (149702105)<br>| &nbsp;&nbsp; (80129751)<br>| &nbsp;&nbsp; (73650686)<br>| &nbsp;&nbsp; (3916434)<br>| &nbsp;&nbsp; (79687)<br>|
| 2103435630 | &nbsp;&nbsp; 569920253 | &nbsp;&nbsp; 467790490 | &nbsp;&nbsp; 152949952 | &nbsp;&nbsp; 49604899 | &nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (5960)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2080208094 | &nbsp;&nbsp; 420218148 | &nbsp;&nbsp; 387654779 | &nbsp;&nbsp; 79299266 | &nbsp;&nbsp; 45688465 | &nbsp;&nbsp; (79595)<br>|
| (1375412315)<br>| &nbsp;&nbsp; 13001523 | &nbsp;&nbsp; 101071795 | &nbsp;&nbsp; 43988656 | &nbsp;&nbsp; 26520637 | &nbsp;&nbsp; 144678 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (1375412315)<br>| &nbsp;&nbsp; 13001523 | &nbsp;&nbsp; 101085819 | &nbsp;&nbsp; 43988656 | &nbsp;&nbsp; 26520637 | &nbsp;&nbsp; 144678 |
| 704795779 | &nbsp;&nbsp; 433219671 | &nbsp;&nbsp; 488740598 | &nbsp;&nbsp; 123287922 | &nbsp;&nbsp; 72209102 | &nbsp;&nbsp; 65083 |
| $691328437 | &nbsp;&nbsp; $523078651 | &nbsp;&nbsp; $701540704 | &nbsp;&nbsp; $125138332 | &nbsp;&nbsp; $72459498 | &nbsp;&nbsp; $82030 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dow Jones Select** <br> **MicroCap Index Fund (FDM)** | **First Trust Dow Jones Select** <br> **MicroCap Index Fund (FDM)** | **First Trust Morningstar Dividend** <br> **Leaders Index Fund (FDL)** | **First Trust Morningstar Dividend** <br> **Leaders Index Fund (FDL)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $2443995 | &nbsp;&nbsp; $2638209 | &nbsp;&nbsp; $235319418 | &nbsp;&nbsp; $178436195 |
| Net realized gain (loss) | 21300098 | &nbsp;&nbsp; 14855319 | &nbsp;&nbsp; 349785873 | &nbsp;&nbsp; 105770708 |
| Net change in unrealized appreciation (depreciation) | 9642379 | &nbsp;&nbsp; 4355063 | &nbsp;&nbsp; 162186170 | &nbsp;&nbsp; 332057322 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 33386472 | &nbsp;&nbsp; 21848591 | &nbsp;&nbsp; 747291461 | &nbsp;&nbsp; 616264225 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (3028746)<br>| &nbsp;&nbsp; (2965016)<br>| &nbsp;&nbsp; (234991449)<br>| &nbsp;&nbsp; (178496974)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 104634098<br>| &nbsp;&nbsp; 68564014<br>| &nbsp;&nbsp; 2705330842<br>| &nbsp;&nbsp; 1292567948<br>|
| Cost of shares redeemed | (97274202) <br>| &nbsp;&nbsp; (82381853) <br>| &nbsp;&nbsp; (1544702704) <br>| &nbsp;&nbsp; (1249867155) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 7359896 | &nbsp;&nbsp; (13817839)<br>| &nbsp;&nbsp; 1160628138 | &nbsp;&nbsp; 42700793 |
| Total increase (decrease) in net assets | 37717622 | &nbsp;&nbsp; 5065736 | &nbsp;&nbsp; 1672928150 | &nbsp;&nbsp; 480468044 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 177447912 | &nbsp;&nbsp; 172382176 | &nbsp;&nbsp; 4451266050 | &nbsp;&nbsp; 3970798006 |
| End of period | $215165534 | &nbsp;&nbsp; $177447912 | &nbsp;&nbsp; $6124194200 | &nbsp;&nbsp; $4451266050 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 2605000 | &nbsp;&nbsp; 2805000 | &nbsp;&nbsp; 110700002 | &nbsp;&nbsp; 110700002 |
| Shares sold | 1450000 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 64050000 | &nbsp;&nbsp; 33050000 |
| Shares redeemed | (1350000)<br>| &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp; (36600000)<br>| &nbsp;&nbsp; (33050000)<br>|
| Shares outstanding, end of period | 2705000 | &nbsp;&nbsp; 2605000 | &nbsp;&nbsp; 138150002 | &nbsp;&nbsp; 110700002 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust US Equity Opportunities** <br> **ETF (FPX)** | **First Trust US Equity Opportunities** <br> **ETF (FPX)** | **First Trust NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology Index Fund (FBT)** | **First Trust NYSE**<sup>®</sup> **Arca**<sup>®</sup> <br> **Biotechnology Index Fund (FBT)** | **First Trust Dow Jones Internet Index** <br> **Fund (FDN)** | **First Trust Dow Jones Internet Index** <br> **Fund (FDN)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $4768248 | &nbsp;&nbsp; $256958 | &nbsp;&nbsp; $(3504730)<br>| &nbsp;&nbsp; $(3445180)<br>| &nbsp;&nbsp; $(13467342)<br>| &nbsp;&nbsp; $(9836577)<br>|
| 113260696 | &nbsp;&nbsp; 47159209 | &nbsp;&nbsp; 87831839 | &nbsp;&nbsp; 58687441 | &nbsp;&nbsp; 2080208094 | &nbsp;&nbsp; 163423930 |
| 181338284 | &nbsp;&nbsp; 115817467 | &nbsp;&nbsp; 159190948 | &nbsp;&nbsp; 2011083 | &nbsp;&nbsp; (1375412315)<br>| &nbsp;&nbsp; 1499673778 |
| 299367228 | &nbsp;&nbsp; 163233634 | &nbsp;&nbsp; 243518057 | &nbsp;&nbsp; 57253344 | &nbsp;&nbsp; 691328437 | &nbsp;&nbsp; 1653261131 |
| (6101236)<br>| &nbsp;&nbsp; (743435)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7915052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 177480628<br>| &nbsp;&nbsp; 5025173<br>| &nbsp;&nbsp; 109272301<br>| &nbsp;&nbsp; 83574501<br>| &nbsp;&nbsp; 8570977017<br>| &nbsp;&nbsp; 3469661610<br>|
| (49642386) <br>| &nbsp;&nbsp; (130973175) <br>| &nbsp;&nbsp; (136487642) <br>| &nbsp;&nbsp; (308922793) <br>| &nbsp;&nbsp; (9511182700) <br>| &nbsp;&nbsp; (4278193870) <br>|
| 127838242 | &nbsp;&nbsp; (125948002)<br>| &nbsp;&nbsp; (27215341)<br>| &nbsp;&nbsp; (225348292)<br>| &nbsp;&nbsp; (940205683)<br>| &nbsp;&nbsp; (808532260)<br>|
| 421104234 | &nbsp;&nbsp; 36542197 | &nbsp;&nbsp; 216302716 | &nbsp;&nbsp; (176010000)<br>| &nbsp;&nbsp; (248877246)<br>| &nbsp;&nbsp; 844728871 |
| 783452632 | &nbsp;&nbsp; 746910435 | &nbsp;&nbsp; 1111743523 | &nbsp;&nbsp; 1287753523 | &nbsp;&nbsp; 6803638493 | &nbsp;&nbsp; 5958909622 |
| $1204556866 | &nbsp;&nbsp; $783452632 | &nbsp;&nbsp; $1328046239 | &nbsp;&nbsp; $1111743523 | &nbsp;&nbsp; $6554761247 | &nbsp;&nbsp; $6803638493 |
| 6550002 | &nbsp;&nbsp; 7800002 | &nbsp;&nbsp; 6700002 | &nbsp;&nbsp; 8150002 | &nbsp;&nbsp; 27950002 | &nbsp;&nbsp; 31950002 |
| 1200000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 32750000 | &nbsp;&nbsp; 16050000 |
| (400000)<br>| &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp; (1950000)<br>| &nbsp;&nbsp; (36350000)<br>| &nbsp;&nbsp; (20050000)<br>|
| 7350002 | &nbsp;&nbsp; 6550002 | &nbsp;&nbsp; 6450002 | &nbsp;&nbsp; 6700002 | &nbsp;&nbsp; 24350002 | &nbsp;&nbsp; 27950002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Capital Strength**<sup>®</sup> <br> **ETF (FTCS)** | **First Trust Capital Strength**<sup>®</sup> <br> **ETF (FTCS)** | **First Trust Value Line**<sup>®</sup> **Dividend** <br> **Index Fund (FVD)** | **First Trust Value Line**<sup>®</sup> **Dividend** <br> **Index Fund (FVD)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $89858980 | &nbsp;&nbsp; $116704878 | &nbsp;&nbsp; $212800106 | &nbsp;&nbsp; $215830918 |
| Net realized gain (loss) | 420218148 | &nbsp;&nbsp; 940916208 | &nbsp;&nbsp; 387654779 | &nbsp;&nbsp; 937342009 |
| Net change in unrealized appreciation (depreciation) | 13001523 | &nbsp;&nbsp; (122409847)<br>| &nbsp;&nbsp; 101085819 | &nbsp;&nbsp; (216099007)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 523078651 | &nbsp;&nbsp; 935211239 | &nbsp;&nbsp; 701540704 | &nbsp;&nbsp; 937073920 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (87604607)<br>| &nbsp;&nbsp; (117917367)<br>| &nbsp;&nbsp; (213078003)<br>| &nbsp;&nbsp; (217364448)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 2766525409<br>| &nbsp;&nbsp; 5536998158<br>| &nbsp;&nbsp; 1072564336<br>| &nbsp;&nbsp; 2478869768<br>|
| Cost of shares redeemed | (3728620160) <br>| &nbsp;&nbsp; (6517043526) <br>| &nbsp;&nbsp; (2456493920) <br>| &nbsp;&nbsp; (4710873460) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (962094751)<br>| &nbsp;&nbsp; (980045368)<br>| &nbsp;&nbsp; (1383929584)<br>| &nbsp;&nbsp; (2232003692)<br>|
| Total increase (decrease) in net assets | (526620707)<br>| &nbsp;&nbsp; (162751496)<br>| &nbsp;&nbsp; (895466883)<br>| &nbsp;&nbsp; (1512294220)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 8581233143 | &nbsp;&nbsp; 8743984639 | &nbsp;&nbsp; 9281568741 | &nbsp;&nbsp; 10793862961 |
| End of period | $8054612436 | &nbsp;&nbsp; $8581233143 | &nbsp;&nbsp; $8386101858 | &nbsp;&nbsp; $9281568741 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 97700002 | &nbsp;&nbsp; 109250002 | &nbsp;&nbsp; 212840884 | &nbsp;&nbsp; 266190884 |
| Shares sold | 30600000 | &nbsp;&nbsp; 64450000 | &nbsp;&nbsp; 23800000 | &nbsp;&nbsp; 56200000 |
| Shares redeemed | (41200000)<br>| &nbsp;&nbsp; (76000000)<br>| &nbsp;&nbsp; (54600000)<br>| &nbsp;&nbsp; (109550000)<br>|
| Shares outstanding, end of period | 87100002 | &nbsp;&nbsp; 97700002 | &nbsp;&nbsp; 182040884 | &nbsp;&nbsp; 212840884 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Growth Strength**<sup>TM</sup> **ETF** <br> **(FTGS)** | **First Trust Growth Strength**<sup>TM</sup> **ETF** <br> **(FTGS)** | **First Trust Indxx Aerospace & Defense** <br> **ETF (MISL)** | **First Trust Indxx Aerospace & Defense** <br> **ETF (MISL)** | **First Trust Bloomberg Inflation** <br> **Sensitive Equity ETF (FTIF)** | **First Trust Bloomberg Inflation** <br> **Sensitive Equity ETF (FTIF)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $1850410 | &nbsp;&nbsp; $2695513 | &nbsp;&nbsp; $250396 | &nbsp;&nbsp; $630942 | &nbsp;&nbsp; $16947 | &nbsp;&nbsp; $30996 |
| 79299266 | &nbsp;&nbsp; 23980323 | &nbsp;&nbsp; 45688465 | &nbsp;&nbsp; 1431875 | &nbsp;&nbsp; (79595)<br>| &nbsp;&nbsp; 96067 |
| 43988656 | &nbsp;&nbsp; 10335760 | &nbsp;&nbsp; 26520637 | &nbsp;&nbsp; 7751861 | &nbsp;&nbsp; 144678 | &nbsp;&nbsp; (137614)<br>|
| 125138332 | &nbsp;&nbsp; 37011596 | &nbsp;&nbsp; 72459498 | &nbsp;&nbsp; 9814678 | &nbsp;&nbsp; 82030 | &nbsp;&nbsp; (10551)<br>|
| (2015750)<br>| &nbsp;&nbsp; (2526075)<br>| &nbsp;&nbsp; (794685)<br>| &nbsp;&nbsp; (706281)<br>| &nbsp;&nbsp; (16500)<br>| &nbsp;&nbsp; (35231)<br>|
| 1076631254<br>| &nbsp;&nbsp; 1162983173<br>| &nbsp;&nbsp; 1242916241<br>| &nbsp;&nbsp; 65765460<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 2340567<br>|
| (850005373) <br>| &nbsp;&nbsp; (353264940) <br>| &nbsp;&nbsp; (136074668) <br>| &nbsp;&nbsp; (5811488) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2318893) <br>|
| 226625881 | &nbsp;&nbsp; 809718233 | &nbsp;&nbsp; 1106841573 | &nbsp;&nbsp; 59953972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21674 |
| 349748463 | &nbsp;&nbsp; 844203754 | &nbsp;&nbsp; 1178506386 | &nbsp;&nbsp; 69062369 | &nbsp;&nbsp; 65530 | &nbsp;&nbsp; (24108)<br>|
| 909410740 | &nbsp;&nbsp; 65206986 | &nbsp;&nbsp; 111051232 | &nbsp;&nbsp; 41988863 | &nbsp;&nbsp; 1071369 | &nbsp;&nbsp; 1095477 |
| $1259159203 | &nbsp;&nbsp; $909410740 | &nbsp;&nbsp; $1289557618 | &nbsp;&nbsp; $111051232 | &nbsp;&nbsp; $1136899 | &nbsp;&nbsp; $1071369 |
| 29000002 | &nbsp;&nbsp; 2400002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 1650002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |
| 31800000 | &nbsp;&nbsp; 38150000 | &nbsp;&nbsp; 29900000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100000 |
| (25150000)<br>| &nbsp;&nbsp; (11550000)<br>| &nbsp;&nbsp; (3400000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100000)<br>|
| 35650002 | &nbsp;&nbsp; 29000002 | &nbsp;&nbsp; 30150002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $68.12 | &nbsp;&nbsp;&nbsp;&nbsp; $61.46 | &nbsp;&nbsp;&nbsp;&nbsp; $55.45 | &nbsp;&nbsp;&nbsp;&nbsp; $63.87 | &nbsp;&nbsp;&nbsp;&nbsp; $47.94 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br>|
| Net realized and unrealized gain (loss) | 11.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.98<br>|
| Total from investment operations | 12.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.62<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69) <br>|
| Net asset value, end of period | $79.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.87<br>|
| **Total return** (b) | 18.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.56)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.71<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $215166<br>| &nbsp;&nbsp;&nbsp;&nbsp; $177448<br>| &nbsp;&nbsp;&nbsp;&nbsp; $172382<br>| &nbsp;&nbsp;&nbsp;&nbsp; $144442<br>| &nbsp;&nbsp;&nbsp;&nbsp; $188737<br>|
| Ratio of total expenses to average net assets | 0.66<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>|
| Ratio of net expenses to average net assets | 0.61<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> % <br>|
| Portfolio turnover rate (d) | 83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.65% and 0.60%,
 respectively.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $40.21 | &nbsp;&nbsp;&nbsp;&nbsp; $35.87 | &nbsp;&nbsp;&nbsp;&nbsp; $36.54 | &nbsp;&nbsp;&nbsp;&nbsp; $35.54 | &nbsp;&nbsp;&nbsp;&nbsp; $29.59 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br>|
| Net realized and unrealized gain (loss) | 4.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br>|
| Total from investment operations | 5.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29) <br>|
| Net asset value, end of period | $44.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.54<br>|
| **Total return** (b) | 14.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.76<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $6124194<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4451266<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3970798<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4801817<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1762910<br>|
| Ratio of total expenses to average net assets | 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> % <br>|
| Ratio of net expenses to average net assets | 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 4.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> % <br>|
| Portfolio turnover rate (c) | 58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $119.61 | &nbsp;&nbsp;&nbsp;&nbsp; $95.76 | &nbsp;&nbsp;&nbsp;&nbsp; $78.73 | &nbsp;&nbsp;&nbsp;&nbsp; $122.49 | &nbsp;&nbsp;&nbsp;&nbsp; $118.32 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br>|
| Net realized and unrealized gain (loss) | 44.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br>|
| Total from investment operations | 45.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>|
| Net asset value, end of period | $163.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; $119.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $78.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122.49<br>|
| **Total return** (b) | 37.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.02<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (35.05)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1204557<br>| &nbsp;&nbsp;&nbsp;&nbsp; $783453<br>| &nbsp;&nbsp;&nbsp;&nbsp; $746910<br>| &nbsp;&nbsp;&nbsp;&nbsp; $803094<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1855705<br>|
| Ratio of total expenses to average net assets | 0.57<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.49<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> % <br>|
| Portfolio turnover rate (d) | 83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 123<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85<br> % <br>|

---

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

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $165.93 | &nbsp;&nbsp;&nbsp;&nbsp; $158.01 | &nbsp;&nbsp;&nbsp;&nbsp; $154.52 | &nbsp;&nbsp;&nbsp;&nbsp; $161.97 | &nbsp;&nbsp;&nbsp;&nbsp; $168.08 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | (0.55) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) <br>|
| Net realized and unrealized gain (loss) | 40.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.69) <br>|
| Total from investment operations | 39.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.11) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $205.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; $165.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $154.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $161.97<br>|
| **Total return** (b) | 24.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.60)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.64)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1328046<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1111744<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1287754<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1483355<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1708757<br>|
| Ratio of total expenses to average net assets | 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.31)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% <br>|
| Portfolio turnover rate (c) | 37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $243.42 | &nbsp;&nbsp;&nbsp;&nbsp; $186.51 | &nbsp;&nbsp;&nbsp;&nbsp; $123.15 | &nbsp;&nbsp;&nbsp;&nbsp; $226.02 | &nbsp;&nbsp;&nbsp;&nbsp; $212.37 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | (0.50) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) <br>|
| Net realized and unrealized gain (loss) | 26.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.38<br>|
| Total from investment operations | 25.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.65<br>|
| Net asset value, end of period | $269.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $243.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $186.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $226.02<br>|
| **Total return** (b) | 10.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (45.51)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $6554761<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6803638<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5958910<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3552840<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9967573<br>|
| Ratio of total expenses to average net assets | 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.19)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% <br>|
| Portfolio turnover rate (c) | 15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $87.83 | &nbsp;&nbsp;&nbsp;&nbsp; $80.04 | &nbsp;&nbsp;&nbsp;&nbsp; $74.87 | &nbsp;&nbsp;&nbsp;&nbsp; $84.52 | &nbsp;&nbsp;&nbsp;&nbsp; $67.55 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.97<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br>|
| Net realized and unrealized gain (loss) | 4.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.95<br>|
| Total from investment operations | 5.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.86<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>|
| Net asset value, end of period | $92.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84.52<br>|
| **Total return** (b) | 6.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.28)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.61<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $8054612<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8581233<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8743985<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8692148<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9491932<br>|
| Ratio of total expenses to average net assets | 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 1.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> % <br>|
| Portfolio turnover rate (c) | 117<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 135<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 117<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $43.61 | &nbsp;&nbsp;&nbsp;&nbsp; $40.55 | &nbsp;&nbsp;&nbsp;&nbsp; $39.89 | &nbsp;&nbsp;&nbsp;&nbsp; $43.00 | &nbsp;&nbsp;&nbsp;&nbsp; $35.10 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.07<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br>|
| Net realized and unrealized gain (loss) | 2.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.91<br>|
| Total from investment operations | 3.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.65<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.09) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75) <br>|
| Net asset value, end of period | $46.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.00<br>|
| **Total return** (b) | 8.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.24)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.86<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $8386102<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9281569<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10793863<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12442671<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12954187<br>|
| Ratio of total expenses to average net assets | 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 2.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> % <br>|
| Portfolio turnover rate (c) | 65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
|  | **2025**  | **2024**  | **2023** | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
| Net asset value, beginning of period | $31.36 | &nbsp;&nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp; $20.49 | &nbsp;&nbsp;&nbsp;&nbsp; $20.29 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)  | 0.06<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br>|
| Net realized and unrealized gain (loss) | 3.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|
| Total from investment operations | 4.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net asset value, end of period | $35.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.49<br>|
| **Total return** (d) | 12.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $1259159<br>| &nbsp;&nbsp;&nbsp;&nbsp; $909411<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65207<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1024<br>|
| Ratio of total expenses to average net assets | 0.61<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (f)<br>|
| Ratio of net investment income (loss) to average net assets | 0.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> % (f)<br>|
| Portfolio turnover rate (g) | 105<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> % <br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
|  | **2025**  | **2024**  | **2023** | **Period** <br>**Ended** <br>**12/31/2022 (a)** |
| Net asset value, beginning of period | $30.42 | &nbsp;&nbsp;&nbsp;&nbsp; $25.45 | &nbsp;&nbsp;&nbsp;&nbsp; $22.30 | &nbsp;&nbsp;&nbsp;&nbsp; $20.79 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)  | 0.04<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br>|
| Net realized and unrealized gain (loss) | 12.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br>|
| Total from investment operations | 12.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>|
| Net asset value, end of period | $42.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.30<br>|
| **Total return** (d) | 41.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $1289558<br>| &nbsp;&nbsp;&nbsp;&nbsp; $111051<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41989<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2230<br>|
| Ratio of total expenses to average net assets | 0.61<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (f)<br>|
| Ratio of net investment income (loss) to average net assets | 0.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % (f)<br>|
| Portfolio turnover rate (g) | 22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2<br> % <br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year** <br>**Ended**  | **Year** <br>**Ended**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
|  | **12/31/2025**  | **12/31/2024**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
| Net asset value, beginning of period | $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $21.91 | &nbsp;&nbsp;&nbsp;&nbsp; $19.69 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>|
| Net realized and unrealized gain (loss) | 1.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br>|
| Total from investment operations | 1.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Net asset value, end of period | $22.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.91<br>|
| **Total return** (c) | 7.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.06<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $1137<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1071<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1095<br>|
| Ratio of total expenses to average net assets | 0.61<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 1.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> % (e)<br>|
| Portfolio turnover rate (f) | 111<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> % <br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**1. Organization**

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

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

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

---

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

---

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

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

---

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

---

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

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

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

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

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

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

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of December 31, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Offsetting on the Statements of Assets and Liabilities**

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

**D. Securities Lending** 

The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii)

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.

Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At December 31, 2025, only FDM, FPX, FBT, and FDN had securities in the securities lending program. During the fiscal year ended December 31, 2025, FDM, FPX, FBT, and FDN participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.

**E. Repurchase Agreements** 

Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the fiscal year ended December 31, 2025, were received as collateral for lending securities.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $3028746 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Morningstar Dividend Leaders Index Fund | 234991449 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust US Equity Opportunities ETF | 6101236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Dow Jones Internet Index Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Capital Strength<sup>®</sup> ETF | 87604607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 213078003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Growth Strength<sup>TM</sup> ETF | 2015750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Indxx Aerospace & Defense ETF | 794685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 16500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $2965016 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Morningstar Dividend Leaders Index Fund | 178496974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust US Equity Opportunities ETF | 743435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 7915052 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Dow Jones Internet Index Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Capital Strength<sup>®</sup> ETF | 117917367 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 217364448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Growth Strength<sup>TM</sup> ETF | 2526075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Indxx Aerospace & Defense ETF | 706281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 35231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $— | &nbsp;&nbsp; $(80840716)<br>| &nbsp;&nbsp; $23236878 |
| First Trust Morningstar Dividend Leaders Index Fund | 1156536 | &nbsp;&nbsp; (478212290)<br>| &nbsp;&nbsp; 244197246 |
| First Trust US Equity Opportunities ETF | 153159 | &nbsp;&nbsp; (572867460)<br>| &nbsp;&nbsp; 411956902 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund |  | &nbsp;&nbsp; (609194997)<br>| &nbsp;&nbsp; 240045036 |
| First Trust Dow Jones Internet Index Fund |  | &nbsp;&nbsp; (1657871340)<br>| &nbsp;&nbsp; (502005679)<br>|
| First Trust Capital Strength<sup>®</sup> ETF | 2254373 | &nbsp;&nbsp; (1216794423)<br>| &nbsp;&nbsp; 758994667 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 1489173 | &nbsp;&nbsp; (622181213)<br>| &nbsp;&nbsp; 637575422 |
| First Trust Growth Strength<sup>TM</sup> ETF | 4180 | &nbsp;&nbsp; (76239793)<br>| &nbsp;&nbsp; 49468159 |
| First Trust Indxx Aerospace & Defense ETF |  | &nbsp;&nbsp; (1199063)<br>| &nbsp;&nbsp; 35229630 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 234 | &nbsp;&nbsp; (118238)<br>| &nbsp;&nbsp; 55608 |

---

**G. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For all Funds except FTIF, the taxable years ended 2022, 2023, 2024 and 2025 remain open to federal and state audit. For FTIF, the taxable period ended 2023, and years ended 2024 and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

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

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $80840716 |
| First Trust Morningstar Dividend Leaders Index Fund | 478212290 |
| First Trust US Equity Opportunities ETF | 572867460 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 609194997 |
| First Trust Dow Jones Internet Index Fund | 1657871340 |
| First Trust Capital Strength<sup>®</sup> ETF | 1216794423 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund\* | 622181213 |
| First Trust Growth Strength<sup>TM</sup> ETF | 76239793 |
| First Trust Indxx Aerospace & Defense ETF | 1199063 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 118238 |

---

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

\* $11,007,161 of First Trust Value Line<sup>®</sup> Dividend Index Fund's non-expiring net capital losses is subject to loss limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of $364,518 per year. 

During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust US Equity Opportunities ETF | $92246153 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 53174436 |
| First Trust Dow Jones Internet Index Fund | 60544284 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for each Fund were as follows:

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $584751 | &nbsp;&nbsp; $(36297858)<br>| &nbsp;&nbsp; $35713107 |
| First Trust Morningstar Dividend Leaders Index Fund |  | &nbsp;&nbsp; (456053124)<br>| &nbsp;&nbsp; 456053124 |
| First Trust US Equity Opportunities ETF | 535919 | &nbsp;&nbsp; (22271000)<br>| &nbsp;&nbsp; 21735081 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 9747796 | &nbsp;&nbsp; (37140006)<br>| &nbsp;&nbsp; 27392210 |
| First Trust Dow Jones Internet Index Fund | 13467342 | &nbsp;&nbsp; (1980715954)<br>| &nbsp;&nbsp; 1967248612 |
| First Trust Capital Strength<sup>®</sup> ETF |  | &nbsp;&nbsp; (554595177)<br>| &nbsp;&nbsp; 554595177 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | (5960)<br>| &nbsp;&nbsp; (400732012)<br>| &nbsp;&nbsp; 400737972 |
| First Trust Growth Strength<sup>TM</sup> ETF |  | &nbsp;&nbsp; (147568608)<br>| &nbsp;&nbsp; 147568608 |
| First Trust Indxx Aerospace & Defense ETF | 544289 | &nbsp;&nbsp; (48466078)<br>| &nbsp;&nbsp; 47921789 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | (213)<br>| &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; 313 |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dow Jones Select MicroCap Index Fund | $194116527 | &nbsp;&nbsp; $34312881 | &nbsp;&nbsp; $(11076003)<br>| &nbsp;&nbsp; $23236878 |
| First Trust Morningstar Dividend Leaders Index Fund | 5867681311 | &nbsp;&nbsp; 598722291 | &nbsp;&nbsp; (354525045)<br>| &nbsp;&nbsp; 244197246 |
| First Trust US Equity Opportunities ETF | 795557904 | &nbsp;&nbsp; 426315625 | &nbsp;&nbsp; (14358723)<br>| &nbsp;&nbsp; 411956902 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 1095258437 | &nbsp;&nbsp; 358903307 | &nbsp;&nbsp; (118858271)<br>| &nbsp;&nbsp; 240045036 |
| First Trust Dow Jones Internet Index Fund | 7065966765 | &nbsp;&nbsp; 436755307 | &nbsp;&nbsp; (938760986)<br>| &nbsp;&nbsp; (502005679)<br>|
| First Trust Capital Strength<sup>®</sup> ETF | 7295805134 | &nbsp;&nbsp; 1039224857 | &nbsp;&nbsp; (280230190)<br>| &nbsp;&nbsp; 758994667 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 7737496109 | &nbsp;&nbsp; 1075554319 | &nbsp;&nbsp; (437981239)<br>| &nbsp;&nbsp; 637573080 |
| First Trust Growth Strength<sup>TM</sup> ETF | 1209690447 | &nbsp;&nbsp; 132998038 | &nbsp;&nbsp; (83529879)<br>| &nbsp;&nbsp; 49468159 |
| First Trust Indxx Aerospace & Defense ETF | 1254566414 | &nbsp;&nbsp; 50577710 | &nbsp;&nbsp; (15348080)<br>| &nbsp;&nbsp; 35229630 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 1081041 | &nbsp;&nbsp; 131158 | &nbsp;&nbsp; (75550)<br>| &nbsp;&nbsp; 55608 |

---

**H. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Growth Strength<sup>TM</sup> ETF, First Trust Indxx Aerospace & Defense ETF, and First Trust Bloomberg Inflation Sensitive Equity ETF (the "Unitary Fee Funds"), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following "Licensors" for the respective Funds:

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

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust Dow Jones Select MicroCap Index Fund | S&P Dow Jones Indices, LLC |
| First Trust Morningstar Dividend Leaders Index Fund | Morningstar, Inc. |
| First Trust US Equity Opportunities ETF | IPOX<sup>®</sup> Schuster LLC |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | ICE Data Indices, LLC |
| First Trust Dow Jones Internet Index Fund | S&P Dow Jones Indices, LLC |
| First Trust Capital Strength<sup>®</sup> ETF | Nasdaq, Inc. |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | Value Line Publishing, LLC |
| First Trust Growth Strength<sup>TM</sup> ETF | Nasdaq, Inc. |
| First Trust Indxx Aerospace & Defense ETF | Indxx, Inc. |
| First Trust Bloomberg Inflation Sensitive Equity ETF | Bloomberg Index Services Limited |

---

The respective license agreements allow for the use by First Trust of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreement. The Advisor or the Fund, as applicable, is required to pay a licensing fee for such Fund, which is shown on the Statements of Operations.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**I. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

For the Unitary Fee Funds, First Trust is paid an annual unitary management fee based on a percentage of each Fund's average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | | | |
|:---|:---|:---|:---|
| Breakpoints | FTGS | MISL | FTIF |
| Fund net assets up to and including $2.5 billion | 0.600<br> %<br>| 0.600<br> %<br>| 0.600<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including <br> $5 billion<br>| 0.585<br> %<br>| 0.585<br> %<br>| 0.585<br> %<br>|
| Fund net assets greater than $5 billion up to and including <br> $7.5 billion<br>| 0.570<br> %<br>| 0.570<br> %<br>| 0.570<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including <br> $10 billion<br>| 0.555<br> %<br>| 0.555<br> %<br>| 0.555<br> %<br>|
| Fund net assets greater than $10 billion up to and including <br> $15 billion<br>| 0.540<br> %<br>| 0.540<br> %<br>| 0.540<br> %<br>|
| Fund net assets greater than $15 billion | 0.510<br> %<br>| 0.510<br> %<br>| 0.510<br> %<br>|

---

For the First Trust Dow Jones Select MicroCap Index Fund, First Trust Morningstar Dividend Leaders Index Fund, First Trust US Equity Opportunities ETF, First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund, First Trust Dow Jones Internet Index Fund, First Trust Capital Strength<sup>®</sup> ETF and First Trust Value Line Dividend Index Fund (such Funds, the "Expense Cap Funds"), First Trust is paid an annual management fee based on a percentage of each Fund's average daily net assets and calculated pursuant to the following schedule:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Breakpoints | FDM | FDL | FPX | FBT | FDN | FTCS | FVD |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>| 0.3000<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.5000<br> %<br>| 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including <br> $5 billion<br>| 0.4875<br> %<br>| 0.2925<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.4875<br> %<br>| 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including <br> $7.5 billion<br>| 0.4750<br> %<br>| 0.2850<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.4750<br> %<br>| 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including <br> $10 billion<br>| 0.4625<br> %<br>| 0.2775<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.4625<br> %<br>| 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including <br> $15 billion<br>| 0.4500<br> %<br>| 0.2700<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.4500<br> %<br>| 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>| 0.2550<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.4250<br> %<br>| 0.4250<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

For the Expense Cap Funds, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed the following amount as a percentage of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least April 30, 2027.

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

---

| | |
|:---|:---|
|  | Expense Cap |
| First Trust Dow Jones Select MicroCap Index Fund | 0.60<br> %<br>|
| First Trust Morningstar Dividend Leaders Index Fund | 0.45<br> %<br>|
| First Trust US Equity Opportunities ETF | 0.60<br> %<br>|
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 0.60<br> %<br>|
| First Trust Dow Jones Internet Index Fund | 0.60<br> %<br>|
| First Trust Capital Strength<sup>®</sup> ETF | 0.65<br> %<br>|
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 0.70<br> %<br>|

---

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dow Jones Select MicroCap Index Fund | $154844095 | &nbsp;&nbsp; $155035454 |
| First Trust Morningstar Dividend Leaders Index Fund | 3132055997 | &nbsp;&nbsp; 3132678043 |
| First Trust US Equity Opportunities ETF | 801980717 | &nbsp;&nbsp; 801513555 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 415293630 | &nbsp;&nbsp; 418851592 |
| First Trust Dow Jones Internet Index Fund | 1060915564 | &nbsp;&nbsp; 1075743389 |
| First Trust Capital Strength<sup>®</sup> ETF | 9840253425 | &nbsp;&nbsp; 9837557268 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 5834802961 | &nbsp;&nbsp; 5825944500 |
| First Trust Growth Strength<sup>TM</sup> ETF | 1179444014 | &nbsp;&nbsp; 1176015256 |
| First Trust Indxx Aerospace & Defense ETF | 54642297 | &nbsp;&nbsp; 54456403 |
| First Trust Bloomberg Inflation Sensitive Equity ETF | 1198993 | &nbsp;&nbsp; 1196805 |

---

For the fiscal year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dow Jones Select MicroCap Index Fund | $104372410 | &nbsp;&nbsp; $96904790 |
| First Trust Morningstar Dividend Leaders Index Fund | 2697657983 | &nbsp;&nbsp; 1539412946 |
| First Trust US Equity Opportunities ETF | 177229669 | &nbsp;&nbsp; 49599750 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | $109242678 | &nbsp;&nbsp; $136448523 |
| First Trust Dow Jones Internet Index Fund | 8569782372 | &nbsp;&nbsp; 9509540529 |
| First Trust Capital Strength<sup>®</sup> ETF | 2763218705 | &nbsp;&nbsp; 3722379351 |
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 1067436876 | &nbsp;&nbsp; 2453619532 |
| First Trust Growth Strength<sup>TM</sup> ETF | 1073071186 | &nbsp;&nbsp; 849688923 |
| First Trust Indxx Aerospace & Defense ETF | 1242018016 | &nbsp;&nbsp; 135796747 |
| First Trust Bloomberg Inflation Sensitive Equity ETF |  | &nbsp;&nbsp; — |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of First Trust Dow Jones Select MicroCap Index Fund, First Trust Morningstar Dividend Leaders Index Fund, First Trust US Equity Opportunities ETF, First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund, First Trust Dow Jones Internet Index Fund, First Trust Capital Strength<sup>®</sup> ETF, First Trust Value Line<sup>®</sup> Dividend Index Fund, First Trust Growth Strength<sup>TM</sup> ETF, First Trust Indxx Aerospace & Defense ETF, and First Trust Bloomberg Inflation Sensitive Equity ETF (the "Funds"), each a series of First Trust Exchange-Traded Fund, including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets, and the financial highlights for the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

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

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund** <br>**Comprising the Trust**<br>| **Statements of** <br>**Operations**<br>| **Statements of** <br>**Changes in Net Assets**<br>| **Financial** <br>**Highlights**<br>|
| First Trust Dow Jones Select MicroCap <br> Index Fund<br>| For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust Morningstar Dividend Leaders <br> Index Fund<br>| For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust US Equity Opportunities ETF | For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology <br> Index Fund<br>| For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust Dow Jones Internet Index Fund | For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust Capital Strength<sup>®</sup> ETF | For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust Value Line<sup>®</sup> Dividend Index <br> Fund<br>| For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, 2022 and 2021 |
| First Trust Growth Strength<sup>TM</sup> ETF | For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, and for the <br> period from October 25, 2022 <br> (commencement of investment <br> operations) through December 31, <br> 2022 |
| First Trust Indxx Aerospace & Defense <br> ETF<br>| For the year ended <br> December 31, 2025 | For the years ended <br> December 31, 2025 and <br> 2024 | For the years ended December 31, <br> 2025, 2024, 2023, and for the <br> period from October 25, 2022 <br> (commencement of investment <br> operations) through December 31, <br> 2022 |
| First Trust Bloomberg Inflation Sensitive <br> Equity ETF<br>| For the year ended <br> December 31, 2025<br>| For the years ended <br> December 31, 2025 and <br> 2024<br>| For the years ended December 31, <br> 2025, 2024, and for the period <br> from March 13, 2023 <br> (commencement of investment <br> operations) through December 31, <br> 2023<br>|

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

------

**Report of Independent Registered Public Accounting Firm (Continued)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 23, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

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

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

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

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

For the Expense Cap Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Remuneration Disclosure Under the Alternative Investment Fund Managers Directive**

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded Fund funds it manages (the "Funds") in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $15,246,340. This figure is comprised of $433,717 paid (or to be paid) in fixed compensation and $14,812,623 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $7,840,835 paid (or to be paid) to senior management of First Trust Advisors L.P. and $7,405,505 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

**Federal Tax Information**

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

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

---

| | |
|:---|:---|
|  | Dividends Received <br>Deduction<br>|
| First Trust Dow Jones Select MicroCap Index Fund | 100.00<br> %<br>|
| First Trust Morningstar Dividend Leaders Index Fund | 100.00<br> %<br>|
| First Trust US Equity Opportunities ETF | 72.79<br> %<br>|
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 0.00<br> %<br>|
| First Trust Dow Jones Internet Index Fund | 0.00<br> %<br>|
| First Trust Capital Strength<sup>®</sup> ETF | 100.00<br> %<br>|
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 92.20<br> %<br>|
| First Trust Growth Strength<sup>TM</sup> ETF | 100.00<br> %<br>|
| First Trust Indxx Aerospace & Defense ETF | 100.00<br> %<br>|
| First Trust Bloomberg Inflation Sensitive Equity ETF | 85.98<br> %<br>|

---

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:

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

---

| | |
|:---|:---|
|  | Qualified Dividend <br>Income<br>|
| First Trust Dow Jones Select MicroCap Index Fund | 100.00<br> %<br>|
| First Trust Morningstar Dividend Leaders Index Fund | 100.00<br> %<br>|
| First Trust US Equity Opportunities ETF | 76.21<br> %<br>|
| First Trust NYSE<sup>®</sup> Arca<sup>®</sup> Biotechnology Index Fund | 0.00<br> %<br>|
| First Trust Dow Jones Internet Index Fund | 0.00<br> %<br>|
| First Trust Capital Strength<sup>®</sup> ETF | 100.00<br> %<br>|
| First Trust Value Line<sup>®</sup> Dividend Index Fund | 100.00<br> %<br>|
| First Trust Growth Strength<sup>TM</sup> ETF | 100.00<br> %<br>|
| First Trust Indxx Aerospace & Defense ETF | 100.00<br> %<br>|
| First Trust Bloomberg Inflation Sensitive Equity ETF | 100.00<br> %<br>|

---

A portion of each of the Funds' 2025 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended December 31, 2025, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.

