# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001752724-25-155853
**Filing Date:** 2025-6
**Character Count:** 114839
**Document Hash:** 88187bce68a335c07334c62d384501a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-155853.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-155853

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251072774

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

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

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

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

## Series and Classes Contracts Data

### First Trust New York Municipal High Income ETF (Series ID: S000070485)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000223991 | First Trust New York Municipal High Income ETF | FMNY            |

## Nport-Ex

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 95.7%** | **MUNICIPAL BONDS — 95.7%** | **MUNICIPAL BONDS — 95.7%** | **MUNICIPAL BONDS — 95.7%** | **MUNICIPAL BONDS — 95.7%** |
|  | **California — 91.9%** | **California — 91.9%** | **California — 91.9%** |  |
| $3000000 | &nbsp;&nbsp;&nbsp; Anaheim CA Hsg & Pub Impt Auth Rev Var Wtr Sys Proj Second <br> Lien, Ser A (a) | 2.50% | 10/01/54 | $3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Azusa CA Spl Tax Cmnty Facs Dist No 2005-1-Impt, AGM | 5.00% | 09/01/44 | 1218126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Bay Area CA Toll Auth Toll Bridge Rev Sustainable Bond, <br>Ser F-2 | 5.00% | 04/01/42 | 1060867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Bay Area CA Toll Auth Toll Bridge Rev Sustainable Bond, Ser F-2 | 5.00% | 04/01/44 | 1051893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | Bay Area CA Toll Auth Toll Bridge Rev Var, Ser H (a) | 1.78% | 04/01/59 | 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Beaumont CA Spl Tax Cmnty Facs Dist No 93-1 Impt Area No 8F | 4.00% | 09/01/33 | 99164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | Beaumont CA Spl Tax Cmnty Facs Dist No 93-1 Impt Area No 8F | 4.00% | 09/01/40 | 575466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | Beverly Hills CA Pub Fing Auth Wtr Rev, Ser A | 4.00% | 06/01/40 | 1083518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1311223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.00% | 07/01/38 | 1042045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/40 | 1056508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/44 | 774221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B, <br> AMT | 5.25% | 07/01/49 | 642956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond Clean Energy Proj, Ser A (Mandatory put 12/01/27) | 4.00% | 10/01/52 | 20006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2220000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2196007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser E (Mandatory put 09/01/32) | 5.00% | 02/01/55 | 342564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bonds Clean Energy Proj, Ser G-1 (Mandatory put 04/01/30) | 5.25% | 11/01/54 | 1051312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bonds, Ser D (Mandatory put 11/01/28) | 5.50% | 05/01/54 | 2102340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bond Clean Energy Proj, Ser A-1 (Mandatory put <br> 08/01/29) | 5.00% | 12/01/53 | 961492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bonds Clean Energy Proj, Ser C (Mandatory put <br> 10/01/31) | 5.25% | 01/01/54 | 1039421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var <br> Sustainable Bonds Clean Energy Proj, Ser D (Mandatory put <br> 09/01/32) | 5.00% | 02/01/55 | 2209417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref <br> Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/35 | 198715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr <br> Ref, Ser A | 4.00% | 06/01/35 | 538802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr <br> Ref, Ser A | 4.00% | 06/01/39 | 190047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409603 | CA Hsg Fin Agy Muni Ctfs, Ser A | 4.25% | 01/15/35 | 409215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA Pub Fin Auth Rev Var Hoag Memorial Hosp Presbyterian, <br>Ser B1 (a) | 1.80% | 07/15/62 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; CA Pub Fin Auth Sr Living Rev ENSO Vlg Proj Sustainable <br> Bond, Ser A (b) | 5.00% | 11/15/36 | 290463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Pub Fin Auth Sr Living Rev ENSO Vlg Proj Sustainable <br> Bond, Ser A (b) | 5.00% | 11/15/56 | 219330 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $605000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs <br> Proj, Ser C (b) | 4.50% | 07/01/26 | $606413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Obligated <br> Grp, Ser A (b) | 5.00% | 07/01/40 | 466112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Obligated <br> Grp, Ser A (b) | 5.00% | 07/01/42 | 252839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Obligated <br> Grp, Ser A (b) | 5.00% | 07/01/43 | 176355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Obligated <br> Grp, Ser A (b) | 5.00% | 07/01/44 | 185872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (b) | 5.00% | 07/01/27 | 107542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; CA Sch Fin Auth Sch Fac Rev Ref Granada Hills Chrt Oblig <br> Grp, Ser A (b) | 4.00% | 07/01/48 | 570265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (b) | 4.00% | 07/01/25 | 199743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (b) | 5.00% | 07/01/32 | 201523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.00% | 07/01/40 | 547249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b) | 5.25% | 07/01/48 | 451501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | CA Sch Fin Auth Sch Fac Rev, Ser A (b) | 5.00% | 07/01/40 | 650673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | CA St | 5.25% | 08/01/44 | 925984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St | 5.25% | 10/01/45 | 1075239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | CA St Eductnl Facs Auth Rev Art Ctr Clg of Design, Ser A | 5.00% | 12/01/31 | 479151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Eductnl Facs Auth Rev Var Stanford Univ, Ser V-5 <br> (Mandatory put 03/01/35) | 5.00% | 03/01/55 | 1136638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev Ref The Rocklin Acdmy <br> Proj, Ser A (b) | 4.00% | 06/01/36 | 345643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev the Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/34 | 510331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Chrt Sch Rev the Rocklin Acdmy <br> Proj (b) | 5.00% | 06/01/44 | 731662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.00% | 11/01/43 | 537479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.25% | 11/01/49 | 2686260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Enterprise Dev Auth Rev Ref Sage Hill Sch Proj | 5.00% | 12/01/41 | 632430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Stdt Hsg Rev Ref Pomona <br> Properties LLC Proj, Ser A | 5.00% | 01/15/39 | 675768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; CA St Enterprise Dev Auth Stdt Hsg Rev Ref Pomona <br> Properties LLC Proj, Ser A | 5.00% | 01/15/45 | 792350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/40 | 522742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/41 | 518607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 5.25% | 12/01/42 | 514016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Hlth Facs Fing Auth Rev Children's Hosp of Orange <br> Cnty, Ser A | 5.00% | 11/01/49 | 1024247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A | 5.00% | 12/01/44 | 2063176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A | 5.25% | 12/01/49 | 1042462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CA St Hlth Facs Fing Auth Rev El Camino Hosp | 5.00% | 02/01/42 | 1517275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B | 5.00% | 11/15/33 | 560265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B | 5.25% | 11/15/48 | 1014773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Hlth Facs Fing Auth Rev Initial Entrance Fees, Ser A | 3.85% | 11/15/27 | 1251668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Kaiser Permanente, Subser A-2 | 4.00% | 11/01/44 | 920564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Ref Commonspirit Hlth, Ser A | 4.00% | 04/01/37 | 986273 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1000000 | CA St Hlth Facs Fing Auth Rev Ref Scripps Hlth, Ser A | 5.00% | 11/15/42 | $1066022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Hlth Facs Fing Auth Rev Ref Scripps Hlth, Ser A | 5.00% | 11/15/43 | 1059537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Hlth Facs Fing Auth Rev Var Ref Adventist Hlth Sys W, <br>Ser B (a) | 1.90% | 03/01/41 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Natl Chrt Equitable Sch Revolving <br> Fund Sustainable Bonds, Ser B | 5.00% | 11/01/38 | 1045124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Natl Chrt Equitable Sch Revolving <br> Fund Sustainable Bonds, Ser B | 5.00% | 11/01/42 | 257356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Natl Chrt Equitable Sch Revolving <br> Fund Sustainable Bonds, Ser B | 5.00% | 11/01/44 | 686788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Rev Adventist Hlth Energy Proj, <br>Ser A | 5.00% | 07/01/41 | 1602226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Infra & Econ Dev Bank Rev Ref Sustainable Bond Sub <br> Brightline W Passenger Proj, Ser A, AMT (Mandatory put <br> 01/01/35) (b) | 9.50% | 01/01/65 | 965796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Sycamore Acdmy <br> Proj (c) | 5.38% | 07/01/34 | 250054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch <br> Proj (d) | 5.38% | 07/01/34 | 250167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj (b) | 4.00% | 07/01/26 | 99479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (b) | 5.00% | 07/01/38 | 450130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mf Hsg Rev Gibson Drive Apartments <br> Proj, Ser A | 4.45% | 12/01/42 | 1994177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 5.00% | 08/15/27 | 815991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas <br> Projs, Ser A | 3.00% | 08/15/32 | 79202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 3.00% | 08/15/31 | 183951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 4.00% | 08/15/41 | 266028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas <br> Proj, Ser B | 4.00% | 08/15/51 | 358123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Mobile Home Park Rev Sustainable Bond <br> Ref Caritas Projs, Ser A | 5.00% | 08/15/49 | 1012757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS | 5.25% | 11/01/34 | 526623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS | 5.25% | 11/01/36 | 523275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev Aldersly Proj, Ser A | 5.00% | 05/15/43 | 1034626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CA St Muni Fin Auth Rev Bethany Home Proj | 5.00% | 11/15/42 | 1578628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Muni Fin Auth Rev CA Baptist Univ, Ser A (b) | 5.00% | 11/01/36 | 1002911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A | 5.00% | 07/01/32 | 204218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CA St Muni Fin Auth Rev Ref Emerson Clg, Ser B | 5.00% | 01/01/33 | 255617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Rev Ref Eskaton Properties Incorporated <br> Obligated Grp | 5.00% | 11/15/44 | 1258028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | 380034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 492151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A | 5.00% | 11/15/26 | 113378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A | 5.00% | 11/15/27 | 456542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Rev Ref S Central Los Angeles Regl Ctr Proj | 5.00% | 12/01/40 | 638551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715000 | CA St Muni Fin Auth Rev St Ignatius Clg Prep, Ser A | 5.00% | 09/01/41 | 764997 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $675000 | CA St Muni Fin Auth Rev St Ignatius Clg Prep, Ser A | 5.00% | 09/01/44 | $709421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sch Fac Rev St Mary's Sch Aliso Viejo, <br>Ser A (b) | 5.75% | 05/01/54 | 437694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sch Fac Rev Temps St Mary's Sch Aliso <br> Viejo, Ser B | 4.65% | 05/01/30 | 1042937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs Inc Proj <br> Remk, Ser A, AMT (Mandatory put 10/01/25) | 3.75% | 07/01/41 | 1497368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc <br> Remk, Ser A, AMT (Mandatory put 12/01/25) | 4.10% | 12/01/44 | 1502476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Sol Wst Disp Rev Wste Mgmt Inc Proj <br> Remk, Ser A (Mandatory put 02/01/28) (b) | 3.30% | 02/01/39 | 982780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 1500900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.50% | 09/01/43 | 625514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B | 5.75% | 09/01/53 | 576358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/39 | 411772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/44 | 763432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | CA St Muni Fin Auth Spl Tax Rev Wildhawk N | 5.00% | 09/01/49 | 1260404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/27 | 565550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/39 | 509068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt <br> Hsg Proj | 5.00% | 05/15/40 | 355313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt <br> Inc, Ser A3, AMT | 4.30% | 07/01/40 | 1000552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt <br> Inc, Ser B-1, AMT | 3.00% | 11/01/25 | 994582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 08/15/25) (b) | 3.70% | 07/01/43 | 2989777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fin Auth Sol Wst Disp Rev Var Wst Mgmt Proj <br> Remk, Ser A, AMT (Mandatory put 07/02/29) | 4.25% | 07/01/31 | 3024376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (b) | 5.00% | 07/01/37 | 1500059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP <br> Desalination Proj, AMT (b) | 5.00% | 07/01/36 | 1564969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | CA St Prerefunded Various Purp (Pre-refunded maturity 04/01/26) | 5.00% | 10/01/35 | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | CA St Pub Wks Brd Lease Rev Judicial Council CA, Ser B | 5.00% | 06/01/34 | 15008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | CA St Pub Wks Brd Lease Rev Various Capital Projs, Ser A | 5.00% | 04/01/43 | 2136654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | CA St Pub Wks Brd Lease Rev Various Corrnl Facs, Ser C | 5.00% | 11/01/26 | 318919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | CA St Ref | 4.00% | 08/01/34 | 74838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Ref, Ser CX | 4.20% | 12/01/42 | 989186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub <br> Schs Proj (b) | 5.00% | 07/01/39 | 258494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub <br> Schs Proj (b) | 5.00% | 07/01/49 | 1003071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies <br> Oceanside Proj, Ser A (b) | 5.00% | 10/01/32 | 723795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Chrt Sch Rev Sustainable Bonds Ref Camino <br> Nuevo Chrt Acdmy, Ser A (b) | 5.00% | 06/01/43 | 587947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; CA St Sch Fin Auth Eductnl Facs Rev Ref New Designs Chrt <br> Sch, Ser A (b) | 5.00% | 06/01/54 | 606837 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $375000 | &nbsp;&nbsp;&nbsp; CA St Stwd Cmntys Dev Auth Rev Var Rady Childrens Hosp <br> Remk, Ser B (a) | 2.00% | 08/15/47 | $375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 2 | 5.00% | 09/01/44 | 1020176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | CA St Stwd Cmntys Dev Auth Stdt Hsg Rev Ref CHF Irvine LLC | 5.00% | 05/15/30 | 202079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | CA St Stwd Cmntys Dev Auth Stdt Hsg Rev Ref CHF Irvine LLC | 5.00% | 05/15/35 | 281868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CA St Stwd