**Disclaimers**

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

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

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

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

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

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

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

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

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

"Bloomberg<sup>®</sup>" and Bloomberg Inflation Sensitive Equity Index licensed herein (the "Indices" and each such index, an "Index") are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and/or one or more third-party providers (each such provider, a "Third-Party Provider"), and have been licensed for use for certain purposes to First Trust Advisors L.P. (the "Licensee"). Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the "Financial Products"). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index or the Financial Products.

------

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

Annual Financial Statements and Other Information <br> For the Year Ended December 31, 2025

![](img3d852d481.gif)

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

Book 2

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

---

| |
|:---|
| First Trust Nasdaq-100 Select Equal Weight ETF (QQEW) <br> (formerly known as First Trust NASDAQ-100 Equal Weighted Index Fund)<br>|
| First Trust NASDAQ-100-Technology Sector Index Fund <br> (QTEC)<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund <br> (QQXT)<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund <br> (QCLN)<br>|
| First Trust S&P REIT Index Fund (FRI) |
| First Trust Water ETF (FIW) |
| First Trust Natural Gas ETF (FCG) |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund <br> (QABA)<br>|

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4212_1) |  |
| [First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4212_1) | 1 |
| [First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4213_1) | 3 |
| [First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4228_1) | 5 |
| [First Trust NASDAQ](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4229_1)<sup>®</sup>[Clean Edge](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4229_1)<sup>®</sup>[Green Energy Index Fund (QCLN)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4229_1) | 7 |
| [First Trust S&P REIT Index Fund (FRI)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4237_1) | 10 |
| [First Trust Water ETF (FIW)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4238_1) | 13 |
| [First Trust Natural Gas ETF (FCG)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4239_1) | 15 |
| [First Trust NASDAQ](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4246_1)<sup>®</sup>[ABA Community Bank Index Fund (QABA)](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOI-TOC-ScheduleofInvestments-4246_1) | 17 |
| [Statements of Assets and Liabilities](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SAL1-TOC-StatementofAssetsandLiabilities-4212_1) | 20 |
| [Statements of Operations](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOP1-TOC-StatementofOperations-4212_1) | 22 |
| [Statements of Changes in Net Assets](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_SOC1-TOC-StatementofChanges-4212_1) | 24 |
| [Financial Highlights](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_FIHI-TOC-FinancialHighlights-4212_1) | 27 |
| [Notes to Financial Statements](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_NTF-TOC-NotestoFinancialStatements-4212_1) | 35 |
| [Report of Independent Registered Public Accounting Firm](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_AUD-TOC-RIRPAFirm-4212_1) | 45 |
| [Other Information](#xx_f96f5286-55ce-449f-86ac-f6bf6fb53b17_AI-TOC-AdditionalInformation-4212_1) | 46 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

**First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)**

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 1.9%**  |  |
| 63839 | Axon Enterprise, Inc. (a) | $36256083 |
|  | **Beverages — 2.0%**  |  |
| 497418 | Monster Beverage Corp. (a) | 38137038 |
|  | **Biotechnology — 10.0%**  |  |
| 94778 | Alnylam Pharmaceuticals, <br> Inc. (a) | 37688472 |
| 115869 | Amgen, Inc. | 37925082 |
| 305199 | Gilead Sciences, Inc. | 37460125 |
| 49395 | Regeneron Pharmaceuticals, Inc. | 38126519 |
| 83150 | Vertex Pharmaceuticals, Inc. (a) | 37696884 |
|  |  | 188897082 |
|  | **Broadline Retail — 4.1%**  |  |
| 18989 | MercadoLibre, Inc. (a) | 38248783 |
| 346390 | PDD Holdings, Inc., ADR (a) | 39277162 |
|  |  | 77525945 |
|  | **Entertainment — 4.0%**  |  |
| 186019 | Electronic Arts, Inc. | 38009262 |
| 401876 | Netflix, Inc. (a) | 37679894 |
|  |  | 75689156 |
|  | **Health Care Equipment &** <br> **Supplies — 6.0%**  |  |
| 574222 | Dexcom, Inc. (a) | 38111114 |
| 54164 | IDEXX Laboratories, Inc. (a) | 36643571 |
| 66262 | Intuitive Surgical, Inc. (a) | 37528147 |
|  |  | 112282832 |
|  | **Hotels, Restaurants & Leisure** <br> **— 6.0%**  |  |
| 280405 | Airbnb, Inc., Class A (a) | 38056567 |
| 7033 | Booking Holdings, Inc. | 37664036 |
| 161934 | DoorDash, Inc., Class A (a) | 36674812 |
|  |  | 112395415 |
|  | **Interactive Media & Services** <br> **— 4.1%**  |  |
| 61748 | Alphabet, Inc., Class A | 19327124 |
| 61458 | Alphabet, Inc., Class C | 19285521 |
| 57582 | Meta Platforms, Inc., Class A | 38009302 |
|  |  | 76621947 |
|  | **Pharmaceuticals — 2.0%**  |  |
| 415205 | AstraZeneca PLC, ADR | 38169796 |
|  | **Professional Services — 6.1%**  |  |
| 147062 | Automatic Data Processing, Inc. | 37828758 |
| 337844 | Paychex, Inc. | 37899340 |
| 173981 | Verisk Analytics, Inc. | 38917810 |
|  |  | 114645908 |
|  | **Real Estate Management &** <br> **Development — 2.1%**  |  |
| 581529 | CoStar Group, Inc. (a) | 39102010 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 18.0%**  |  |
| 177731 | Advanced Micro Devices, <br> Inc. (a) | $38062871 |
| 332659 | ARM Holdings PLC, ADR (a) | 36362955 |
| 35921 | ASML Holding N.V. | 38430441 |
| 111450 | Broadcom, Inc. | 38572845 |
| 30452 | KLA Corp. | 37001616 |
| 220196 | Lam Research Corp. | 37693151 |
| 40479 | Monolithic Power Systems, Inc. | 36688546 |
| 209587 | NVIDIA Corp. | 39087976 |
| 216451 | QUALCOMM, Inc. | 37023944 |
|  |  | 338924345 |
|  | **Software — 27.6%**  |  |
| 106595 | Adobe, Inc. (a) | 37307184 |
| 52585 | AppLovin Corp., Class A (a) | 35432825 |
| 235507 | Atlassian Corp., Class A (a) | 38185105 |
| 126410 | Autodesk, Inc. (a) | 37418624 |
| 120457 | Cadence Design Systems, <br> Inc. (a) | 37652449 |
| 270198 | Datadog, Inc., Class A (a) | 36744226 |
| 472746 | Fortinet, Inc. (a) | 37540760 |
| 56507 | Intuit, Inc. | 37431367 |
| 78064 | Microsoft Corp. | 37753312 |
| 196159 | Palantir Technologies, Inc., <br> Class A (a) | 34867262 |
| 202981 | Palo Alto Networks, Inc. (a) | 37389100 |
| 85245 | Roper Technologies, Inc. | 37945107 |
| 173504 | Workday, Inc., Class A (a) | 37265189 |
| 163118 | Zscaler, Inc. (a) | 36688500 |
|  |  | 519621010 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 3.9%**  |  |
| 138609 | Apple, Inc. | 37682243 |
| 209483 | Western Digital Corp. | 36087636 |
|  |  | 73769879 |
|  | **Wireless Telecommunication** <br> **Services — 2.1%**  |  |
| 192818 | T-Mobile US, Inc. | 39149767 |
|  | **Total Common Stocks** | 1881188213 |
|  | (Cost $1,651,544,379) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1185562 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 1185562 |
|  | (Cost $1,185,562) |  |

---

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

See Notes to Financial Statements

------

**First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $1608 | Bank of America Corp., <br> 3.82% (b), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $1,608. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $1,640. (c) | $1608 |
|  | (Cost $1,608) |  |
|  | **Total Investments — 100.0%** | 1882375383 |
|  | (Cost $1,652,731,549) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 78167 |
|  | **Net Assets — 100.0%** | $1882453550 |

---

&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 December 31, 2025.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1881188213 | &nbsp;&nbsp; $1881188213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 1185562 | &nbsp;&nbsp; 1185562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 1608 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; — |
| Total Investments | $1882375383 | &nbsp;&nbsp; $1882373775 | &nbsp;&nbsp; $1608 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $1608 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1608)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Broadline Retail — 2.4%**  |  |
| 608206 | PDD Holdings, Inc., ADR (a) | $68964478 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.2%**  |  |
| 284331 | DoorDash, Inc., Class A (a) | 64395285 |
|  | **Interactive Media & Services** <br> **— 4.7%**  |  |
| 108420 | Alphabet, Inc., Class A | 33935460 |
| 107911 | Alphabet, Inc., Class C | 33862472 |
| 101105 | Meta Platforms, Inc., Class A | 66738399 |
|  |  | 134536331 |
|  | **IT Services — 4.4%**  |  |
| 779822 | Cognizant Technology Solutions <br> Corp., Class A | 64725226 |
| 392785 | Shopify, Inc., Class A (a) | 63226601 |
|  |  | 127951827 |
|  | **Professional Services — 2.3%**  |  |
| 505999 | Thomson Reuters Corp. | 66736208 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 39.1%**  |  |
| 312068 | Advanced Micro Devices, <br> Inc. (a) | 66832483 |
| 242693 | Analog Devices, Inc. | 65818342 |
| 259758 | Applied Materials, Inc. | 66755208 |
| 584097 | ARM Holdings PLC, ADR (a) | 63847643 |
| 63071 | ASML Holding N.V. | 67477140 |
| 195689 | Broadcom, Inc. | 67727963 |
| 1808925 | Intel Corp. (a) | 66749332 |
| 53469 | KLA Corp. | 64969112 |
| 386629 | Lam Research Corp. | 66183152 |
| 792064 | Marvell Technology, Inc. | 67309599 |
| 1026107 | Microchip Technology, Inc. | 65383538 |
| 250469 | Micron Technology, Inc. | 71486357 |
| 71074 | Monolithic Power Systems, Inc. | 64418631 |
| 368002 | NVIDIA Corp. | 68632373 |
| 294359 | NXP Semiconductors N.V. | 63893565 |
| 380054 | QUALCOMM, Inc. | 65008237 |
| 377812 | Texas Instruments, Inc. | 65546604 |
|  |  | 1128039279 |
|  | **Software — 38.3%**  |  |
| 187165 | Adobe, Inc. (a) | 65505878 |
| 92331 | AppLovin Corp., Class A (a) | 62214474 |
| 413513 | Atlassian Corp., Class A (a) | 67046998 |
| 221956 | Autodesk, Inc. (a) | 65701196 |
| 211504 | Cadence Design Systems, <br> Inc. (a) | 66111920 |
| 138390 | CrowdStrike Holdings, Inc., <br> Class A (a) | 64871696 |
| 474425 | Datadog, Inc., Class A (a) | 64517056 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 830067 | Fortinet, Inc. (a) | $65915621 |
| 99217 | Intuit, Inc. | 65723325 |
| 137069 | Microsoft Corp. | 66289310 |
| 344424 | Palantir Technologies, Inc., <br> Class A (a) | 61221366 |
| 356403 | Palo Alto Networks, Inc. (a) | 65649433 |
| 149676 | Roper Technologies, Inc. | 66625278 |
| 404105 | Strategy, Inc. (a) | 61403755 |
| 143628 | Synopsys, Inc. (a) | 67464944 |
| 304646 | Workday, Inc., Class A (a) | 65431868 |
| 286410 | Zscaler, Inc. (a) | 64419337 |
|  |  | 1106113455 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 6.6%**  |  |
| 243376 | Apple, Inc. | 66164199 |
| 224742 | Seagate Technology <br> Holdings PLC | 61891700 |
| 367818 | Western Digital Corp. | 63364007 |
|  |  | 191419906 |
|  | **Total Common Stocks** | 2888156769 |
|  | (Cost $2,449,497,274) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 1901463 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 1901463 |
|  | (Cost $1,901,463) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $4656 | Bank of America Corp., <br> 3.82% (b), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $4,657. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $4,749. (c) | 4656 |
|  | (Cost $4,656) |  |
|  | **Total Investments — 100.0%** | 2890062888 |
|  | (Cost $2,451,403,393) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (1419506)<br>|
|  | **Net Assets — 100.0%** | $2888643382 |

---

&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 December 31, 2025.

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

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $2888156769 | &nbsp;&nbsp; $2888156769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 1901463 | &nbsp;&nbsp; 1901463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 4656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4656 | &nbsp;&nbsp; — |
| Total Investments | $2890062888 | &nbsp;&nbsp; $2890058232 | &nbsp;&nbsp; $4656 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $4656 |
| Non-cash Collateral<sup>(2)</sup> <br>| (4656)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.9%** | **COMMON STOCKS (a) — 99.9%** | **COMMON STOCKS (a) — 99.9%** |
|  | **Aerospace & Defense — 1.7%**  |  |
| 6552 | Axon Enterprise, Inc. (b) | $3721077 |
|  | **Automobiles — 1.7%**  |  |
| 7963 | Tesla, Inc. (b) | 3581120 |
|  | **Beverages — 7.1%**  |  |
| 41457 | Coca-Cola Europacific <br> Partners PLC | 3760150 |
| 136957 | Keurig Dr Pepper, Inc. | 3836166 |
| 50132 | Monster Beverage Corp. (b) | 3843620 |
| 25793 | PepsiCo, Inc. | 3701811 |
|  |  | 15141747 |
|  | **Biotechnology — 10.7%**  |  |
| 9483 | Alnylam Pharmaceuticals, <br> Inc. (b) | 3770915 |
| 11651 | Amgen, Inc. | 3813489 |
| 30613 | Gilead Sciences, Inc. | 3757439 |
| 21691 | Insmed, Inc. (b) | 3775102 |
| 4993 | Regeneron Pharmaceuticals, Inc. | 3853947 |
| 8456 | Vertex Pharmaceuticals, Inc. (b) | 3833612 |
|  |  | 22804504 |
|  | **Broadline Retail — 3.6%**  |  |
| 16803 | Amazon.com, Inc. (b) | 3878468 |
| 1915 | MercadoLibre, Inc. (b) | 3857308 |
|  |  | 7735776 |
|  | **Chemicals — 1.8%**  |  |
| 9101 | Linde PLC | 3880575 |
|  | **Commercial Services &** <br> **Supplies — 3.6%**  |  |
| 20475 | Cintas Corp. | 3850733 |
| 97777 | Copart, Inc. (b) | 3827969 |
|  |  | 7678702 |
|  | **Communications Equipment** <br> **— 1.8%**  |  |
| 48648 | Cisco Systems, Inc. | 3747356 |
|  | **Construction & Engineering** <br> **— 1.7%**  |  |
| 57500 | Ferrovial SE | 3715075 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.8%**  |  |
| 4510 | Costco Wholesale Corp. | 3889153 |
|  | **Diversified Telecommunication** <br> **Services — 1.8%**  |  |
| 129209 | Comcast Corp., Class A | 3862057 |
|  | **Electric Utilities — 7.2%**  |  |
| 33254 | American Electric Power Co., <br> Inc. | 3834519 |
| 10784 | Constellation Energy Corp. | 3809663 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electric Utilities (Continued)**  |  |
| 87008 | Exelon Corp. | $3792679 |
| 52409 | Xcel Energy, Inc. | 3870929 |
|  |  | 15307790 |
|  | **Energy Equipment & Services** <br> **— 1.8%**  |  |
| 85589 | Baker Hughes Co. | 3897723 |
|  | **Entertainment — 7.3%**  |  |
| 18828 | Electronic Arts, Inc. | 3847125 |
| 40567 | Netflix, Inc. (b) | 3803562 |
| 15369 | Take-Two Interactive Software, <br> Inc. (b) | 3934925 |
| 136145 | Warner Bros. Discovery, Inc. (b) | 3923699 |
|  |  | 15509311 |
|  | **Financial Services — 1.8%**  |  |
| 64434 | PayPal Holdings, Inc. | 3761657 |
|  | **Food Products — 3.5%**  |  |
| 155525 | Kraft Heinz (The) Co. | 3771481 |
| 69697 | Mondelez International, Inc., <br> Class A | 3751790 |
|  |  | 7523271 |
|  | **Ground Transportation —** <br> **3.6%**  |  |
| 104911 | CSX Corp. | 3803024 |
| 24541 | Old Dominion Freight Line, Inc. | 3848029 |
|  |  | 7651053 |
|  | **Health Care Equipment &** <br> **Supplies — 7.1%**  |  |
| 57604 | Dexcom, Inc. (b) | 3823178 |
| 46090 | GE HealthCare Technologies, <br> Inc. | 3780302 |
| 5466 | IDEXX Laboratories, Inc. (b) | 3697913 |
| 6690 | Intuitive Surgical, Inc. (b) | 3788948 |
|  |  | 15090341 |
|  | **Hotels, Restaurants & Leisure** <br> **— 7.1%**  |  |
| 28198 | Airbnb, Inc., Class A (b) | 3827032 |
| 708 | Booking Holdings, Inc. | 3791574 |
| 12363 | Marriott International, Inc., <br> Class A | 3835497 |
| 43233 | Starbucks Corp. | 3640651 |
|  |  | 15094754 |
|  | **Industrial Conglomerates —** <br> **1.7%**  |  |
| 19132 | Honeywell International, Inc. | 3732462 |
|  | **Machinery — 1.8%**  |  |
| 34245 | PACCAR, Inc. | 3750170 |
|  | **Media — 1.8%**  |  |
| 18483 | Charter Communications, Inc., <br> Class A (b) | 3858326 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.8%**  |  |
| 25702 | Diamondback Energy, Inc. | $3863782 |
|  | **Pharmaceuticals — 1.8%**  |  |
| 41915 | AstraZeneca PLC, ADR | 3853246 |
|  | **Professional Services — 5.4%**  |  |
| 14788 | Automatic Data Processing, Inc. | 3803917 |
| 34039 | Paychex, Inc. | 3818495 |
| 17513 | Verisk Analytics, Inc. | 3917483 |
|  |  | 11539895 |
|  | **Real Estate Management &** <br> **Development — 1.8%**  |  |
| 58537 | CoStar Group, Inc. (b) | 3936028 |
|  | **Specialty Retail — 3.6%**  |  |
| 41827 | O'Reilly Automotive, Inc. (b) | 3815041 |
| 21114 | Ross Stores, Inc. | 3803476 |
|  |  | 7618517 |
|  | **Trading Companies &** <br> **Distributors — 1.7%**  |  |
| 90643 | Fastenal Co. | 3637504 |
|  | **Wireless Telecommunication** <br> **Services — 1.8%**  |  |
| 19378 | T-Mobile US, Inc. | 3934509 |
|  | **Total Common Stocks** | 213317481 |
|  | (Cost $218,012,549) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 480634 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (c) | 480634 |
|  | (Cost $480,634) |  |
|  | **Total Investments — 100.1%** | 213798115 |
|  | (Cost $218,493,183) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (192317)<br>|
|  | **Net Assets — 100.0%** | $213605798 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 industry allocation is based on Standard & Poor's Global Industry
 Classification Standard (GICS), and is different than the
 industry sector classification system used by the Index to select
 securities, which is the Industry Classification Benchmark
 (ICB) system, which is maintained by FTSE International
 Limited.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $213317481 | &nbsp;&nbsp; $213317481 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 480634 | &nbsp;&nbsp; 480634 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $213798115 | &nbsp;&nbsp; $213798115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Automobiles — 19.7%**  |  |
| 754977 | Lucid Group, Inc. (a) (b) | $7980107 |
| 30013 | Polestar Automotive Holding <br> UK PLC, Class A, <br> ADR (a) (b) | 641378 |
| 2587625 | Rivian Automotive, Inc., <br> Class A (a) | 51002089 |
| 101419 | Tesla, Inc. (a) | 45610152 |
|  |  | 105233726 |
|  | **Chemicals — 6.0%**  |  |
| 167810 | Albemarle Corp. | 23735047 |
| 192482 | Aspen Aerogels, Inc. (a) | 544724 |
| 114939 | Sociedad Quimica y Minera de <br> Chile S.A., ADR (a) | 7907803 |
|  |  | 32187574 |
|  | **Construction & Engineering** <br> **— 0.4%**  |  |
| 81042 | Ameresco, Inc., Class A (a) | 2373720 |
|  | **Electrical Equipment — 27.4%**  |  |
| 59532 | Acuity, Inc. | 21433901 |
| 105238 | American Superconductor <br> Corp. (a) | 3028750 |
| 355744 | Array Technologies, Inc. (a) | 3279960 |
| 700410 | Ballard Power Systems, Inc. (a) | 1779041 |
| 399372 | Bloom Energy Corp., Class A (a) | 34701433 |
| 54389 | ChargePoint Holdings, <br> Inc. (a) (b) | 361143 |
| 105996 | Electrovaya, Inc. (a) | 837368 |
| 85960 | EnerSys | 12614630 |
| 502628 | Enovix Corp. (a) (b) | 3674211 |
| 754813 | Eos Energy Enterprises, Inc. (a) | 8650157 |
| 305955 | Fluence Energy, Inc. (a) | 6051790 |
| 72414 | LSI Industries, Inc. | 1326624 |
| 238089 | Nextpower, Inc., Class A (a) | 20739933 |
| 3240584 | Plug Power, Inc. (a) | 6383950 |
| 389842 | Shoals Technologies Group, Inc., <br> Class A (a) | 3313657 |
| 540417 | Sunrun, Inc. (a) | 9943673 |
| 76683 | Vicor Corp. (a) | 8404457 |
|  |  | 146524678 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 5.3%**  |  |
| 87908 | Advanced Energy Industries, <br> Inc. | 18405298 |
| 106670 | Itron, Inc. (a) | 9905376 |
|  |  | 28310674 |
|  | **Financial Services — 1.7%**  |  |
| 294679 | HA Sustainable Infrastructure <br> Capital, Inc. | 9261761 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 8.8%**  |  |
| 696254 | Brookfield Renewable Partners, <br> L.P. (c) | $18777971 |
| 197601 | Clearway Energy, Inc., Class C | 6572209 |
| 331311 | Montauk Renewables, Inc. (a) | 553289 |
| 141559 | Ormat Technologies, Inc. | 15638023 |
| 572538 | ReNew Energy Global PLC, <br> Class A (a) | 3234840 |
| 218844 | XPLR Infrastructure, <br> L.P. (a) (c) (d) | 2188440 |
|  |  | 46964772 |
|  | **Metals & Mining — 3.9%**  |  |
| 352117 | MP Materials Corp. (a) | 17788951 |
| 259409 | Sigma Lithium Corp. (a) (b) | 3421605 |
|  |  | 21210556 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 0.4%**  |  |
| 510744 | Clean Energy Fuels Corp. (a) | 1072562 |
| 564329 | Gevo, Inc. (a) | 1128658 |
|  |  | 2201220 |
|  | **Professional Services — 0.7%**  |  |
| 34352 | Willdan Group, Inc. (a) | 3560928 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 25.4%**  |  |
| 431136 | Allegro MicroSystems, Inc. (a) | 11373368 |
| 304768 | Enphase Energy, Inc. (a) | 9767814 |
| 159854 | First Solar, Inc. (a) | 41758661 |
| 500586 | Navitas Semiconductor <br> Corp. (a) (b) | 3574184 |
| 854432 | ON Semiconductor Corp. (a) | 46267493 |
| 128876 | Power Integrations, Inc. | 4580253 |
| 139272 | SolarEdge Technologies, Inc. (a) | 4017997 |
| 110724 | Universal Display Corp. | 12930349 |
| 60303 | Wolfspeed, Inc. (a) | 1049875 |
| 361322 | Wolfspeed, Inc. (a) (b) (e) (f) | 383001 |
|  |  | 135702995 |
|  | **Specialty Retail — 0.2%**  |  |
| 314836 | EVgo, Inc. (a) | 916173 |
|  | **Total Common Stocks** | 534448777 |
|  | (Cost $788,137,296) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 448813 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (g) | 448813 |
|  | (Cost $448,813) |  |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** |
| $12920827 | Bank of America Corp., <br> 3.82% (g), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $12,923,569. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $13,179,248. (h) | $12920827 |
|  | (Cost $12,920,827) |  |
|  | **Total Investments — 102.4%** | 547818417 |
|  | (Cost $801,506,936) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.4)%** | (12888618)<br>|
|  | **Net Assets — 100.0%** | $534929799 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $12,269,971 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $12,920,827.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security
 is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is taxed as a "C" corporation for federal income tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant
 to procedures adopted by the Trust's Board of Trustees,
 this security has been determined to be illiquid by First
 Trust Advisors L.P., the Fund's advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This
 security is fair valued by the Advisor's Pricing Committee
 in accordance with procedures approved by the Trust's
 Board of Trustees, and in accordance with provisions of
 the Investment Company Act of 1940 and rules thereunder,
 as amended. At December 31, 2025, securities noted
 as such are valued at $383,001 or 0.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate
 shown reflects yield as of December 31, 2025.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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: |  |  |  |  |
| Semiconductors & <br> Semiconductor <br> Equipment<br>| $135702995 | &nbsp;&nbsp; $135319994 | &nbsp;&nbsp; $383001 | &nbsp;&nbsp; $— |
| Other Industry <br> Categories\*<br>| 398745782 | &nbsp;&nbsp; 398745782 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 448813 | &nbsp;&nbsp; 448813 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 12920827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12920827 | &nbsp;&nbsp; — |
| Total Investments | $547818417 | &nbsp;&nbsp; $534514589 | &nbsp;&nbsp; $13303828 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $12269971 |
| Non-cash Collateral<sup>(2)</sup> <br>| (12269971)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $12920827 |
| Non-cash Collateral<sup>(4)</sup> <br>| (12920827)<br>|
| Net Amount | $— |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust S&P REIT Index Fund (FRI)**

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** |
|  | **Data Center REITs — 9.9%**  |  |
| 40844 | Digital Realty Trust, Inc. | $6318975 |
| 10931 | Equinix, Inc. | 8374895 |
|  |  | 14693870 |
|  | **Diversified REITs — 2.5%**  |  |
| 9203 | Alexander & Baldwin, Inc. | 189950 |
| 1505 | Alpine Income Property Trust, <br> Inc. | 25164 |
| 5974 | American Assets Trust, Inc. | 113088 |
| 10139 | Armada Hoffler Properties, Inc. | 67120 |
| 23935 | Broadstone Net Lease, Inc. | 415751 |
| 3726 | CTO Realty Growth, Inc. | 68596 |
| 25064 | Essential Properties Realty Trust, <br> Inc. | 743398 |
| 6122 | Gladstone Commercial Corp. | 65322 |
| 24939 | Global Net Lease, Inc. | 214475 |
| 1194 | Modiv Industrial, Inc. | 17182 |
| 5147 | NexPoint Diversified Real Estate <br> Trust | 19713 |
| 27721 | WP Carey, Inc. | 1784123 |
|  |  | 3723882 |
|  | **Health Care REITs — 18.6%**  |  |
| 19675 | Alexandria Real Estate Equities, <br> Inc. | 962894 |
| 22378 | American Healthcare REIT, Inc. | 1053109 |
| 28246 | CareTrust REIT, Inc. | 1021375 |
| 3239 | Community Healthcare Trust, <br> Inc. | 53184 |
| 27567 | Diversified Healthcare Trust | 133700 |
| 1594 | Global Medical REIT, Inc. | 53782 |
| 44479 | Healthcare Realty Trust, Inc. | 753919 |
| 87907 | Healthpeak Properties, Inc. | 1413545 |
| 6023 | LTC Properties, Inc. | 207071 |
| 62391 | Medical Properties Trust, Inc. | 311955 |
| 6026 | National Health Investors, Inc. | 460206 |
| 37383 | Omega Healthcare Investors, Inc. | 1657562 |
| 31541 | Sabra Health Care REIT, Inc. | 597387 |
| 6972 | Sila Realty Trust, Inc. | 162517 |
| 1615 | Universal Health Realty Income <br> Trust | 63324 |
| 59418 | Ventas, Inc. | 4597765 |
| 76628 | Welltower, Inc. | 14222923 |
|  |  | 27726218 |
|  | **Hotel & Resort REITs — 2.6%**  |  |
| 27831 | Apple Hospitality REIT, Inc. | 329797 |
| 7507 | Braemar Hotels & Resorts, Inc. | 21545 |
| 6136 | Chatham Lodging Trust | 41786 |
| 25767 | DiamondRock Hospitality Co. | 230872 |
| 80899 | Host Hotels & Resorts, Inc. | 1434339 |
| 25286 | Park Hotels & Resorts, Inc. | 264492 |
| 14369 | Pebblebrook Hotel Trust | 162657 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotel & Resort REITs** <br> **(Continued)**  |  |
| 18862 | RLJ Lodging Trust | $140522 |
| 7970 | Ryman Hospitality Properties, <br> Inc. | 754121 |
| 19986 | Service Properties Trust | 36774 |
| 13396 | Summit Hotel Properties, Inc. | 65239 |
| 24022 | Sunstone Hotel Investors, Inc. | 214757 |
| 11992 | Xenia Hotels & Resorts, Inc. | 169567 |
|  |  | 3866468 |
|  | **Industrial REITs — 13.5%**  |  |
| 36032 | Americold Realty Trust, Inc. | 463372 |
| 6737 | EastGroup Properties, Inc. | 1200129 |
| 16751 | First Industrial Realty Trust, Inc. | 959330 |
| 7589 | Industrial Logistics Properties <br> Trust | 42043 |
| 3545 | Innovative Industrial Properties, <br> Inc. | 167891 |
| 7219 | Lineage, Inc. | 252665 |
| 7483 | LXP Industrial Trust | 371007 |
| 2026 | One Liberty Properties, Inc. | 41108 |
| 5635 | Plymouth Industrial REIT, Inc. | 123294 |
| 107361 | Prologis, Inc. | 13705705 |
| 29384 | Rexford Industrial Realty, Inc. | 1137749 |
| 23623 | STAG Industrial, Inc. | 868381 |
| 13079 | Terreno Realty Corp. | 767868 |
|  |  | 20100542 |
|  | **Multi-Family Residential** <br> **REITs — 9.6%**  |  |
| 16767 | Apartment Investment and <br> Management Co., Class A (a) | 99596 |
| 17889 | AvalonBay Communities, Inc. | 3243455 |
| 1492 | BRT Apartments Corp. | 21932 |
| 13458 | Camden Property Trust | 1481457 |
| 2113 | Centerspace | 140979 |
| 11152 | Elme Communities | 194045 |
| 43796 | Equity Residential | 2760900 |
| 8147 | Essex Property Trust, Inc. | 2131907 |
| 30198 | Independence Realty Trust, Inc. | 527861 |
| 14810 | Mid-America Apartment <br> Communities, Inc. | 2057257 |
| 2759 | NexPoint Residential Trust, Inc. | 83046 |
| 38042 | UDR, Inc. | 1395380 |
| 10274 | Veris Residential, Inc. | 152877 |
|  |  | 14290692 |
|  | **Office REITs — 3.5%**  |  |
| 21972 | Brandywine Realty Trust | 64158 |
| 18642 | BXP, Inc. | 1257962 |
| 5106 | City Office REIT, Inc. | 35691 |
| 14290 | COPT Defense Properties | 397262 |
| 21247 | Cousins Properties, Inc. | 547748 |
| 21183 | Douglas Emmett, Inc. | 232801 |

---

See Notes to Financial Statements

------

**First Trust S&P REIT Index Fund (FRI)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Office REITs (Continued)**  |  |
| 5535 | Easterly Government Properties, <br> Inc. | $117287 |
| 17552 | Empire State Realty Trust, Inc., <br> Class A | 114439 |
| 10099 | Franklin Street Properties Corp. | 9552 |
| 13901 | Highwoods Properties, Inc. | 358924 |
| 6848 | Hudson Pacific Properties, <br> Inc. (a) | 74164 |
| 7486 | JBG SMITH Properties | 127337 |
| 13768 | Kilroy Realty Corp. | 514510 |
| 1874 | NET Lease Office Properties | 48330 |
| 6554 | Orion Properties, Inc. | 14812 |
| 4188 | Peakstone Realty Trust | 60098 |
| 15751 | Piedmont Realty Trust, Inc. (a) | 131363 |
| 3099 | Postal Realty Trust, Inc., Class A | 50018 |
| 8984 | SL Green Realty Corp. | 412096 |
| 20407 | Vornado Realty Trust | 679145 |
|  |  | 5247697 |
|  | **Other Specialized REITs —** <br> **8.0%**  |  |
| 9631 | EPR Properties | 480587 |
| 5033 | Farmland Partners, Inc. | 48770 |
| 13419 | Four Corners Property Trust, Inc. | 309442 |
| 35799 | Gaming and Leisure Properties, <br> Inc. | 1599857 |
| 4384 | Gladstone Land Corp. | 40114 |
| 37390 | Iron Mountain, Inc. | 3101500 |
| 10988 | Lamar Advertising Co., Class A | 1390861 |
| 19503 | Millrose Properties, Inc. | 582555 |
| 18404 | Outfront Media, Inc. | 443536 |
| 5809 | Safehold, Inc. | 79525 |
| 135198 | VICI Properties, Inc. | 3801768 |
|  |  | 11878515 |
|  | **Retail REITs — 16.7%**  |  |
| 16575 | Acadia Realty Trust | 340451 |
| 14514 | Agree Realty Corp. | 1045443 |
| 271 | Alexander's, Inc. | 59062 |
| 38720 | Brixmor Property Group, Inc. | 1015238 |
| 1979 | CBL & Associates Properties, <br> Inc. | 73223 |
| 12262 | Curbline Properties Corp. | 284601 |
| 9931 | Federal Realty Investment Trust | 1001045 |
| 2739 | FrontView REIT, Inc. | 40428 |
| 6720 | Getty Realty Corp. | 183926 |
| 9818 | InvenTrust Properties Corp. | 276966 |
| 85661 | Kimco Realty Corp. | 1736348 |
| 27387 | Kite Realty Group Trust | 656466 |
| 32397 | Macerich (The) Co. | 598049 |
| 10570 | NETSTREIT Corp. | 186455 |
| 24024 | NNN REIT, Inc. | 952071 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Retail REITs (Continued)**  |  |
| 15913 | Phillips Edison & Co., Inc. | $566025 |
| 116363 | Realty Income Corp. | 6559382 |
| 20822 | Regency Centers Corp. | 1437343 |
| 1575 | Saul Centers, Inc. | 49660 |
| 36983 | Simon Property Group, Inc. | 6845923 |
| 6636 | SITE Centers Corp. | 42603 |
| 14561 | Tanger, Inc. | 485901 |
| 15920 | Urban Edge Properties | 305505 |
| 5679 | Whitestone REIT | 78881 |
|  |  | 24820995 |
|  | **Self-Storage REITs — 6.8%**  |  |
| 28845 | CubeSmart | 1039862 |
| 26848 | Extra Space Storage, Inc. | 3496147 |
| 8953 | National Storage Affiliates Trust | 252564 |
| 19976 | Public Storage | 5183772 |
| 7003 | Smartstop Self Storage REIT, <br> Inc. | 216673 |
|  |  | 10189018 |
|  | **Single-Family Residential** <br> **REITs — 4.6%**  |  |
| 41239 | American Homes 4 Rent, <br> Class A | 1323772 |
| 24518 | Equity LifeStyle Properties, Inc. | 1486036 |
| 71340 | Invitation Homes, Inc. | 1982539 |
| 14705 | Sun Communities, Inc. | 1822096 |
| 10242 | UMH Properties, Inc. | 162950 |
|  |  | 6777393 |
|  | **Total Common Stocks** | 143315290 |
|  | (Cost $166,505,516) |  |
| **MONEY MARKET FUNDS — 3.4%** | **MONEY MARKET FUNDS — 3.4%** | **MONEY MARKET FUNDS — 3.4%** |
| 5071558 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (b) | 5071558 |
|  | (Cost $5,071,558) |  |
|  | **Total Investments — 99.7%** | 148386848 |
|  | (Cost $171,577,074) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.3%** | 491230 |
|  | **Net Assets — 100.0%** | $148878078 |

---

&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 December 31, 2025.

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

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

See Notes to Financial Statements

------

**First Trust S&P REIT Index Fund (FRI)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $143315290 | &nbsp;&nbsp; $143315290 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 5071558 | &nbsp;&nbsp; 5071558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $148386848 | &nbsp;&nbsp; $148386848 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for sub-industry breakout.