Cmntys Dev Auth Stdt Hsg Rev Ref CHF Irvine LLC <br> Phase I Refunding & Phase IV, Ser B, BAM | 4.00% | 05/15/38 | 1947019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA St Univ Rev, Ser A | 5.25% | 11/01/48 | 534819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | CA St Unrefunded Various Purp | 5.00% | 10/01/35 | 96078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Kaiser Permanente Remk, Ser <br> 2004-J (Mandatory put 11/01/29) | 5.00% | 04/01/36 | 755484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/30 | 253091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (b) | 5.00% | 12/01/33 | 302828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/32 | 252618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b) | 5.00% | 11/01/41 | 484039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/27 | 250981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/30 | 102264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/31 | 178876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 4.00% | 04/01/32 | 50141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Ref Insd Enloe Med Ctr (Pre-<br> refunded maturity 02/15/26) | 5.00% | 08/15/33 | 50766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | CA Stwd Cmntys Dev Auth Rev Ref John Muir Hlth, Ser A | 5.25% | 12/01/44 | 1060172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | CA Stwd Cmntys Dev Auth Rev Ref John Muir Hlth, Ser A | 5.00% | 12/01/49 | 1250728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; CA Stwd Cmntys Dev Auth Rev Var Adventist Hlth Sys W <br> Remk, Ser 2007-A (Mandatory put 03/01/27) | 5.00% | 03/01/37 | 392582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put <br> 08/01/35) | 5.00% | 12/01/55 | 2113717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/31 | 464730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/41 | 874257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/42 | 531248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Clovis CA Unif Sch Dist, COPS | 5.00% | 06/01/43 | 528495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Corona CA Cmnty Facs Dist Spl Tax Bedford Impt Area No 2 | 5.00% | 09/01/39 | 520879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | Corona CA Cmnty Facs Dist Spl Tax Bedford Impt Area No 2 | 5.00% | 09/01/44 | 739628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | Cotati-Rohnert Park CA Unif Sch Dist 2016 Election, Ser C, AGM | 5.00% | 08/01/32 | 214577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (b) | 4.00% | 07/01/56 | 1536136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | E Bay CA Muni Util Dist Wtr Sys Rev Sustainable Bond, Ser A | 5.00% | 06/01/38 | 975985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | El Dorado CA Irr Dist Rev Ref, Ser C | 4.00% | 03/01/34 | 795129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 5.00% | 09/01/39 | 1037115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 4.00% | 09/01/50 | 1219047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Elk Grove CA Unif Sch Dist Election of 2016 | 4.00% | 08/01/40 | 990895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/34 | 182214 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $175000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/35 | $181026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist <br> #2018-80 Willow Springs | 5.00% | 09/01/40 | 408947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No <br> 19 Mangini | 5.00% | 09/01/32 | 359240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada | 5.00% | 09/01/29 | 159952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada | 5.00% | 09/01/46 | 503377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/39 | 1251042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Fontana CA Spl Tax Cmnty Facs Dt #111 | 5.00% | 09/01/39 | 627856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Fontana CA Spl Tax Cmnty Facs Dt #111 | 5.00% | 09/01/48 | 305024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Fontana CA Spl Tax The Gardens Phase One | 5.00% | 09/01/39 | 1034033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | Fontana CA Unif Sch Dist Unrefunded, AGM | (e) | 02/01/33 | 124665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; Fresno CA Jt Pwrs Fing Auth Lease Rev Ref Master Lease Proj, <br>Ser A, AGM | 5.00% | 04/01/32 | 143895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Garden Grove CA Pub Fing Auth Lease Rev, Ser A, BAM | 5.00% | 04/01/43 | 1077305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Garden Grove CA Pub Fing Auth Lease Rev, Ser A, BAM | 5.00% | 04/01/49 | 1059185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Golden St Tobacco Securitization Corp CA Tobacco Stlmt Ref <br> Tobacco Stlmt Asset Backed Bonds, Ser A-1 | 5.00% | 06/01/51 | 1001669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Golden St Tobacco Securitization Corp CA Tobacco Stlmt Ref, <br>Ser A-1 (Pre-refunded maturity 06/01/28) | 5.00% | 06/01/34 | 793277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Imperial CA Cmnty Clg Dist Election of 2022, Ser A, AGM | 5.25% | 08/01/53 | 1066938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Indio CA Elec Fing Auth Elec Rev | 5.25% | 01/01/41 | 622917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; Irvine CA Facs Fing Auth Lease Rev Gateway Preserve Land Acq <br> Proj, Ser A | 5.25% | 05/01/48 | 3018007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Irvine CA Spl Tax Great Park Impt Area No 10, BAM | 5.00% | 09/01/43 | 528502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; Irvine CA Spl Tax Ref Cmnty Facs Dist #2013-3 Great Park Impt <br> Area#1, BAM | 5.00% | 09/01/44 | 821239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; Irvine CA Spl Tax Ref Cmnty Facs Dist #2013-3 Great Park Impt <br> Area#1, BAM | 5.00% | 09/01/48 | 1420385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist #09-1, Ser A | 5.00% | 09/01/42 | 696546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist #09-1, Ser C | 5.00% | 09/01/31 | 154650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Irvine Ranch CA Wtr Dist Var Ref Remk, Ser A-1 (a) | 2.15% | 10/01/37 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/39 | 1101074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; King City CA Union Sch Dist Cap Apprec Election 1998-C, Ser C, <br> AMBAC | (e) | 08/01/29 | 416655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; Lake Elsinore CA Unif Sch Dist Cmnty Facs Dist Cmnty Facs Dt <br> No 2017-2 | 5.00% | 09/01/39 | 252601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Lake Elsinore CA Unif Sch Dist Cmnty Facs Dist Cmnty Facs Dt <br> No 2017-2 | 5.00% | 09/01/44 | 909766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/33 | 24843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/34 | 24702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/40 | 186467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Long Beach CA Arpt Rev Ref, Ser A, AGM | 5.00% | 06/01/30 | 245752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | Long Beach CA Arpt Rev, Ser C, AGM, AMT | 5.25% | 06/01/47 | 1959601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A | 5.00% | 11/15/35 | 1055995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Long Beach CA Marina Rev | 5.00% | 05/15/45 | 1179737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Long Beach CA Unif Sch Dist Ref | 4.00% | 08/01/31 | 1005826 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $50000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord <br> Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | $54105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser <br> A, AMT | 5.00% | 05/15/35 | 629445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Ref Subord Bonds <br> Sustainable Bonds, Ser D | 5.00% | 05/15/42 | 1208202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl <br> Arpt, Ser F, AMT | 5.00% | 05/15/37 | 893543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref <br> Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 523886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/31 | 