See Notes to Financial Statements

------

**First Trust Water ETF (FIW)**

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Beverages — 2.0%**  |  |
| 2371209 | Primo Brands Corp. | $38769267 |
|  | **Building Products — 12.2%**  |  |
| 556797 | A.O. Smith Corp. | 37238583 |
| 413566 | Advanced Drainage Systems, <br> Inc. | 59896764 |
| 678299 | Fortune Brands Innovations, Inc. | 33928516 |
| 946513 | Masco Corp. | 60065715 |
| 875089 | Zurn Elkay Water Solutions <br> Corp. | 40682888 |
|  |  | 231812466 |
|  | **Chemicals — 5.1%**  |  |
| 286558 | Ecolab, Inc. | 75227206 |
| 148262 | Hawkins, Inc. | 21062100 |
|  |  | 96289306 |
|  | **Commercial Services &** <br> **Supplies — 6.8%**  |  |
| 1634845 | Tetra Tech, Inc. | 54832701 |
| 747604 | Veralto Corp. | 74595927 |
|  |  | 129428628 |
|  | **Construction & Engineering** <br> **— 8.3%**  |  |
| 556206 | AECOM | 53023118 |
| 639225 | Stantec, Inc. (a) | 60317271 |
| 108123 | Valmont Industries, Inc. | 43500045 |
|  |  | 156840434 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 3.6%**  |  |
| 217002 | Badger Meter, Inc. | 37847319 |
| 322873 | Itron, Inc. (b) | 29981987 |
|  |  | 67829306 |
|  | **Health Care Equipment &** <br> **Supplies — 4.4%**  |  |
| 122685 | IDEXX Laboratories, Inc. (b) | 83000083 |
|  | **Life Sciences Tools & Services** <br> **— 9.8%**  |  |
| 631769 | Agilent Technologies, Inc. | 85964808 |
| 263049 | Waters Corp. (b) | 99913902 |
|  |  | 185878710 |
|  | **Machinery — 23.0%**  |  |
| 405621 | Franklin Electric Co., Inc. | 38748974 |
| 422277 | IDEX Corp. | 75139969 |
| 180783 | Lindsay Corp. | 21308892 |
| 620607 | Mueller Industries, Inc. | 71245684 |
| 1505844 | Mueller Water Products, Inc., <br> Class A | 35869204 |
| 738288 | Pentair PLC | 76885312 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 143352 | Watts Water Technologies, Inc., <br> Class A | $39568019 |
| 560809 | Xylem, Inc. | 76370970 |
|  |  | 435137024 |
|  | **Multi-Utilities — 2.2%**  |  |
| 6843801 | Algonquin Power & Utilities <br> Corp. (a) | 42089376 |
|  | **Software — 3.5%**  |  |
| 150839 | Roper Technologies, Inc. | 67142964 |
|  | **Trading Companies &** <br> **Distributors — 7.0%**  |  |
| 1073309 | Core & Main, Inc., Class A (b) | 55779869 |
| 343448 | Ferguson Enterprises, Inc. | 76461828 |
|  |  | 132241697 |
|  | **Water Utilities — 12.0%**  |  |
| 332870 | American States Water Co. | 24126418 |
| 553189 | American Water Works Co., Inc. | 72191164 |
| 528634 | California Water Service Group | 22905711 |
| 1127783 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP, <br> ADR (a) | 26897625 |
| 1506987 | Essential Utilities, Inc. | 57808021 |
| 492531 | H2O America | 24129094 |
|  |  | 228058033 |
|  | **Total Common Stocks** | 1894517294 |
|  | (Cost $1,551,870,331) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 822836 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (c) | 822836 |
|  | (Cost $822,836) |  |

---

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

See Notes to Financial Statements

------

**First Trust Water ETF (FIW)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** |
| $44687445 | RBC Dominion Securities, Inc., <br> 3.80% (c), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $44,696,879. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 5.00%, due 01/22/26 to <br> 11/15/55. The value of the <br> collateral including accrued <br> interest is $45,581,194. (d) | $44687445 |
|  | (Cost $44,687,445) |  |
|  | **Total Investments — 102.3%** | 1940027575 |
|  | (Cost $1,597,380,612) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.3)%** | (44252552)<br>|
|  | **Net Assets — 100.0%** | $1895775023 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $43,245,967 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $44,687,445.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1894517294 | &nbsp;&nbsp; $1894517294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 822836 | &nbsp;&nbsp; 822836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 44687445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44687445 | &nbsp;&nbsp; — |
| Total Investments | $1940027575 | &nbsp;&nbsp; $1895340130 | &nbsp;&nbsp; $44687445 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $43245967 |
| Non-cash Collateral<sup>(2)</sup> <br>| (43245967)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $44687445 |
| Non-cash Collateral<sup>(4)</sup> <br>| (44687445)<br>|
| Net Amount | $— |

---

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Natural Gas ETF (FCG)**

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Gas Utilities — 2.8%**  |  |
| 155607 | National Fuel Gas Co. | $12457896 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 97.1%**  |  |
| 440220 | Antero Resources Corp. (a) | 15169981 |
| 693640 | APA Corp. | 16966434 |
| 2988299 | Baytex Energy Corp. | 9652206 |
| 162637 | BKV Corp. (a) | 4415595 |
| 143525 | Chord Energy Corp. | 13304767 |
| 313807 | CNX Resources Corp. (a) | 11538683 |
| 310475 | Comstock Resources, Inc. (a) | 7196811 |
| 235417 | ConocoPhillips | 22037385 |
| 693113 | Coterra Energy, Inc. | 18242734 |
| 748290 | Crescent Energy Co., Class A | 6278153 |
| 519284 | Devon Energy Corp. | 19021373 |
| 134528 | Diamondback Energy, Inc. | 20223594 |
| 193594 | EOG Resources, Inc. | 20329306 |
| 343068 | EQT Corp. | 18388445 |
| 163095 | Expand Energy Corp. | 17999164 |
| 249122 | Granite Ridge Resources, Inc. | 1170873 |
| 40365 | Gulfport Energy Corp. (a) | 8395516 |
| 619926 | Hess Midstream, L.P., <br> Class A (b) (c) | 21387447 |
| 5154816 | Kosmos Energy Ltd. (a) | 4677480 |
| 471275 | Magnolia Oil & Gas Corp., <br> Class A | 10316210 |
| 347977 | Matador Resources Co. | 14768144 |
| 360050 | Murphy Oil Corp. | 11251562 |
| 756175 | New Era Energy & Digital, <br> Inc. (a) | 2215593 |
| 343808 | Northern Oil & Gas, Inc. | 7381558 |
| 312921 | Obsidian Energy Ltd. (a) | 1918206 |
| 497122 | Occidental Petroleum Corp. | 20441657 |
| 407195 | Ovintiv, Inc. | 15957972 |
| 1239591 | Permian Resources Corp. | 17391462 |
| 389864 | Range Resources Corp. | 13746605 |
| 93682 | Riley Exploration Permian, Inc. | 2473205 |
| 226835 | SandRidge Energy, Inc. | 3273229 |
| 538783 | SM Energy Co. | 10075242 |
| 692005 | Vermilion Energy, Inc. | 5771322 |
| 242529 | Vitesse Energy, Inc. (d) | 4671109 |
| 362423 | W&T Offshore, Inc. (d) | 590749 |
| 530870 | Western Midstream Partners, <br> L.P. (c) | 20969365 |
| 862637 | Woodside Energy Group Ltd., <br> ADR (d) | 13448511 |
|  |  | 433057648 |
|  | **Total Common Stocks** | 445515544 |
|  | (Cost $482,018,555) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 987699 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (e) | $987699 |
|  | (Cost $987,699) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 3.4%** | **REPURCHASE AGREEMENTS — 3.4%** | **REPURCHASE AGREEMENTS — 3.4%** |
| $14921512 | Bank of America Corp., <br> 3.82% (e), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $14,924,679. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $15,219,947. (f) | 14921512 |
|  | (Cost $14,921,512) |  |
|  | **Total Investments — 103.5%** | 461424755 |
|  | (Cost $497,927,766) |  |
|  | **Net Other Assets and** <br> **Liabilities — (3.5)%** | (15485922)<br>|
|  | **Net Assets — 100.0%** | $445938833 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 security is taxed as a "C" corporation for federal income tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security
 is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $14,519,422 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $14,921,512.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate
 shown reflects yield as of December 31, 2025.

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

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

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

See Notes to Financial Statements

------

**First Trust Natural Gas ETF (FCG)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $445515544 | &nbsp;&nbsp; $445515544 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 987699 | &nbsp;&nbsp; 987699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 14921512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14921512 | &nbsp;&nbsp; — |
| Total Investments | $461424755 | &nbsp;&nbsp; $446503243 | &nbsp;&nbsp; $14921512 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $14519422 |
| Non-cash Collateral<sup>(2)</sup> <br>| (14519422)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $14921512 |
| Non-cash Collateral<sup>(4)</sup> <br>| (14921512)<br>|
| Net Amount | $— |

---

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Banks — 98.4%**  |  |
| 9616 | 1st Source Corp. | $600904 |
| 4087 | ACNB Corp. | 197606 |
| 11781 | Amalgamated Financial Corp. | 377345 |
| 6471 | Arrow Financial Corp. | 203189 |
| 13119 | BancFirst Corp. | 1390876 |
| 17284 | Bancorp (The), Inc. (a) | 1167016 |
| 3871 | Bank First Corp. | 471565 |
| 6334 | Bank of Marin Bancorp | 164747 |
| 44030 | Bank OZK | 2026261 |
| 3720 | Bank7 Corp. | 152446 |
| 3100 | Bankwell Financial Group, Inc. | 142042 |
| 13415 | Banner Corp. | 840584 |
| 10856 | Bridgewater Bancshares, Inc. (a) | 190306 |
| 5914 | Burke & Herbert Financial <br> Services Corp. | 368501 |
| 11655 | Business First Bancshares, Inc. | 304662 |
| 12721 | California BanCorp | 237501 |
| 6660 | Camden National Corp. | 288911 |
| 6502 | Capital Bancorp, Inc. | 183161 |
| 6717 | Capital City Bank Group, Inc. | 285943 |
| 51875 | Capitol Federal Financial, Inc. | 353269 |
| 8692 | Carter Bankshares, Inc. (a) | 170885 |
| 26776 | Cathay General Bancorp | 1295691 |
| 5913 | ChoiceOne Financial Services, <br> Inc. | 174552 |
| 7006 | Citizens & Northern Corp. | 141311 |
| 5671 | City Holding Co. | 675983 |
| 8165 | Civista Bancshares, Inc. (b) | 181426 |
| 11600 | CNB Financial Corp.  | 303572 |
| 5951 | Coastal Financial Corp. (a) | 681925 |
| 41053 | Columbia Financial, Inc. (a) | 637964 |
| 54718 | Commerce Bancshares, Inc. | 2863940 |
| 7130 | Community Trust Bancorp, Inc. | 402845 |
| 7540 | Community West Bancshares | 169650 |
| 19785 | ConnectOne Bancorp, Inc. | 518763 |
| 53841 | CVB Financial Corp. | 1001443 |
| 17275 | Dime Community Bancshares, <br> Inc. | 519805 |
| 11953 | Eagle Bancorp, Inc. | 256033 |
| 2116 | Eagle Financial Services, Inc. | 84206 |
| 93843 | Eastern Bankshares, Inc. | 1729526 |
| 14566 | Enterprise Financial Services <br> Corp. | 786564 |
| 3371 | Esquire Financial Holdings, Inc. | 344078 |
| 14818 | Farmers National Banc Corp. | 197376 |
| 7807 | FB Bancorp, Inc. (a) | 100320 |
| 7922 | Financial Institutions, Inc. | 246929 |
| 16319 | First Bancorp | 828842 |
| 4415 | First Bancorp (The), Inc. | 116733 |
| 9764 | First Bank | 160715 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 34794 | First Busey Corp. | $827749 |
| 3276 | First Business Financial <br> Services, Inc. | 177887 |
| 7208 | First Community Bankshares, <br> Inc. | 243126 |
| 3026 | First Community Corp. | 89721 |
| 38777 | First Financial Bancorp | 970200 |
| 56359 | First Financial Bankshares, Inc. | 1683443 |
| 4664 | First Financial Corp. | 281799 |
| 48690 | First Hawaiian, Inc. | 1231857 |
| 40493 | First Interstate BancSystem, Inc., <br> Class A | 1401058 |
| 22757 | First Merchants Corp. | 852932 |
| 9447 | First Mid Bancshares, Inc. | 368433 |
| 2557 | First United Corp. | 95734 |
| 3823 | First Western Financial, Inc. (a) | 102495 |
| 10972 | Firstsun Capital Bancorp (a) | 412931 |
| 8409 | Five Star Bancorp | 300874 |
| 13294 | Flushing Financial Corp. | 201670 |
| 1763 | Franklin Financial Services <br> Corp. | 88503 |
| 2959 | FS Bancorp, Inc. | 121822 |
| 71073 | Fulton Financial Corp. | 1373841 |
| 5658 | GBank Financial Holdings, <br> Inc. (a) | 191750 |
| 14755 | German American Bancorp, Inc. | 578101 |
| 4404 | Great Southern Bancorp, Inc. | 271110 |
| 32906 | Hancock Whitney Corp. | 2095454 |
| 11789 | Hanmi Financial Corp. | 318657 |
| 12370 | HBT Financial, Inc. | 319764 |
| 24118 | Heritage Commerce Corp. | 289657 |
| 13364 | Heritage Financial Corp. | 316059 |
| 858 | Hingham Institution for Savings <br> (The) (b) | 243638 |
| 3081 | Home Bancorp, Inc. | 178082 |
| 50448 | Hope Bancorp, Inc. | 552910 |
| 20157 | Horizon Bancorp, Inc. | 341863 |
| 19511 | Independent Bank Corp. | 1425864 |
| 8143 | Independent Bank Corp. | 264892 |
| 24465 | International Bancshares Corp. | 1625455 |
| 3861 | Investar Holding Corp. | 103166 |
| 25478 | Kearny Financial Corp.  | 188792 |
| 10047 | Lakeland Financial Corp. | 573282 |
| 14741 | LINKBANCORP, Inc. | 121761 |
| 86620 | Mechanics Bancorp, Class A | 1267251 |
| 6397 | Mercantile Bank Corp. | 307696 |
| 10028 | Metrocity Bankshares, Inc. | 266143 |
| 9071 | Mid Penn Bancorp, Inc. | 281382 |
| 8482 | Midland States Bancorp, Inc. | 179564 |
| 8120 | MidWestOne Financial Group, <br> Inc. | 312620 |
| 4953 | MVB Financial Corp. | 127936 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Banks (Continued)**  |  |
| 18013 | NB Bancorp, Inc. | $357018 |
| 20589 | NBT Bancorp, Inc. | 854855 |
| 3370 | Northeast Bank | 350244 |
| 5520 | Northeast Community Bancorp, <br> Inc. | 124807 |
| 16451 | Northfield Bancorp, Inc. | 188035 |
| 8694 | Northrim BanCorp, Inc. | 231347 |
| 57498 | Northwest Bancshares, Inc. | 689976 |
| 3646 | Norwood Financial Corp. | 102270 |
| 22585 | OceanFirst Financial Corp. | 405401 |
| 20728 | Old Second Bancorp, Inc. | 404196 |
| 5858 | OP Bancorp | 82715 |
| 5261 | Orange County Bancorp, Inc. | 150202 |
| 7674 | Orrstown Financial Services, Inc. | 271813 |
| 4563 | Parke Bancorp, Inc. | 114257 |
| 8792 | Pathward Financial, Inc. | 624232 |
| 5612 | PCB Bancorp | 121500 |
| 6910 | Peapack-Gladstone Financial <br> Corp. | 192443 |
| 14051 | Peoples Bancorp, Inc.  | 421951 |
| 3933 | Peoples Financial Services Corp. | 191576 |
| 2737 | Plumas Bancorp | 122316 |
| 9446 | Ponce Financial Group, Inc. (a) | 154442 |
| 4860 | Preferred Bank | 458930 |
| 9699 | Primis Financial Corp. | 134913 |
| 6627 | QCR Holdings, Inc. | 552029 |
| 6709 | RBB Bancorp | 138474 |
| 2659 | Red River Bancshares, Inc. | 189932 |
| 6843 | Republic Bancorp, Inc., Class A | 472099 |
| 15043 | S&T Bancorp, Inc. | 591942 |
| 38500 | Seacoast Banking Corp. of <br> Florida | 1209670 |
| 13155 | Shore Bancshares, Inc. | 232580 |
| 5306 | Sierra Bancorp | 173400 |
| 56954 | Simmons First National Corp., <br> Class A | 1073583 |
| 6394 | South Plains Financial, Inc. | 248087 |
| 3223 | Southern First Bancshares, <br> Inc. (a) | 166049 |
| 4409 | Southern Missouri Bancorp, Inc. | 260660 |
| 11599 | Stock Yards Bancorp, Inc. | 753355 |
| 17963 | Texas Capital Bancshares, <br> Inc. (a) | 1626370 |
| 110396 | TFS Financial Corp. | 1477098 |
| 3108 | Timberland Bancorp, Inc.  | 111266 |
| 31064 | Towne Bank | 1036606 |
| 12795 | TriCo Bancshares | 606099 |
| 7251 | TrustCo Bank Corp. | 299684 |
| 23597 | Trustmark Corp. | 919103 |
| 55261 | United Bankshares, Inc. | 2122022 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 3951 | Unity Bancorp, Inc. | $204346 |
| 11207 | Univest Financial Corp. | 366917 |
| 12660 | VersaBank | 189647 |
| 2122 | Virginia National Bankshares <br> Corp. | 84562 |
| 30186 | WaFd, Inc. | 966858 |
| 7491 | Washington Trust Bancorp, Inc. | 221359 |
| 37799 | WesBanco, Inc. | 1256439 |
| 6667 | West BanCorp, Inc. | 147941 |
| 9812 | Westamerica BanCorp | 469308 |
| 8065 | Western New England Bancorp, <br> Inc. | 101780 |
| 26357 | Wintrust Financial Corp. | 3685236 |
| 21518 | WSFS Financial Corp. | 1188654 |
|  |  | 77999430 |
|  | **Financial Services — 1.4%**  |  |
| 5149 | Cass Information Systems, Inc. | 213786 |
| 18060 | Merchants Bancorp | 615124 |
| 11369 | NewtekOne, Inc. | 129038 |
| 7264 | Waterstone Financial, Inc. | 120219 |
|  |  | 1078167 |
|  | **Total Common Stocks** | 79077597 |
|  | (Cost $84,125,591) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 120367 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (c) | 120367 |
|  | (Cost $120,367) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.3%** | **REPURCHASE AGREEMENTS — 0.3%** | **REPURCHASE AGREEMENTS — 0.3%** |
| $217290 | Bank of America Corp., <br> 3.82% (c), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $217,336. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $221,636. (d) | 217290 |
|  | (Cost $217,290) |  |
|  | **Total Investments — 100.2%** | 79415254 |
|  | (Cost $84,463,248) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.2)%** | (176359)<br>|
|  | **Net Assets — 100.0%** | $79238895 |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $214,056 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $217,290.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $79077597 | &nbsp;&nbsp; $79077597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 120367 | &nbsp;&nbsp; 120367 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 217290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217290 | &nbsp;&nbsp; — |
| Total Investments | $79415254 | &nbsp;&nbsp; $79197964 | &nbsp;&nbsp; $217290 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Offsetting Assets and Liabilities**

------

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

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

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

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $214056 |
| Non-cash Collateral<sup>(2)</sup> <br>| (214056)<br>|
| Net Amount | $— |

---

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

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

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $217290 |
| Non-cash Collateral<sup>(4)</sup> <br>| (217290)<br>|
| Net Amount | $— |

---

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

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

<sup>(2)</sup> At December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Nasdaq-100** <br> **Select Equal** <br> **Weight ETF** <br>**(QQEW)** <br>| **First Trust** <br> **NASDAQ-100-**<br> **Technology** <br> **Sector Index** <br> **Fund** <br>**(QTEC)** <br>| **First Trust** <br> **NASDAQ-100** <br> **Ex-Technology** <br> **Sector Index** <br> **Fund** <br>**(QQXT)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $1882375383 | &nbsp;&nbsp; $2890062888 | &nbsp;&nbsp; $213798115 |
| Cash |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due from authorized participant |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Dividends | 816920 | &nbsp;&nbsp; 700938 | &nbsp;&nbsp; 190536 |
| Reclaims | 7437 | &nbsp;&nbsp; 4337 | &nbsp;&nbsp; — |
| Securities lending income | 140 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; — |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses |  | &nbsp;&nbsp; 13839 | &nbsp;&nbsp; 5247 |
| Total Assets | 1883199880 | &nbsp;&nbsp; 2890782394 | &nbsp;&nbsp; 213993898 |
| **LIABILITIES:** |  |  |  |
| Due to broker |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |  |
| Investment advisory fees | 744722 | &nbsp;&nbsp; 1002686 | &nbsp;&nbsp; 77600 |
| Collateral for securities on loan | 1608 | &nbsp;&nbsp; 4656 | &nbsp;&nbsp; — |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Licensing fees |  | &nbsp;&nbsp; 737531 | &nbsp;&nbsp; 168880 |
| Audit and tax fees |  | &nbsp;&nbsp; 25047 | &nbsp;&nbsp; 25047 |
| Shareholder reporting fees |  | &nbsp;&nbsp; 46420 | &nbsp;&nbsp; 15198 |
| Trustees' fees |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 96 |
| Other liabilities |  | &nbsp;&nbsp; 322672 | &nbsp;&nbsp; 101279 |
| Total Liabilities | 746330 | &nbsp;&nbsp; 2139012 | &nbsp;&nbsp; 388100 |
| **NET ASSETS** | $1882453550 | &nbsp;&nbsp; $2888643382 | &nbsp;&nbsp; $213605798 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $1969521026 | &nbsp;&nbsp; $2953264538 | &nbsp;&nbsp; $248122439 |
| Par value | 132500 | &nbsp;&nbsp; 125500 | &nbsp;&nbsp; 21500 |
| Accumulated distributable earnings (loss) | (87199976)<br>| &nbsp;&nbsp; (64746656)<br>| &nbsp;&nbsp; (34538141)<br>|
| **NET ASSETS** | $1882453550 | &nbsp;&nbsp; $2888643382 | &nbsp;&nbsp; $213605798 |
| **NET ASSET VALUE,** per share | $142.07 | &nbsp;&nbsp; $230.17 | &nbsp;&nbsp; $99.35 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 13250002 | &nbsp;&nbsp; 12550002 | &nbsp;&nbsp; 2150002 |
| Investments, at cost | $1652731549 | &nbsp;&nbsp; $2451403393 | &nbsp;&nbsp; $218493183 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Trust NASDAQ**<sup>®</sup> <br> **Clean Edge**<sup>®</sup> **Green** <br> **Energy Index Fund** <br>**(QCLN)** <br>| **First Trust S&P REIT** <br> **Index Fund** <br>**(FRI)** <br>| **First Trust Water** <br> **ETF** <br>**(FIW)** <br>| **First Trust Natural** <br> **Gas ETF** <br>**(FCG)** <br>| **First Trust NASDAQ**<sup>®</sup> <br> **ABA Community** <br> **Bank Index Fund** <br>**(QABA)** <br>|
| $547818417 | &nbsp;&nbsp; $148386848 | &nbsp;&nbsp; $1940027575 | &nbsp;&nbsp; $461424755 | &nbsp;&nbsp; $79415254 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60868 | &nbsp;&nbsp; — |
| 34217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 212887 | &nbsp;&nbsp; 608397 | &nbsp;&nbsp; 1248653 | &nbsp;&nbsp; 515092 | &nbsp;&nbsp; 143055 |
| 174841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182428 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; — |
| 93439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8237 | &nbsp;&nbsp; 15273 | &nbsp;&nbsp; 573 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 197725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2361 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 9203 | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 518 |
| 548336162 | &nbsp;&nbsp; 148995966 | &nbsp;&nbsp; 1941673821 | &nbsp;&nbsp; 462018181 | &nbsp;&nbsp; 79559400 |
| 1419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 188019 | &nbsp;&nbsp; 35744 | &nbsp;&nbsp; 654026 | &nbsp;&nbsp; 153136 | &nbsp;&nbsp; 26076 |
| 12920827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44687445 | &nbsp;&nbsp; 14921512 | &nbsp;&nbsp; 217290 |
| 34217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 802644 | &nbsp;&nbsp; — |
| 137268 | &nbsp;&nbsp; 17558 | &nbsp;&nbsp; 244678 | &nbsp;&nbsp; 100284 | &nbsp;&nbsp; 20240 |
| 24588 | &nbsp;&nbsp; 27797 | &nbsp;&nbsp; 25110 | &nbsp;&nbsp; 26121 | &nbsp;&nbsp; 25047 |
| 36437 | &nbsp;&nbsp; 12650 | &nbsp;&nbsp; 51041 | &nbsp;&nbsp; 19857 | &nbsp;&nbsp; 7187 |
| 63588 | &nbsp;&nbsp; 24139 | &nbsp;&nbsp; 236498 | &nbsp;&nbsp; 55794 | &nbsp;&nbsp; 24665 |
| 13406363 | &nbsp;&nbsp; 117888 | &nbsp;&nbsp; 45898798 | &nbsp;&nbsp; 16079348 | &nbsp;&nbsp; 320505 |
| $534929799 | &nbsp;&nbsp; $148878078 | &nbsp;&nbsp; $1895775023 | &nbsp;&nbsp; $445938833 | &nbsp;&nbsp; $79238895 |
| $1530373916 | &nbsp;&nbsp; $176021037 | &nbsp;&nbsp; $1684794766 | &nbsp;&nbsp; $1074959921 | &nbsp;&nbsp; $109867399 |
| 120000 | &nbsp;&nbsp; 54500 | &nbsp;&nbsp; 174500 | &nbsp;&nbsp; 190484 | &nbsp;&nbsp; 14000 |
| (995564117)<br>| &nbsp;&nbsp; (27197459)<br>| &nbsp;&nbsp; 210805757 | &nbsp;&nbsp; (629211572)<br>| &nbsp;&nbsp; (30642504)<br>|
| $534929799 | &nbsp;&nbsp; $148878078 | &nbsp;&nbsp; $1895775023 | &nbsp;&nbsp; $445938833 | &nbsp;&nbsp; $79238895 |
| $44.58 | &nbsp;&nbsp; $27.32 | &nbsp;&nbsp; $108.64 | &nbsp;&nbsp; $23.41 | &nbsp;&nbsp; $56.60 |
| 12000002 | &nbsp;&nbsp; 5450002 | &nbsp;&nbsp; 17450002 | &nbsp;&nbsp; 19048365 | &nbsp;&nbsp; 1400002 |
| $801506936 | &nbsp;&nbsp; $171577074 | &nbsp;&nbsp; $1597380612 | &nbsp;&nbsp; $497927766 | &nbsp;&nbsp; $84463248 |
| $12269971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43245967 | &nbsp;&nbsp; $14519422 | &nbsp;&nbsp; $214056 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Year Ended December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Nasdaq-100** <br> **Select Equal** <br> **Weight ETF** <br>**(QQEW)** <br>| **First Trust** <br> **NASDAQ-100-**<br> **Technology** <br> **Sector Index** <br> **Fund** <br>**(QTEC)** <br>| **First Trust** <br> **NASDAQ-100** <br> **Ex-Technology** <br> **Sector Index** <br> **Fund** <br>**(QQXT)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $18354537 | &nbsp;&nbsp; $16764927 | &nbsp;&nbsp; $9335999 |
| Securities lending income (net of fees) | 17814 | &nbsp;&nbsp; 57833 | &nbsp;&nbsp; — |
| Foreign withholding tax | (91541)<br>| &nbsp;&nbsp; (351040)<br>| &nbsp;&nbsp; — |
| Total investment income | 18280810 | &nbsp;&nbsp; 16471720 | &nbsp;&nbsp; 9335999 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 7528318<br>| &nbsp;&nbsp; 12042667<br>| &nbsp;&nbsp; 2832746<br>|
| Licensing fees | 1811306 | &nbsp;&nbsp; 3027820 | &nbsp;&nbsp; 705710 |
| Accounting and administration fees | 758464 | &nbsp;&nbsp; 1162676 | &nbsp;&nbsp; 321355 |
| Shareholder reporting fees | 100454 | &nbsp;&nbsp; 164082 | &nbsp;&nbsp; 33452 |
| Transfer agent fees | 69569 | &nbsp;&nbsp; 100597 | &nbsp;&nbsp; 34030 |
| Legal fees | 40382 | &nbsp;&nbsp; 66260 | &nbsp;&nbsp; 25713 |
| Custodian fees | 39282 | &nbsp;&nbsp; 52787 | &nbsp;&nbsp; 18498 |
| Audit and tax fees | 28553 | &nbsp;&nbsp; 29336 | &nbsp;&nbsp; 29336 |
| Listing fees | 12204 | &nbsp;&nbsp; 12548 | &nbsp;&nbsp; 12548 |
| Trustees' fees and expenses | 9397 | &nbsp;&nbsp; 10868 | &nbsp;&nbsp; 9134 |
| Other expenses | 165969 | &nbsp;&nbsp; 250485 | &nbsp;&nbsp; 89177 |
| Total expenses | 10563898 | &nbsp;&nbsp; 16920126 | &nbsp;&nbsp; 4111699 |
| Less fees waived by the investment advisor |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | 10563898 | &nbsp;&nbsp; 16920126 | &nbsp;&nbsp; 4111699 |
| **NET INVESTMENT INCOME (LOSS)** | 7716912 | &nbsp;&nbsp; (448406)<br>| &nbsp;&nbsp; 5224300 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | (90356110)<br>| &nbsp;&nbsp; (2624712)<br>| &nbsp;&nbsp; (5642566)<br>|
| In-kind redemptions | 379111119 | &nbsp;&nbsp; 344986628 | &nbsp;&nbsp; 108591526 |
| Foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | 288755009 | &nbsp;&nbsp; 342361916 | &nbsp;&nbsp; 102948960 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | (46320469)<br>| &nbsp;&nbsp; 80859523 | &nbsp;&nbsp; (20542951)<br>|
| Foreign currency translation |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | (46320469)<br>| &nbsp;&nbsp; 80859523 | &nbsp;&nbsp; (20542951)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 242434540 | &nbsp;&nbsp; 423221439 | &nbsp;&nbsp; 82406009 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $250151452 | &nbsp;&nbsp; $422773033 | &nbsp;&nbsp; $87630309 |

---

See Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Trust NASDAQ**<sup>®</sup> <br> **Clean Edge**<sup>®</sup> **Green** <br> **Energy Index Fund** <br>**(QCLN)** <br>| **First Trust S&P REIT** <br> **Index Fund** <br>**(FRI)** <br>| **First Trust Water** <br> **ETF** <br>**(FIW)** <br>| **First Trust Natural** <br> **Gas ETF** <br>**(FCG)** <br>| **First Trust NASDAQ**<sup>®</sup> <br> **ABA Community** <br> **Bank Index Fund** <br>**(QABA)** <br>|
| $2883313 | &nbsp;&nbsp; $5175219 | &nbsp;&nbsp; $22384995 | &nbsp;&nbsp; $10831024 | &nbsp;&nbsp; $3130385 |
| 1437509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127866 | &nbsp;&nbsp; 104354 | &nbsp;&nbsp; 9531 |
| (209375)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (387596)<br>| &nbsp;&nbsp; (81084)<br>| &nbsp;&nbsp; (260)<br>|
| 4111447 | &nbsp;&nbsp; 5175219 | &nbsp;&nbsp; 22125265 | &nbsp;&nbsp; 10854294 | &nbsp;&nbsp; 3139656 |
| 1859846<br>| &nbsp;&nbsp; 460444<br>| &nbsp;&nbsp; 7398909<br>| &nbsp;&nbsp; 1484691<br>| &nbsp;&nbsp; 429096<br>|
| 466409 | &nbsp;&nbsp; 122403 | &nbsp;&nbsp; 926251 | &nbsp;&nbsp; 372272 | &nbsp;&nbsp; 96612 |
| 216394 | &nbsp;&nbsp; 77115 | &nbsp;&nbsp; 775486 | &nbsp;&nbsp; 173955 | &nbsp;&nbsp; 56861 |
| 76587 | &nbsp;&nbsp; 40347 | &nbsp;&nbsp; 162867 | &nbsp;&nbsp; 55528 | &nbsp;&nbsp; 22706 |
| 23248 | &nbsp;&nbsp; 7674 | &nbsp;&nbsp; 71243 | &nbsp;&nbsp; 18558 | &nbsp;&nbsp; 5364 |
| 10143 | &nbsp;&nbsp; 4498 | &nbsp;&nbsp; 45551 | &nbsp;&nbsp; 8805 | &nbsp;&nbsp; 3383 |
| 10846 | &nbsp;&nbsp; 8223 | &nbsp;&nbsp; 46766 | &nbsp;&nbsp; 9336 | &nbsp;&nbsp; 12601 |
| 29364 | &nbsp;&nbsp; 34836 | &nbsp;&nbsp; 29342 | &nbsp;&nbsp; 31347 | &nbsp;&nbsp; 29336 |
| 12548 | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 13403 | &nbsp;&nbsp; 13404 | &nbsp;&nbsp; 12548 |
| 8777 | &nbsp;&nbsp; 8551 | &nbsp;&nbsp; 9994 | &nbsp;&nbsp; 8718 | &nbsp;&nbsp; 8511 |
| 36987 | &nbsp;&nbsp; 13814 | &nbsp;&nbsp; 163816 | &nbsp;&nbsp; 29946 | &nbsp;&nbsp; 9834 |
| 2751149 | &nbsp;&nbsp; 788705 | &nbsp;&nbsp; 9643628 | &nbsp;&nbsp; 2206560 | &nbsp;&nbsp; 686852 |
|  | &nbsp;&nbsp; (10093)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35346)<br>|
| 2751149 | &nbsp;&nbsp; 778612 | &nbsp;&nbsp; 9643628 | &nbsp;&nbsp; 2206560 | &nbsp;&nbsp; 651506 |
| 1360298 | &nbsp;&nbsp; 4396607 | &nbsp;&nbsp; 12481637 | &nbsp;&nbsp; 8647734 | &nbsp;&nbsp; 2488150 |
| (127421591)<br>| &nbsp;&nbsp; (2940494)<br>| &nbsp;&nbsp; (37033663)<br>| &nbsp;&nbsp; (33098163)<br>| &nbsp;&nbsp; (2980900)<br>|
| (3251016)<br>| &nbsp;&nbsp; 2448654 | &nbsp;&nbsp; 89955664 | &nbsp;&nbsp; 14251715 | &nbsp;&nbsp; 7956121 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 | &nbsp;&nbsp; (63)<br>|
| (130672607)<br>| &nbsp;&nbsp; (491840)<br>| &nbsp;&nbsp; 52922001 | &nbsp;&nbsp; (18846391)<br>| &nbsp;&nbsp; 4975158 |
| 246744730 | &nbsp;&nbsp; 505249 | &nbsp;&nbsp; 57530650 | &nbsp;&nbsp; (10240758)<br>| &nbsp;&nbsp; (3876041)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 902 | &nbsp;&nbsp; — |
| 246744730 | &nbsp;&nbsp; 505249 | &nbsp;&nbsp; 57530650 | &nbsp;&nbsp; (10239856)<br>| &nbsp;&nbsp; (3876041)<br>|
| 116072123 | &nbsp;&nbsp; 13409 | &nbsp;&nbsp; 110452651 | &nbsp;&nbsp; (29086247)<br>| &nbsp;&nbsp; 1099117 |
| $117432421 | &nbsp;&nbsp; $4410016 | &nbsp;&nbsp; $122934288 | &nbsp;&nbsp; $(20438513)<br>| &nbsp;&nbsp; $3587267 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Nasdaq-100 Select** <br> **Equal Weight ETF (QQEW)** | **First Trust Nasdaq-100 Select** <br> **Equal Weight ETF (QQEW)** | **First Trust NASDAQ-100-**<br> **Technology Sector Index Fund** <br> **(QTEC)** | **First Trust NASDAQ-100-**<br> **Technology Sector Index Fund** <br> **(QTEC)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $7716912 | &nbsp;&nbsp; $11501351 | &nbsp;&nbsp; $(448406)<br>| &nbsp;&nbsp; $79781 |
| Net realized gain (loss) | 288755009 | &nbsp;&nbsp; 294208596 | &nbsp;&nbsp; 342361916 | &nbsp;&nbsp; 582809057 |
| Net change in unrealized appreciation (depreciation) | (46320469)<br>| &nbsp;&nbsp; (165972049)<br>| &nbsp;&nbsp; 80859523 | &nbsp;&nbsp; (318955072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 250151452 | &nbsp;&nbsp; 139737898 | &nbsp;&nbsp; 422773033 | &nbsp;&nbsp; 263933766 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (7988171)<br>| &nbsp;&nbsp; (11755236)<br>| &nbsp;&nbsp; (161850)<br>| &nbsp;&nbsp; (887760)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 873588712<br>| &nbsp;&nbsp; 389947899<br>| &nbsp;&nbsp; 775099572<br>| &nbsp;&nbsp; 1509422543<br>|
| Cost of shares redeemed | (1092903783) <br>| &nbsp;&nbsp; (920601166) <br>| &nbsp;&nbsp; (2115985515) <br>| &nbsp;&nbsp; (1458791578) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (219315071)<br>| &nbsp;&nbsp; (530653267)<br>| &nbsp;&nbsp; (1340885943)<br>| &nbsp;&nbsp; 50630965 |
| Total increase (decrease) in net assets | 22848210 | &nbsp;&nbsp; (402670605)<br>| &nbsp;&nbsp; (918274760)<br>| &nbsp;&nbsp; 313676971 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1859605340 | &nbsp;&nbsp; 2262275945 | &nbsp;&nbsp; 3806918142 | &nbsp;&nbsp; 3493241171 |
| End of period | $1882453550 | &nbsp;&nbsp; $1859605340 | &nbsp;&nbsp; $2888643382 | &nbsp;&nbsp; $3806918142 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 14900002 | &nbsp;&nbsp; 19250002 | &nbsp;&nbsp; 20250002 | &nbsp;&nbsp; 19900002 |
| Shares sold | 6250000 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 4150000 | &nbsp;&nbsp; 8000000 |
| Shares redeemed | (7900000)<br>| &nbsp;&nbsp; (7550000)<br>| &nbsp;&nbsp; (11850000)<br>| &nbsp;&nbsp; (7650000)<br>|
| Shares outstanding, end of period | 13250002 | &nbsp;&nbsp; 14900002 | &nbsp;&nbsp; 12550002 | &nbsp;&nbsp; 20250002 |

---

See Notes to Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **First Trust NASDAQ-100 Ex-**<br> **Technology Sector Index** <br> **Fund (QQXT)** | **First Trust NASDAQ-100 Ex-**<br> **Technology Sector Index** <br> **Fund (QQXT)** | **First Trust NASDAQ**<sup>®</sup> **Clean** <br> **Edge**<sup>®</sup> **Green Energy Index** <br> **Fund (QCLN)** | **First Trust NASDAQ**<sup>®</sup> **Clean** <br> **Edge**<sup>®</sup> **Green Energy Index** <br> **Fund (QCLN)** | **First Trust S&P REIT Index** <br> **Fund (FRI)** | **First Trust S&P REIT Index** <br> **Fund (FRI)** | **First Trust Water ETF (FIW)** | **First Trust Water ETF (FIW)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $5224300 | $1304304 | $1360298 | $2399169 | $4396607 | $4161027 | $12481637 | $11994920 |
| 102948960 | 16679825 | (130672607)<br>| (280116665)<br>| (491840)<br>| 626104 | 52922001 | 85712751 |
| (20542951)<br>| (8920855)<br>| 246744730 | 70482889 | 505249 | 3167351 | 57530650 | 26154794 |
| 87630309 | 9063274 | 117432421 | (207234607)<br>| 4410016 | 7954482 | 122934288 | 123862465 |
| (5284997)<br>| (1339342)<br>| (1403535)<br>| (5762256)<br>| (4500607)<br>| (5240417)<br>| (12900872)<br>| (12067301)<br>|
| 1236012899<br>| 4586994<br>| 88617032<br>| 22072016<br>| 20587851<br>| 99035619<br>| 215565524<br>| 452458721<br>|
| (1216580256) <br>| (76873236) <br>| (218155332) <br>| (399688352) <br>| (48140420) <br>| (48441699) <br>| (205626983) <br>| (305706026) <br>|
| 19432643 | (72286242)<br>| (129538300)<br>| (377616336)<br>| (27552569)<br>| 50593920 | 9938541 | 146752695 |
| 101777955 | (64562310)<br>| (13509414)<br>| (590613199)<br>| (27643160)<br>| 53307985 | 119971957 | 258547859 |
| 111827843 | 176390153 | 548439213 | 1139052412 | 176521238 | 123213253 | 1775803066 | 1517255207 |
| $213605798 | $111827843 | $534929799 | $548439213 | $148878078 | $176521238 | $1895775023 | $1775803066 |
| 1200002 | 2000002 | 16150002 | 27000002 | 6450002 | 4700002 | 17400002 | 16000002 |
| 13500000 | 50000 | 2100000 | 600000 | 750000 | 3500000 | 1950000 | 4400000 |
| (12550000)<br>| (850000)<br>| (6250000)<br>| (11450000)<br>| (1750000)<br>| (1750000)<br>| (1900000)<br>| (3000000)<br>|
| 2150002 | 1200002 | 12000002 | 16150002 | 5450002 | 6450002 | 17450002 | 17400002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Natural Gas ETF** <br> **(FCG)** | **First Trust Natural Gas ETF** <br> **(FCG)** | **First Trust NASDAQ**<sup>®</sup> **ABA** <br> **Community Bank Index Fund** <br> **(QABA)** | **First Trust NASDAQ**<sup>®</sup> **ABA** <br> **Community Bank Index Fund** <br> **(QABA)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $8647734 | &nbsp;&nbsp; $8149654 | &nbsp;&nbsp; $2488150 | &nbsp;&nbsp; $2336081 |
| Net realized gain (loss) | (18846391)<br>| &nbsp;&nbsp; 1066360 | &nbsp;&nbsp; 4975158 | &nbsp;&nbsp; (4106691)<br>|
| Net change in unrealized appreciation (depreciation) | (10239856)<br>| &nbsp;&nbsp; 2404120 | &nbsp;&nbsp; (3876041)<br>| &nbsp;&nbsp; 9759343 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (20438513)<br>| &nbsp;&nbsp; 11620134 | &nbsp;&nbsp; 3587267 | &nbsp;&nbsp; 7988733 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (10741635)<br>| &nbsp;&nbsp; (10526845)<br>| &nbsp;&nbsp; (2555438)<br>| &nbsp;&nbsp; (2383753)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 223390260<br>| &nbsp;&nbsp; 111918224<br>| &nbsp;&nbsp; 75742376<br>| &nbsp;&nbsp; 75880516<br>|
| Cost of shares redeemed | (148644134) <br>| &nbsp;&nbsp; (186999554) <br>| &nbsp;&nbsp; (119782478) <br>| &nbsp;&nbsp; (51430001) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 74746126 | &nbsp;&nbsp; (75081330)<br>| &nbsp;&nbsp; (44040102)<br>| &nbsp;&nbsp; 24450515 |
| Total increase (decrease) in net assets | 43565978 | &nbsp;&nbsp; (73988041)<br>| &nbsp;&nbsp; (43008273)<br>| &nbsp;&nbsp; 30055495 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 402372855 | &nbsp;&nbsp; 476360896 | &nbsp;&nbsp; 122247168 | &nbsp;&nbsp; 92191673 |
| End of period | $445938833 | &nbsp;&nbsp; $402372855 | &nbsp;&nbsp; $79238895 | &nbsp;&nbsp; $122247168 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 16348365 | &nbsp;&nbsp; 19598365 | &nbsp;&nbsp; 2200002 | &nbsp;&nbsp; 1850002 |
| Shares sold | 9200000 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1450000 |
| Shares redeemed | (6500000)<br>| &nbsp;&nbsp; (7650000)<br>| &nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp; (1100000)<br>|
| Shares outstanding, end of period | 19048365 | &nbsp;&nbsp; 16348365 | &nbsp;&nbsp; 1400002 | &nbsp;&nbsp; 2200002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $124.81 | &nbsp;&nbsp;&nbsp;&nbsp; $117.52 | &nbsp;&nbsp;&nbsp;&nbsp; $88.69 | &nbsp;&nbsp;&nbsp;&nbsp; $118.42 | &nbsp;&nbsp;&nbsp;&nbsp; $100.88 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br>|
| Net realized and unrealized gain (loss) | 17.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.54<br>|
| Total from investment operations | 17.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.82<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.58) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28) <br>|
| Net asset value, end of period | $142.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; $124.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118.42<br>|
| **Total return** (b) | 14.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.62)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.67<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1882454<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1859605<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2262276<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1086493<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1391414<br>|
| Ratio of total expenses to average net assets | 0.57<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.41<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>|
| Portfolio turnover rate (d) | 58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior
 to December 22, 2025, the Fund had a non-unitary fee structure. Effective December 22, 2025, the Fund began charging an annual unitary management
 fee of 0.55%. See Note 3 in the Notes to Financial Statements.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $188.00 | &nbsp;&nbsp;&nbsp;&nbsp; $175.54 | &nbsp;&nbsp;&nbsp;&nbsp; $105.36 | &nbsp;&nbsp;&nbsp;&nbsp; $175.32 | &nbsp;&nbsp;&nbsp;&nbsp; $138.14 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | (0.03) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br>|
| Net realized and unrealized gain (loss) | 42.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69.98) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.19<br>|
| Total from investment operations | 42.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69.80) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.21<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>|
| Net asset value, end of period | $230.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $188.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $105.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175.32<br>|
| **Total return** (c) | 22.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (39.81)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.94<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $2888643<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3806918<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3493241<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1359137<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4049807<br>|
| Ratio of total expenses to average net assets | 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.01)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> % <br>|
| Portfolio turnover rate (e) | 38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> % <br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 is less than 0.01%.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $93.19 | &nbsp;&nbsp;&nbsp;&nbsp; $88.19 | &nbsp;&nbsp;&nbsp;&nbsp; $76.39 | &nbsp;&nbsp;&nbsp;&nbsp; $88.47 | &nbsp;&nbsp;&nbsp;&nbsp; $79.43 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br>|
| Net realized and unrealized gain (loss) | 6.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.00<br>|
| Total from investment operations | 7.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.35<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.20) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31) <br>|
| Net asset value, end of period | $99.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $93.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.47<br>|
| **Total return** (b) | 7.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.85)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.80<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $213606<br>| &nbsp;&nbsp;&nbsp;&nbsp; $111828<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176390<br>| &nbsp;&nbsp;&nbsp;&nbsp; $133682<br>| &nbsp;&nbsp;&nbsp;&nbsp; $137135<br>|
| Ratio of total expenses to average net assets | 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>|
| Ratio of net expenses to average net assets | 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> % <br>|
| Portfolio turnover rate (c) | 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $33.96 | &nbsp;&nbsp;&nbsp;&nbsp; $42.19 | &nbsp;&nbsp;&nbsp;&nbsp; $47.18 | &nbsp;&nbsp;&nbsp;&nbsp; $67.96 | &nbsp;&nbsp;&nbsp;&nbsp; $70.17 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>|
| Net realized and unrealized gain (loss) | 10.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.07) <br>|
| Total from investment operations | 10.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.67) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.20) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>|
| Net asset value, end of period | $44.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.96<br>|
| **Total return** (b) | 31.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.82)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.98)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (30.37)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.14)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $534930<br>| &nbsp;&nbsp;&nbsp;&nbsp; $548439<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1139052<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1573504<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2823661<br>|
| Ratio of total expenses to average net assets | 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% <br>|
| Portfolio turnover rate (c) | 23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust S&P REIT Index Fund (FRI)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $27.37 | &nbsp;&nbsp;&nbsp;&nbsp; $26.22 | &nbsp;&nbsp;&nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp;&nbsp; $32.59 | &nbsp;&nbsp;&nbsp;&nbsp; $23.23 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>|
| Net realized and unrealized gain (loss) | (0.02) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.33<br>|
| Total from investment operations | 0.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.83<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>|
| Net asset value, end of period | $27.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.59<br>|
| **Total return** (c) | 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.63)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.52<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $148878<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176521<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123213<br>| &nbsp;&nbsp;&nbsp;&nbsp; $133098<br>| &nbsp;&nbsp;&nbsp;&nbsp; $236309<br>|
| Ratio of total expenses to average net assets | 0.51<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>|
| Ratio of net expenses to average net assets | 0.51<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 2.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> % <br>|
| Portfolio turnover rate (e) | 6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.50%.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Water ETF (FIW)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $102.06 | &nbsp;&nbsp;&nbsp;&nbsp; $94.83 | &nbsp;&nbsp;&nbsp;&nbsp; $79.35 | &nbsp;&nbsp;&nbsp;&nbsp; $94.74 | &nbsp;&nbsp;&nbsp;&nbsp; $72.13 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br>|
| Net realized and unrealized gain (loss) | 6.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.60<br>|
| Total from investment operations | 7.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.96<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.75) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35) <br>|
| Net asset value, end of period | $108.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $102.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94.74<br>|
| **Total return** (b) | 7.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.65)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.89<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1895775<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1775803<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1517255<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1249781<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1605791<br>|
| Ratio of total expenses to average net assets | 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> % <br>|
| Portfolio turnover rate (c) | 14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> % <br>|

---

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Natural Gas ETF (FCG)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $24.61 | &nbsp;&nbsp;&nbsp;&nbsp; $24.31 | &nbsp;&nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp;&nbsp; $17.17 | &nbsp;&nbsp;&nbsp;&nbsp; $8.80 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|
| Net realized and unrealized gain (loss) | (1.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.47<br>|
| Total from investment operations | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.67<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.67) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>|
| Net asset value, end of period | $23.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.17<br>|
| **Total return** (b) | (2.16)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98.69<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $445939<br>| &nbsp;&nbsp;&nbsp;&nbsp; $402373<br>| &nbsp;&nbsp;&nbsp;&nbsp; $476361<br>| &nbsp;&nbsp;&nbsp;&nbsp; $888144<br>| &nbsp;&nbsp;&nbsp;&nbsp; $423225<br>|
| Ratio of total expenses to average net assets | 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % (c)<br>|
| Ratio of net expenses to average net assets | 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % (c)<br>|
| Ratio of net investment income (loss) to average net assets | 2.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % <br>|
| Portfolio turnover rate (d) | 31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the year ended December 31, 2021, ratio reflects excise tax of 0.01%, which is not included in the expense cap.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $55.57 | &nbsp;&nbsp;&nbsp;&nbsp; $49.83 | &nbsp;&nbsp;&nbsp;&nbsp; $52.72 | &nbsp;&nbsp;&nbsp;&nbsp; $58.97 | &nbsp;&nbsp;&nbsp;&nbsp; $44.75 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>|
| Net realized and unrealized gain (loss) | 1.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.20<br>|
| Total from investment operations | 2.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.21<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99) <br>|
| Net asset value, end of period | $56.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; $58.97<br>|
| **Total return** (b) | 4.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.44)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.70)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.08<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $79239<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122247<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92192<br>| &nbsp;&nbsp;&nbsp;&nbsp; $187140<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117947<br>|
| Ratio of total expenses to average net assets | 0.64<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>|
| Ratio of net expenses to average net assets | 0.61<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 2.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> % <br>|
| Portfolio turnover rate (d) | 20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.63% and 0.60%,
 respectively.

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**1. Organization**

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

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

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

---

| |
|:---|
| First Trust Nasdaq-100 Select Equal Weight ETF – (Nasdaq, Inc. ("Nasdaq") ticker "QQEW")<sup>(1)</sup> <br>|
| First Trust NASDAQ-100-Technology Sector Index Fund – (Nasdaq ticker "QTEC") |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund – (Nasdaq ticker "QQXT") |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund – (Nasdaq ticker "QCLN") |
| First Trust S&P REIT Index Fund – (NYSE Arca, Inc. ("NYSE Arca") ticker "FRI") |
| First Trust Water ETF – (NYSE Arca ticker "FIW") |
| First Trust Natural Gas ETF – (NYSE Arca ticker "FCG") |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund – (Nasdaq ticker "QABA") |

---

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

<sup>(1)</sup> Effective December 22, 2025, First Trust NASDAQ-100 Equal Weighted Index Fund changed its name to First Trust Nasdaq-100 Select Equal Weight ETF. The Fund's ticker symbol was not changed.

QCLN operates as a non-diversified series of the Trust. Each of QQEW, QTEC, QQXT, FRI, FIW, FCG and QABA operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value ("NAV"), only in large blocks of shares known as "Creation Units." The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:

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

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust Nasdaq-100 Select Equal Weight ETF | Nasdaq-100 Select Equal Weight<sup>TM</sup> Index<sup>(1)</sup> <br>|
| First Trust NASDAQ-100-Technology Sector Index Fund | Nasdaq-100 Technology Sector<sup>TM</sup> Index |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | Nasdaq-100 Ex-Tech Sector<sup>TM</sup> Index |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | Nasdaq<sup>®</sup> Clean Edge<sup>®</sup> Green Energy<sup>TM</sup> Index |
| First Trust S&P REIT Index Fund | S&P United States REIT Index |
| First Trust Water ETF | ISE Clean Edge Water<sup>TM</sup> Index |
| First Trust Natural Gas ETF | ISE-Revere Natural Gas<sup>TM</sup> Index |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | Nasdaq OMX<sup>®</sup> ABA Community Bank<sup>TM</sup> Index |

---

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

<sup>(1)</sup> Prior to December 22, 2025, the index was Nasdaq-100 Equal Weighted<sup>TM</sup>Index.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

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

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

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

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

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

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of December 31, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in master limited partnerships ("MLPs") generally are comprised of return of capital and investment income. A Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Offsetting on the Statements of Assets and Liabilities**

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

**D. Securities Lending** 

The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.

Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At December 31, 2025, QCLN, FIW, FCG, and QABA had securities in the securities lending program. During the fiscal year ended December 31, 2025, QQEW, QTEC, QCLN, FIW, FCG, and QABA participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.

**E. Repurchase Agreements** 

Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the fiscal year ended December 31, 2025, were received as collateral for lending securities.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | $7988171 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust NASDAQ-100-Technology Sector Index Fund | 161850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 5284997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 1403535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust S&P REIT Index Fund | 4500607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Water ETF | 12900872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Natural Gas ETF | 10741635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 2555438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | $11755236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust NASDAQ-100-Technology Sector Index Fund | 887760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 1339342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 5762256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust S&P REIT Index Fund | 5240417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Water ETF | 12067301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Natural Gas ETF | 10526845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 2383753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | $— | &nbsp;&nbsp; $(306392721)<br>| &nbsp;&nbsp; $219192745 |
| First Trust NASDAQ-100-Technology Sector Index Fund |  | &nbsp;&nbsp; (467548384)<br>| &nbsp;&nbsp; 402801728 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund |  | &nbsp;&nbsp; (28495256)<br>| &nbsp;&nbsp; (6042885)<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund |  | &nbsp;&nbsp; (713294912)<br>| &nbsp;&nbsp; (282269205)<br>|
| First Trust S&P REIT Index Fund |  | &nbsp;&nbsp; (1126263)<br>| &nbsp;&nbsp; (26071196)<br>|
| First Trust Water ETF |  | &nbsp;&nbsp; (98382261)<br>| &nbsp;&nbsp; 309188018 |
| First Trust Natural Gas ETF |  | &nbsp;&nbsp; (561608208)<br>| &nbsp;&nbsp; (67603364)<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund |  | &nbsp;&nbsp; (23607985)<br>| &nbsp;&nbsp; (7034519)<br>|

---

**G. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

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

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | $306392721 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 467548384 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 28495256 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 713294912 |
| First Trust S&P REIT Index Fund | 1126263 |
| First Trust Water ETF | 98382261 |
| First Trust Natural Gas ETF | 561608208 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 23607985 |

---

During the taxable year ended December 31, 2025, the following Fund utilized capital loss carryforwards in the following amount:

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust NASDAQ-100-Technology Sector Index Fund | $18242224 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | $271259 | &nbsp;&nbsp; $(364723963)<br>| &nbsp;&nbsp; $364452704 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 610256 | &nbsp;&nbsp; (303497620)<br>| &nbsp;&nbsp; 302887364 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 60697 | &nbsp;&nbsp; (106201409)<br>| &nbsp;&nbsp; 106140712 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | (674252)<br>| &nbsp;&nbsp; 20098345 | &nbsp;&nbsp; (19424093)<br>|
| First Trust S&P REIT Index Fund | 104000 | &nbsp;&nbsp; (420713)<br>| &nbsp;&nbsp; 316713 |
| First Trust Water ETF | 419235 | &nbsp;&nbsp; (88133341)<br>| &nbsp;&nbsp; 87714106 |
| First Trust Natural Gas ETF | 1661654 | &nbsp;&nbsp; (8142641)<br>| &nbsp;&nbsp; 6480987 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 67288 | &nbsp;&nbsp; (6334571)<br>| &nbsp;&nbsp; 6267283 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | $1663182638 | &nbsp;&nbsp; $270153141 | &nbsp;&nbsp; $(50960396)<br>| &nbsp;&nbsp; $219192745 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 2487261160 | &nbsp;&nbsp; 616492703 | &nbsp;&nbsp; (213690975)<br>| &nbsp;&nbsp; 402801728 |
| First Trust NASDAQ-100 Ex-Technology Sector Index <br> Fund<br>| 219841000 | &nbsp;&nbsp; 13615638 | &nbsp;&nbsp; (19658523)<br>| &nbsp;&nbsp; (6042885)<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index <br> Fund<br>| 830087622 | &nbsp;&nbsp; 113769086 | &nbsp;&nbsp; (396038291)<br>| &nbsp;&nbsp; (282269205)<br>|
| First Trust S&P REIT Index Fund | 174458044 | &nbsp;&nbsp; 8013800 | &nbsp;&nbsp; (34084996)<br>| &nbsp;&nbsp; (26071196)<br>|
| First Trust Water ETF | 1630839557 | &nbsp;&nbsp; 396312682 | &nbsp;&nbsp; (87124664)<br>| &nbsp;&nbsp; 309188018 |
| First Trust Natural Gas ETF | 529028332 | &nbsp;&nbsp; 19573556 | &nbsp;&nbsp; (87177133)<br>| &nbsp;&nbsp; (67603577)<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index <br> Fund<br>| 86449773 | &nbsp;&nbsp; 2644433 | &nbsp;&nbsp; (9678952)<br>| &nbsp;&nbsp; (7034519)<br>|

---

**H. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Nasdaq-100 Select Equal Weight ETF (the "Unitary Fee Fund"), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following "Licensors" for the respective Funds:

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

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust Nasdaq-100 Select Equal Weight ETF | Nasdaq, Inc. |
| First Trust NASDAQ-100-Technology Sector Index Fund | Nasdaq, Inc. |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | Nasdaq, Inc. |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | Nasdaq, Inc. and Clean Edge<sup>®</sup> <br>|
| First Trust S&P REIT Index Fund | S&P Dow Jones Indices LLC |
| First Trust Water ETF | Nasdaq, Inc. |
| First Trust Natural Gas ETF | Nasdaq, Inc. |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | Nasdaq, Inc. and American Bankers Association |

---

The respective license agreements allow for the use by First Trust of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreement. The Advisor or the Fund, as applicable, is required to pay a licensing fee for such Fund, which is shown on the Statements of Operations.

**I. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen,

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

The management fee payable by each Fund (the "Expense Cap Funds"), except QQEW, to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Breakpoints | QTEC | QQXT | QCLN | FRI | FIW | FCG | QABA |
| Fund net assets up to and including $2.5 billion | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.3000<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Fund net assets greater than $2.5 billion up to and <br> including $5 billion<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.2925<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Fund net assets greater than $5 billion up to and <br> including $7.5 billion<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.2850<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Fund net assets greater than $7.5 billion up to and <br> including $10 billion<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.2775<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>|
| Fund net assets greater than $10 billion up to and <br> including $15 billion<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.2700<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>|
| Fund net assets greater than $15 billion | 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.2550<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>|

---

Effective December 22, 2025, First Trust is paid an annual unitary management fee based on a percentage of QQEW's average daily net assets and is responsible for the expenses of the Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.55000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.53625<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.52250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.50875<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.49500<br> %<br>|
| Fund net assets greater than $15 billion | 0.46750<br> %<br>|

---

Prior to December 22, 2025, QQEW paid an annual management fee payable to First Trust which was reduced at breakpoints and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.40<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.39<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.38<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.37<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.36<br> %<br>|
| Fund net assets greater than $15 billion | 0.34<br> %<br>|

---

The Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed the following amount as a percentage of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least April 30, 2027.

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

---

| | |
|:---|:---|
|  | Expense Cap |
| First Trust NASDAQ-100-Technology Sector Index Fund | 0.60<br> %<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 0.60<br> %<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 0.60<br> %<br>|
| First Trust S&P REIT Index Fund | 0.50<br> %<br>|
| First Trust Water ETF | 0.60<br> %<br>|
| First Trust Natural Gas ETF | 0.60<br> %<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 0.60<br> %<br>|

---

As of December 22, 2025, First Trust's agreement to waive fees and/or reimburse QQEW expenses in order to keep the Fund's operating expenses from exceeding 0.60% of its average daily net assets per year is no longer effective.

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Nasdaq-100 Select Equal Weight ETF | $1077143342 | &nbsp;&nbsp; $1077007020 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 1151967461 | &nbsp;&nbsp; 1152988988 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 105714901 | &nbsp;&nbsp; 106302853 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 107649440 | &nbsp;&nbsp; 107253209 |
| First Trust S&P REIT Index Fund | 9837767 | &nbsp;&nbsp; 12954554 |
| First Trust Water ETF | 251604895 | &nbsp;&nbsp; 251687257 |
| First Trust Natural Gas ETF | 115097606 | &nbsp;&nbsp; 114551631 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 20864573 | &nbsp;&nbsp; 20975283 |

---

For the fiscal year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Nasdaq-100 Select Equal Weight ETF | $873372317 | &nbsp;&nbsp; $1092994212 |
| First Trust NASDAQ-100-Technology Sector Index Fund | 774847787 | &nbsp;&nbsp; 2115644496 |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 1235217835 | &nbsp;&nbsp; 1215414912 |
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund | 88526313 | &nbsp;&nbsp; 217790868 |
| First Trust S&P REIT Index Fund | 20345267 | &nbsp;&nbsp; 47801521 |
| First Trust Water ETF | 215274831 | &nbsp;&nbsp; 205666976 |
| First Trust Natural Gas ETF | 222890141 | &nbsp;&nbsp; 148360006 |
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 75617299 | &nbsp;&nbsp; 119633173 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of First Trust NASDAQ-100 Select Equal Weight ETF (formerly known as First Trust NASDAQ-100 Equal Weighted Index Fund), First Trust NASDAQ-100-Technology Sector Index Fund, First Trust NASDAQ-100 Ex-Technology Sector Index Fund, First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index Fund, First Trust S&P REIT Index Fund, First Trust Water ETF, First Trust Natural Gas ETF, and First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund (the "Funds"), each a series of First Trust Exchange-Traded Fund, including the portfolios of investments, as of December 31, 2025; the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 23, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

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

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

A special meeting of shareholders of First Trust Nasdaq-100 Select Equal Weight ETF (formerly known as First Trust NASDAQ-100 Equal Weighted Index Fund) ("QQEW") was held on October 14, 2025 and adjourned to November 4, 2025. On November 4, 2025, at the reconvened special meeting, shareholders of record of QQEW as of July 28, 2025 voted to approve (1) a change to QQEW's investment objective (the "Investment Objective Change"); and (2) a new investment management agreement between First Trust Exchange-Traded Fund, on behalf of QQEW, and First Trust Advisors L.P., as investment advisor (the "New Investment Management Agreement"). With respect to the Investment Objective Change, there were 5,609,241 votes "for," 80,630 votes "against" and 179,455 abstentions. With respect to the New Investment Management Agreement, there were 5,596,012 votes "for," 95,815 votes "against" and 177,500 abstentions.

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

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

For the Expense Cap Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Fund (as defined in the Notes to Financial Statements), Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

**Remuneration Disclosure Under the Alternative Investment Fund Managers Directive**

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded Fund funds it manages (the "Funds") in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $3,890,262. This figure is comprised of $110,667 paid (or to be paid) in fixed compensation and $3,779,595 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $2,000,670 paid (or to be paid) to senior management of First Trust Advisors L.P. and $1,889,592 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Federal Tax Information**

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

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

---

| | |
|:---|:---|
|  | Dividends Received <br>Deduction<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | 100.00<br> %<br>|
| First Trust NASDAQ-100-Technology Sector Index Fund | 100.00<br> %<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 100.00<br> %<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index <br> Fund<br>| 100.00<br> %<br>|
| First Trust S&P REIT Index Fund | 0.00<br> %<br>|
| First Trust Water ETF | 100.00<br> %<br>|
| First Trust Natural Gas ETF | 91.63<br> %<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 100.00<br> %<br>|

---

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:

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

---

| | |
|:---|:---|
|  | Qualified Dividend <br>Income<br>|
| First Trust Nasdaq-100 Select Equal Weight ETF | 100.00<br> %<br>|
| First Trust NASDAQ-100-Technology Sector Index Fund | 100.00<br> %<br>|
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 100.00<br> %<br>|
| First Trust NASDAQ<sup>®</sup> Clean Edge<sup>®</sup> Green Energy Index <br> Fund<br>| 100.00<br> %<br>|
| First Trust S&P REIT Index Fund | 0.00<br> %<br>|
| First Trust Water ETF | 100.00<br> %<br>|
| First Trust Natural Gas ETF | 93.22<br> %<br>|
| First Trust NASDAQ<sup>®</sup> ABA Community Bank Index Fund | 100.00<br> %<br>|

---

A portion of each of the Funds' 2025 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended December 31, 2025, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.

**Disclaimers**

Nasdaq<sup>®</sup>, Nasdaq-100<sup>®</sup>, Nasdaq-100 Index<sup>®</sup>, Clean Edge<sup>®</sup>, OMX<sup>®</sup>, Nasdaq OMX<sup>®</sup>, Nasdaq-100 Select Equal Weight<sup>TM</sup> Index,

Nasdaq-100 Technology Sector<sup>TM</sup> Index, Nasdaq-100 Ex-Tech Sector<sup>TM</sup> Index, Nasdaq<sup>®</sup> Clean Edge<sup>®</sup> Green Energy<sup>TM</sup> Index, ISE Clean Edge Water<sup>TM</sup> Index, ISE-Revere Natural Gas<sup>TM</sup> Index and Nasdaq OMX<sup>®</sup> ABA Community Bank<sup>TM</sup> Index ("the Nasdaq Indexes") are registered trademarks and service marks of Nasdaq, Inc., Clean Edge, Inc., and American Bankers Association, respectively, (together with their affiliates hereinafter referred to as the "Corporations"), and are licensed for use by First Trust. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

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

------

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

Annual Financial Statements and Other Information <br> For the Year Ended December 31, 2025

![](img65eca6d81.gif)

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

Book 3

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

---

| |
|:---|
| First Trust Dividend Strength<sup>TM</sup> ETF (FTDS) |
| First Trust Dow 30 Equal Weight ETF (EDOW) |
| First Trust Lunt U.S. Factor Rotation ETF (FCTR) |
| First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) |

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOI-TOC-ScheduleofInvestments-4226_1) |  |
| [First Trust Dividend Strength](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOI-TOC-ScheduleofInvestments-4226_1)<sup>TM</sup>[ETF (FTDS)](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOI-TOC-ScheduleofInvestments-4226_1) | 1 |
| [First Trust Dow 30 Equal Weight ETF (EDOW)](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOI-TOC-ScheduleofInvestments-4300_1) | 3 |
| [First Trust Lunt U.S. Factor Rotation ETF (FCTR)](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOI-TOC-ScheduleofInvestments-4204_1) | 5 |
| [First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOI-TOC-ScheduleofInvestments-4558_1) | 9 |
| [Statements of Assets and Liabilities](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SAL1-TOC-StatementofAssetsandLiabilities-4226_1) | 12 |
| [Statements of Operations](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOP1-TOC-StatementofOperations-4558_1) | 13 |
| [Statements of Changes in Net Assets](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_SOC1-TOC-StatementofChanges-4226_1) | 14 |
| [Financial Highlights](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_FIHI-TOC-FinancialHighlights-4226_1) | 16 |
| [Notes to Financial Statements](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_NTF-TOC-NotestoFinancialStatements-4226_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_AUD-TOC-RIRPAFirm-4226_1) | 28 |
| [Other Information](#xx_acd08be9-d721-4643-8b10-8ed832333c1b_AI-TOC-AdditionalInformation-4558_1) | 29 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 4.2%**  |  |
| 1620 | General Dynamics Corp. | $545389 |
| 1916 | Huntington Ingalls Industries, <br> Inc. | 651574 |
|  |  | 1196963 |
|  | **Banks — 12.6%**  |  |
| 10493 | Commerce Bancshares, Inc. | 549204 |
| 4379 | Cullen/Frost Bankers, Inc. | 554513 |
| 5590 | East West Bancorp, Inc. | 628260 |
| 4633 | Popular, Inc. | 576901 |
| 22751 | Regions Financial Corp. | 616552 |
| 7402 | Western Alliance Bancorp | 622286 |
|  |  | 3547716 |
|  | **Building Products — 1.8%**  |  |
| 7696 | A.O. Smith Corp. | 514709 |
|  | **Capital Markets — 2.2%**  |  |
| 4868 | Stifel Financial Corp. | 609571 |
|  | **Chemicals — 5.5%**  |  |
| 6424 | CF Industries Holdings, Inc. | 496832 |
| 5282 | PPG Industries, Inc. | 541194 |
| 4782 | RPM International, Inc. | 497328 |
|  |  | 1535354 |
|  | **Containers & Packaging —** <br> **4.1%**  |  |
| 3364 | Avery Dennison Corp. | 611844 |
| 2639 | Packaging Corp. of America | 544241 |
|  |  | 1156085 |
|  | **Energy Equipment & Services** <br> **— 6.6%**  |  |
| 11874 | Baker Hughes Co. | 540742 |
| 24090 | Halliburton Co. | 680783 |
| 16441 | SLB Ltd. | 631006 |
|  |  | 1852531 |
|  | **Ground Transportation —** <br> **3.8%**  |  |
| 1851 | Norfolk Southern Corp. | 534421 |
| 2373 | Union Pacific Corp. | 548922 |
|  |  | 1083343 |
|  | **Health Care Providers &** <br> **Services — 7.2%**  |  |
| 1792 | Cigna Group (The) | 493212 |
| 1538 | Elevance Health, Inc. | 539146 |
| 2831 | Quest Diagnostics, Inc. | 491263 |
| 1504 | UnitedHealth Group, Inc. | 496486 |
|  |  | 2020107 |
|  | **Insurance — 15.4%**  |  |
| 2739 | Allstate (The) Corp. | 570123 |
| 3506 | Cincinnati Financial Corp. | 572600 |
| 1694 | Erie Indemnity Co., Class A | 485585 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance (Continued)**  |  |
| 3134 | Hanover Insurance Group (The), <br> Inc. | $572801 |
| 2830 | Marsh & McLennan Cos., Inc. | 525022 |
| 2378 | Progressive (The) Corp. | 541518 |
| 7109 | Unum Group | 550948 |
| 7244 | W.R. Berkley Corp. | 507949 |
|  |  | 4326546 |
|  | **IT Services — 4.5%**  |  |
| 2250 | Accenture PLC, Class A | 603675 |
| 8119 | Cognizant Technology Solutions <br> Corp., Class A | 673877 |
|  |  | 1277552 |
|  | **Machinery — 8.3%**  |  |
| 1302 | Cummins, Inc. | 664606 |
| 3226 | IDEX Corp. | 574035 |
| 1579 | Snap-on, Inc. | 544123 |
| 7236 | Toro (The) Co. | 569618 |
|  |  | 2352382 |
|  | **Metals & Mining — 2.0%**  |  |
| 1974 | Reliance, Inc. | 570229 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 10.4%**  |  |
| 6203 | ConocoPhillips | 580663 |
| 23530 | Coterra Energy, Inc. | 619310 |
| 16902 | Devon Energy Corp. | 619120 |
| 3857 | Diamondback Energy, Inc. | 579823 |
| 5051 | EOG Resources, Inc. | 530405 |
|  |  | 2929321 |
|  | **Pharmaceuticals — 2.4%**  |  |
| 6327 | Merck & Co., Inc. | 665980 |
|  | **Professional Services — 1.6%**  |  |
| 5472 | Booz Allen Hamilton Holding <br> Corp. | 461618 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.9%**  |  |
| 2503 | NXP Semiconductors N.V. | 543301 |
| 3282 | QUALCOMM, Inc. | 561386 |
|  |  | 1104687 |
|  | **Specialty Retail — 3.4%**  |  |
| 2344 | Dick's Sporting Goods, Inc. | 464042 |
| 9719 | Tractor Supply Co. | 486047 |
|  |  | 950089 |
|  | **Total Common Stocks** | 28154783 |
|  | (Cost $26,100,785) |  |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 41701 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (a) | $41701 |
|  | (Cost $41,701) |  |
|  | **Total Investments — 100.0%** | 28196484 |
|  | (Cost $26,142,486) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (13423)<br>|
|  | **Net Assets — 100.0%** | $28183061 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $28154783 | &nbsp;&nbsp; $28154783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 41701 | &nbsp;&nbsp; 41701 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $28196484 | &nbsp;&nbsp; $28196484 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Dow 30 Equal Weight ETF (EDOW)**

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.6%**  |  |
| 37858 | Boeing (The) Co. (a) | $8219729 |
|  | **Banks — 3.4%**  |  |
| 24259 | JPMorgan Chase & Co. | 7816735 |
|  | **Beverages — 3.3%**  |  |
| 107151 | Coca-Cola (The) Co. | 7490926 |
|  | **Biotechnology — 3.4%**  |  |
| 23854 | Amgen, Inc. | 7807653 |
|  | **Broadline Retail — 3.3%**  |  |
| 32458 | Amazon.com, Inc. (a) | 7491955 |
|  | **Capital Markets — 3.3%**  |  |
| 8460 | Goldman Sachs Group (The), <br> Inc. | 7436340 |
|  | **Chemicals — 3.3%**  |  |
| 23057 | Sherwin-Williams (The) Co. | 7471160 |
|  | **Communications Equipment** <br> **— 3.2%**  |  |
| 93745 | Cisco Systems, Inc. | 7221177 |
|  | **Consumer Finance — 3.3%**  |  |
| 20031 | American Express Co. | 7410468 |
|  | **Consumer Staples Distribution** <br> **& Retail — 3.3%**  |  |
| 66469 | Walmart, Inc. | 7405311 |
|  | **Diversified Telecommunication** <br> **Services — 3.4%**  |  |
| 188454 | Verizon Communications, Inc. | 7675731 |
|  | **Entertainment — 3.5%**  |  |
| 69126 | Walt Disney (The) Co. | 7864465 |
|  | **Financial Services — 3.6%**  |  |
| 23096 | Visa, Inc., Class A | 8099998 |
|  | **Health Care Providers &** <br> **Services — 3.3%**  |  |
| 22911 | UnitedHealth Group, Inc. | 7563151 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.2%**  |  |
| 24227 | McDonald's Corp. | 7404498 |
|  | **Household Products — 3.4%**  |  |
| 53806 | Procter & Gamble (The) Co. | 7710938 |
|  | **Industrial Conglomerates —** <br> **6.6%**  |  |
| 45413 | 3M Co. | 7270621 |
| 39171 | Honeywell International, Inc. | 7641871 |
|  |  | 14912492 |
|  | **Insurance — 3.4%**  |  |
| 27027 | Travelers (The) Cos., Inc. | 7839452 |
|  | **IT Services — 3.1%**  |  |
| 24060 | International Business Machines <br> Corp. | 7126813 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery — 3.1%**  |  |
| 12226 | Caterpillar, Inc. | $7003909 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.3%**  |  |
| 49687 | Chevron Corp. | 7572796 |
|  | **Pharmaceuticals — 6.9%**  |  |
| 36425 | Johnson & Johnson | 7538154 |
| 77065 | Merck & Co., Inc. | 8111862 |
|  |  | 15650016 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.4%**  |  |
| 40936 | NVIDIA Corp. | 7634564 |
|  | **Software — 6.7%**  |  |
| 15720 | Microsoft Corp. | 7602507 |
| 28475 | Salesforce, Inc. | 7543312 |
|  |  | 15145819 |
|  | **Specialty Retail — 3.2%**  |  |
| 21425 | Home Depot (The), Inc. | 7372342 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 3.2%**  |  |
| 26987 | Apple, Inc. | 7336686 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 3.2%**  |  |
| 114350 | NIKE, Inc., Class B | 7285238 |
|  | **Total Common Stocks** | 226970362 |
|  | (Cost $191,619,343) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 290897 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 290897 |
|  | (Cost $290,897) |  |
|  | **Total Investments — 100.0%** | 227261259 |
|  | (Cost $191,910,240) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 92009 |
|  | **Net Assets — 100.0%** | $227353268 |

---

&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 December 31, 2025.