1171602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/36 | 716077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Los Angeles CA Dept of Arpts, Ser E | 5.00% | 05/15/28 | 10006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Los Angeles CA Unif Sch Dist Election 2008, Ser B-1, AGM | 5.25% | 07/01/42 | 1028103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Los Angeles CA Unif Sch Dist Ref, Ser A | 5.00% | 07/01/25 | 501361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Los Angeles Cnty CA Dev Auth Mf Hsg Rev Var W LA VA Bldg <br> 156 & 157 Apts, Ser C (Mandatory put 12/01/26) | 3.75% | 12/01/46 | 650746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Los Angeles Cnty CA Facs 2 Inc Vermont Corridor Site 2, Ser A | 5.25% | 06/01/54 | 2112753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | Los Osos CA Cmnty Svcs Wstwtr Assmnt Dist #1 Ref Reassmnt | 3.13% | 09/02/32 | 390120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Madera CA Unif Sch Dist Ref 2018 Sch Fac Proj, AGM, COPS | 5.00% | 09/01/43 | 1071105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/41 | 481836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/43 | 994670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Mammoth Lakes CA, BAM, COPS | 5.00% | 06/01/44 | 527640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/27 | 103506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 257804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-<br> 1, Ser A | 5.00% | 09/01/43 | 610931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-<br> 1, Ser A | 5.00% | 09/01/48 | 705426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/34 | 253713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Menifee CA Union Sch Dist, Ser C, AGM | 3.00% | 08/01/40 | 1247402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Met Wtr Dist of Sthrn CA Wtrwks Rev Var Subord, Ser B-2 <br> (Mandatory put 07/01/29) | 5.00% | 07/01/37 | 1047154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Met Wtr Dist of Sthrn CA Wtrwks Rev, Ser A | 5.00% | 04/01/48 | 1059268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; Modesto CA Elem Sch Dist Stanislaus Cnty Election of 2018 <br> Measure D, Ser C | 5.00% | 08/01/41 | 561996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B (f) | 5.00% | 08/01/40 | 549478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B (f) | 5.00% | 08/01/41 | 763075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of <br> 2022, Ser B (f) | 5.00% | 08/01/42 | 810785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Morongo Band of Mission Indians CA Rev Ref, Ser B (b) | 5.00% | 10/01/42 | 200510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt <br> #2024-1 Impt Area #1 | 5.00% | 09/01/40 | 508159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt <br> #2024-1 Impt Area #1 | 5.00% | 09/01/45 | 803160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Norco CA Spl Tax Ref Norco Ridge Ranch, BAM | 5.00% | 09/01/32 | 259490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/34 | 96852 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $65000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/35 | $62270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac | 4.00% | 09/01/39 | 248456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Ontario CA Cmnty Facs Dist #64 Spl Tax Sunset Ranch | 5.00% | 09/01/39 | 1293503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Spl TX Countryside Phase 2 S Facs | 5.00% | 09/01/39 | 519330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ontario CA Spl TX Countryside Phase 2 S Facs | 5.00% | 09/01/44 | 508200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | Ontario Pub Fing Auth Lease Rev Civic Ctr Impts, Ser A, AGM | 5.00% | 11/01/52 | 1176889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Orange Ctr CA Sch Dist Election of 2022, Ser A, AGM | 5.25% | 08/01/48 | 627599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Oxnard CA Sch Dist Election of 2022, Ser A, BAM | 5.00% | 08/01/42 | 1064294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Palm Desert CA Spl Tax Ref Univ Park | 4.00% | 09/01/51 | 546471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | Pittsburg CA Unif Sch Dist Ref | 3.00% | 08/01/40 | 740136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/33 | 217432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/34 | 227207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Rialto CA Pub Fing Auth Lease Rev Police Station Proj, Ser A | 5.25% | 06/01/53 | 1568364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Ripon CA Redev Agy Successor Agy Tax Allocation Ref, BAM | 4.00% | 11/01/31 | 536830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Auth Cmnty Facs Dist <br> #2016-1 2023 Spl TX Bonds, AGM | 4.50% | 09/01/53 | 1387158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 <br> Phase 2 Pub Impts | 5.00% | 09/01/40 | 500924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; River Islands CA Pub Fing Auth Spl Tax Ref Cmnty Facs Dist <br> #2003-1, Ser A-1, AGM | 5.00% | 09/01/42 | 498359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Riverside CA Unif Sch Dist Election of 2016, Ser B | 3.00% | 08/01/38 | 494851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Riverside CA Unif Sch Dist Impt Area No 1 | 5.00% | 09/01/39 | 388477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | Riverside CA Unif Sch Dist Impt Area No 1 | 5.00% | 09/01/44 | 702700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | Riverside CA Unif Sch Dist Impt Area No 1 | 5.00% | 09/01/49 | 1230096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Riverside CA Wtr Rev, Ser A | 5.00% | 10/01/47 | 784841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Riverside Cnty CA Pub Fing Auth Ref Redev Proj Area #1 Desert <br> Cmntys Redev Proj Area, Ser A, AGM | 5.00% | 10/01/37 | 714855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | Riverside Cnty CA Transprtn Commn Ref, Ser A | 3.00% | 06/01/25 | 2038448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Riverside Cnty CA Transprtn Commn Toll Rev Ref Sr Lien Rctc <br> 91 Express Lanes, Ser B-1 | 4.00% | 06/01/38 | 970195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Riverside Cnty CA Transprtn Commn Toll Rev Ref Sr Lien Rctc <br> 91 Express Lanes, Ser B-1 | 4.00% | 06/01/41 | 936584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Romoland CA Sch Dist Spl Tax Underwood Impt Area No 2 <br> Special Tax Bonds | 5.00% | 09/01/43 | 408669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Amoruso Ranch Cmnty Facs Dist #1 Impt <br> Area #1 | 5.00% | 09/01/39 | 952405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp; Roseville CA Spl Tax Amoruso Ranch Cmnty Facs Dist #1 Impt <br> Area #1 | 5.00% | 09/01/44 | 1489981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/32 | 192400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/33 | 165662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 4.00% | 09/01/34 | 166687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 4.00% | 09/01/35 | 145631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | Rowland CA Unif Sch Dist Ref, Ser B | 4.00% | 08/01/41 | 729405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Rowland CA Unif Sch Dist Ref, Ser B | 4.00% | 08/01/42 | 748671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Sacramento CA Muni Util Dist Elec Rev Sustainable Bond, Ser M | 5.00% | 11/15/49 | 793168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Sacramento CA Spl Tax Natomas Meadows Cmnty Facs Dist <br> #2007-01 (b) | 5.00% | 09/01/32 | 205145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr <br> Complex, Ser C | 5.00% | 06/01/32 | 521631 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1000000 | Sacramento Cnty CA Arpt Sys Rev Ref, Ser C, AMT | 5.00% | 07/01/37 | $1013275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; San Diego CA Pub Facs Fing Auth Lease Rev Capital Impt <br> Projs, Ser A | 5.00% | 10/15/40 | 655900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; San Diego CA Pub Facs Fing Auth Lease Rev Ref Capital Impt <br> Projs, Ser A | 5.00% | 10/15/49 | 1623838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | San Diego CA Pub Facs Fing Auth Swr Rev Subord, Ser A | 5.00% | 05/15/47 | 1042586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | San Diego CA Pub Facs Fing Auth Wtr Rev, Ser A | 5.00% | 08/01/41 | 1088291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | San Diego CA Unif Sch Dist Ref, Ser R-2, CONV CABS |  | 07/01/41 | 1288364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | San Diego CA Unif Sch Dist Sustainable Bond, Ser F2 | 5.00% | 07/01/42 | 1603775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Ltd Rev Obligs Ref Sanford Burnham Prebys <br> Med Discovery Institute, Ser A | 5.00% | 11/01/28 | 514280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/35 | 1093117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord Ref, Ser A | 5.00% | 07/01/39 | 135587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord Rev, Ser B, <br> AMT | 5.00% | 07/01/42 | 1555132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/34 | 1047406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; San Diego Cnty CA Spl Tax Harmony Grove Vlg Impt Area <br> No 2, Ser A | 4.00% | 09/01/33 | 83994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref <br> Second Ser, Ser 2020A, AMT | 5.00% | 05/01/37 | 143880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev <br> Ref, Ser A, AMT | 5.00% | 05/01/34 | 2691013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/49 | 3040330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Dev Spl Tax Dist No 2020-1 <br> Mission Rock Facs and Svcs, Ser A (b) | 4.00% | 09/01/46 | 421008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Francisco CA City & Cnty Pub Utils Commn Wtr Rev Reg and <br> Loc Wtr Subord, Ser A | 5.25% | 11/01/48 | 1064503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Cmnty <br> Ref Cmnty Facs Dist #6 Mission Bay S Pub Impts, AGM | 5.25% | 08/01/40 | 1355540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref <br> Mission Bay N Redev Proj, Ser A | 5.00% | 08/01/35 | 101303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; San Francisco City & Cnty CA Redev Agy Successor Agy Tax <br> Transbay Infra Projs Third Lien, Ser B, AGM | 5.00% | 08/01/48 | 1389403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935000 | San Francisco City & Cnty CA, Ser B | 2.00% | 06/15/29 | 860771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; San Joaquin Hills CA Transprtn Corridor Agy Toll Road Rev Cap <br> Apprec Ref, Ser A, NATL-RE | (e) | 01/15/29 | 153185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; San Joaquin Hills CA Transprtn Corridor Agy Toll Road Rev <br> Ref Sr Lien Toll Road, Ser A | 4.00% | 01/15/37 | 119991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | San Jose CA Arpt Rev Ref, Ser A, AMT, BAM | 4.00% | 03/01/34 | 1136985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | San Luis Coastal CA Unif Sch Dist Election of 2022, Ser A | 5.00% | 08/01/41 | 1087889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/40 | 1097673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; San Luis Obispo Pub Fing Auth Lease Rev Ref Cultural Arts Dist <br> Parking Proj | 5.00% | 12/01/48 | 1063443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; San Mateo Cnty CA Transprtn Auth Sales Tax Rev Var Subord, <br>Ser B (a) | 1.55% | 06/01/49 | 1790000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Santa Ana CA Pub Fing Auth Wtr Rev Ref | 5.00% | 09/01/41 | 552943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Santa Ana CA Pub Fing Auth Wtr Rev Ref | 5.00% | 09/01/42 | 1095648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Santa Barbara CA Fin Auth Lease Rev Pub Safety and Park Projs | 4.00% | 05/15/42 | 1962641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | Santa Clara CA Wstwtr Rev Sustainable Bonds, COPS | 4.25% | 02/01/41 | 1631313 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A | 5.00% | 08/01/40 | $548292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A | 5.00% | 08/01/41 | 544944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; Santa Fe Springs CA Public Fin Auth Spl Parcel Tax Rev Santa Fe <br> Springs Road Impts, AGC | 5.00% | 06/01/40 | 1152867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM | 5.00% | 09/01/43 | 1150411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Temecula Vly CA Unif Sch Dist Cmnty Facs Dist #2014-1 | 5.00% | 09/01/32 | 154278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 <br> Impt Area #1 | 5.00% | 09/01/31 | 516768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/48 | 1702050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Tracy CA Cmnty Facs Dist | 5.00% | 09/01/33 | 257253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Turlock CA Pub Fing Auth Lease Rev Street Impt | 5.00% | 04/01/45 | 2593684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Univ of CA CA Revs Ref, Ser BS | 5.00% | 05/15/43 | 532064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Univ of CA CA Rgts Med Ctr Pooled Rev Ref, Ser 0-1 (a) | 1.75% | 05/15/45 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770000 | Univ of CA Rev Ltd Proj, Ser M | 5.00% | 05/15/47 | 778268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Univ of CA Rev Var Ref Gen Remk, Ser AL-3 (a) | 1.70% | 05/15/48 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2 <br> (Stratford Ranch) | 5.00% | 09/01/38 | 340439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2 <br> (Stratford Ranch) | 5.00% | 09/01/43 | 509121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp; Western Placer Wst Mgmt Auth CA Solid Wst Rev Landfill Impt <br> Proj, Ser B | 5.00% | 06/01/42 | 1322574 |
|  |  |  |  | 258878049 |
|  | **Connecticut — 0.2%** | **Connecticut — 0.2%** | **Connecticut — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.38% | 10/01/45 | 495747 |
|  | **Florida — 0.1%** | **Florida — 0.1%** | **Florida — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.00% | 05/01/30 | 244822 |
|  | **Guam — 0.3%** | **Guam — 0.3%** | **Guam — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Guam Govt Busn Privilege Tax Rev Ref, Ser D | 5.00% | 11/15/32 | 100449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 297360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/41 | 217265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Guam Pwr Auth Rev Ref, Ser A | 5.00% | 10/01/42 | 332420 |
|  |  |  |  | 947494 |
|  | **Louisiana — 0.3%** | **Louisiana — 0.3%** | **Louisiana — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk, Ser <br> 2008 (Mandatory put 06/01/30) (b) | 6.10% | 06/01/38 | 793108 |
|  | **Puerto Rico — 2.2%** | **Puerto Rico — 2.2%** | **Puerto Rico — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 1051194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/41 | 1670631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.75% | 01/01/45 | 1118725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1541000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured <br> Converted, Ser A-2 | 4.33% | 07/01/40 | 1448978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 811465 |
|  |  |  |  | 6100993 |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |  |
| $370000 | &nbsp;&nbsp;&nbsp; Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | $371736 |
|  | **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Black Desert Pub Infra Dist UT Spl Assmnt Black Desert Assmnt <br> Area #1 (b) | 5.63% | 12/01/53 | 973888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 379558 |
|  |  |  |  | 1353446 |
|  | **Wisconsin — 0.1%** | **Wisconsin — 0.1%** | **Wisconsin — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Pub Fin Auth WI Student Hsg Rev Sr KSU Bixby Real Estate <br> Fdtn LLC Proj, Ser A | 5.25% | 06/15/45 | 255986 |
|  | **Total Investments — 95.7%** | **Total Investments — 95.7%** | **Total Investments — 95.7%** | 269441381 |
|  | (Cost $274,527,543) | (Cost $274,527,543) | (Cost $274,527,543) |  |
|  | **Net Other Assets and Liabilities — 4.3%** | **Net Other Assets and Liabilities — 4.3%** | **Net Other Assets and Liabilities — 4.3%** | 12163825 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $281605206 |