See Notes to Financial Statements

------

**First Trust Dow 30 Equal Weight ETF (EDOW)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $226970362 | &nbsp;&nbsp; $226970362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 290897 | &nbsp;&nbsp; 290897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $227261259 | &nbsp;&nbsp; $227261259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

&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 — 4.9%**  |  |
| 175 | Axon Enterprise, Inc. (a) | $99388 |
| 2406 | Boeing (The) Co. (a) | 522391 |
| 285 | Curtiss-Wright Corp. | 157112 |
| 606 | General Electric Co. | 186666 |
| 983 | Howmet Aerospace, Inc. | 201535 |
| 20528 | Rocket Lab Corp. (a) | 1432033 |
|  |  | 2599125 |
|  | **Air Freight & Logistics —** <br> **0.5%**  |  |
| 1010 | FedEx Corp. | 291749 |
|  | **Automobile Components —** <br> **0.5%**  |  |
| 3496 | Aptiv PLC (a) | 266011 |
|  | **Automobiles — 3.4%**  |  |
| 39664 | Ford Motor Co. | 520392 |
| 8790 | General Motors Co. | 714803 |
| 1273 | Tesla, Inc. (a) | 572493 |
|  |  | 1807688 |
|  | **Banks — 4.0%**  |  |
| 2106 | Citigroup, Inc. | 245749 |
| 5302 | Citizens Financial Group, Inc. | 309690 |
| 26263 | KeyCorp | 542068 |
| 907 | M&T Bank Corp. | 182743 |
| 9878 | Regions Financial Corp. | 267694 |
| 7396 | Truist Financial Corp. | 363957 |
| 4589 | U.S. Bancorp | 244869 |
|  |  | 2156770 |
|  | **Biotechnology — 4.2%**  |  |
| 482 | Alnylam Pharmaceuticals, <br> Inc. (a) | 191667 |
| 1785 | Biogen, Inc. (a) | 314142 |
| 1955 | Insmed, Inc. (a) | 340248 |
| 12735 | Moderna, Inc. (a) | 375555 |
| 1258 | Natera, Inc. (a) | 288195 |
| 28056 | Summit Therapeutics, Inc. (a) | 490700 |
| 496 | Vertex Pharmaceuticals, Inc. (a) | 224867 |
|  |  | 2225374 |
|  | **Broadline Retail — 0.5%**  |  |
| 10760 | Coupang, Inc. (a) | 253828 |
|  | **Building Products — 0.5%**  |  |
| 825 | Builders FirstSource, Inc. (a) | 84884 |
| 606 | Carlisle Cos., Inc. | 193835 |
|  |  | 278719 |
|  | **Capital Markets — 3.3%**  |  |
| 176 | Goldman Sachs Group (The), <br> Inc. | 154704 |
| 5982 | Interactive Brokers Group, Inc., <br> Class A | 384702 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 8829 | Robinhood Markets, Inc., <br> Class A (a) | $998560 |
| 1613 | State Street Corp. | 208093 |
|  |  | 1746059 |
|  | **Chemicals — 0.2%**  |  |
| 2998 | Dow, Inc. | 70093 |
| 1512 | LyondellBasell Industries N.V., <br> Class A | 65470 |
|  |  | 135563 |
|  | **Communications Equipment** <br> **— 0.8%**  |  |
| 3161 | Arista Networks, Inc. (a) | 414186 |
|  | **Construction & Engineering** <br> **— 2.2%**  |  |
| 3339 | API Group Corp. (a) | 127750 |
| 412 | Comfort Systems USA, Inc. | 384515 |
| 240 | EMCOR Group, Inc. | 146830 |
| 1964 | MasTec, Inc. (a) | 426915 |
| 235 | Quanta Services, Inc. | 99184 |
|  |  | 1185194 |
|  | **Consumer Finance — 2.2%**  |  |
| 1623 | Capital One Financial Corp. | 393351 |
| 16157 | SoFi Technologies, Inc. (a) | 422990 |
| 4291 | Synchrony Financial | 357998 |
|  |  | 1174339 |
|  | **Consumer Staples Distribution** <br> **& Retail — 2.5%**  |  |
| 195 | Casey's General Stores, Inc. | 107778 |
| 5836 | Dollar Tree, Inc. (a) | 717886 |
| 2704 | Performance Food Group Co. (a) | 243144 |
| 2865 | Target Corp. | 280054 |
|  |  | 1348862 |
|  | **Containers & Packaging —** <br> **0.4%**  |  |
| 2143 | Ball Corp. | 113515 |
| 2059 | International Paper Co. | 81104 |
|  |  | 194619 |
|  | **Diversified Telecommunication** <br> **Services — 1.0%**  |  |
| 12187 | Comcast Corp., Class A | 364269 |
| 4228 | Verizon Communications, Inc. | 172207 |
|  |  | 536476 |
|  | **Electric Utilities — 0.9%**  |  |
| 4558 | Edison International | 273571 |
| 12995 | PG&E Corp. | 208830 |
|  |  | 482401 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electrical Equipment — 1.8%**  |  |
| 896 | GE Vernova, Inc. | $585599 |
| 2218 | Vertiv Holdings Co., Class A | 359338 |
|  |  | 944937 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.1%**  |  |
| 1976 | Amphenol Corp., Class A | 267036 |
| 882 | Jabil, Inc. | 201114 |
| 685 | Keysight Technologies, Inc. (a) | 139185 |
|  |  | 607335 |
|  | **Energy Equipment & Services** <br> **— 1.4%**  |  |
| 3696 | Baker Hughes Co. | 168316 |
| 21258 | Halliburton Co. | 600751 |
|  |  | 769067 |
|  | **Entertainment — 4.8%**  |  |
| 868 | Netflix, Inc. (a) | 81384 |
| 6570 | ROBLOX Corp., Class A (a) | 532367 |
| 1189 | Take-Two Interactive Software, <br> Inc. (a) | 304419 |
| 56822 | Warner Bros. Discovery, Inc. (a) | 1637610 |
|  |  | 2555780 |
|  | **Financial Services — 1.0%**  |  |
| 4623 | Affirm Holdings, Inc. (a) | 344090 |
| 2554 | Global Payments, Inc. | 197679 |
|  |  | 541769 |
|  | **Food Products — 1.9%**  |  |
| 11237 | Archer-Daniels-Midland Co. | 646015 |
| 6042 | Tyson Foods, Inc., Class A | 354182 |
|  |  | 1000197 |
|  | **Health Care Equipment &** <br> **Supplies — 0.7%**  |  |
| 7555 | Baxter International, Inc. | 144376 |
| 3656 | Dexcom, Inc. (a) | 242649 |
|  |  | 387025 |
|  | **Health Care Providers &** <br> **Services — 4.7%**  |  |
| 858 | Cigna Group (The) | 236147 |
| 6229 | CVS Health Corp. | 494334 |
| 1365 | Elevance Health, Inc. | 478501 |
| 6758 | Hims & Hers Health, Inc. (a) | 219432 |
| 2144 | Humana, Inc. | 549143 |
| 549 | Tenet Healthcare Corp. (a) | 109097 |
| 1262 | UnitedHealth Group, Inc. | 416599 |
|  |  | 2503253 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.7%**  |  |
| 629 | DoorDash, Inc., Class A (a) | 142456 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 456 | Royal Caribbean Cruises Ltd. | $127187 |
| 1136 | Starbucks Corp. | 95663 |
|  |  | 365306 |
|  | **Household Durables — 1.9%**  |  |
| 2784 | D.R. Horton, Inc. | 400980 |
| 3055 | Lennar Corp., Class A | 314054 |
| 2420 | PulteGroup, Inc. | 283769 |
|  |  | 998803 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.6%**  |  |
| 808 | Talen Energy Corp. (a) | 302871 |
|  | **Insurance — 4.3%**  |  |
| 1225 | Allstate (The) Corp. | 254984 |
| 2643 | American International Group, <br> Inc. | 226109 |
| 2694 | Arch Capital Group Ltd. (a) | 258409 |
| 1463 | Hartford Insurance Group (The), <br> Inc. | 201601 |
| 2567 | Loews Corp. | 270331 |
| 111 | Markel Group, Inc. (a) | 238611 |
| 2687 | MetLife, Inc. | 212112 |
| 2301 | Principal Financial Group, Inc. | 202971 |
| 2038 | Prudential Financial, Inc. | 230049 |
| 705 | Travelers (The) Cos., Inc. | 204492 |
|  |  | 2299669 |
|  | **Interactive Media & Services** <br> **— 1.5%**  |  |
| 674 | Alphabet, Inc., Class A | 210962 |
| 1676 | Reddit, Inc., Class A (a) | 385262 |
| 26608 | Snap, Inc., Class A (a) | 214727 |
|  |  | 810951 |
|  | **IT Services — 3.3%**  |  |
| 1449 | Cloudflare, Inc., Class A (a) | 285670 |
| 930 | Gartner, Inc. (a) | 234621 |
| 1441 | MongoDB, Inc. (a) | 604773 |
| 2925 | Snowflake, Inc. (a) | 641628 |
|  |  | 1766692 |
|  | **Life Sciences Tools & Services** <br> **— 1.2%**  |  |
| 2150 | Illumina, Inc. (a) | 281994 |
| 1099 | IQVIA Holdings, Inc. (a) | 247726 |
| 1002 | Revvity, Inc. | 96943 |
|  |  | 626663 |
|  | **Machinery — 0.2%**  |  |
| 221 | Caterpillar, Inc. | 126604 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Media — 1.0%**  |  |
| 2917 | Fox Corp., Class A | $213145 |
| 8501 | Trade Desk (The), Inc., <br> Class A (a) | 322698 |
|  |  | 535843 |
|  | **Metals & Mining — 2.3%**  |  |
| 3111 | Newmont Corp. | 310633 |
| 3416 | Nucor Corp. | 557184 |
| 2004 | Steel Dynamics, Inc. | 339578 |
|  |  | 1207395 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 5.7%**  |  |
| 659 | Chevron Corp. | 100438 |
| 3705 | Coterra Energy, Inc. | 97516 |
| 18904 | Devon Energy Corp. | 692453 |
| 2976 | Diamondback Energy, Inc. | 447382 |
| 8058 | EQT Corp. | 431909 |
| 3989 | Expand Energy Corp. | 440226 |
| 2270 | Occidental Petroleum Corp. | 93342 |
| 2570 | Phillips 66 | 331633 |
| 780 | Texas Pacific Land Corp. | 224032 |
| 1300 | Valero Energy Corp. | 211627 |
|  |  | 3070558 |
|  | **Passenger Airlines — 0.5%**  |  |
| 3123 | Southwest Airlines Co. | 129074 |
| 1308 | United Airlines Holdings, <br> Inc. (a) | 146260 |
|  |  | 275334 |
|  | **Personal Care Products —** <br> **0.7%**  |  |
| 3764 | Estee Lauder (The) Cos., Inc., <br> Class A | 394166 |
|  | **Pharmaceuticals — 0.2%**  |  |
| 1782 | Bristol-Myers Squibb Co. | 96121 |
|  | **Professional Services — 0.4%**  |  |
| 2431 | TransUnion | 208458 |
|  | **Real Estate Management &** <br> **Development — 0.7%**  |  |
| 1358 | CoStar Group, Inc. (a) | 91312 |
| 4177 | Zillow Group, Inc., Class C (a) | 284955 |
|  |  | 376267 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 11.1%**  |  |
| 1135 | Applied Materials, Inc. | 291684 |
| 1456 | Broadcom, Inc. | 503921 |
| 4872 | Credo Technology Group <br> Holding Ltd. (a) | 701032 |
| 30093 | Intel Corp. (a) | 1110432 |
| 160 | KLA Corp. | 194413 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br> **(Continued)**  |  |
| 3533 | Lam Research Corp. | $604779 |
| 8261 | Marvell Technology, Inc. | 702020 |
| 8075 | Microchip Technology, Inc. | 514539 |
| 2686 | Micron Technology, Inc. | 766611 |
| 2382 | ON Semiconductor Corp. (a) | 128985 |
| 2128 | Teradyne, Inc. | 411896 |
|  |  | 5930312 |
|  | **Software — 6.7%**  |  |
| 946 | AppLovin Corp., Class A (a) | 637434 |
| 848 | Cadence Design Systems, <br> Inc. (a) | 265068 |
| 1189 | CrowdStrike Holdings, Inc., <br> Class A (a) | 557356 |
| 1665 | Datadog, Inc., Class A (a) | 226423 |
| 145 | Fair Isaac Corp. (a) | 245140 |
| 1460 | Guidewire Software, Inc. (a) | 293475 |
| 418 | HubSpot, Inc. (a) | 167743 |
| 2816 | Nutanix, Inc., Class A (a) | 145559 |
| 2332 | Oracle Corp. | 454530 |
| 1296 | Strategy, Inc. (a) | 196927 |
| 886 | Synopsys, Inc. (a) | 416172 |
|  |  | 3605827 |
|  | **Specialized REITs — 0.8%**  |  |
| 700 | Digital Realty Trust, Inc. | 108297 |
| 14721 | Weyerhaeuser Co. | 348740 |
|  |  | 457037 |
|  | **Specialty Retail — 0.5%**  |  |
| 639 | Carvana Co. (a) | 269671 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 5.3%**  |  |
| 4332 | Dell Technologies, Inc., Class C | 545312 |
| 7445 | Hewlett Packard Enterprise Co. | 178829 |
| 4458 | Pure Storage, Inc., Class A (a) | 298730 |
| 2843 | Seagate Technology <br> Holdings PLC | 782934 |
| 6041 | Western Digital Corp. | 1040683 |
|  |  | 2846488 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.6%**  |  |
| 2358 | Tapestry, Inc. | 301282 |
|  | **Trading Companies &** <br> **Distributors — 0.2%**  |  |
| 113 | United Rentals, Inc. | 91453 |
|  | **Total Common Stocks** | 53370097 |
|  | (Cost $49,477,257) |  |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 128231 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.64% (b) | $128231 |
|  | (Cost $128,231) |  |
|  | **Total Investments — 100.0%** | 53498328 |
|  | (Cost $49,605,488) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (12129)<br>|
|  | **Net Assets — 100.0%** | $53486199 |

---

&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 December 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 December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $53370097 | &nbsp;&nbsp; $53370097 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 128231 | &nbsp;&nbsp; 128231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $53498328 | &nbsp;&nbsp; $53498328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

&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 — 0.6%**  |  |
| 23 | Huntington Ingalls Industries, <br> Inc. | $7822 |
|  | **Air Freight & Logistics —** <br> **1.1%**  |  |
| 58 | Expeditors International of <br> Washington, Inc. | 8642 |
| 24 | FedEx Corp. | 6933 |
|  |  | 15575 |
|  | **Automobile Components —** <br> **1.0%**  |  |
| 174 | Aptiv PLC (a) | 13240 |
|  | **Automobiles — 1.1%**  |  |
| 1158 | Ford Motor Co. | 15193 |
|  | **Banks — 3.8%**  |  |
| 89 | Citigroup, Inc. | 10385 |
| 561 | Huntington Bancshares, Inc. | 9733 |
| 198 | Truist Financial Corp. | 9744 |
| 211 | U.S. Bancorp | 11259 |
| 128 | Wells Fargo & Co. | 11930 |
|  |  | 53051 |
|  | **Beverages — 1.0%**  |  |
| 47 | Constellation Brands, Inc., <br> Class A | 6484 |
| 167 | Molson Coors Beverage Co., <br> Class B | 7796 |
|  |  | 14280 |
|  | **Biotechnology — 3.3%**  |  |
| 69 | Biogen, Inc. (a) | 12143 |
| 73 | Gilead Sciences, Inc. | 8960 |
| 113 | Incyte Corp. (a) | 11161 |
| 17 | Regeneron Pharmaceuticals, Inc. | 13122 |
|  |  | 45386 |
|  | **Building Products — 1.4%**  |  |
| 94 | A.O. Smith Corp. | 6286 |
| 66 | Builders FirstSource, Inc. (a) | 6791 |
| 93 | Masco Corp. | 5902 |
|  |  | 18979 |
|  | **Capital Markets — 2.1%**  |  |
| 341 | Franklin Resources, Inc. | 8146 |
| 129 | Interactive Brokers Group, Inc., <br> Class A | 8296 |
| 99 | State Street Corp. | 12772 |
|  |  | 29214 |
|  | **Chemicals — 0.8%**  |  |
| 70 | CF Industries Holdings, Inc. | 5413 |
| 61 | Corteva, Inc. | 4089 |
| 44 | DuPont de Nemours, Inc. | 1769 |
|  |  | 11271 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Communications Equipment** <br> **— 1.4%**  |  |
| 77 | F5, Inc. (a) | $19655 |
|  | **Consumer Finance — 3.1%**  |  |
| 48 | Capital One Financial Corp. | 11633 |
| 370 | Synchrony Financial | 30869 |
|  |  | 42502 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.3%**  |  |
| 96 | Dollar Tree, Inc. (a) | 11809 |
| 68 | Target Corp. | 6647 |
|  |  | 18456 |
|  | **Containers & Packaging —** <br> **0.3%**  |  |
| 21 | Avery Dennison Corp. | 3820 |
|  | **Diversified Telecommunication** <br> **Services — 1.9%**  |  |
| 872 | Comcast Corp., Class A | 26064 |
|  | **Electric Utilities — 1.8%**  |  |
| 90 | NextEra Energy, Inc. | 7225 |
| 106 | NRG Energy, Inc. | 16880 |
|  |  | 24105 |
|  | **Electrical Equipment — 0.4%**  |  |
| 38 | Generac Holdings, Inc. (a) | 5182 |
|  | **Energy Equipment & Services** <br> **— 1.3%**  |  |
| 323 | Halliburton Co. | 9128 |
| 212 | SLB Ltd. | 8137 |
|  |  | 17265 |
|  | **Financial Services — 0.6%**  |  |
| 109 | Global Payments, Inc. | 8437 |
|  | **Food Products — 2.1%**  |  |
| 223 | Archer-Daniels-Midland Co. | 12820 |
| 434 | Conagra Brands, Inc. | 7513 |
| 338 | Kraft Heinz (The) Co. | 8196 |
|  |  | 28529 |
|  | **Ground Transportation —** <br> **0.3%**  |  |
| 57 | Uber Technologies, Inc. (a) | 4657 |
|  | **Health Care Equipment &** <br> **Supplies — 1.6%**  |  |
| 81 | Align Technology, Inc. (a) | 12648 |
| 128 | Hologic, Inc. (a) | 9535 |
|  |  | 22183 |
|  | **Health Care Providers &** <br> **Services — 1.3%**  |  |
| 11 | McKesson Corp. | 9023 |
| 26 | UnitedHealth Group, Inc. | 8583 |
|  |  | 17606 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care REITs — 0.5%**  |  |
| 74 | Alexandria Real Estate Equities, <br> Inc. | $3621 |
| 195 | Healthpeak Properties, Inc. | 3136 |
|  |  | 6757 |
|  | **Hotel & Resort REITs — 0.3%**  |  |
| 210 | Host Hotels & Resorts, Inc. | 3723 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.7%**  |  |
| 126 | Airbnb, Inc., Class A (a) | 17101 |
| 2 | Booking Holdings, Inc. | 10710 |
| 84 | Expedia Group, Inc. | 23798 |
|  |  | 51609 |
|  | **Household Durables — 1.8%**  |  |
| 75 | D.R. Horton, Inc. | 10802 |
| 2 | NVR, Inc. (a) | 14586 |
|  |  | 25388 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.2%**  |  |
| 17 | Vistra Corp. | 2743 |
|  | **Insurance — 4.7%**  |  |
| 40 | Allstate (The) Corp. | 8326 |
| 192 | American International Group, <br> Inc. | 16426 |
| 213 | MetLife, Inc. | 16814 |
| 205 | Prudential Financial, Inc. | 23140 |
|  |  | 64706 |
|  | **Interactive Media & Services** <br> **— 1.9%**  |  |
| 823 | Match Group, Inc. | 26575 |
|  | **IT Services — 13.2%**  |  |
| 134 | Accenture PLC, Class A | 35952 |
| 498 | Cognizant Technology Solutions <br> Corp., Class A | 41334 |
| 176 | EPAM Systems, Inc. (a) | 36059 |
| 155 | Gartner, Inc. (a) | 39104 |
| 241 | GoDaddy, Inc., Class A (a) | 29903 |
|  |  | 182352 |
|  | **Machinery — 2.8%**  |  |
| 195 | Fortive Corp. | 10766 |
| 35 | IDEX Corp. | 6228 |
| 71 | PACCAR, Inc. | 7775 |
| 53 | Pentair PLC | 5520 |
| 24 | Snap-on, Inc. | 8270 |
|  |  | 38559 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Media — 5.0%**  |  |
| 549 | Fox Corp., Class A | $40115 |
| 365 | Omnicom Group, Inc. | 29474 |
|  |  | 69589 |
|  | **Metals & Mining — 0.3%**  |  |
| 43 | Newmont Corp. | 4294 |
|  | **Multi-Utilities — 0.2%**  |  |
| 30 | WEC Energy Group, Inc. | 3164 |
|  | **Office REITs — 0.2%**  |  |
| 48 | BXP, Inc. | 3239 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.8%**  |  |
| 427 | APA Corp. | 10444 |
| 44 | Diamondback Energy, Inc. | 6615 |
| 67 | EOG Resources, Inc. | 7036 |
|  |  | 24095 |
|  | **Passenger Airlines — 1.5%**  |  |
| 102 | Delta Air Lines, Inc. | 7079 |
| 117 | United Airlines Holdings, <br> Inc. (a) | 13083 |
|  |  | 20162 |
|  | **Pharmaceuticals — 3.8%**  |  |
| 381 | Bristol-Myers Squibb Co. | 20551 |
| 104 | Merck & Co., Inc. | 10947 |
| 365 | Pfizer, Inc. | 9089 |
| 990 | Viatris, Inc. | 12325 |
|  |  | 52912 |
|  | **Professional Services — 0.4%**  |  |
| 31 | Leidos Holdings, Inc. | 5592 |
|  | **Residential REITs — 0.2%**  |  |
| 121 | Invitation Homes, Inc. | 3363 |
|  | **Retail REITs — 0.2%**  |  |
| 58 | Realty Income Corp. | 3269 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 8.3%**  |  |
| 601 | ON Semiconductor Corp. (a) | 32544 |
| 22 | Qnity Electronics, Inc. | 1796 |
| 186 | QUALCOMM, Inc. | 31816 |
| 771 | Skyworks Solutions, Inc. | 48889 |
|  |  | 115045 |
|  | **Software — 6.4%**  |  |
| 90 | Adobe, Inc. (a) | 31498 |
| 973 | Gen Digital, Inc. | 26456 |
| 113 | Salesforce, Inc. | 29935 |
|  |  | 87889 |
|  | **Specialized REITs — 0.2%**  |  |
| 109 | VICI Properties, Inc. | 3065 |
|  | **Specialty Retail — 1.1%**  |  |
| 222 | Best Buy Co., Inc. | 14858 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 4.8%**  |  |
| 1569 | HP, Inc. | $34957 |
| 290 | NetApp, Inc. | 31056 |
|  |  | 66013 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 2.2%**  |  |
| 152 | Deckers Outdoor Corp. (a) | 15758 |
| 73 | Lululemon Athletica, Inc. (a) | 15170 |
|  |  | 30928 |
|  | **Tobacco — 0.5%**  |  |
| 117 | Altria Group, Inc. | 6746 |
|  | **Total Common Stocks** | 1379107 |
|  | (Cost $1,310,528) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1518 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (b) | 1518 |
|  | (Cost $1,518) |  |
|  | **Total Investments — 99.9%** | 1380625 |
|  | (Cost $1,312,046) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 1448 |
|  | **Net Assets — 100.0%** | $1382073 |

---

&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 December 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 December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $1379107 | &nbsp;&nbsp; $1379107 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 1518 | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1380625 | &nbsp;&nbsp; $1380625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**December 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust** <br> **Dividend** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTDS)** <br>| **First Trust Dow** <br> **30 Equal Weight** <br> **ETF** <br>**(EDOW)** <br>| **First Trust Lunt** <br> **U.S. Factor** <br> **Rotation ETF** <br>**(FCTR)** <br>| **First Trust S&P** <br> **500 Diversified** <br> **Free Cash Flow** <br> **ETF** <br>**(FCFY)** <br>|
| **ASSETS:** |  |  |  |  |
| Investments, at value | $28196484 | &nbsp;&nbsp; $227261259 | &nbsp;&nbsp; $53498328 | &nbsp;&nbsp; $1380625 |
| Receivables: |  |  |  |  |
| Dividends | 30289 | &nbsp;&nbsp; 194377 | &nbsp;&nbsp; 17891 | &nbsp;&nbsp; 2155 |
| Investment securities sold |  | &nbsp;&nbsp; 2064026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | 119 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | 28226892 | &nbsp;&nbsp; 229519662 | &nbsp;&nbsp; 53516219 | &nbsp;&nbsp; 1382780 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Audit and tax fees | 25131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees | 7659 | &nbsp;&nbsp; 98730 | &nbsp;&nbsp; 30020 | &nbsp;&nbsp; 707 |
| Shareholder reporting fees | 3960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Licensing fees | 643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; 2067664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities | 6438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Liabilities | 43831 | &nbsp;&nbsp; 2166394 | &nbsp;&nbsp; 30020 | &nbsp;&nbsp; 707 |
| **NET ASSETS** | $28183061 | &nbsp;&nbsp; $227353268 | &nbsp;&nbsp; $53486199 | &nbsp;&nbsp; $1382073 |
| **NET ASSETS consist of:** |  |  |  |  |
| Paid-in capital | $31131686 | &nbsp;&nbsp; $207867283 | &nbsp;&nbsp; $206087764 | &nbsp;&nbsp; $1487783 |
| Par value | 5000 | &nbsp;&nbsp; 54978 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 500 |
| Accumulated distributable earnings (loss) | (2953625)<br>| &nbsp;&nbsp; 19431007 | &nbsp;&nbsp; (152616565)<br>| &nbsp;&nbsp; (106210)<br>|
| **NET ASSETS** | $28183061 | &nbsp;&nbsp; $227353268 | &nbsp;&nbsp; $53486199 | &nbsp;&nbsp; $1382073 |
| **NET ASSET VALUE,** per share | $56.37 | &nbsp;&nbsp; $41.35 | &nbsp;&nbsp; $35.66 | &nbsp;&nbsp; $27.64 |
| Number of shares outstanding (unlimited number of <br> shares authorized, par value $0.01 per share)<br>| 500002 | &nbsp;&nbsp; 5497756 | &nbsp;&nbsp; 1500002 | &nbsp;&nbsp; 50002 |
| Investments, at cost | $26142486 | &nbsp;&nbsp; $191910240 | &nbsp;&nbsp; $49605488 | &nbsp;&nbsp; $1312046 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Year Ended December 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust** <br> **Dividend** <br> **Strength**<sup>TM</sup> **ETF** <br>**(FTDS)** <br>| **First Trust Dow** <br> **30 Equal Weight** <br> **ETF** <br>**(EDOW)** <br>| **First Trust Lunt** <br> **U.S. Factor** <br> **Rotation ETF** <br>**(FCTR)** <br>| **First Trust S&P** <br> **500 Diversified** <br> **Free Cash Flow** <br> **ETF** <br>**(FCFY)** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $618941 | &nbsp;&nbsp; $4394783 | &nbsp;&nbsp; $565136 | &nbsp;&nbsp; $27729 |
| Foreign withholding tax | (4250)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12)<br>|
| Total investment income | 614691 | &nbsp;&nbsp; 4394783 | &nbsp;&nbsp; 565136 | &nbsp;&nbsp; 27717 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 128661<br>| &nbsp;&nbsp; 1,128,849<br> (a)<br>| &nbsp;&nbsp; 399,967<br> (a)<br>| &nbsp;&nbsp; 7,615<br> (a)<br>|
| Audit and tax fees | 29363 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accounting and administration fees | 18357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reporting fees | 18337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trustees' fees and expenses | 8439 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Listing fees | 6603 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Custodian fees | 2991 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfer agent fees | 1287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Legal fees | 1259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Licensing fees | (8512)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other expenses | 3469 | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 4888 | &nbsp;&nbsp; 91 |
| Total expenses | 210254 | &nbsp;&nbsp; 1145749 | &nbsp;&nbsp; 404855 | &nbsp;&nbsp; 7706 |
| Less fees waived by the investment advisor | (28187)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | 182067 | &nbsp;&nbsp; 1145749 | &nbsp;&nbsp; 404855 | &nbsp;&nbsp; 7706 |
| **NET INVESTMENT INCOME (LOSS)** | 432624 | &nbsp;&nbsp; 3249034 | &nbsp;&nbsp; 160281 | &nbsp;&nbsp; 20011 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | (710930)<br>| &nbsp;&nbsp; 215415 | &nbsp;&nbsp; 1675596 | &nbsp;&nbsp; (97072)<br>|
| In-kind redemptions | 1780678 | &nbsp;&nbsp; 22811037 | &nbsp;&nbsp; 2557390 | &nbsp;&nbsp; 193590 |
| Net realized gain (loss) | 1069748 | &nbsp;&nbsp; 23026452 | &nbsp;&nbsp; 4232986 | &nbsp;&nbsp; 96518 |
| Net change in unrealized appreciation (depreciation) <br> on investments<br>| 1790452 | &nbsp;&nbsp; 4500829 | &nbsp;&nbsp; 344885 | &nbsp;&nbsp; 88811 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS)**<br>| 2860200 | &nbsp;&nbsp; 27527281 | &nbsp;&nbsp; 4577871 | &nbsp;&nbsp; 185329 |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $3292824 | &nbsp;&nbsp; $30776315 | &nbsp;&nbsp; $4738152 | &nbsp;&nbsp; $205340 |

---

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Dividend Strength**<sup>TM</sup> <br> **ETF (FTDS)** | **First Trust Dividend Strength**<sup>TM</sup> <br> **ETF (FTDS)** | **First Trust Dow 30 Equal Weight** <br> **ETF (EDOW)** | **First Trust Dow 30 Equal Weight** <br> **ETF (EDOW)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $432624 | &nbsp;&nbsp; $462126 | &nbsp;&nbsp; $3249034 | &nbsp;&nbsp; $3895877 |
| Net realized gain (loss) | 1069748 | &nbsp;&nbsp; 3035509 | &nbsp;&nbsp; 23026452 | &nbsp;&nbsp; 16278740 |
| Net change in unrealized appreciation (depreciation) | 1790452 | &nbsp;&nbsp; (1235634)<br>| &nbsp;&nbsp; 4500829 | &nbsp;&nbsp; 7772100 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 3292824 | &nbsp;&nbsp; 2262001 | &nbsp;&nbsp; 30776315 | &nbsp;&nbsp; 27946717 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (426167)<br>| &nbsp;&nbsp; (484147)<br>| &nbsp;&nbsp; (3248728)<br>| &nbsp;&nbsp; (3971713)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 13376801<br>| &nbsp;&nbsp; 17760421<br>| &nbsp;&nbsp; 59283984<br>| &nbsp;&nbsp; 47098125<br>|
| Cost of shares redeemed | (13340675) <br>| &nbsp;&nbsp; (15166154) <br>| &nbsp;&nbsp; (89975686) <br>| &nbsp;&nbsp; (90158500) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 36126 | &nbsp;&nbsp; 2594267 | &nbsp;&nbsp; (30691702)<br>| &nbsp;&nbsp; (43060375)<br>|
| Total increase (decrease) in net assets | 2902783 | &nbsp;&nbsp; 4372121 | &nbsp;&nbsp; (3164115)<br>| &nbsp;&nbsp; (19085371)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 25280278 | &nbsp;&nbsp; 20908157 | &nbsp;&nbsp; 230517383 | &nbsp;&nbsp; 249602754 |
| End of period | $28183061 | &nbsp;&nbsp; $25280278 | &nbsp;&nbsp; $227353268 | &nbsp;&nbsp; $230517383 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 500002 | &nbsp;&nbsp; 450002 | &nbsp;&nbsp; 6347756 | &nbsp;&nbsp; 7647756 |
| Shares sold | 250000 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1350000 |
| Shares redeemed | (250000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (2450000)<br>| &nbsp;&nbsp; (2650000)<br>|
| Shares outstanding, end of period | 500002 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 5497756 | &nbsp;&nbsp; 6347756 |

---

See Notes to Financial Statements

------

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

---

| | | | |
|:---|:---|:---|:---|
| **First Trust Lunt U.S. Factor** <br> **Rotation ETF (FCTR)** | **First Trust Lunt U.S. Factor** <br> **Rotation ETF (FCTR)** | **First Trust S&P 500 Diversified** <br> **Free Cash Flow ETF (FCFY)** | **First Trust S&P 500 Diversified** <br> **Free Cash Flow ETF (FCFY)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $160281 | &nbsp;&nbsp; $587162 | &nbsp;&nbsp; $20011 | &nbsp;&nbsp; $18944 |
| 4232986 | &nbsp;&nbsp; 17632750 | &nbsp;&nbsp; 96518 | &nbsp;&nbsp; 238278 |
| 344885 | &nbsp;&nbsp; (5387624)<br>| &nbsp;&nbsp; 88811 | &nbsp;&nbsp; (129709)<br>|
| 4738152 | &nbsp;&nbsp; 12832288 | &nbsp;&nbsp; 205340 | &nbsp;&nbsp; 127513 |
| (196925)<br>| &nbsp;&nbsp; (601261)<br>| &nbsp;&nbsp; (20426)<br>| &nbsp;&nbsp; (21236)<br>|
| —<br>| &nbsp;&nbsp; 6679235<br>| &nbsp;&nbsp; 1313602<br>| &nbsp;&nbsp; 2339396<br>|
| (21951543) <br>| &nbsp;&nbsp; (31433329) <br>| &nbsp;&nbsp; (1320737) <br>| &nbsp;&nbsp; (2342913) <br>|
| (21951543)<br>| &nbsp;&nbsp; (24754094)<br>| &nbsp;&nbsp; (7135)<br>| &nbsp;&nbsp; (3517)<br>|
| (17410316)<br>| &nbsp;&nbsp; (12523067)<br>| &nbsp;&nbsp; 177779 | &nbsp;&nbsp; 102760 |
| 70896515 | &nbsp;&nbsp; 83419582 | &nbsp;&nbsp; 1204294 | &nbsp;&nbsp; 1101534 |
| $53486199 | &nbsp;&nbsp; $70896515 | &nbsp;&nbsp; $1382073 | &nbsp;&nbsp; $1204294 |
| 2150002 | &nbsp;&nbsp; 3000002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |
|  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 100000 |
| (650000)<br>| &nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (100000)<br>|
| 1500002 | &nbsp;&nbsp; 2150002 | &nbsp;&nbsp; 50002 | &nbsp;&nbsp; 50002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $50.56 | &nbsp;&nbsp;&nbsp;&nbsp; $46.46 | &nbsp;&nbsp;&nbsp;&nbsp; $42.50 | &nbsp;&nbsp;&nbsp;&nbsp; $50.45 | &nbsp;&nbsp;&nbsp;&nbsp; $40.62 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br>|
| Net realized and unrealized gain (loss) | 5.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.80<br>|
| Total from investment operations | 6.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.19<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.90) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>|
| Net asset value, end of period | $56.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.45<br>|
| **Total return** (b) | 13.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.75)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.12<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $28183<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25280<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20908<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19127<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25223<br>|
| Ratio of total expenses to average net assets | 0.82<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> % <br>|
| Ratio of net expenses to average net assets | 0.71<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> % <br>|
| Portfolio turnover rate (d) | 132<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 225<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.81% and 0.70%,
 respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 variation in the portfolio turnover rate is due to the change in the Fund's underlying index effective April 29, 2022, which resulted
 in a complete
 rebalance of the Fund's portfolio.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Dow 30 Equal Weight ETF (EDOW)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $36.31 | &nbsp;&nbsp;&nbsp;&nbsp; $32.64 | &nbsp;&nbsp;&nbsp;&nbsp; $28.79 | &nbsp;&nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp;&nbsp; $27.19 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br>|
| Net realized and unrealized gain (loss) | 5.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br>|
| Total from investment operations | 5.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.41) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.04<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48) <br>|
| Net asset value, end of period | $41.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.75<br>|
| **Total return** (b) | 15.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.52)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.63<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $227353<br>| &nbsp;&nbsp;&nbsp;&nbsp; $230517<br>| &nbsp;&nbsp;&nbsp;&nbsp; $249603<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158274<br>| &nbsp;&nbsp;&nbsp;&nbsp; $138042<br>|
| Ratio of total expenses to average net assets | 0.51<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> % <br>|
| Portfolio turnover rate (d) | 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.50%.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $32.98 | &nbsp;&nbsp;&nbsp;&nbsp; $27.81 | &nbsp;&nbsp;&nbsp;&nbsp; $27.92 | &nbsp;&nbsp;&nbsp;&nbsp; $35.55 | &nbsp;&nbsp;&nbsp;&nbsp; $29.47 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br>|
| Net realized and unrealized gain (loss) | 2.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br>|
| Total from investment operations | 2.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>|
| Net asset value, end of period | $35.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.55<br>|
| **Total return** (c) | 8.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> % (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.37)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.22<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $53486<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70897<br>| &nbsp;&nbsp;&nbsp;&nbsp; $83420<br>| &nbsp;&nbsp;&nbsp;&nbsp; $268025<br>| &nbsp;&nbsp;&nbsp;&nbsp; $663005<br>|
| Ratio of total expenses to average net assets | 0.66<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>|
| Portfolio turnover rate (e) | 371<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 431<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 562<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 379<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 307<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund received a payment from the advisor in the amount of $25,082 in connection with a trade error, which represents $0.01 per share. Since
 the advisor reimbursed the Fund, there was no effect on the Fund's total return.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.65%.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
|  | **2025**  | **2024**  | **Period** <br>**Ended** <br>**12/31/2023 (a)** |
| Net asset value, beginning of period | $24.08 | &nbsp;&nbsp;&nbsp;&nbsp; $22.03 | &nbsp;&nbsp;&nbsp;&nbsp; $20.13 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>|
| Net realized and unrealized gain (loss) | 3.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br>|
| Total from investment operations | 3.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.41) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>|
| Net asset value, end of period | $27.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.03<br>|
| **Total return** (c) | 16.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.23<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $1382<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1204<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1102<br>|
| Ratio of total expenses to average net assets | 0.61<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 1.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> % (e)<br>|
| Portfolio turnover rate (f) | 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is August 23, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**1. Organization**

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

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

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

---

| |
|:---|
| First Trust Dividend Strength<sup>TM</sup> ETF – (Nasdaq, Inc. ("Nasdaq") ticker "FTDS") |
| First Trust Dow 30 Equal Weight ETF – (NYSE Arca, Inc. ("NYSE Arca") ticker "EDOW") |
| First Trust Lunt U.S. Factor Rotation ETF – (Cboe BZX Exchange, Inc. ticker "FCTR") |
| First Trust S&P 500 Diversified Free Cash Flow ETF – (NYSE Arca ticker "FCFY") |

---

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

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

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust Dividend Strength<sup>TM</sup> ETF | The Dividend Strength<sup>TM</sup> Index |
| First Trust Dow 30 Equal Weight ETF | Dow Jones Industrial Average<sup>®</sup> Equal Weight Index |
| First Trust Lunt U.S. Factor Rotation ETF | Lunt Capital Large Cap Factor Rotation Index |
| First Trust S&P 500 Diversified Free Cash Flow ETF | S&P 500<sup>®</sup> Sector-Neutral FCF Index |

---

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

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

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

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

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of December 31, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $426167 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Dow 30 Equal Weight ETF | 3248728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Lunt U.S. Factor Rotation ETF | 196925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 20426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $484147 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Dow 30 Equal Weight ETF | 3971713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Lunt U.S. Factor Rotation ETF | 601261 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 21236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $6457 | &nbsp;&nbsp; $(4787242)<br>| &nbsp;&nbsp; $1827160 |
| First Trust Dow 30 Equal Weight ETF | 306 | &nbsp;&nbsp; (13698462)<br>| &nbsp;&nbsp; 33129163 |
| First Trust Lunt U.S. Factor Rotation ETF |  | &nbsp;&nbsp; (155501205)<br>| &nbsp;&nbsp; 2884640 |
| First Trust S&P 500 Diversified Free Cash Flow ETF |  | &nbsp;&nbsp; (130791)<br>| &nbsp;&nbsp; 24581 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**D. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For FTDS, EDOW, and FCTR, the taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. For FCFY, the taxable period ended 2023, and taxable years ended 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

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

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $4787242 |
| First Trust Dow 30 Equal Weight ETF\* | 13698462 |
| First Trust Lunt U.S. Factor Rotation ETF | 155501205 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 130791 |

---

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

\* $3,196,504 of First Trust Dow 30 Equal Weight ETF's non-expiring net capital losses is subject to loss limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of $212,620 per year. 