---

**Futures Contracts at April 30, 2025:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Ultra 10-Year U.S. Treasury Notes | 34 | Jun-2025 | &nbsp;&nbsp; $(3900969)<br>| &nbsp;&nbsp; $(97828)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate demand bond. Interest rate is reset periodically by the agent based
 on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security, sold within the terms of a private placement memorandum, 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. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At April 30, 2025, securities noted
 as such amounted to $25,109,626 or 8.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers (see Restricted Securities table).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) When-issued security. The interest rate shown reflects the rate in effect at April
 30, 2025. Interest will begin accruing on the security's first settlement date.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| CONV CABS | – Convertible Capital Appreciation Bonds |
| COPS | – Certificates of Participation |
| NATL-RE | – National Public Finance Guarantee Corp. |

---

------

**First Trust California Municipal High Income ETF (FCAL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | $269441381 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $269441381 | &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>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Futures Contracts | $(97828)<br>| &nbsp;&nbsp; $(97828)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for state and territory breakout.

------

**Restricted Securities**

As of April 30, 2025, the Fund held a restricted security as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Principal <br>Value<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| &nbsp;&nbsp;&nbsp; CA St Muni Fin Auth Chrt Sch <br> Lease Rev Sycamore Acdmy Proj, <br> 5.38%, 07/01/34<br>| 06/14/18 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $100.02 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $250054 | 0.09<br> %<br>|