During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Dow 30 Equal Weight ETF | $483117 |
| First Trust Lunt U.S. Factor Rotation ETF | 3073817 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for each Fund were as follows:

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $— | &nbsp;&nbsp; $(1716940)<br>| &nbsp;&nbsp; $1716940 |
| First Trust Dow 30 Equal Weight ETF |  | &nbsp;&nbsp; (21632610)<br>| &nbsp;&nbsp; 21632610 |
| First Trust Lunt U.S. Factor Rotation ETF | 36644 | &nbsp;&nbsp; (2148990)<br>| &nbsp;&nbsp; 2112346 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 415 | &nbsp;&nbsp; (189199)<br>| &nbsp;&nbsp; 188784 |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | $26369324 | &nbsp;&nbsp; $2877349 | &nbsp;&nbsp; $(1050189)<br>| &nbsp;&nbsp; $1827160 |
| First Trust Dow 30 Equal Weight ETF | 194132096 | &nbsp;&nbsp; 43415834 | &nbsp;&nbsp; (10286671)<br>| &nbsp;&nbsp; 33129163 |
| First Trust Lunt U.S. Factor Rotation ETF | 50613688 | &nbsp;&nbsp; 6006297 | &nbsp;&nbsp; (3121657)<br>| &nbsp;&nbsp; 2884640 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 1356044 | &nbsp;&nbsp; 104493 | &nbsp;&nbsp; (79912)<br>| &nbsp;&nbsp; 24581 |

---

**E. Expenses**

Expenses that are directly related to First Trust Dividend Strength<sup>TM</sup> ETF (the "Non-Unitary Fee Fund") are charged directly to the Fund. Expenses for First Trust Dow 30 Equal Weight ETF, First Trust Lunt U.S. Factor Rotation ETF, and First Trust S&P 500 Diversified Free Cash Flow ETF (the "Unitary Fee Funds"), other than excluded expenses (discussed in Note 3), are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following "Licensors" for the respective Funds:

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

---

| | |
|:---|:---|
| **Fund**  | **Licensor** |
| First Trust Dividend Strength<sup>TM</sup> ETF | Nasdaq, Inc. |
| First Trust Dow 30 Equal Weight ETF | S&P Dow Jones Indices LLC |
| First Trust Lunt U.S. Factor Rotation ETF | Lunt Capital Management, Inc. |
| First Trust S&P 500 Diversified Free Cash Flow ETF | S&P Dow Jones Indices LLC |

---

The respective license agreements allow for the use by First Trust of each Fund's respective index and of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreements. The Funds, except for the Unitary Fee Funds, are required to pay licensing fees, which are shown on the Statements of Operations. The licensing fees for the Unitary Fee Funds are paid by First Trust from the unitary investment advisory fees it receives from each of these Funds.

**F. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen,

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

The management fee payable by First Trust Dividend Strength<sup>TM</sup> ETF to First Trust for these services will be reduced at certain levels of First Trust Dividend Strength<sup>TM</sup> ETF's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>|

---

For the First Trust Dividend Strength<sup>TM</sup> ETF, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least April 30, 2027.

For the Unitary Fee Funds, First Trust is paid an annual unitary management fee of such Fund's average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, licensing and other services, but excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | | | |
|:---|:---|:---|:---|
| Breakpoints | EDOW | FCTR | FCFY |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>| 0.65000<br> %<br>| 0.600<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>| 0.63375<br> %<br>| 0.585<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>| 0.61750<br> %<br>| 0.570<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>| 0.60125<br> %<br>| 0.555<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>| 0.58500<br> %<br>| 0.540<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>| 0.55250<br> %<br>| 0.510<br> %<br>|

---

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

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

**4. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dividend Strength<sup>TM</sup> ETF | $34141205 | &nbsp;&nbsp; $34114319 |
| First Trust Dow 30 Equal Weight ETF | 37410255 | &nbsp;&nbsp; 37433298 |
| First Trust Lunt U.S. Factor Rotation ETF | 229372609 | &nbsp;&nbsp; 229326000 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 986243 | &nbsp;&nbsp; 1032255 |

---

For the fiscal year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dividend Strength<sup>TM</sup> ETF | $13354981 | &nbsp;&nbsp; $13326336 |
| First Trust Dow 30 Equal Weight ETF | 59204206 | &nbsp;&nbsp; 89978042 |
| First Trust Lunt U.S. Factor Rotation ETF |  | &nbsp;&nbsp; 21920391 |
| First Trust S&P 500 Diversified Free Cash Flow ETF | 1311679 | &nbsp;&nbsp; 1272099 |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of First Trust Dividend Strength<sup>TM</sup> ETF, First Trust Dow 30 Equal Weight ETF, First Trust Lunt U.S. Factor Rotation ETF, and First Trust S&P 500 Diversified Free Cash Flow ETF (the "Funds"), each a series of First Trust Exchange-Traded Fund, including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

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

---

| | |
|:---|:---|
| **Individual Funds** <br>**Included in the Trust**<br>| **Financial Highlights** |
| First Trust Dividend Strength<sup>TM</sup> ETF | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| First Trust Dow 30 Equal Weight ETF | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| First Trust Lunt U.S. Factor Rotation ETF | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| First Trust S&P 500 Diversified Free Cash <br> Flow ETF<br>| For the years ended December 31, 2025 and 2024, and the period from August 23, 2023 <br> (commencement of investment operations) through December 31, 2023 |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 24, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

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

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

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

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

For the Non-Unitary Fee Fund (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Federal Tax Information**

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

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

---

| | |
|:---|:---|
|  | Dividends Received <br>Deduction<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | 100.00<br> %<br>|
| First Trust Dow 30 Equal Weight ETF | 100.00<br> %<br>|
| First Trust Lunt U.S. Factor Rotation ETF | 100.00<br> %<br>|
| First Trust S&P 500 Diversified Free Cash Flow ETF | 100.00<br> %<br>|

---

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:

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

---

| | |
|:---|:---|
|  | Qualified Dividend <br>Income<br>|
| First Trust Dividend Strength<sup>TM</sup> ETF | 100.00<br> %<br>|
| First Trust Dow 30 Equal Weight ETF | 100.00<br> %<br>|
| First Trust Lunt U.S. Factor Rotation ETF | 100.00<br> %<br>|
| First Trust S&P 500 Diversified Free Cash Flow ETF | 100.00<br> %<br>|

---

A portion of each of the Funds' 2025 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended December 31, 2025, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.

**Disclaimers**

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

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

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

------

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

Annual Consolidated Financial Statements and Other Information <br> For the Year Ended December 31, 2025

![](imga03c3fa21.gif)

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

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

FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)<br>

------

**Table of Contents** 

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Annual Consolidated Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_SOI-TOC-ScheduleofInvestments-4282_1) | 1 |
| [Consolidated Statement of Assets and Liabilities](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_SAL1-TOC-StatementofAssetsandLiabilities-4282_1) | 3 |
| [Consolidated Statement of Operations](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_SOP1-TOC-StatementofOperations-4282_1) | 4 |
| [Consolidated Statements of Changes in Net Assets](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_SOC1-TOC-StatementofChanges-4282_1) | 5 |
| [Consolidated Financial Highlights](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_FIHI-TOC-FinancialHighlights-4282_1) | 6 |
| [Notes to Consolidated Financial Statements](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_NTF-TOC-NotestoFinancialStatements-4282_1) | 7 |
| [Report of Independent Registered Public Accounting Firm](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_AUD-TOC-RIRPAFirm-4282_1) | 14 |
| [Other Information](#xx_88760faa-8560-40bb-9e20-f61806c32d6a_AI-TOC-AdditionalInformation-4282_1) | 15 |

---

**Performance and Risk Disclosure**

There is no assurance that FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Portfolio of Investments**

**December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 92.5%** | **U.S. TREASURY BILLS — 92.5%** | **U.S. TREASURY BILLS — 92.5%** | **U.S. TREASURY BILLS — 92.5%** |
| $49272200 | U.S. Treasury Bill (a)<br> (b) | 02/24/26 | $49016628 |
|  | (Cost $49,004,510) |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
| 312081 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.65% (c) | 312081 |
|  | (Cost $312,081) |  |
|  | **Total Investments — 93.1%** | 49328709 |
|  | (Cost $49,316,591) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 8.5%** | **PURCHASED OPTIONS — 8.5%** | **PURCHASED OPTIONS — 8.5%** | **PURCHASED OPTIONS — 8.5%** | **PURCHASED OPTIONS — 8.5%** | **PURCHASED OPTIONS — 8.5%** |
|  | **Call Options Purchased — 8.5%** | **Call Options Purchased — 8.5%** | **Call Options Purchased — 8.5%** | **Call Options Purchased — 8.5%** |  |
| 1344 | SPDR<sup>®</sup> Gold Shares  | $53264064 | $368.49 | 02/27/26 | 4511311 |
|  | (Cost $4,018,740) |  |  |  |  |
| **WRITTEN OPTIONS — (1.6)%** | **WRITTEN OPTIONS — (1.6)%** | **WRITTEN OPTIONS — (1.6)%** | **WRITTEN OPTIONS — (1.6)%** | **WRITTEN OPTIONS — (1.6)%** | **WRITTEN OPTIONS — (1.6)%** |
|  | **Call Options Written — (1.5)%** | **Call Options Written — (1.5)%** | **Call Options Written — (1.5)%** | **Call Options Written — (1.5)%** |  |
| (1344) | SPDR<sup>®</sup> Gold Shares  | (53264064)<br>| 422.48 | 02/27/26 | (796414)<br>|
|  | (Premiums received $951,081) |  |  |  |  |
|  | **Put Options Written — (0.1)%** | **Put Options Written — (0.1)%** | **Put Options Written — (0.1)%** | **Put Options Written — (0.1)%** |  |
| (1344) | SPDR<sup>®</sup> Gold Shares  | (53264064)<br>| 329.70 | 02/27/26 | (74001)<br>|
|  | (Premiums received $135,602) |  |  |  |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (870415)<br>|
|  | (Premiums received $1,086,683) | (Premiums received $1,086,683) | (Premiums received $1,086,683) | (Premiums received $1,086,683) |  |
|  | **Net Other Assets and Liabilities — (0.0)%** | **Net Other Assets and Liabilities — (0.0)%** | **Net Other Assets and Liabilities — (0.0)%** | **Net Other Assets and Liabilities — (0.0)%** | (1790)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $52967815 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is segregated as collateral for the options written. At December 31, 2025, the segregated value of this
 security amounts to $7,761,134.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Consolidated Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| U.S. Treasury Bills | &nbsp;&nbsp; $49016628 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49016628 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 312081 | &nbsp;&nbsp;&nbsp;&nbsp; 312081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; 49328709 | &nbsp;&nbsp;&nbsp;&nbsp; 312081 | &nbsp;&nbsp;&nbsp;&nbsp; 49016628 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 4511311 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4511311 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $53840020 | &nbsp;&nbsp;&nbsp;&nbsp; $312081 | &nbsp;&nbsp;&nbsp;&nbsp; $53527939 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(870415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(870415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Statement of Assets and Liabilities**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $49328709 |
| Options contracts purchased, at value | 4511311 |
| Cash | 20427 |
| Due from broker | 1378 |
| Cash segregated as collateral | 25000 |
| Dividends receivable | 3540 |
| Total Assets | 53890365 |
| **LIABILITIES:** |  |
| Options contracts written, at value | 870415 |
| Investment advisory fees payable | 52135 |
| Total Liabilities | 922550 |
| **NET ASSETS** | $52967815 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $52929036 |
| Par value | 31000 |
| Accumulated distributable earnings (loss) | 7779 |
| **NET ASSETS** | $52967815 |
| **NET ASSET VALUE,** per share | $17.09 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3100002 |
| Investments, at cost | $49316591 |
| Premiums paid on options contracts purchased | $4018740 |
| Premiums received on options contracts written | $1086683 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Statement of Operations**

**For the Year Ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $2343015 |
| Dividends | 121093 |
| Total investment income | 2464108 |
| **EXPENSES:** |  |
| Investment advisory fees | 589061<br>|
| Other expenses | 5526 |
| Total expenses | 594587 |
| Less expenses reimbursed by the investment advisor and sub-advisor | (5000)<br>|
| Net expenses | 589587 |
| **NET INVESTMENT INCOME (LOSS)** | 1874521 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (4881)<br>|
| Purchased options contracts | 26681512 |
| Written options contracts | (10751183)<br>|
| Net realized gain (loss) | 15925448 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (5969)<br>|
| Purchased options contracts | 1310952 |
| Written options contracts | (35494)<br>|
| Net change in unrealized appreciation (depreciation) | 1269489 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 17194937 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19069458 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1874521 | &nbsp;&nbsp; $1176621 |
| Net realized gain (loss) | 15925448 | &nbsp;&nbsp; 5348767 |
| Net change in unrealized appreciation (depreciation) | 1269489 | &nbsp;&nbsp; (750835)<br>|
| Net increase (decrease) in net assets resulting from operations | 19069458 | &nbsp;&nbsp; 5774553 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (18524885)<br>| &nbsp;&nbsp; (6419384)<br>|
| Return of capital | (3846160)<br>| &nbsp;&nbsp; (703650)<br>|
| Total distributions to shareholders | (22371045)<br>| &nbsp;&nbsp; (7123034)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 62066626<br>| &nbsp;&nbsp; 43702313<br>|
| Cost of shares redeemed | (57179167) <br>| &nbsp;&nbsp; (20127734) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 4887459 | &nbsp;&nbsp; 23574579 |
| Total increase (decrease) in net assets | 1585872 | &nbsp;&nbsp; 22226098 |
| **NET ASSETS:** |  |  |
| Beginning of period | 51381943 | &nbsp;&nbsp; 29155845 |
| End of period | $52967815 | &nbsp;&nbsp; $51381943 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 2800002 | &nbsp;&nbsp; 1550002 |
| Shares sold | 2900000 | &nbsp;&nbsp; 2250000 |
| Shares redeemed | (2600000)<br>| &nbsp;&nbsp; (1000000)<br>|
| Shares outstanding, end of period | 3100002 | &nbsp;&nbsp; 2800002 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**Consolidated Financial Highlights**

**For a share outstanding throughout each period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
|  | **2025**  | **2024**  | **2023** | **2022** | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
| Net asset value, beginning of period | $18.35 | &nbsp;&nbsp;&nbsp;&nbsp; $18.81 | &nbsp;&nbsp;&nbsp;&nbsp; $18.40 | &nbsp;&nbsp;&nbsp;&nbsp; $18.93 | &nbsp;&nbsp;&nbsp;&nbsp; $19.99 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.62<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) <br>|
| Net realized and unrealized gain (loss) | 5.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98) <br>|
| Total from investment operations | 6.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (6.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.67) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | (1.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (7.58) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $17.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.93<br>|
| **Total return** (c) | 34.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.41)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.30)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $52968<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51382<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29156<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12879<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17980<br>|
| Ratio of total expenses to average net assets | 0.91<br> % (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % (f)<br>|
| Ratio of net expenses to average net assets | 0.90<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % (f)<br>|
| Ratio of net investment income (loss) to average net assets | 2.86<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)% (f)<br>|
| Portfolio turnover rate (g) | 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is January 20, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain expenses
 had not been reimbursed by the investment advisor and sub-advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate share
 of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total expenses ratio would have been 0.90%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Consolidated Financial Statements

------

**Notes to Consolidated Financial Statements**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "BGLD" on Cboe BZX Exchange, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The Fund's investment objective is to seek to provide investors with returns (before fees and expenses) that match the price return of the SPDR<sup>®</sup> Gold Trust (the "Underlying ETF"), up to a predetermined upside cap of 8.92% while providing a buffer (before fees and expenses) against Underlying ETF losses between -5% and -15% over the period from December 1, 2025 to February 27, 2026 (the "Target Outcome Period"). Prior to December 1, 2025, the Fund's investment objective included an upside cap of 8.64%, 8.00%, 8.89% and 8.54% and a Target Outcome Period of December 2, 2024 to February 28, 2025, March 3, 2025 to May 30, 2025, June 2, 2025 to August 29, 2025 and September 2, 2025 to November 28, 2025, respectively. Under normal market conditions, the Fund will invest substantially all of its assets in U.S. Treasury securities, cash and cash equivalents, and in the shares of a wholly-owned subsidiary (the "Subsidiary") that holds FLexible EXchange<sup>®</sup> Options ("FLEX Options") that reference the price performance of the Underlying ETF. The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund does not invest directly in FLEX Options on the Underlying ETF. The Fund gains exposure to these investments exclusively by investing in the Subsidiary. The Fund will invest up to approximately 25% of its total assets in the Subsidiary. As of December 31, 2025 the Fund invested 21.59% of the Fund's total assets in the Subsidiary. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies** 

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The consolidated financial statements include the accounts on a consolidated basis of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the consolidated financial statements. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Consolidated Portfolio of Investments. The Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust's Board of Trustees.

Shares of open-end funds are valued based on NAV per share.

If the Fund's investments are not able to be priced by pre-established pricing methods, such investments may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. A variety of factors may be considered in determining the fair value of such investments.

Valuing the Fund's holdings using fair value pricing will result in using prices for those holdings that may differ from current market valuations. The Subsidiary's holdings will be valued in the same manner as the Fund's holdings.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of December 31, 2025, is included with the Fund's Consolidated Portfolio of Investments.

**B. Investment Transactions and Investment Income**

Investment transactions are recorded as of the trade date. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

The Fund, through the Subsidiary, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that the Subsidiary holds that reference the Underlying ETF will give the Subsidiary the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Subsidiary purchases or sells the option. The FLEX Options held by the Subsidiary are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.

When the Subsidiary writes (sells) an option, an amount equal to the premium received by the Subsidiary is included in "Options contracts written, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on written options is presented

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

separately as "Net realized gain (loss) on written options contracts" on the Consolidated Statement of Operations. When the Subsidiary purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in "Options contracts purchased, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on purchased options is included in "Net realized gain (loss) on purchased options contracts" on the Consolidated Statement of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid annually, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the consolidated financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for consolidated financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal years ended December 31, 2025 and 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Distributions paid from: | 2025 | 2024 |
| Ordinary income | $18524885 | &nbsp;&nbsp; $6419384 |
| Capital gains |  | &nbsp;&nbsp; — |
| Return of capital | 3846160 | &nbsp;&nbsp; 703650 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (11956)<br>|
| Net unrealized appreciation (depreciation) | 727132 |

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income, whether or not such earnings are distributed by the Subsidiary to the Fund. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's consolidated financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, the Fund had $5,000 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

During the taxable year ended December 31, 2025, the Fund utilized $0 of capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Consolidated Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatment of net investment income from the Subsidiary. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| $15930737 | &nbsp;&nbsp; $(15930737)<br>| &nbsp;&nbsp; $— |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $52242473 | &nbsp;&nbsp; $727132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $727132 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's and the Subsidiary's investment portfolios, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

First Trust is responsible for the expenses of the Fund and the Subsidiary including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.9000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.8775<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.8550<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.8325<br> %<br>|
| Fund net assets greater than $10 billion | 0.8100<br> %<br>|

---

The Subsidiary does not pay First Trust a separate management fee.

Vest Financial LLC ("Vest" or the "Sub-Advisor"), an affiliate of First Trust, serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of the Fund's assets and will pay Vest for its services as the Fund's sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund's expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month.

During the fiscal year ended December 31, 2025, the Advisor and the Sub-Advisor reimbursed the Fund $2,500 each for the extraordinary expenses.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $0 and $0, respectively.

For the fiscal year ended December 31, 2025, the Fund had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Subsidiary at December 31, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Commodity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $4511311 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $870415 |

---

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Consolidated Statement of Operations Location** | **Consolidated Statement of Operations Location** |
| **Commodity Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $26681512 |
| Written options contracts | (10751183)<br>|
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Purchased options contracts | 1310952 |
| Written options contracts | (35494)<br>|

---

During the fiscal year ended December 31, 2025, the premiums for purchased options contracts opened were $24,218,581 and the premiums for purchased options contracts closed, exercised and expired were $23,547,961.

During the fiscal year ended December 31, 2025, the premiums for written options contracts opened were $4,697,078 and the premiums for written options contracts closed, exercised and expired were $4,010,666.

The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Consolidated Statement of Assets and Liabilities.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the consolidated financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund"), one of the funds constituting the First Trust Exchange-Traded Fund, as of December 31, 2025, the related consolidated statement of operations for the year then ended, consolidated statements of changes in net assets for each of the two years in the period then ended, consolidated financial highlights for the years ended December 31, 2025, 2024, 2023, and 2022, and the period from January 20, 2021 (commencement of investment operations) through December 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the years ended December 31, 2025, 2024, 2023, and 2022, and the period from January 20, 2021 (commencement of investment operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 24, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Consolidated Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

**Other Information (Continued)**

**FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)**

**December 31, 2025 (Unaudited)**

**Remuneration Disclosure Under the Alternative Investment Fund Managers Directive**

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain funds it manages, including FT Vest Gold Strategy Quarterly Buffer ETF (the "Fund"), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Fund is $29,811. This figure is comprised of $848 paid (or to be paid) in fixed compensation and $28,963 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $15,331 paid (or to be paid) to senior management of First Trust Advisors L.P. and $14,480 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Fund (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

**Federal Tax Information**

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the fiscal year ended December 31, 2025, none qualify for the corporate dividends received deduction available to corporate shareholders or as qualified dividend income.

Distributions paid to foreign shareholders during the Fund's fiscal year ended December 31, 2025 that were properly designated by the Fund as "interest-related dividends" or "short-term capital gain dividends," may not be subject to federal income tax provided that the income was earned directly by such foreign shareholders.

**Disclaimer**

The Fund is not sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Consolidated Financial Statements and Other Information <br> For the Year Ended December 31, 2025

![](img60e423a21.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest Gold Strategy Target Income ETF<sup>®</sup> (IGLD)<br>

------

**Table of Contents** 

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Annual Consolidated Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_SOI-TOC-ScheduleofInvestments-4283_1) | 1 |
| [Consolidated Statement of Assets and Liabilities](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_SAL1-TOC-StatementofAssetsandLiabilities-4283_1) | 3 |
| [Consolidated Statement of Operations](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_SOP1-TOC-StatementofOperations-4283_1) | 4 |
| [Consolidated Statements of Changes in Net Assets](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_SOC1-TOC-StatementofChanges-4283_1) | 5 |
| [Consolidated Financial Highlights](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_FIHI-TOC-FinancialHighlights-4283_1) | 6 |
| [Notes to Consolidated Financial Statements](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_NTF-TOC-NotestoFinancialStatements-4283_1) | 7 |
| [Report of Independent Registered Public Accounting Firm](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_AUD-TOC-RIRPAFirm-4283_1) | 14 |
| [Other Information](#xx_7eb6f884-4bcd-43d7-b5f1-0d3b12f38997_AI-TOC-AdditionalInformation-4283_1) | 15 |

---

**Performance and Risk Disclosure**

There is no assurance that FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 142.2%** | **U.S. TREASURY BILLS — 142.2%** | **U.S. TREASURY BILLS — 142.2%** | **U.S. TREASURY BILLS — 142.2%** |
| $655800900 | United States Treasury Bill (a)<br> (b) | 11/27/26 | $635715246 |
|  | (Cost $635,025,608) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** |
| 2008328 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.65% (c) | 2008328 |
|  | (Cost $2,008,328) |  |
|  | **Total Investments — 142.6%** | 637723574 |
|  | (Cost $637,033,936) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1.0%** | **PURCHASED OPTIONS — 1.0%** | **PURCHASED OPTIONS — 1.0%** | **PURCHASED OPTIONS — 1.0%** | **PURCHASED OPTIONS — 1.0%** | **PURCHASED OPTIONS — 1.0%** |
|  | **Call Options Purchased — 1.0%** | **Call Options Purchased — 1.0%** | **Call Options Purchased — 1.0%** | **Call Options Purchased — 1.0%** |  |
| 11280 | SPDR<sup>®</sup> Gold Shares  | $447037680 | $581.82 | 11/30/26 | 4455600 |
|  | (Cost $4,946,689) |  |  |  |  |
| **WRITTEN OPTIONS — (43.5)%** | **WRITTEN OPTIONS — (43.5)%** | **WRITTEN OPTIONS — (43.5)%** | **WRITTEN OPTIONS — (43.5)%** | **WRITTEN OPTIONS — (43.5)%** | **WRITTEN OPTIONS — (43.5)%** |
|  | **Call Options Written — (0.6)%** | **Call Options Written — (0.6)%** | **Call Options Written — (0.6)%** | **Call Options Written — (0.6)%** |  |
| (2592) | SPDR<sup>®</sup> Gold Shares  | (102723552)<br>| 396.31 | 01/30/26 | (2719008)<br>|
|  | (Premiums received $2,715,083) |  |  |  |  |
|  | **Put Options Written — (42.9)%** | **Put Options Written — (42.9)%** | **Put Options Written — (42.9)%** | **Put Options Written — (42.9)%** |  |
| (11280) | SPDR<sup>®</sup> Gold Shares  | (447037680)<br>| 581.82 | 11/30/26 | (191805120)<br>|
|  | (Premiums received $198,631,121) |  |  |  |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (194524128)<br>|
|  | (Premiums received $201,346,204) | (Premiums received $201,346,204) | (Premiums received $201,346,204) | (Premiums received $201,346,204) |  |
|  | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | (540246)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $447114800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is segregated as collateral for the options written. At December 31, 2025, the segregated value of this
 security amounts to $271,600,484.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of December 31, 2025.

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Consolidated Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| U.S. Treasury Bills | &nbsp;&nbsp; $635715246 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $635715246 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 2008328 | &nbsp;&nbsp;&nbsp;&nbsp; 2008328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; 637723574 | &nbsp;&nbsp;&nbsp;&nbsp; 2008328 | &nbsp;&nbsp;&nbsp;&nbsp; 635715246 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 4455600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4455600 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $642179174 | &nbsp;&nbsp;&nbsp;&nbsp; $2008328 | &nbsp;&nbsp;&nbsp;&nbsp; $640170846 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(194524128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(194524128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Statement of Assets and Liabilities**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $637723574 |
| Options contracts purchased, at value | 4455600 |
| Due from broker | 296 |
| Cash segregated as collateral | 75000 |
| Receivables: |  |
| Investment securities sold | 2719412 |
| Dividends | 12668 |
| Total Assets | 644986550 |
| **LIABILITIES:** |  |
| Options contracts written, at value | 194524128 |
| Payables: |  |
| Investment securities purchased | 3027971 |
| Investment advisory fees | 319651 |
| Total Liabilities | 197871750 |
| **NET ASSETS** | $447114800 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $385096828 |
| Par value | 179500 |
| Accumulated distributable earnings (loss) | 61838472 |
| **NET ASSETS** | $447114800 |
| **NET ASSET VALUE,** per share | $24.91 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 17950002 |
| Investments, at cost | $637033936 |
| Premiums paid on options contracts purchased | $4946689 |
| Premiums received on options contracts written | $201346204 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Statement of Operations**

**For the Year Ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $11983930 |
| Dividends | 171359 |
| Total investment income | 12155289 |
| **EXPENSES:** |  |
| Investment advisory fees | 2147744<br>|
| Other expenses | 16171 |
| Total expenses | 2163915 |
| **NET INVESTMENT INCOME (LOSS)** | 9991374 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | 16257 |
| Purchased options contracts | 18731516 |
| Written options contracts | 58252088 |
| Net realized gain (loss) | 76999861 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | 388759 |
| Purchased options contracts | (223181)<br>|
| Written options contracts | 9283639 |
| Net change in unrealized appreciation (depreciation) | 9449217 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 86449078 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $96440452 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $9991374 | &nbsp;&nbsp; $5863306 |
| Net realized gain (loss) | 76999861 | &nbsp;&nbsp; 14872466 |
| Net change in unrealized appreciation (depreciation) | 9449217 | &nbsp;&nbsp; (3729836)<br>|
| Net increase (decrease) in net assets resulting from operations | 96440452 | &nbsp;&nbsp; 17005936 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (33271675)<br>| &nbsp;&nbsp; (19955595)<br>|
| Return of capital |  | &nbsp;&nbsp; (3669043)<br>|
| Total distributions to shareholders | (33271675)<br>| &nbsp;&nbsp; (23624638)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 346356328<br>| &nbsp;&nbsp; 66370997<br>|
| Cost of shares redeemed | (93307347) <br>| &nbsp;&nbsp; (13678173) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 253048981 | &nbsp;&nbsp; 52692824 |
| Total increase (decrease) in net assets | 316217758 | &nbsp;&nbsp; 46074122 |
| **NET ASSETS:** |  |  |
| Beginning of period | 130897042 | &nbsp;&nbsp; 84822920 |
| End of period | $447114800 | &nbsp;&nbsp; $130897042 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 6950002 | &nbsp;&nbsp; 4400002 |
| Shares sold | 15300000 | &nbsp;&nbsp; 3250000 |
| Shares redeemed | (4300000)<br>| &nbsp;&nbsp; (700000)<br>|
| Shares outstanding, end of period | 17950002 | &nbsp;&nbsp; 6950002 |

---

See Notes to Consolidated Financial Statements

------

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**Consolidated Financial Highlights**

**For a share outstanding throughout each period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
|  | **2025**  | **2024**  | **2023** | **2022** | **Period** <br>**Ended** <br>**12/31/2021 (a)** |
| Net asset value, beginning of period | $18.83 | &nbsp;&nbsp;&nbsp;&nbsp; $19.28 | &nbsp;&nbsp;&nbsp;&nbsp; $18.81 | &nbsp;&nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp;&nbsp; $20.14 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.90<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) <br>|
| Net realized and unrealized gain (loss) | 7.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br>|
| Total from investment operations | 8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (2.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>|
| Total distributions | (2.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>|
| Net asset value, end of period | $24.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.31<br>|
| **Total return** (c) | 47.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.26)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $447115<br>| &nbsp;&nbsp;&nbsp;&nbsp; $130897<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84823<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38570<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31476<br>|
| Ratio of total expenses to average net assets | 0.86<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 3.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% (e)<br>|
| Portfolio turnover rate (f) | 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is March 2, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.85%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Consolidated Financial Statements

------

**Notes to Consolidated Financial Statements**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "IGLD" on Cboe BZX Exchange, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The Fund's investment objective is to seek to deliver participation in the price returns of the SPDR<sup>®</sup> Gold Trust (the "Underlying ETF") while providing a consistent level of income. The Fund's investments principally include short-term U.S. Treasury securities, cash and cash equivalents, and the shares of a wholly-owned subsidiary (the "Subsidiary") that holds FLexible EXchange<sup>®</sup> Options ("FLEX Options") that reference the price performance of the Underlying ETF. In seeking to achieve its objective, the Fund, through the Subsidiary, will generally purchase or sell FLEX Options. In combination, the purchased call and sold put options generally provide exposure to price returns of the Underlying ETF both on the upside and downside. The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund may invest up to 25% of its total assets in the Subsidiary. As of December 31, 2025, the Fund invested 19.89% of the Fund's total assets in the Subsidiary. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies** 

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The consolidated financial statements include the accounts on a consolidated basis of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the consolidated financial statements. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Consolidated Portfolio of Investments. The Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust's Board of Trustees.

Shares of open-end funds are valued based on NAV per share.

If the Fund's investments are not able to be priced by pre-established pricing methods, such investments may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. A variety of factors may be considered in determining the fair value of such investments.

Valuing the Fund's holdings using fair value pricing will result in using prices for those holdings that may differ from current market valuations. The Subsidiary's holdings will be valued in the same manner as the Fund's holdings.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of December 31, 2025, is included with the Fund's Consolidated Portfolio of Investments.

**B. Investment Transactions and Investment Income**

Investment transactions are recorded as of the trade date. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

The Fund, through the Subsidiary, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that the Subsidiary holds that reference the Underlying ETF will give the Subsidiary the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Subsidiary purchases or sells the option. The FLEX Options held by the Subsidiary are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.

When the Subsidiary writes (sells) an option, an amount equal to the premium received by the Subsidiary is included in "Options contracts written, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on written options is presented separately as "Net realized gain (loss) on written options contracts" on the Consolidated Statement of Operations. When the Subsidiary purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in "Options

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

contracts purchased, at value" on the Consolidated Statement of Assets and Liabilities. Gain or loss on purchased options is included in "Net realized gain (loss) on purchased options contracts" on the Consolidated Statement of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the consolidated financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for consolidated financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal years ended December 31, 2025 and 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Distributions paid from: | 2025 | 2024 |
| Ordinary income | $33271675 | &nbsp;&nbsp; $19955595 |
| Capital gains |  | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; 3669043 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Undistributed ordinary income | $61175203 |
| Accumulated capital and other gain (loss) | (70780)<br>|
| Net unrealized appreciation (depreciation) | 7057748 |

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income, whether or not such earnings are distributed by the Subsidiary to the Fund. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's consolidated financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, the Fund had $31,138 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

During the taxable year ended December 31, 2025, this Fund utilized non-expiring capital loss carryforwards of $1,201.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Consolidated Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatment of net investment income from the Subsidiary. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| $76997225 | &nbsp;&nbsp; $(76997225)<br>| &nbsp;&nbsp; $— |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $440597298 | &nbsp;&nbsp; $7548837 | &nbsp;&nbsp; $(491089)<br>| &nbsp;&nbsp; $7057748 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's and the Subsidiary's investment portfolios, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

First Trust is responsible for the expenses of the Fund and the Subsidiary including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.76500<br> %<br>|

---

The Subsidiary does not pay First Trust a separate management fee.

Vest Financial LLC ("Vest", or the "Sub-Advisor") an affiliate of First Trust, serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of the Fund's assets and will pay Vest for its services as the Fund's sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund's expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $0 and $0, respectively.

For the fiscal year ended December 31, 2025, the Fund had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Subsidiary at December 31, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Consolidated** <br>**Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Commodity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $4455600 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $194524128 |

---

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Consolidated Statement of Operations Location** | **Consolidated Statement of Operations Location** |
| **Commodity Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $18731516 |
| Written options contracts | 58252088 |
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Purchased options contracts | (223181)<br>|
| Written options contracts | 9283639 |

---

During the fiscal year ended December 31, 2025, the premiums for purchased options contracts opened were $9,928,315 and the premiums for purchased options contracts closed, exercised and expired were $5,651,534.

During the fiscal year ended December 31, 2025, the premiums for written options contracts opened were $279,551,495 and the premiums for written options contracts closed, exercised and expired were $136,852,620.

The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Consolidated Statement of Assets and Liabilities.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

------

**Notes to Consolidated Financial Statements (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the consolidated financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund"), one of the funds constituting the First Trust Exchange-Traded Fund, as of December 31, 2025, the related consolidated statements of operations for the year then ended, consolidated statements of changes in net assets for each of the two years in the period then ended, consolidated financial highlights for the years ended December 31, 2025, 2024, 2023, 2022, and the period from March 2, 2021 (commencement of investment operations) through December 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the years ended December 31, 2025, 2024, 2023, 2022, and the period from March 2, 2021 (commencement of investment operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 24, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Consolidated Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

**Other Information (Continued)**

**FT Vest Gold Strategy Target Income ETF**<sup>®</sup> **(IGLD)**

**December 31, 2025 (Unaudited)**

**Remuneration Disclosure Under the Alternative Investment Fund Managers Directive**

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain funds it manages, including FT Vest Gold Strategy Target Income ETF<sup>®</sup> (the "Fund"), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Fund is $115,086. This figure is comprised of $3,274 paid (or to be paid) in fixed compensation and $111,812 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $59,187 paid (or to be paid) to senior management of First Trust Advisors L.P. and $55,899 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Fund (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

**Federal Tax Information**

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the fiscal year ended December 31, 2025, none qualify for the corporate dividends received deduction available to corporate shareholders or as qualified dividend income.