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** | **MUNICIPAL BONDS — 98.3%** |
|  | **Florida — 1.3%** | **Florida — 1.3%** | **Florida — 1.3%** |  |
| $250000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | $254091 |
|  | **Guam — 1.7%** | **Guam — 1.7%** | **Guam — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 327096 |
|  | **Minnesota — 1.2%** | **Minnesota — 1.2%** | **Minnesota — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Rochester MN Hlthcare Facs Rev Mayo Clinic, Ser A | 4.25% | 11/15/50 | 239675 |
|  | **New York — 88.8%** | **New York — 88.8%** | **New York — 88.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Build NYC Res Corp NY Rev Success Acdmy Chrt Schs Proj | 4.00% | 09/01/43 | 272923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/42 | 302968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Carmel NY | 4.00% | 09/15/45 | 267584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 298279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Dutchess Cnty NY Loc Dev Corp Mf Mtebs Sustainable Bonds <br> Tomopkins Terrace Hsg LP Proj | 5.00% | 10/01/40 | 258842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Dutchess Cnty NY Loc Dev Corp Rev Marist Clg Proj | 5.00% | 07/01/52 | 249708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ <br> Proj, Ser A | 4.00% | 07/01/36 | 336721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 253663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 270790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | Livingston Cnty NY Ref | 4.00% | 05/01/33 | 307278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Long Beach NY, Ser B, BAM | 5.25% | 07/15/32 | 324995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/35 | 373759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Met Transprtn Auth NY Rev Ref Sustainable Bonds, Ser B | 5.00% | 11/15/43 | 257413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Met Transprtn Auth NY Rev Sustainable Bond Ref, Ser A | 5.50% | 11/15/47 | 318586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Monroe Cnty NY Indl Dev Agy Mf Hsg Rev Var Andrews Terrace <br> Cmnty Partners LP Proj B-1 (Mandatory put 07/01/27) | 5.00% | 07/01/28 | 310106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.00% | 06/01/44 | 255996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Monroe Cnty NY Indl Dev Corp Rev Univ of Rochester Proj, Ser A | 5.00% | 07/01/53 | 260926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | N Babylon NY Union Free Sch Dist | 3.00% | 07/01/35 | 273309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Indl Dev Agy Var Ref & Impt Cold Spring <br> Rmkt (a) | 2.45% | 01/01/34 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Nassau Cnty NY Loc Econ Asst Corp Edl Rev Roosevelt Children <br> Acdmy Chrt Sch Proj, Ser A | 5.00% | 07/01/43 | 249038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable <br> Bond, Ser A-1 | 3.95% | 05/01/35 | 245731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable <br> Bond, Ser B-1 | 4.75% | 11/01/40 | 304174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Indl Dev Agy Rev Ref Queens Baseball <br> Stadium Proj, Ser A, AGM | 3.00% | 01/01/37 | 217023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> 2nd Gen Resolution, Ser AA | 4.00% | 06/15/40 | 252490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | New York City NY Transitional Fin Auth Rev Subord, Ser B-1 | 4.00% | 08/01/39 | 240646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; New York City NY Trust For Cultural Res Ref American Museum <br> of Nat History, Ser A | 5.00% | 07/15/54 | 260336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY NY Fiscal 2021, Ser C | 4.00% | 08/01/41 | 235709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Memorial Sloan <br> Kettering Cancer Ctr, Ser 1 | 5.25% | 07/01/54 | 261677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt New York Institute <br> of Technology | 5.00% | 07/01/44 | 306862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth Revs Non St Supported Debt Pace Univ, Ser A | 5.25% | 05/01/43 | 261454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 251187 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $280000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, <br>Ser A | 5.00% | 07/01/31 | $301634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth <br> Oblig Grp, Ser A | 5.00% | 05/01/38 | 373523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt Sch Dists Rev <br> Bond Financing Prog, Ser A, BAM | 5.00% | 10/01/29 | 270080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AGC | 5.25% | 10/01/43 | 265596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | NY St Dorm Auth Revs Non St Supported Debt, Ser A | 5.00% | 07/01/40 | 293548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A-Grp 3 | 3.00% | 03/15/38 | 234028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Energy Rsrch & Dev Auth Poll Cntrl Rev Ref NY Elec & <br> Gas Remk, Ser C | 4.00% | 04/01/34 | 251379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down <br> Casella Wst Sys Inc Proj, Ser R-2, AMT (Mandatory put <br> 09/03/30) (b) | 5.13% | 09/01/50 | 257919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Ref Wst Mgmt <br> Inc Remk, AMT (Mandatory put 08/01/25) | 4.10% | 05/01/30 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 242584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | NY St Hsg Fin Agy Affordable Hsg, Ser B | 3.20% | 11/01/36 | 222960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; NY St Mtge Agy Homeowner Mtge Rev Sustainable Bonds, Ser <br> 266 | 4.55% | 10/01/45 | 296869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 226781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | NY St Thruway Auth Ref, Ser P | 5.00% | 01/01/49 | 258337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | 353765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc <br> John F Kennedy Intl Arpt Proj, AMT | 5.00% | 08/01/31 | 250027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; NY St Transprtn Dev Corp Spl Fac Rev Terminal 4 JFK Intl Arpt <br> Proj, AMT | 5.00% | 12/01/30 | 455875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | NY St Urban Dev Corp Rev Personal Income Tax, Ser A | 5.00% | 03/15/35 | 336833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Onondaga Cnty NY | 3.00% | 04/15/36 | 67154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Onondaga NY Civic Dev Corp Ref Crouse Hlth Hosp Inc Proj, <br>Ser A | 5.13% | 08/01/44 | 218504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Oyster Bay NY, Ser A, AGM | 2.00% | 03/01/35 | 197880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/44 | 304694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A | 6.25% | 12/15/49 | 283076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | Southampton Vlg NY Ambulance Bldg | 2.13% | 03/01/29 | 265095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Suffolk Regl Off Track Betting Corp NY Rev | 6.00% | 12/01/53 | 510963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 239719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax Ref <br> MTA Bridges & Tunnels, Ser A | 5.00% | 05/15/47 | 293975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Triborough NY Bridge & Tunnel Auth Revs, Ser A | 5.00% | 11/15/42 | 261713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Util Debt Securitization Auth NY Ref TE, Ser 1 | 5.00% | 12/15/41 | 271320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AGM | 5.75% | 11/01/49 | 269911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Westchester NY Tobacco Asset Securitization Ref Sr, Ser B | 5.00% | 06/01/41 | 250356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 264771 |
|  |  |  |  | 17321042 |
|  | **Puerto Rico — 5.3%** | **Puerto Rico — 5.3%** | **Puerto Rico — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 382252 |

---

------

**First Trust New York Municipal High Income ETF (FMNY)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Puerto Rico (Continued)** | **Puerto Rico (Continued)** | **Puerto Rico (Continued)** |  |
| $250000 | &nbsp;&nbsp;&nbsp; Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac <br> San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT | 6.50% | 01/01/42 | $278457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 376114 |
|  |  |  |  | 1036823 |
|  | **Total Investments — 98.3%** | **Total Investments — 98.3%** | **Total Investments — 98.3%** | 19178727 |
|  | (Cost $19,440,324) | (Cost $19,440,324) | (Cost $19,440,324) |  |
|  | **Net Other Assets and Liabilities — 1.7%** | **Net Other Assets and Liabilities — 1.7%** | **Net Other Assets and Liabilities — 1.7%** | 329987 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $19508714 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate demand bond. Interest rate is reset periodically by the agent based
 on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At April 30, 2025, securities noted as such amounted to $257,919
 or 1.3% of net assets.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | $19178727 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19178727 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for state and territory breakout.