Distributions paid to foreign shareholders during the Fund's fiscal year ended December 31, 2025 that were properly designated by the Fund as "interest-related dividends" or "short-term capital gain dividends," may not be subject to federal income tax provided that the income was earned directly by such foreign shareholders.

**Disclaimer**

The Fund is not sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Financial Statements and Other Information <br> For the Year Ended December 31, 2025

![](img883c2ac41.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

First Trust WCM Developing World Equity ETF (WCME) <br> First Trust WCM International Equity ETF (WCMI)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_3cc88253-65b6-437d-8887-292de19379af_SOI-TOC-ScheduleofInvestments-4943_1) |  |
| [First Trust WCM Developing World Equity ETF (WCME)](#xx_3cc88253-65b6-437d-8887-292de19379af_SOI-TOC-ScheduleofInvestments-4943_1) | 1 |
| [First Trust WCM International Equity ETF (WCMI)](#xx_3cc88253-65b6-437d-8887-292de19379af_SOI-TOC-ScheduleofInvestments-4944_1) | 3 |
| [Statements of Assets and Liabilities](#xx_3cc88253-65b6-437d-8887-292de19379af_SAL1-TOC-StatementofAssetsandLiabilities-4943_1) | 5 |
| [Statements of Operations](#xx_3cc88253-65b6-437d-8887-292de19379af_SOP1-TOC-StatementofOperations-4943_1) | 6 |
| [Statements of Changes in Net Assets](#xx_3cc88253-65b6-437d-8887-292de19379af_SOC1-TOC-StatementofChanges-4943_1) | 7 |
| [Financial Highlights](#xx_3cc88253-65b6-437d-8887-292de19379af_FIHI-TOC-FinancialHighlights-4943_1) | 8 |
| [Notes to Financial Statements](#xx_3cc88253-65b6-437d-8887-292de19379af_NTF-TOC-NotestoFinancialStatements-4943_1) | 10 |
| [Report of Independent Registered Public Accounting Firm](#xx_3cc88253-65b6-437d-8887-292de19379af_AUD-TOC-RIRPAFirm-4943_1) | 19 |
| [Other Information](#xx_3cc88253-65b6-437d-8887-292de19379af_AI-TOC-AdditionalInformation-4943_1) | 20 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**First Trust WCM Developing World Equity ETF (WCME)**

**Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 97.8%** | **COMMON STOCKS (a) (b) — 97.8%** | **COMMON STOCKS (a) (b) — 97.8%** |
|  | **Bermuda — 3.5%** |  |
| 2188 | Credicorp Ltd. | $627956 |
|  | **Brazil — 11.3%** |  |
| 260045 | B3 S.A. - Brasil Bolsa Balcao <br> (BRL) | 659159 |
| 18272 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP <br> (BRL) | 444773 |
| 6069 | Embraer S.A., ADR | 390661 |
| 66069 | TOTVS S.A. (BRL) | 507356 |
|  |  | 2001949 |
|  | **Canada — 2.0%** |  |
| 1185 | Celestica, Inc. (c) | 350298 |
|  | **Cayman Islands — 24.3%** |  |
| 25191 | Alibaba Group Holding Ltd. <br> (HKD) | 462214 |
| 28376 | Baidu, Inc., Class A (HKD) (c) | 479454 |
| 47105 | Inter & Co., Inc., Class A | 399450 |
| 26515 | NU Holdings Ltd., Class A (c) | 443861 |
| 3236 | PDD Holdings, Inc., ADR (c) | 366930 |
| 3263 | Sea Ltd., ADR (c) | 416261 |
| 68933 | Shenzhou International Group <br> Holdings Ltd. (HKD) | 542061 |
| 9103 | Tencent Holdings Ltd. (HKD) | 700618 |
| 121364 | Wuxi Biologics Cayman, Inc. <br> (HKD) (c) (d) (e) | 490278 |
|  |  | 4301127 |
|  | **China — 4.4%** |  |
| 34549 | BYD Co., Ltd., Class H (HKD) | 423278 |
| 564232 | Shandong Weigao Group <br> Medical Polymer Co., Ltd., <br> Class H (HKD) | 363941 |
|  |  | 787219 |
|  | **Hong Kong — 6.9%** |  |
| 66627 | AIA Group Ltd. (HKD) | 684017 |
| 10401 | Hong Kong Exchanges & <br> Clearing Ltd. (HKD) | 544727 |
|  |  | 1228744 |
|  | **India — 4.8%** |  |
| 8278 | HDFC Bank Ltd., ADR | 302478 |
| 18627 | ICICI Bank Ltd., ADR | 555085 |
|  |  | 857563 |
|  | **Israel — 3.9%** |  |
| 22126 | Teva Pharmaceutical Industries <br> Ltd., ADR (c) | 690552 |
|  | **Kazakhstan — 1.9%** |  |
| 4327 | Kaspi.KZ JSC, ADR (c) | 338068 |
|  | **Malaysia — 2.9%** |  |
| 241900 | IHH Healthcare Bhd (MYR) | 521593 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Mexico — 2.7%** |  |
| 17928 | Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V., <br> Class B (MXN) | $470972 |
|  | **Panama — 2.3%** |  |
| 3306 | Copa Holdings S.A., Class A | 398737 |
|  | **Singapore — 2.2%** |  |
| 14377 | United Overseas Bank Ltd. <br> (SGD) | 392141 |
|  | **South Africa — 3.1%** |  |
| 21704 | Bid Corp., Ltd. (ZAR) | 552915 |
|  | **South Korea — 6.9%** |  |
| 3705 | Hyundai Rotem Co., Ltd. <br> (KRW) | 483266 |
| 1636 | SK hynix, Inc. (KRW) | 739326 |
|  |  | 1222592 |
|  | **Taiwan — 9.9%** |  |
| 35445 | Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (TWD) | 1748532 |
|  | **United States — 4.8%** |  |
| 18376 | Coupang, Inc. (c) | 433490 |
| 205 | MercadoLibre, Inc. (c) | 412923 |
|  |  | 846413 |
|  | **Total Investments — 97.8%** | 17337371 |
|  | (Cost $15,863,270) |  |
|  | **Net Other Assets and** <br> **Liabilities — 2.2%** | 388030 |
|  | **Net Assets — 100.0%** | $17725401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust WCM Developing World Equity ETF (WCME)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| BRL | – Brazilian Real |
| HKD | – Hong Kong Dollar |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| SGD | – Singapore Dollar |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| USD | 35.3% |
| HKD | 27.1 |
| TWD | 10.1 |
| BRL | 9.3 |
| KRW | 7.0 |
| ZAR | 3.2 |
| MYR | 3.0 |
| MXN | 2.7 |
| SGD | 2.3 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $17337371 | &nbsp;&nbsp; $17337371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust WCM International Equity ETF (WCMI)**

**Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.2%** | **COMMON STOCKS (a) (b) — 99.2%** | **COMMON STOCKS (a) (b) — 99.2%** |
|  | **Brazil — 2.7%** |  |
| 880809 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP, <br> ADR | $21007295 |
|  | **Canada — 7.2%** |  |
| 449266 | Brookfield Corp. | 20616817 |
| 465110 | Canadian Natural Resources Ltd. | 15743973 |
| 45874 | Celestica, Inc. (c) | 13560813 |
| 74409 | CGI, Inc. | 6867951 |
|  |  | 56789554 |
|  | **Cayman Islands — 8.7%** |  |
| 96902 | Alibaba Group Holding Ltd., <br> ADR | 14203895 |
| 67097 | Baidu, Inc., ADR (c) | 8766894 |
| 615545 | Kanzhun Ltd., ADR | 12544807 |
| 717882 | NU Holdings Ltd., Class A (c) | 12017345 |
| 59367 | PDD Holdings, Inc., ADR (c) | 6731624 |
| 3656259 | Wuxi Biologics Cayman, Inc. <br> (HKD) (c) (d) (e) | 14770296 |
|  |  | 69034861 |
|  | **Curacao — 0.8%** |  |
| 173915 | SLB Ltd. | 6674858 |
|  | **Denmark — 2.3%** |  |
| 350279 | Novo Nordisk A/S, ADR | 17822195 |
|  | **France — 2.8%** |  |
| 273801 | Societe Generale S.A. (EUR) | 22112072 |
|  | **Germany — 9.5%** |  |
| 424991 | Deutsche Telekom AG (EUR) | 13814755 |
| 1441474 | Evotec SE (EUR) (c) | 9232400 |
| 56144 | Heidelberg Materials AG (EUR) | 14713618 |
| 22772 | Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG in Muenchen <br> (EUR) | 15045384 |
| 157854 | Siemens Energy AG (EUR) (c) | 22335380 |
|  |  | 75141537 |
|  | **Guernsey — 1.9%** |  |
| 1329287 | Genius Sports Ltd. (c) | 14648743 |
|  | **India — 1.1%** |  |
| 301649 | ICICI Bank Ltd., ADR | 8989140 |
|  | **Ireland — 3.0%** |  |
| 46685 | ICON PLC (c) | 8506941 |
| 39730 | Trane Technologies PLC | 15462916 |
|  |  | 23969857 |
|  | **Israel — 3.3%** |  |
| 832169 | Teva Pharmaceutical Industries <br> Ltd., ADR (c) | 25971994 |
|  | **Italy — 2.1%** |  |
| 640714 | Lottomatica Group S.p.A. (EUR) | 16866443 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan — 9.2%** |  |
| 1068100 | Japan Exchange Group, Inc. <br> (JPY) | $11428343 |
| 177200 | Recruit Holdings Co., Ltd. (JPY) | 10008225 |
| 747615 | Sony Group Corp., ADR | 19138944 |
| 383900 | Tokio Marine Holdings, Inc. <br> (JPY) | 14256552 |
| 83700 | Tokyo Electron Ltd. (JPY) | 18338764 |
|  |  | 73170828 |
|  | **Jersey — 1.3%** |  |
| 1883381 | Glencore PLC (GBP) | 10321061 |
|  | **Kazakhstan — 0.9%** |  |
| 87681 | Kaspi.KZ JSC, ADR (c) | 6850517 |
|  | **Mexico — 1.4%** |  |
| 430488 | Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V., <br> Class B (MXN) | 11308991 |
|  | **Netherlands — 5.8%** |  |
| 210794 | Nebius Group N.V. (c) | 17644512 |
| 457540 | Prosus N.V. (EUR) | 28417464 |
|  |  | 46061976 |
|  | **Sweden — 1.5%** |  |
| 363703 | Sandvik AB (SEK) | 11875210 |
|  | **Switzerland — 3.5%** |  |
| 35201 | Chubb Ltd. | 10986936 |
| 368166 | UBS Group AG | 17049768 |
|  |  | 28036704 |
|  | **Taiwan — 6.1%** |  |
| 986881 | Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (TWD) | 48683679 |
|  | **United Kingdom — 24.1%** |  |
| 111011 | AstraZeneca PLC, ADR | 10205241 |
| 2420622 | Babcock International <br> Group PLC (GBP) | 40557418 |
| 235458 | British American Tobacco PLC <br> (GBP) | 13374581 |
| 4356933 | Convatec Group PLC <br> (GBP) (d) (e) | 14282908 |
| 3234671 | Haleon PLC (GBP) | 16341875 |
| 244082 | RELX PLC, ADR | 9865794 |
| 2816749 | Rentokil Initial PLC (GBP) | 16990783 |

---

See Notes to Financial Statements

------

**First Trust WCM International Equity ETF (WCMI)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **United Kingdom (Continued)** |  |
| 3769889 | Rolls-Royce Holdings PLC <br> (GBP) | $58438437 |
| 903283 | Wise PLC, Class A (GBP) (c) | 10848601 |
|  |  | 190905638 |
|  | **Total Investments — 99.2%** | 786243153 |
|  | (Cost $741,319,813) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.8%** | 6464508 |
|  | **Net Assets — 100.0%** | $792707661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| JPY | – Japanese Yen |
| MXN | – Mexican Peso |
| SEK | – Swedish Krona |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| USD | 40.9% |
| GBP | 23.1 |
| EUR | 18.1 |
| JPY | 6.9 |
| TWD | 6.2 |
| HKD | 1.9 |
| SEK | 1.5 |
| MXN | 1.4 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $786243153 | &nbsp;&nbsp; $786243153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **WCM** <br> **Developing** <br> **World Equity** <br> **ETF** <br>**(WCME)** <br>| **First Trust** <br> **WCM** <br> **International** <br> **Equity ETF** <br>**(WCMI)** <br>|
| **ASSETS:** |  |  |
| Investments, at value | $17337371 | &nbsp;&nbsp; $786243153 |
| Cash | 369115 | &nbsp;&nbsp; 6000248 |
| Foreign currency, at value | 10 | &nbsp;&nbsp; 307230 |
| Due from authorized participant |  | &nbsp;&nbsp; 1971490 |
| Receivables: |  |  |
| Capital shares sold | 859461 | &nbsp;&nbsp; 2546519 |
| Dividends | 15759 | &nbsp;&nbsp; 936371 |
| Reclaims | 423 | &nbsp;&nbsp; 65609 |
| Total Assets | 18582139 | &nbsp;&nbsp; 798070620 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | 840458 | &nbsp;&nbsp; 4810089 |
| Investment advisory fees | 13473 | &nbsp;&nbsp; 552336 |
| Capital shares redeemed | 2692 | &nbsp;&nbsp; 534 |
| Other liabilities | 115 | &nbsp;&nbsp; — |
| Total Liabilities | 856738 | &nbsp;&nbsp; 5362959 |
| **NET ASSETS** | $17725401 | &nbsp;&nbsp; $792707661 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital | $16417783 | &nbsp;&nbsp; $758781424 |
| Par value | 10313 | &nbsp;&nbsp; 467004 |
| Accumulated distributable earnings (loss) | 1297305 | &nbsp;&nbsp; 33459233 |
| **NET ASSETS** | $17725401 | &nbsp;&nbsp; $792707661 |
| **NET ASSET VALUE,** per share | $17.19 | &nbsp;&nbsp; $16.97 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per <br> share)<br>| 1031339 | &nbsp;&nbsp; 46700443 |
| Investments, at cost | $15863270 | &nbsp;&nbsp; $741319813 |
| Foreign currency, at cost (proceeds) | $9 | &nbsp;&nbsp; $307229 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Year Ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **WCM** <br> **Developing** <br> **World Equity** <br> **ETF** <br>**(WCME)** <br>| **First Trust** <br> **WCM** <br> **International** <br> **Equity ETF** <br>**(WCMI)** <br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $159883 | &nbsp;&nbsp; $6390111 |
| Foreign withholding tax | (10209)<br>| &nbsp;&nbsp; (347215)<br>|
| Total investment income | 149674 | &nbsp;&nbsp; 6042896 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 79000<br>| &nbsp;&nbsp; 2957109<br>|
| Excise tax expense | 275 | &nbsp;&nbsp; — |
| Other expenses | 557 | &nbsp;&nbsp; 18188 |
| Total expenses | 79832 | &nbsp;&nbsp; 2975297 |
| **NET INVESTMENT INCOME (LOSS)** | 69842 | &nbsp;&nbsp; 3067599 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments | 28288 | &nbsp;&nbsp; (12049304)<br>|
| In-kind redemptions | 447815 | &nbsp;&nbsp; 36350681 |
| Foreign currency transactions | (4448)<br>| &nbsp;&nbsp; (129593)<br>|
| Net realized gain (loss) | 471655 | &nbsp;&nbsp; 24171784 |
| Net increase from payment by the advisor | 6992 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | 1444474 | &nbsp;&nbsp; 42986172 |
| Foreign currency translation | 111 | &nbsp;&nbsp; 6123 |
| Net change in unrealized appreciation (depreciation) | 1444585 | &nbsp;&nbsp; 42992295 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1923232 | &nbsp;&nbsp; 67164079 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1993074 | &nbsp;&nbsp; $70231678 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust WCM Developing** <br> **World Equity ETF (WCME)** | **First Trust WCM Developing** <br> **World Equity ETF (WCME)** | **First Trust WCM International** <br> **Equity ETF (WCMI)** | **First Trust WCM International** <br> **Equity ETF (WCMI)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024 (a)**<br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024 (b)**<br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $69842 | &nbsp;&nbsp; $27755 | &nbsp;&nbsp; $3067599 | &nbsp;&nbsp; $1318272 |
| Net realized gain (loss) | 471655 | &nbsp;&nbsp; 19550 | &nbsp;&nbsp; 24171784 | &nbsp;&nbsp; 9021288 |
| Net increase from payment by the advisor | 6992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 1444585 | &nbsp;&nbsp; (94000)<br>| &nbsp;&nbsp; 42992295 | &nbsp;&nbsp; (6563842)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1993074 | &nbsp;&nbsp; (46695)<br>| &nbsp;&nbsp; 70231678 | &nbsp;&nbsp; 3775718 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (63850)<br>| &nbsp;&nbsp; (12258)<br>| &nbsp;&nbsp; (3911419)<br>| &nbsp;&nbsp; (6730371)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 14954293<br>| &nbsp;&nbsp; 894420<br>| &nbsp;&nbsp; 889725909<br>| &nbsp;&nbsp; 27181392<br>|
| Cost of shares redeemed | (1481326) <br>| &nbsp;&nbsp; (408185) <br>| &nbsp;&nbsp; (217738763) <br>| &nbsp;&nbsp; (56719129) <br>|
| Proceeds from shares sold (Investor Class) | —<br>| &nbsp;&nbsp; 5896<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 431544<br>|
| Cost of shares redeemed (Investor Class) | —<br>| &nbsp;&nbsp; (180418) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1123450) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 13472967 | &nbsp;&nbsp; 311713 | &nbsp;&nbsp; 671987146 | &nbsp;&nbsp; (30229643)<br>|
| Total increase (decrease) in net assets | 15402191 | &nbsp;&nbsp; 252760 | &nbsp;&nbsp; 738307405 | &nbsp;&nbsp; (33184296)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 2323210 | &nbsp;&nbsp; 2070450 | &nbsp;&nbsp; 54400256 | &nbsp;&nbsp; 87584552 |
| End of period | $17725401 | &nbsp;&nbsp; $2323210 | &nbsp;&nbsp; $792707661 | &nbsp;&nbsp; $54400256 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 181339  | &nbsp;&nbsp; 148329<br>| &nbsp;&nbsp; 4150443  | &nbsp;&nbsp; 5950747<br>|
| Shares sold | 950000  | &nbsp;&nbsp; 64493<br>| &nbsp;&nbsp; 56100000  | &nbsp;&nbsp; 1910623<br>|
| Shares redeemed | (100000) <br>| &nbsp;&nbsp; (31483)<br>| &nbsp;&nbsp; (13550000) <br>| &nbsp;&nbsp; (3710927)<br>|
| Shares outstanding, end of period  | 1031339  | &nbsp;&nbsp; 181339  | &nbsp;&nbsp; 46700443  | &nbsp;&nbsp; 4150443  |
| Shares outstanding, beginning of period (Investor Class) | —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; 13238  | &nbsp;&nbsp; —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; 42949  |
| Shares sold (Investor Class) | —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; 458 | &nbsp;&nbsp; —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; 29479<br>|
| Shares redeemed (Investor Class) | —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; (13696)<br>| &nbsp;&nbsp; —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; (72428)<br>|
| Shares outstanding, end of period | —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; —&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; —&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Total Shares outstanding, end of period  | 1031339  | &nbsp;&nbsp; 181339  | &nbsp;&nbsp; 46700443  | &nbsp;&nbsp; 4150443  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) First
 Trust WCM Developing World Equity ETF (the "Fund") acquired all of the assets and liabilities of the WCM Developing World
 Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on October 4, 2024. Performance
 and financial history of the Predecessor Fund's Institutional Class Shares have been adopted by the Fund and will be used
 going forward. As a result, the financial highlight information reflects that of the Predecessor Fund's Institutional Class
 Shares for the period January 1, 2024 up through the reorganization. Prior to the reorganization on October 7, 2024, the Fund
 converted all Investor Class Shares into Institutional Class Shares. This was a tax-free exchange. The Investor Class Shares were
 terminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) First
 Trust WCM International Equity ETF (the "Fund") acquired all of the assets and liabilities of the WCM International
 Equity Fund
 ("Predecessor Fund") in a reorganization that occurred as of the close of business on October 4, 2024. Performance and financial
 history of the Predecessor Fund's Institutional Class Shares have been adopted by the Fund and will be used going forward.
 As a result, the financial highlight information reflects that of the Predecessor Fund's Institutional Class Shares for the period
 January 1, 2024 up through the reorganization. Prior to the reorganization on October 7, 2024, the Fund converted all Investor
 Class Shares into Institutional Class Shares. This was a tax-free exchange. The Investor Class Shares were terminated.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust WCM Developing World Equity ETF (WCME)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024(a)** | **2023(a)** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **2022(a)** | **2021(a)** |
| Net asset value, beginning of period | $12.81 | &nbsp;&nbsp;&nbsp;&nbsp; $12.82 | &nbsp;&nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp;&nbsp; $12.88 | &nbsp;&nbsp;&nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp;&nbsp; $10.99 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net realized and unrealized gain (loss) | 4.37<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br>|
| Total from investment operations | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.60 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| From net investment income | (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>|
| From net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41) <br>|
| Total distributions | (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44) <br>|
| Net asset value, end of period | $17.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.15<br>|
| **Total return** (e) | 35.20<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.22)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.06)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.73<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $17725<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2323<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1901<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1896<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2767<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1495<br>|
| Ratio of total expenses to average net assets | 0.96<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.41<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.75<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.88<br> % <br>|
| Ratio of net expenses to average net assets | 0.96<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> % (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % (g) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 0.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> % <br>|
| Portfolio turnover rate (k) | 62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Results
 for periods prior to October 7, 2024 are for WCM Developing World Equity Fund - Institutional Class. See Note 4 in the Notes to Financial
 Statements. The advisor prior to October 7, 2024 was WCM Investment Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fiscal
 year end changed to December 31, effective December 14, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Fund received a payment from the advisor in the amount of $6,992 in connection with a trade error, which represents $0.01 per share.
 Since the
 advisor reimbursed the Fund, there was no effect on the Fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.95%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective
 October 7, 2024, there is no longer a fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective
 October 1, 2023, the investment advisor to the Predecessor Funds contractually agreed to limit the annual operating expenses to 0.95%. Prior
 to October 1, 2023, the investment advisor to the Predecessor Funds had contractually agreed to limit the annual operating expenses to 1.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust WCM International Equity ETF (WCMI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024(a)** | **2023(a)** | **For the Period** <br>**5/1/2022** <br>**through** <br>**12/31/2022(a) (b)** | **2022(a)** | **2021(a)** |
| Net asset value, beginning of period | $13.11 | &nbsp;&nbsp;&nbsp;&nbsp; $14.61 | &nbsp;&nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp;&nbsp; $13.66 | &nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; $10.92 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (c) | 0.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br>|
| Net realized and unrealized gain (loss) | 3.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br>|
| Total from investment operations | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| From net investment income | (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>|
| From net realized gain | (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22) <br>|
| Total distributions | (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) <br>|
| Net asset value, end of period | $16.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.92<br>|
| **Total return** (e) | 30.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.90)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.74)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.83<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $792708<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54400<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86960<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59425<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4731<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2751<br>|
| Ratio of total expenses to average net assets | 0.86<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.54<br> % <br>|
| Ratio of net expenses to average net assets <br> excluding interest expense<br>| 0.86<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> % (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 0.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> % <br>|
| Portfolio turnover rate (k) | 111<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Results
 for periods prior to October 7, 2024 are for WCM International Equity Fund - Institutional Class. See Note 4 in the Notes to Financial Statements.
 The advisor prior to October 7, 2024 was WCM Investment Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fiscal
 year end changed to December 31, effective December 14, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.85%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective
 October 7, 2024, there is no longer a fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective
 October 1, 2023, the investment advisor to the Predecessor Funds contractually agreed to limit the annual operating expenses to 0.85%. Prior
 to October 1, 2023, the investment advisor to the Predecessor Funds had contractually agreed to limit the annual operating expenses to 1.10%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective
 December 31, 2022, the investment advisor to the Predecessor Funds contractually agreed to limit the annual operating expenses to 1.10%.
 Prior to December 31, 2022, the investment advisor to the Predecessor Funds had contractually agreed to limit the annual operating expenses
 to 1.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the two Funds (each a "Fund" and collectively, the "Funds") listed below. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

First Trust WCM Developing World Equity ETF – (ticker "WCME") <br> First Trust WCM International Equity ETF – (ticker "WCMI")

WCME operates as a non-diversified series of the Trust. WCMI operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund is an actively managed exchange-traded fund representing a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

WCME's investment objective is to seek to provide investors with long-term capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in developing countries.

WCMI's investment objective is to seek to provide investors with long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. domiciled companies / companies not located in the U.S.

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

1)

the last sale price on the exchange on which they are principally traded;

2)

the value of similar foreign securities traded on other foreign markets;

3)

ADR trading of similar securities;

4)

closed-end fund or exchange-traded fund trading of similar securities;

5)

foreign currency exchange activity;

6)

the trading prices of financial products that are tied to baskets of foreign securities;

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

10)

other relevant factors.

Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund's securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of December 31, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

**C. Foreign Currency**

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) on foreign currency transactions" on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) on investments" on the Statements of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid semi-annually, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust WCM Developing World Equity ETF | $63850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust WCM International Equity ETF | 3679109 | &nbsp;&nbsp; 232310 | &nbsp;&nbsp; — |

---

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust WCM Developing World Equity ETF | $12258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust WCM International Equity ETF | 2688239 | &nbsp;&nbsp; 4042132 | &nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust WCM Developing World Equity ETF | $6786 | &nbsp;&nbsp; $(91041)<br>| &nbsp;&nbsp; $1381560 |
| First Trust WCM International Equity ETF | (739996)<br>| &nbsp;&nbsp; (4824204)<br>| &nbsp;&nbsp; 39023433 |

---

**E. Income and Other Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in "Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax" on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in "Net realized gain (loss) on foreign capital gains tax" on the Statements of Operations.

**Capital Gains.** India's Finance Act, 2024 ("Finance Act, 2024") was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax ("STT") is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.

In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.

**Buy back.** Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.

Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).

**Dividend income.** The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.

**Interest income.** Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).

**Other income.** Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).

Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund's shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years April 30, 2022, and December 31, 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust WCM Developing World Equity ETF | $91041 |
| First Trust WCM International Equity ETF | 4824204 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

During the taxable year ended December 31, 2025, the following Fund utilized capital loss carryforwards in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust WCM Developing World Equity ETF | $112897 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the following Fund incurred and elected to defer net late year ordinary or capital losses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Qualified Late Year Losses | Qualified Late Year Losses |
|  | Ordinary Losses | Capital Losses |
| First Trust WCM International Equity ETF | $739996 | &nbsp;&nbsp; $— |

---

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| First Trust WCM Developing World Equity ETF | $(4327)<br>| &nbsp;&nbsp; $(398146)<br>| &nbsp;&nbsp; $402473 |
| First Trust WCM International Equity ETF | (129593)<br>| &nbsp;&nbsp; (34015783)<br>| &nbsp;&nbsp; 34145376 |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust WCM Developing World Equity ETF | $15955914 | &nbsp;&nbsp; $2113585 | &nbsp;&nbsp; $(732128)<br>| &nbsp;&nbsp; $1381457 |
| First Trust WCM International Equity ETF | 747224870 | &nbsp;&nbsp; 68127967 | &nbsp;&nbsp; (29109684)<br>| &nbsp;&nbsp; 39018283 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of each Fund's assets and is responsible for the expenses of each Fund, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Breakpoints | WCME | WCMI |
| Fund net assets up to and including $2.5 billion | 0.95000<br> %<br>| 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.92625<br> %<br>| 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.90250<br> %<br>| 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.87875<br> %<br>| 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.85500<br> %<br>| 0.76500<br> %<br>|

---

During the fiscal year ended December 31, 2025, WCME received a payment from the Advisor in the amount of $6,992 in connection with a trade error.

WCM Investment Management, LLC ("WCM" or the "Sub-Advisor") serves as each Fund's sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of each Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of each Fund, the Advisor and WCM, First Trust will supervise WCM and its management of the investment of each Fund's assets and will pay WCM for its services as each Fund's sub-advisor a sub-advisory fee equal to 50% of the monthly management fee paid to the Advisor, less its share of each Fund's expenses.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Reorganization**

On April 29, 2024, the Board of Trustees of WCM Developing World Equity Fund and WCM International Equity Fund (the "Predecessor Funds" and each, a "Predecessor Fund") approved reorganizations into WCME and WCMI (the "Acquiring Funds" and each, an "Acquiring Fund"), each an actively managed exchange-traded fund managed by First Trust and sub-advised by WCM. Effective October 7, 2024, each Fund acquired all of the assets and assumed all of the liabilities of its respective Predecessor Fund pursuant to an agreement and plan of reorganization approved by the Board of Trustees of the Fund on June 3, 2024. Prior to the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

reorganization, each Predecessor Fund converted all Investor Class Shares into Institutional Class Shares. This was a tax-free exchange. The Investor Class Shares were terminated. The Predecessor Funds are the accounting survivors. As a result, the historical information received from each of the Predecessor Funds was carried forward to the applicable Fund for U.S. GAAP and tax purposes.

Under the terms of reorganizations, which were tax-free, the assets of each Predecessor Fund were transferred to, and the liabilities of each Predecessor Fund were assumed by, the respective Acquiring Fund. The shareholders of each Predecessor Fund received shares of the respective Acquiring Fund with a value equal to the aggregate net asset value of the shares of the Predecessor Fund held by them.

**5. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust WCM Developing World Equity ETF | $11958676 | &nbsp;&nbsp; $5223532 |
| First Trust WCM International Equity ETF | 526214258 | &nbsp;&nbsp; 392091073 |

---

For the fiscal year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust WCM Developing World Equity ETF | $7838238 | &nbsp;&nbsp; $1459494 |
| First Trust WCM International Equity ETF | 751183114 | &nbsp;&nbsp; 218895048 |

---

**6. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

**8. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of First Trust WCM Developing World Equity ETF and First Trust WCM International Equity ETF (the "Funds"), each a series of the First Trust Exchange-Traded Fund, including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets and financial highlights for the two years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations for the year then ended, and the changes in their net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended December 31, 2023, for the eight months period ended December 31, 2022, and for each of the two years in the period ended April 30, 2022 and 2021, were audited by other auditors whose report dated February 29, 2024, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 24, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Remuneration Disclosure Under the Alternative Investment Fund Managers Directive**

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded Fund funds it manages (the "Funds") in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $162,243. This figure is comprised of $4,615 paid (or to be paid) in fixed compensation and $157,628 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $83,438 paid (or to be paid) to senior management of First Trust Advisors L.P. and $78,805 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

**Federal Tax Information**

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Dividends Received <br>Deduction<br>|
| First Trust WCM Developing World Equity ETF | 4.38<br> %<br>|
| First Trust WCM International Equity ETF | 0.00<br> %<br>|

---

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Qualified Dividend <br>Income<br>|
| First Trust WCM Developing World Equity ETF | 79.26<br> %<br>|
| First Trust WCM International Equity ETF | 100.00<br> %<br>|

---

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

Long-term capital gain distributions designated by the Funds are taxable at the applicable capital gain tax rates for federal income tax purposes. For the fiscal year ended December 31, 2025, the below Fund designated long-term capital gain distributions in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Long-Term Capital <br>Gain Distribution<br>|
| First Trust WCM International Equity ETF | $232310 |

---

The following Funds meet the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to their shareholders credit for foreign taxes paid. For the taxable year ended December 31, 2025, the total amounts of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Gross Foreign Income | Gross Foreign Income | Foreign Taxes Paid | Foreign Taxes Paid |
|  | Amount | Per Share | Amount | Per Share |
| First Trust WCM Developing World Equity ETF | $159874 | &nbsp;&nbsp;&nbsp; $0.16 | &nbsp;&nbsp;&nbsp; $10209 | &nbsp;&nbsp;&nbsp; $0.01 |
| First Trust WCM International Equity ETF | 6390237 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; 346768 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Financial Statements and Other Information <br> For the Period Ended December 31, 2025

![](imgc814adbe1.gif)

<u>First Trust Exchange-Traded Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) |
| FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL) |
| FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC) |
| FT Vest Bitcoin Strategy & Target Income ETF (DFII) |

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund**

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOI-TOC-ScheduleofInvestments-4975_1) |  |
| [FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOI-TOC-ScheduleofInvestments-4975_1) | 1 |
| [FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOI-TOC-ScheduleofInvestments-5078_1) | 3 |
| [FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOI-TOC-ScheduleofInvestments-5126_1) | 5 |
| [FT Vest Bitcoin Strategy & Target Income ETF (DFII)](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOI-TOC-ScheduleofInvestments-4974_1) | 7 |
| [Statements of Assets and Liabilities](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SAL1-TOC-StatementofAssetsandLiabilities-4975_1) | 9 |
| [Statements of Operations](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOP1-TOC-StatementofOperations-4975_1) | 10 |
| [Statements of Changes in Net Assets](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_SOC1-TOC-StatementofChanges-4975_2) | 12 |
| [Financial Highlights](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_FIHI-TOC-FinancialHighlights-4975_1) | 14 |
| [Notes to Financial Statements](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_NTF-TOC-NotestoFinancialStatements-4975_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_AUD-TOC-RIRPAFirm-4975_1) | 26 |
| [Other Information](#xx_f0cbfd98-1191-4a73-8e07-a3abaa350e16_AI-TOC-AdditionalInformation-4975_1) | 27 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)**

**Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.3%** | **MONEY MARKET FUNDS — 1.3%** | **MONEY MARKET FUNDS — 1.3%** |
| 22864 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.65% (a) | $22864 |
|  | (Cost $22,864) |  |
|  | **Total Investments — 1.3%** | 22864 |
|  | (Cost $22,864) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,161.6%** | **PURCHASED OPTIONS — 1,161.6%** | **PURCHASED OPTIONS — 1,161.6%** | **PURCHASED OPTIONS — 1,161.6%** | **PURCHASED OPTIONS — 1,161.6%** | **PURCHASED OPTIONS — 1,161.6%** |
|  | **Call Options Purchased — 5.8%** | **Call Options Purchased — 5.8%** | **Call Options Purchased — 5.8%** | **Call Options Purchased — 5.8%** |  |
| 87 | Cboe Mini Bitcoin U.S. ETF Index  | $1798377 | $223.11 | 03/31/26 | 104585 |
| 142 | S&P 500<sup>®</sup> Mini Index  | 9720610 | 2044.05 | 03/31/26 | 0 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 104585 |
|  | (Cost $398,783) | (Cost $398,783) | (Cost $398,783) | (Cost $398,783) |  |
|  | **Put Options Purchased — 1,155.8%** | **Put Options Purchased — 1,155.8%** | **Put Options Purchased — 1,155.8%** | **Put Options Purchased — 1,155.8%** |  |
| 87 | Cboe Mini Bitcoin U.S. ETF Index  | 1798377 | 164.91 | 03/31/26 | 36058 |
| 142 | S&P 500<sup>®</sup> Mini Index  | 9720610 | 2180.32 | 03/31/26 | 20955163 |
|  | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | 20991221 |
|  | (Cost $21,181,915) | (Cost $21,181,915) | (Cost $21,181,915) | (Cost $21,181,915) |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 21095806 |
|  | (Cost $21,580,698) | (Cost $21,580,698) | (Cost $21,580,698) | (Cost $21,580,698) |  |
| **WRITTEN OPTIONS — (1,062.8)%** | **WRITTEN OPTIONS — (1,062.8)%** | **WRITTEN OPTIONS — (1,062.8)%** | **WRITTEN OPTIONS — (1,062.8)%** | **WRITTEN OPTIONS — (1,062.8)%** | **WRITTEN OPTIONS — (1,062.8)%** |
|  | **Call Options Written — (1.9)%** | **Call Options Written — (1.9)%** | **Call Options Written — (1.9)%** | **Call Options Written — (1.9)%** |  |
| (87) | Cboe Mini Bitcoin U.S. ETF Index  | (1798377)<br>| 260.96 | 03/31/26 | (33498)<br>|
| (142) | S&P 500<sup>®</sup> Mini Index  | (9720610)<br>| 2180.32 | 03/31/26 | (0)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (33498)<br>|
|  | (Premiums received $512,251) | (Premiums received $512,251) | (Premiums received $512,251) | (Premiums received $512,251) |  |
|  | **Put Options Written — (1,060.9)%** | **Put Options Written — (1,060.9)%** | **Put Options Written — (1,060.9)%** | **Put Options Written — (1,060.9)%** |  |
| (87) | Cboe Mini Bitcoin U.S. ETF Index  | (1798377)<br>| 223.11 | 03/31/26 | (227684)<br>|
| (142) | S&P 500<sup>®</sup> Mini Index  | (9720610)<br>| 2044.05 | 03/31/26 | (19039507)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (19267191)<br>|
|  | (Premiums received $20,391,280) | (Premiums received $20,391,280) | (Premiums received $20,391,280) | (Premiums received $20,391,280) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (19300689)<br>|
|  | (Premiums received $20,903,531) | (Premiums received $20,903,531) | (Premiums received $20,903,531) | (Premiums received $20,903,531) |  |
|  | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | (1888)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1816093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Money Market Funds | &nbsp;&nbsp; $22864 | &nbsp;&nbsp;&nbsp;&nbsp; $22864 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased Options | &nbsp;&nbsp; 21095806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21095806 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $21118670 | &nbsp;&nbsp;&nbsp;&nbsp; $22864 | &nbsp;&nbsp;&nbsp;&nbsp; $21095806 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(19300689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(19300689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)**

**Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 2.3%** | **MONEY MARKET FUNDS — 2.3%** | **MONEY MARKET FUNDS — 2.3%** |
| 62373 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.65% (a) | $62373 |
|  | (Cost $62,373) |  |
|  | **Total Investments — 2.3%** | 62373 |
|  | (Cost $62,373) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,402.7%** | **PURCHASED OPTIONS — 1,402.7%** | **PURCHASED OPTIONS — 1,402.7%** | **PURCHASED OPTIONS — 1,402.7%** | **PURCHASED OPTIONS — 1,402.7%** | **PURCHASED OPTIONS — 1,402.7%** |
|  | **Call Options Purchased — 2.6%** | **Call Options Purchased — 2.6%** | **Call Options Purchased — 2.6%** | **Call Options Purchased — 2.6%** |  |
| 115 | Cboe Mini Bitcoin U.S. ETF Index  | $2377165 | $293.20 | 06/30/26 | 72512 |
| 216 | S&P 500<sup>®</sup> Mini Index  | 14786280 | 2320.73 | 06/30/26 | 2 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 72514 |
|  | (Cost $454,479) | (Cost $454,479) | (Cost $454,479) | (Cost $454,479) |  |
|  | **Put Options Purchased — 1,400.1%** | **Put Options Purchased — 1,400.1%** | **Put Options Purchased — 1,400.1%** | **Put Options Purchased — 1,400.1%** |  |
| 115 | Cboe Mini Bitcoin U.S. ETF Index  | 2377165 | 216.72 | 06/30/26 | 346537 |
| 216 | S&P 500<sup>®</sup> Mini Index  | 14786280 | 2475.44 | 06/30/26 | 37714734 |
|  | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | 38061271 |
|  | (Cost $37,908,717) | (Cost $37,908,717) | (Cost $37,908,717) | (Cost $37,908,717) |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 38133785 |
|  | (Cost $38,363,196) | (Cost $38,363,196) | (Cost $38,363,196) | (Cost $38,363,196) |  |
| **WRITTEN OPTIONS — (1,304.9)%** | **WRITTEN OPTIONS — (1,304.9)%** | **WRITTEN OPTIONS — (1,304.9)%** | **WRITTEN OPTIONS — (1,304.9)%** | **WRITTEN OPTIONS — (1,304.9)%** | **WRITTEN OPTIONS — (1,304.9)%** |
|  | **Call Options Written — (1.4)%** | **Call Options Written — (1.4)%** | **Call Options Written — (1.4)%** | **Call Options Written — (1.4)%** |  |
| (115) | Cboe Mini Bitcoin U.S. ETF Index  | (2377165)<br>| 334.66 | 06/30/26 | (39146)<br>|
| (216) | S&P 500<sup>®</sup> Mini Index  | (14786280)<br>| 2475.44 | 06/30/26 | (0)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (39146)<br>|
|  | (Premiums received $357,883) | (Premiums received $357,883) | (Premiums received $357,883) | (Premiums received $357,883) |  |
|  | **Put Options Written — (1,303.5)%** | **Put Options Written — (1,303.5)%** | **Put Options Written — (1,303.5)%** | **Put Options Written — (1,303.5)%** |  |
| (115) | Cboe Mini Bitcoin U.S. ETF Index  | (2377165)<br>| 293.20 | 06/30/26 | (998196)<br>|
| (216) | S&P 500<sup>®</sup> Mini Index  | (14786280)<br>| 2320.73 | 06/30/26 | (34437867)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (35436063)<br>|
|  | (Premiums received $35,365,156) | (Premiums received $35,365,156) | (Premiums received $35,365,156) | (Premiums received $35,365,156) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (35475209)<br>|
|  | (Premiums received $35,723,039) | (Premiums received $35,723,039) | (Premiums received $35,723,039) | (Premiums received $35,723,039) |  |
|  | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | (2426)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2718523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Money Market Funds | &nbsp;&nbsp; $62373 | &nbsp;&nbsp;&nbsp;&nbsp; $62373 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased Options | &nbsp;&nbsp; 38133785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38133785 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $38196158 | &nbsp;&nbsp;&nbsp;&nbsp; $62373 | &nbsp;&nbsp;&nbsp;&nbsp; $38133785 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(35475209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(35475209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)**

**Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.9%** | **MONEY MARKET FUNDS — 1.9%** | **MONEY MARKET FUNDS — 1.9%** |
| 155383 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.65% (a) | $155383 |
|  | (Cost $155,383) |  |
|  | **Total Investments — 1.9%** | 155383 |
|  | (Cost $155,383) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,456.2%** | **PURCHASED OPTIONS — 1,456.2%** | **PURCHASED OPTIONS — 1,456.2%** | **PURCHASED OPTIONS — 1,456.2%** | **PURCHASED OPTIONS — 1,456.2%** | **PURCHASED OPTIONS — 1,456.2%** |
|  | **Call Options Purchased — 4.0%** | **Call Options Purchased — 4.0%** | **Call Options Purchased — 4.0%** | **Call Options Purchased — 4.0%** |  |
| 333 | Cboe Mini Bitcoin U.S. ETF Index  | $6883443 | $311.13 | 09/30/26 | 324875 |
| 618 | S&P 500<sup>®</sup> Mini Index  | 42305190 | 2493.68 | 09/30/26 | 6 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 324881 |
|  | (Cost $817,286) | (Cost $817,286) | (Cost $817,286) | (Cost $817,286) |  |
|  | **Put Options Purchased — 1,452.2%** | **Put Options Purchased — 1,452.2%** | **Put Options Purchased — 1,452.2%** | **Put Options Purchased — 1,452.2%** |  |
| 333 | Cboe Mini Bitcoin U.S. ETF Index  | 6883443 | 229.97 | 09/30/26 | 1451747 |
| 618 | S&P 500<sup>®</sup> Mini Index  | 42305190 | 2659.92 | 09/30/26 | 117679368 |
|  | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | 119131115 |
|  | (Cost $118,217,630) | (Cost $118,217,630) | (Cost $118,217,630) | (Cost $118,217,630) |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 119455996 |
|  | (Cost $119,034,916) | (Cost $119,034,916) | (Cost $119,034,916) | (Cost $119,034,916) |  |
| **WRITTEN OPTIONS — (1,358.0)%** | **WRITTEN OPTIONS — (1,358.0)%** | **WRITTEN OPTIONS — (1,358.0)%** | **WRITTEN OPTIONS — (1,358.0)%** | **WRITTEN OPTIONS — (1,358.0)%** | **WRITTEN OPTIONS — (1,358.0)%** |
|  | **Call Options Written — (2.7)%** | **Call Options Written — (2.7)%** | **Call Options Written — (2.7)%** | **Call Options Written — (2.7)%** |  |
| (333) | Cboe Mini Bitcoin U.S. ETF Index  | (6883443)<br>| 347.55 | 09/30/26 | (220493)<br>|
| (618) | S&P 500<sup>®</sup> Mini Index  | (42305190)<br>| 2659.92 | 09/30/26 | (6)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (220499)<br>|
|  | (Premiums received $677,592) | (Premiums received $677,592) | (Premiums received $677,592) | (Premiums received $677,592) |  |
|  | **Put Options Written — (1,355.3)%** | **Put Options Written — (1,355.3)%** | **Put Options Written — (1,355.3)%** | **Put Options Written — (1,355.3)%** |  |
| (333) | Cboe Mini Bitcoin U.S. ETF Index  | (6883443)<br>| 311.13 | 09/30/26 | (3483946)<br>|
| (618) | S&P 500<sup>®</sup> Mini Index  | (42305190)<br>| 2493.68 | 09/30/26 | (107698779)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (111182725)<br>|
|  | (Premiums received $110,322,322) | (Premiums received $110,322,322) | (Premiums received $110,322,322) | (Premiums received $110,322,322) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (111403224)<br>|
|  | (Premiums received $110,999,914) | (Premiums received $110,999,914) | (Premiums received $110,999,914) | (Premiums received $110,999,914) |  |
|  | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | (4780)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8203375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Money Market Funds | &nbsp;&nbsp; $155383 | &nbsp;&nbsp;&nbsp;&nbsp; $155383 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased Options | &nbsp;&nbsp; 119455996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119455996 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $119611379 | &nbsp;&nbsp;&nbsp;&nbsp; $155383 | &nbsp;&nbsp;&nbsp;&nbsp; $119455996 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(111403224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(111403224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy & Target Income ETF (DFII)**

**Portfolio of Investments**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.4%** | **MONEY MARKET FUNDS — 1.4%** | **MONEY MARKET FUNDS — 1.4%** |
| 263432 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.65% (a) | $263432 |
|  | (Cost $263,432) |  |
|  | **Total Investments — 1.4%** | 263432 |
|  | (Cost $263,432) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 1,739.5%** | **PURCHASED OPTIONS — 1,739.5%** | **PURCHASED OPTIONS — 1,739.5%** | **PURCHASED OPTIONS — 1,739.5%** | **PURCHASED OPTIONS — 1,739.5%** | **PURCHASED OPTIONS — 1,739.5%** |
|  | **Call Options Purchased — 0.6%** | **Call Options Purchased — 0.6%** | **Call Options Purchased — 0.6%** | **Call Options Purchased — 0.6%** |  |
| 888 | Cboe Mini Bitcoin U.S. ETF Index  | $18355848 | $310.13 | 03/31/26 | 100344 |
| 1585 | S&P 500<sup>®</sup> Mini Index  | 108501175 | 2582.03 | 03/31/26 | 9510 |
|  | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | **Total Call Options Purchased** | 109854 |
|  | (Cost $114,083) | (Cost $114,083) | (Cost $114,083) | (Cost $114,083) |  |
|  | **Put Options Purchased — 1,738.9%** | **Put Options Purchased — 1,738.9%** | **Put Options Purchased — 1,738.9%** | **Put Options Purchased — 1,738.9%** |  |
| 1585 | S&P 500<sup>®</sup> Mini Index  | 108501175 | 2754.16 | 03/31/26 | 324013625 |
|  | (Cost $324,016,421) |  |  |  |  |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 324123479 |
|  | (Cost $324,130,504) | (Cost $324,130,504) | (Cost $324,130,504) | (Cost $324,130,504) |  |
| **WRITTEN OPTIONS — (1,642.5)%** | **WRITTEN OPTIONS — (1,642.5)%** | **WRITTEN OPTIONS — (1,642.5)%** | **WRITTEN OPTIONS — (1,642.5)%** | **WRITTEN OPTIONS — (1,642.5)%** | **WRITTEN OPTIONS — (1,642.5)%** |
|  | **Call Options Written — (0.4)%** | **Call Options Written — (0.4)%** | **Call Options Written — (0.4)%** | **Call Options Written — (0.4)%** |  |
| (165) | Cboe Mini Bitcoin U.S. ETF Index  | (3410715)<br>| 206.67 | 01/02/26 | (68145)<br>|
| (1585) | S&P 500<sup>®</sup> Mini Index  | (108501175)<br>| 2754.16 | 03/31/26 | (1585)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (69730)<br>|
|  | (Premiums received $66,659) | (Premiums received $66,659) | (Premiums received $66,659) | (Premiums received $66,659) |  |
|  | **Put Options Written — (1,642.1)%** | **Put Options Written — (1,642.1)%** | **Put Options Written — (1,642.1)%** | **Put Options Written — (1,642.1)%** |  |
| (888) | Cboe Mini Bitcoin U.S. ETF Index  | (18355848)<br>| 310.13 | 03/31/26 | (8981232)<br>|
| (1585) | S&P 500<sup>®</sup> Mini Index  | (108501175)<br>| 2582.03 | 03/31/26 | (296992545)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (305973777)<br>|
|  | (Premiums received $305,969,547) | (Premiums received $305,969,547) | (Premiums received $305,969,547) | (Premiums received $305,969,547) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (306043507)<br>|
|  | (Premiums received $306,036,206) | (Premiums received $306,036,206) | (Premiums received $306,036,206) | (Premiums received $306,036,206) |  |
|  | **Net Other Assets and Liabilities — 1.6%** | **Net Other Assets and Liabilities — 1.6%** | **Net Other Assets and Liabilities — 1.6%** | **Net Other Assets and Liabilities — 1.6%** | 289880 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $18633284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 shown reflects yield as of December 31, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Money Market Funds | &nbsp;&nbsp; $263432 | &nbsp;&nbsp;&nbsp;&nbsp; $263432 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased Options | &nbsp;&nbsp; 324123479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324123479 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $324386911 | &nbsp;&nbsp;&nbsp;&nbsp; $263432 | &nbsp;&nbsp;&nbsp;&nbsp; $324123479 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**FT Vest Bitcoin Strategy & Target Income ETF (DFII)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(306043507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(306043507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Assets and Liabilities**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - April** <br>**(BFAP)** <br>| **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - July** <br>**(BFJL)** <br>| **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - October** <br>**(BFOC)** <br>| **FT Vest Bitcoin** <br> **Strategy &** <br> **Target Income** <br> **ETF** <br>**(DFII)** <br>|
| **ASSETS:** |  |  |  |  |
| Investments, at value | $22864 | &nbsp;&nbsp; $62373 | &nbsp;&nbsp; $155383 | &nbsp;&nbsp; $263432 |
| Options contracts purchased, at value | 21095806 | &nbsp;&nbsp; 38133785 | &nbsp;&nbsp; 119455996 | &nbsp;&nbsp; 324123479 |
| Due from broker |  | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 280 |
| Receivables: |  |  |  |  |
| Dividends | 122 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 747 |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 739762384 |
| Total Assets | 21118792 | &nbsp;&nbsp; 38196542 | &nbsp;&nbsp; 119611900 | &nbsp;&nbsp; 1064150322 |
| **LIABILITIES:** |  |  |  |  |
| Options contracts written, at value | 19300689 | &nbsp;&nbsp; 35475209 | &nbsp;&nbsp; 111403224 | &nbsp;&nbsp; 306043507 |
| Due to broker | 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| Investment advisory fees | 1651 | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 5177 | &nbsp;&nbsp; 13352 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 739457383 |
| Other liabilities |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 2796 |
| Total Liabilities | 19302699 | &nbsp;&nbsp; 35478019 | &nbsp;&nbsp; 111408525 | &nbsp;&nbsp; 1045517038 |
| **NET ASSETS** | $1816093 | &nbsp;&nbsp; $2718523 | &nbsp;&nbsp; $8203375 | &nbsp;&nbsp; $18633284 |
| **NET ASSETS consist of:** |  |  |  |  |
| Paid-in capital | $1665687 | &nbsp;&nbsp; $3182780 | &nbsp;&nbsp; $8607702 | &nbsp;&nbsp; $23243353 |
| Par value | 1000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 10500 |
| Accumulated distributable earnings (loss) | 149406 | &nbsp;&nbsp; (465757)<br>| &nbsp;&nbsp; (408827)<br>| &nbsp;&nbsp; (4620569)<br>|
| **NET ASSETS** | $1816093 | &nbsp;&nbsp; $2718523 | &nbsp;&nbsp; $8203375 | &nbsp;&nbsp; $18633284 |
| **NET ASSET VALUE,** per share | $18.16 | &nbsp;&nbsp; $18.12 | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp; $17.75 |
| Number of shares outstanding (unlimited number of <br> shares authorized, par value $0.01 per share)<br>| 100002 | &nbsp;&nbsp; 150002 | &nbsp;&nbsp; 450002 | &nbsp;&nbsp; 1050002 |
| Investments, at cost | $22864 | &nbsp;&nbsp; $62373 | &nbsp;&nbsp; $155383 | &nbsp;&nbsp; $263432 |
| Premiums paid on options contracts purchased | $21580698 | &nbsp;&nbsp; $38363196 | &nbsp;&nbsp; $119034916 | &nbsp;&nbsp; $324130504 |
| Premiums received on options contracts written | $20903531 | &nbsp;&nbsp; $35723039 | &nbsp;&nbsp; $110999914 | &nbsp;&nbsp; $306036206 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Statements of Operations**

**For the Period Ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - April** <br>**(BFAP) (a)**<br>| **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - July** <br>**(BFJL) (b)**<br>| **FT Vest Bitcoin** <br> **Strategy Floor15** <br> **ETF - October** <br>**(BFOC) (c)**<br>| **FT Vest Bitcoin** <br> **Strategy &** <br> **Target Income** <br> **ETF** <br>**(DFII) (d)**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $2565 | &nbsp;&nbsp; $1400 | &nbsp;&nbsp; $777 | &nbsp;&nbsp; $3518 |
| Total investment income | 2565 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 3518 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 36427<br>| &nbsp;&nbsp; 12726<br>| &nbsp;&nbsp; 9616<br>| &nbsp;&nbsp; 65099<br>|
| Other expenses | 86 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 271 |
| Total expenses | 36513 | &nbsp;&nbsp; 12726 | &nbsp;&nbsp; 9616 | &nbsp;&nbsp; 65370 |
| **NET INVESTMENT INCOME (LOSS)** | (33948)<br>| &nbsp;&nbsp; (11326)<br>| &nbsp;&nbsp; (8839)<br>| &nbsp;&nbsp; (61852)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Purchased options contracts | (3469924)<br>| &nbsp;&nbsp; (326782)<br>| &nbsp;&nbsp; (203331)<br>| &nbsp;&nbsp; (1249216)<br>|
| Written options contracts | 2879665 | &nbsp;&nbsp; (97308)<br>| &nbsp;&nbsp; (215299)<br>| &nbsp;&nbsp; (2580443)<br>|
| Net realized gain (loss) | (590259)<br>| &nbsp;&nbsp; (424090)<br>| &nbsp;&nbsp; (418630)<br>| &nbsp;&nbsp; (3829659)<br>|
| Net change in unrealized appreciation (depreciation) <br> on:<br>|  |  |  |  |
| Purchased options contracts | (484892)<br>| &nbsp;&nbsp; (229411)<br>| &nbsp;&nbsp; 421080 | &nbsp;&nbsp; (7025)<br>|
| Written options contracts | 1602842 | &nbsp;&nbsp; 247830 | &nbsp;&nbsp; (403310)<br>| &nbsp;&nbsp; (7301)<br>|
| Net change in unrealized appreciation (depreciation) | 1117950 | &nbsp;&nbsp; 18419 | &nbsp;&nbsp; 17770 | &nbsp;&nbsp; (14326)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS)**<br>| 527691 | &nbsp;&nbsp; (405671)<br>| &nbsp;&nbsp; (400860)<br>| &nbsp;&nbsp; (3843985)<br>|
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $493743 | &nbsp;&nbsp; $(416997)<br>| &nbsp;&nbsp; $(409699)<br>| &nbsp;&nbsp; $(3905837)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception
 date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception
 date is September 30, 2025, which is consistent with the commencement of investment operations and is the date the initial
 creation units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Inception
 date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded Fund**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest Bitcoin** <br> **Strategy** <br> **Floor15 ETF -** <br> **April (BFAP)**<br>| **FT Vest Bitcoin** <br> **Strategy** <br> **Floor15 ETF -** <br> **July (BFJL)**<br>| **FT Vest Bitcoin** <br> **Strategy** <br> **Floor15 ETF -** <br> **October** <br> **(BFOC)**<br>|
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)**<br>| **Period** <br>**Ended** <br>**12/31/2025 (b)**<br>| **Period** <br>**Ended** <br>**12/31/2025 (c)**<br>|
| **OPERATIONS:** |  |  |  |
| Net investment income (loss) | $(33948)<br>| &nbsp;&nbsp; $(11326)<br>| &nbsp;&nbsp; $(8839)<br>|
| Net realized gain (loss) | (590259)<br>| &nbsp;&nbsp; (424090)<br>| &nbsp;&nbsp; (418630)<br>|
| Net change in unrealized appreciation (depreciation) | 1117950 | &nbsp;&nbsp; 18419 | &nbsp;&nbsp; 17770 |
| Net increase (decrease) in net assets resulting from operations | 493743 | &nbsp;&nbsp; (416997)<br>| &nbsp;&nbsp; (409699)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |
| Investment operations | (344337)<br>| &nbsp;&nbsp; (48760)<br>| &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | (344337)<br>| &nbsp;&nbsp; (48760)<br>| &nbsp;&nbsp; — |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |
| Proceeds from shares sold | 43439554<br>| &nbsp;&nbsp; 4090139<br>| &nbsp;&nbsp; 9530066<br>|
| Cost of shares redeemed | (41772867) <br>| &nbsp;&nbsp; (905859) <br>| &nbsp;&nbsp; (916992) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 1666687 | &nbsp;&nbsp; 3184280 | &nbsp;&nbsp; 8613074 |
| Total increase (decrease) in net assets | 1816093 | &nbsp;&nbsp; 2718523 | &nbsp;&nbsp; 8203375 |
| **NET ASSETS:** |  |  |  |
| Beginning of period |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| End of period | $1816093 | &nbsp;&nbsp; $2718523 | &nbsp;&nbsp; $8203375 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |
| Shares outstanding, beginning of period |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares sold | 1850002 | &nbsp;&nbsp; 200002 | &nbsp;&nbsp; 500002 |
| Shares redeemed | (1750000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (50000)<br>|
| Shares outstanding, end of period | 100002 | &nbsp;&nbsp; 150002 | &nbsp;&nbsp; 450002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception
 date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception
 date is September 30, 2025, which is consistent with the commencement of investment operations and is the date the initial
 creation units were established.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Inception
 date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **FT Vest Bitcoin** <br> **Strategy &** <br> **Target Income** <br> **ETF (DFII)**<br>|
| **Period** <br>**Ended** <br>**12/31/2025 (d)**<br>|
| $(61852)<br>|
| (3829659)<br>|
| (14326)<br>|
| (3905837)<br>|
| (714732)<br>|
| (536459)<br>|
| (1251191)<br>|
| 23790312<br>|
| 23790312 |
| 18633284 |
| $18633284 |
| 1050002 |
| 1050002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights**

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
| Net asset value, beginning of period | $20.18 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.16) <br>|
| Net realized and unrealized gain (loss) | 1.58<br>|
| Total from investment operations | 1.42<br>|
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.25) <br>|
| Net realized gain | (3.19) <br>|
| Total distributions | (3.44) <br>|
| Net asset value, end of period | $18.16<br>|
| **Total return** (c) | 7.05<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $1816<br>|
| Ratio of total expenses to average net assets | 0.90<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.84)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
| Net asset value, beginning of period | $19.89 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.08) <br>|
| Net realized and unrealized gain (loss) | (1.44) <br>|
| Total from investment operations | (1.52) <br>|
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.15) <br>|
| Net realized gain | (0.10) <br>|
| Total distributions | (0.25) <br>|
| Net asset value, end of period | $18.12<br>|
| **Total return** (c) | (7.67)% <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $2719<br>|
| Ratio of total expenses to average net assets | 0.90<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.81)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
| Net asset value, beginning of period | $20.02 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.04) <br>|
| Net realized and unrealized gain (loss) | (1.75) <br>|
| Total from investment operations | (1.79) <br>|
| Net asset value, end of period | $18.23<br>|
| **Total return** (c) | (8.94)% <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $8203<br>|
| Ratio of total expenses to average net assets | 0.90<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.83)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is September 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
 were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest Bitcoin Strategy & Target Income ETF (DFII)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
|  | **Period** <br>**Ended** <br>**12/31/2025 (a)** |
| Net asset value, beginning of period | $20.17 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.13) <br>|
| Net realized and unrealized gain (loss) | 0.48<br> (c)<br>|
| Total from investment operations | 0.35<br>|
| **Distributions paid to shareholders from:** |  |
| Net investment income | (1.58) <br>|
| Return of capital | (1.19) <br>|
| Total distributions | (2.77) <br>|
| Net asset value, end of period | $17.75<br>|
| **Total return** (d) | (0.63)% <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $18633<br>|
| Ratio of total expenses to average net assets | 0.85<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | (0.81)% (e)<br>|
| Portfolio turnover rate (f) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the four funds (each a "Fund" and collectively, the "Funds") listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| FT Vest Bitcoin Strategy Floor15 ETF - April – (ticker "BFAP")<sup>(1)</sup> <br>|
| FT Vest Bitcoin Strategy Floor15 ETF - July – (ticker "BFJL")<sup>(2)</sup> <br>|
| FT Vest Bitcoin Strategy Floor15 ETF - October – (ticker "BFOC")<sup>(3)</sup> <br>|
| FT Vest Bitcoin Strategy & Target Income ETF – (ticker "DFII")<sup>(4)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Commenced investment operations on April 3, 2025.

<sup>(2)</sup> Commenced investment operations on June 30, 2025.

<sup>(3)</sup> Commenced investment operations on September 30, 2025.

<sup>(4)</sup> Commenced investment operations on April 2, 2025.

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

Each Fund is an actively managed exchange-traded fund ("ETF").

The investment objective of BFAP is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the "Bitcoin Reference Instrument"), up to a predetermined upside cap of 34.51% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the "floor"), over the period from April 4, 2025 through March 31, 2026.

The investment objective of BFJL is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of the Bitcoin Reference Instrument, up to a predetermined upside cap of 31.26% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the "floor"), over the period from July 1, 2025 through June 30, 2026.

The investment objective of the BFOC is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of the Bitcoin Reference Instrument, up to a predetermined upside cap of 28.46% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the "floor"), over the period from October 1, 2025 through September 30, 2026.

Under normal market conditions, each of BFAP, BFJL and BFOC invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund's "floor" as described above. In seeking to achieve its objective, each of BFAP, BFJL and BFOC will invest in option contracts, which include FLexible EXchange Options ("FLEX Options"), standardized listed options and/or over-the-counter options (collectively, "Options") that each

utilize the Bitcoin Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents.

The investment objective of DFII seeks to deliver partial participation in the returns of bitcoin while providing a high level of income. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to bitcoin or income-producing investments.

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

Shares of open-end funds are valued based on NAV per share.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of December 31, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

Each Fund purchases and sells certain call and put FLEX Options based on the performance of the applicable Bitcoin Reference Instrument. The FLEX Options that each Fund holds that reference the applicable Bitcoin Reference Instrument will give each Fund the right to receive or deliver shares of the applicable Bitcoin Reference Instrument or to cash-settle the FLEX Options on the option expiration date at a strike price, depending on whether the option is a put or call option and whether each Fund purchases or sells the option. In addition, each Fund purchases and sells certain other box spread FLEX Options on the S&P 500<sup>®</sup> Index. Each Fund's exposure to these S&P 500<sup>®</sup> Index FLEX Options is designed for them to offset one another and to seek returns similar to those of Treasury bills or other short-term investments. The FLEX Options held by each Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. All options held by each Fund at December 31, 2025 are FLEX Options.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income, if any, are declared and paid annually for BFAP, BFJL and BFOC and monthly for DFII, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

The tax character of distributions paid by each Fund during their taxable period, ending as indicated, was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Taxable <br>Year End<br>| Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| FT Vest Bitcoin Strategy Floor15 ETF - April | 30-Apr-25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| FT Vest Bitcoin Strategy Floor15 ETF - July | 31-Jul-25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 31-Oct-25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy & Target Income ETF | 31-Oct-25 | &nbsp;&nbsp; 186350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 536459 |

---

As of the applicable taxable period end, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Taxable <br>Year-End<br>| Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest Bitcoin Strategy Floor15 ETF - April | 30-Apr-25 | &nbsp;&nbsp; $2952 | &nbsp;&nbsp; $49996 | &nbsp;&nbsp; $— |
| FT Vest Bitcoin Strategy Floor15 ETF - July | 31-Jul-25 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31455 | &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 31-Oct-25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (73317)<br>| &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy & Target Income ETF | 31-Oct-25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (518438)<br>| &nbsp;&nbsp; — |

---

**E. Income Taxes**

Each Fund intends to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable periods ended 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At each Fund's applicable taxable period end, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Taxable <br>Year End<br>| Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| FT Vest Bitcoin Strategy Floor15 ETF - April | 30-Apr-25 | &nbsp;&nbsp; $— |
| FT Vest Bitcoin Strategy Floor15 ETF - July | 31-Jul-25 | &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 31-Oct-25 | &nbsp;&nbsp; 73317 |
| FT Vest Bitcoin Strategy & Target Income ETF | 31-Oct-25 | &nbsp;&nbsp; 518438 |

---

Certain losses realized during the current taxable period may be deferred and treated as occurring on the first day of the following taxable year for federal income tax purposes. At each Fund's applicable taxable period end, the Funds had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For each Fund's applicable taxable period, the adjustments were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Taxable <br>Year End<br>| Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| FT Vest Bitcoin Strategy Floor15 ETF - April | 30-Apr-25 | &nbsp;&nbsp; $3565 | &nbsp;&nbsp; $(3565)<br>| &nbsp;&nbsp; $— |
| FT Vest Bitcoin Strategy Floor15 ETF - July | 31-Jul-25 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; (697)<br>| &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 31-Oct-25 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; — | &nbsp;&nbsp; (872)<br>|
| FT Vest Bitcoin Strategy & Target Income ETF | 31-Oct-25 | &nbsp;&nbsp; 224349 | &nbsp;&nbsp; (224349)<br>| &nbsp;&nbsp; — |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest Bitcoin Strategy Floor15 ETF - April | $1817981 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| FT Vest Bitcoin Strategy Floor15 ETF - July | 2720949 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 8208155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Vest Bitcoin Strategy & Target Income ETF | 18343404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

First Trust is paid an annual unitary management fee based on a percentage of each Fund's average daily net assets. The annual unitary management fee payable by each Fund, with the exception of DFII, to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.9000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.8775<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.8550<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.8325<br> %<br>|
| Fund net assets greater than $10 billion | 0.8100<br> %<br>|

---

For DFII, the annual unitary management fee payable by the Fund will be calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.76500<br> %<br>|

---

First Trust and Vest Financial LLC ("Vest" or the "Sub-Advisor"), an affiliate of First Trust, are responsible for each Fund's expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

Vest serves as the Funds' sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of each Fund's assets and will pay Vest for its services as the Funds' sub-advisor a sub-advisory fee equal to 50% of the monthly unitary management fee paid to the Advisor, less Vest's 50% share of each Fund's expenses for that month. In the event the Sub-Advisor's share of the expenses exceeds the amount of the sub-advisory fee in any month, the Sub-Advisor will pay the difference to the Advisor. During any period in which the Advisor's management fee is reduced in accordance with the breakpoints described above, the investment sub-advisory fee (which is based on the Advisor's management fee) paid to Vest will be reduced to reflect the reduction in the Advisor's management fee.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the period ended December 31, 2025, the Funds had no purchases or sales of investments, excluding short-term investments and in-kind transactions. Each Fund holds options for a period of one year or less based on the expiration date of the options. For securities transactions purposes, the options are considered short-term investments.

For the period ended December 31, 2025, the Funds had no in-kind transactions.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Derivative Transactions** 

The following table presents the types of derivatives held by each Fund at December 31, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** |
| **BFAP** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $21095806 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $19300689 |
| **BFJL** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 38133785 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 35475209 |
| **BFOC** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 119455996 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 111403224 |
| **DFII** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 324123479 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 306043507 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the period ended December 31, 2025, on each Fund's derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statements of Operations Location** | **BFAP**  | **BFJL**  | **BFOC**  | **DFII**  |
| **Equity Risk Exposure** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Purchased options contracts | $(3469924)<br>| &nbsp;&nbsp; $(326782)<br>| &nbsp;&nbsp; $(203331)<br>| &nbsp;&nbsp; $(1249216)<br>|
| Written options contracts | 2879665 | &nbsp;&nbsp; (97308)<br>| &nbsp;&nbsp; (215299)<br>| &nbsp;&nbsp; (2580443)<br>|
| Net change in unrealized appreciation <br>(depreciation) on:<br>|  |  |  |  |
| Purchased options contracts | (484892)<br>| &nbsp;&nbsp; (229411)<br>| &nbsp;&nbsp; 421080 | &nbsp;&nbsp; (7025)<br>|
| Written options contracts | 1602842 | &nbsp;&nbsp; 247830 | &nbsp;&nbsp; (403310)<br>| &nbsp;&nbsp; (7301)<br>|

---

The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.

The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the period ended December 31, 2025, on each Fund's options contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums for** <br>**purchased** <br>**options contracts** <br>**opened**<br>| **Premiums for** <br>**purchased** <br>**options contracts** <br>**closed, exercised** <br>**and expired**<br>| **Premiums for** <br>**written options** <br>**contracts opened**<br>| **Premiums for** <br>**written options** <br>**contracts closed,** <br>**exercised and** <br>**expired**<br>|
| BFAP | $481739791 | &nbsp;&nbsp; $460159093 | &nbsp;&nbsp; $438972307 | &nbsp;&nbsp; $418068776 |
| BFJL | 52065530 | &nbsp;&nbsp; 13702334 | &nbsp;&nbsp; 48070437 | &nbsp;&nbsp; 12347398 |
| BFOC | 132536621 | &nbsp;&nbsp; 13501705 | &nbsp;&nbsp; 123178948 | &nbsp;&nbsp; 12179034 |
| DFII | 1094221339 | &nbsp;&nbsp; 770090835 | &nbsp;&nbsp; 1034331398 | &nbsp;&nbsp; 728295192 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 26, 2027 for BFAP and DFII, June 18, 2027 for BFJL and September 29, 2027 for BFOC.

**8. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of FT Vest Bitcoin Strategy Floor15 ETF - April, FT Vest Bitcoin Strategy Floor15 ETF - July, FT Vest Bitcoin Strategy Floor15 ETF - October, and FT Vest Bitcoin Strategy & Target Income ETF (the "Funds"), each a series of the First Trust Exchange-Traded Fund, including the portfolios of investments, as of December 31, 2025, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Included** <br>**in the Trust**<br>| **Statements of** <br>**Operations**<br>| **Statements of** <br>**Changes in Net** <br>**Assets**<br>| Financial Highlights |
| FT Vest Bitcoin Strategy Floor15 ETF - <br> April<br>| For the period from April 3, 2025 (commencement of investment operations) through <br> December 31, 2025 | For the period from April 3, 2025 (commencement of investment operations) through <br> December 31, 2025 | For the period from April 3, 2025 (commencement of investment operations) through <br> December 31, 2025 |
| FT Vest Bitcoin Strategy Floor15 ETF - <br> July<br>| For the period from June 30, 2025 (commencement of investment operations) through <br> December 31, 2025 | For the period from June 30, 2025 (commencement of investment operations) through <br> December 31, 2025 | For the period from June 30, 2025 (commencement of investment operations) through <br> December 31, 2025 |
| FT Vest Bitcoin Strategy Floor15 ETF - <br> October<br>| For the period from September 30, 2025 (commencement of investment operations) <br> through December 31, 2025 | For the period from September 30, 2025 (commencement of investment operations) <br> through December 31, 2025 | For the period from September 30, 2025 (commencement of investment operations) <br> through December 31, 2025 |
| FT Vest Bitcoin Strategy & Target Income <br> ETF<br>| For the period from April 2, 2025 (commencement of investment operations) through <br> December 31, 2025 | For the period from April 2, 2025 (commencement of investment operations) through <br> December 31, 2025 | For the period from April 2, 2025 (commencement of investment operations) through <br> December 31, 2025 |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 24, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the fiscal period ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492413313 <br>2852956<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492375208 <br>2891061<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491553473 <br>3712796<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491210048 <br>4056221<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492462133 <br>2804136<br>|
| Robert F. Keith\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491311836 <br>3954433<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491506301 <br>3759968<br>|
| Bronwyn Wright\*\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311403037 <br>183863232<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | This nominee was re-elected to the Board at the Special Meeting. |
| \*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting. |
| \*\*\* | This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board. |
| \*\*\*\* | This nominee was elected to the Board as a new Trustee at the Special Meeting and had previously served as an advisory board <br> member to the Trust.<br>|

---

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"), including the Independent Trustees, approved the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") and the Investment

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, the Advisor and Vest Financial LLC (the "Sub-Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

FT Vest Bitcoin Strategy Floor15 ETF – January (BFJA)

FT Vest Bitcoin Strategy Floor15 ETF – April (BFAP)

FT Vest Bitcoin Strategy Floor15 ETF – July (BFJL)

FT Vest Bitcoin Strategy Floor15 ETF – October (BFOC)

The Board approved the Agreements for each Fund for an initial two-year term at a meeting held on March 9-10, 2025 (the "Meeting"). The Board determined for each Fund that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Agreements for each Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Meeting responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services to be provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other exchange-traded funds ("ETFs") managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from each Fund's perspective.

In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of each Fund and reviewed all of the services to be provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that each Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the Meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to the Funds, and the Trustees were able to ask questions about the proposed investment strategy for the Funds. The Board noted the background and experience of the Sub-Advisor's portfolio management team and the Sub-Advisor's investment style. The Board also noted that the Sub-Advisor manages a number of other defined-outcome ETFs in the First Trust Fund Complex. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to each Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

The Board considered the proposed unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Advisor a unitary fee starting at an annual rate of 0.90% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for each Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to 50% of the Fund's unitary fee less one-half of the Fund's expenses and that the sub-advisory fee would be reduced consistent with the breakpoints in the unitary fee rate schedule. The Board noted that the Advisor and the Sub-Advisor would be responsible for each Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETF clients. Because each Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Funds compared and differed from the peer funds. The Board took this information into account in considering the peer data. In addition, at the Meeting, the Advisor provided additional information on the expense ratios of other peer funds that provide direct or indirect investment exposure to Bitcoin. With respect to fees charged to other ETF clients, the Board considered the Advisor's statement that the Funds will be unique to the market and the First Trust Fund Complex, but will be most similar to a quarterly defined outcome ETF and the ETFs in the FT Vest U.S. Equity Buffer ETF, FT Vest Nasdaq-100 Buffer ETF and FT Vest International Equity Moderate Buffer ETF product lines in the First Trust Fund Complex, which are managed by the Advisor and sub-advised by the Sub-Advisor and have unitary fee rate schedules starting at annual rates of 0.85% or 0.90% of their respective average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to each Fund under the Agreements, the Board determined that, for each Fund, the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.

The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Funds and whether the Funds may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the proposed unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from each Fund's unitary fee, that the sub-advisory fee for each Fund would be reduced consistent with the breakpoints in the Fund's unitary fee rate schedule and its understanding that the sub-advisory fee for each Fund was the product of an arm's length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for each Fund under the Advisory Agreement. The Board considered the Advisor's estimate of the asset level for each Fund at which the Advisor expects the Advisory Agreement for the Fund to be profitable to the Advisor and the Advisor's estimate of the profitability of the Advisory Agreement for each Fund if its assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's estimated profitability level for each Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement for each Fund to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board noted the Sub-Advisor's statements that it does not foresee any indirect benefits from its relationship with the Funds and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund**

**December 31, 2025 (Unaudited)**

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

**Federal Tax Information**

Of the ordinary income (including short-term capital gain) distributions made by each Fund during their applicable taxable period, none qualify either for the corporate dividends received deduction available to corporate shareholders or as qualified dividend income.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
 of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ethics.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_302.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust Exchange-Traded Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> March 11, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> March 11, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u> March 11, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

------

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---