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**April 30, 2025 (Unaudited)**

**Valuation Inputs**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust New York Municipal High Income ETF

- **b. EDGAR series identifier (if any):** S000070485

- **c. LEI of Series:** 549300NJG12AJVBCY722

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $19519115.10

**Total Liabilities:** $10401.49

**Net Assets:** $19508713.61

**Cash Not Reported:** $66953.66

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 7.53981000 | **1-Year:** 284.60340000 | **5-Year:** 3459.75547000 | **10-Year:** 10754.46089000 | **30-Year:** 429.23498000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 7.87005000 | **1-Year:** 10.17398000 | **5-Year:** 122.88189000 | **10-Year:** 203.97598000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223991 | 1.01%                | -1.93%               | -0.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7045.12                 | $150683.56                                 |
| Month 2  | $0.00                    | $-449381.07                                |
| Month 3  | $-19563.21               | $-177063.92                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ONONDAGA CNTY NY               | County of Onondaga NY                                                           | CUSIP: 68277DAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $67154.27     | 0.34%             | 2036-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                           | CUSIP: 91802RGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271319.60    | 1.39%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue                    | CUSIP: 64988YF36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296868.69    | 1.52%             | 2045-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                            | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $327095.97    | 1.68%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GUD4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    265000 | PA      | $252489.67    | 1.29%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OYSTER BAY NY                  | Town of Oyster Bay NY                                                           | CUSIP: 692160TG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $197880.30    | 1.01%             | 2035-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO | Hempstead Town Local Development Corp                                           | CUSIP: 424682LS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $336720.90    | 1.73%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV AGY MF | Monroe County Industrial Development Corp                                       | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310105.83    | 1.59%             | 2028-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972KKC8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304173.66    | 1.56%             | 2040-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                     | CUSIP: 542691DF4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373759.12    | 1.92%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR | New York State Environmental Facilities Corp                                    | CUSIP: 649852AN0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.54%             | 2030-05-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                     | City of Yonkers NY                                                              | CUSIP: 986082W68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264771.10    | 1.36%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER NY TOBACCO ASSET S | Westchester Tobacco Asset Securitization Corp                                   | CUSIP: 957480BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250356.40    | 1.28%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                              | CUSIP: 64990FYF5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    275000 | PA      | $234027.56    | 1.20%             | 2038-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $455875.00    | 2.34%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972KCC7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245730.93    | 1.26%             | 2035-05-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP     | Onondaga Civic Development Corp                                                 | CUSIP: 682832KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218503.75    | 1.12%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRUST FOR CUL | Trust for Cultural Resources of The City of New York/The                        | CUSIP: 649717WC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260336.00    | 1.33%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    400000 | PA      | $382252.48    | 1.96%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990C7P0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    285000 | PA      | $293547.83    | 1.50%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TWT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260925.58    | 1.34%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKLAND CNTY NY SOL WST MGMT  | Rockland County Solid Waste Management Authority                                | CUSIP: 77356FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $283076.18    | 1.45%             | 2049-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY    | Nassau County Industrial Development Agency                                     | CUSIP: 631657KW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.77%             | 2034-01-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH       | New York State Thruway Authority                                                | CUSIP: 6500092H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258336.88    | 1.32%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | Empire State Development Corp                                                   | CUSIP: 650036AE6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    315000 | PA      | $336832.81    | 1.73%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $353765.41    | 1.81%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253662.78    | 1.30%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHAMPTON VLG NY             | Village of Southampton NY                                                       | CUSIP: 841212EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $265095.18    | 1.36%             | 2029-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B7V4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265595.78    | 1.36%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY        | New York State Housing Finance Agency                                           | CUSIP: 64987BKX5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    255000 | PA      | $222959.81    | 1.14%             | 2036-11-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BT65<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306862.47    | 1.57%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RHP3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261712.55    | 1.34%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | NEW YORK STATE DORMITORY AUTHORITY                                              | CUSIP: 64985SBX0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261677.30    | 1.34%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BNQ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270079.58    | 1.38%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH BABYLON NY UNION FREE SC | North Babylon Union Free School District                                        | CUSIP: 657430MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $273308.91    | 1.40%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                       | CUSIP: 95737TFN1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269911.35    | 1.38%             | 2049-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KINGS PARK NY CENTRL SCH DIST  | Kings Park Central School District                                              | CUSIP: 496098GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $270789.67    | 1.39%             | 2031-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 26704AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258842.45    | 1.33%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A2G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $318586.11    | 1.63%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                     | CUSIP: 64971PLF0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $217023.40    | 1.11%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EVV5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $272923.02    | 1.40%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $376113.64    | 1.93%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966QQE3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $235709.10    | 1.21%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TXQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255996.13    | 1.31%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A3P0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257413.45    | 1.32%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMEL NY                      | Town of Carmel NY                                                               | CUSIP: 143357E31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $267584.13    | 1.37%             | 2045-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XF86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240646.33    | 1.23%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B4W5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261453.83    | 1.34%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Co                                           | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510963.45    | 2.62%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990BR62<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251186.90    | 1.29%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR | New York State Environmental Facilities Corp                                    | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257918.80    | 1.32%             | 2050-09-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY LOCAL ECON ASSI | Nassau County Local Economic Assistance Corp                                    | CUSIP: 63165CAB8<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249038.45    | 1.28%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVINGSTON CNTY NY             | County of Livingston NY                                                         | CUSIP: 538650MH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $307277.93    | 1.58%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD | New York State Housing Finance Agency                                           | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242583.63    | 1.24%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BNB0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    355000 | PA      | $373523.12    | 1.91%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HCF2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    285000 | PA      | $293974.62    | 1.51%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BLB2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    280000 | PA      | $301634.34    | 1.55%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SYRACUSE REGL ARPT AUTH NY SEN | Syracuse Regional Airport Authority                                             | CUSIP: 871740AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239719.15    | 1.23%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIDGE AT APOPKA CDD FL SPL ASS | Ridge at Apopka Community Development District                                  | CUSIP: 76571AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254090.90    | 1.30%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHAUTAUQUA CNTY NY CAPITAL RES | Chautauqua County Capital Resource Corp                                         | CUSIP: 16254PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298279.35    | 1.53%             | 2042-04-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $302967.63    | 1.55%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R | New York State Thruway Authority                                                | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $226780.80    | 1.16%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                                            | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239674.60    | 1.23%             | 2050-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 267045QX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249707.98    | 1.28%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250027.20    | 1.28%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH NY                  | City of Long Beach NY                                                           | CUSIP: 542519EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $324994.74    | 1.67%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAB7<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278457.20    | 1.43%             | 2042-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESEARCH &  | New York State Energy Research & Development Authority                          | CUSIP: 649845HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251379.23    | 1.29%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358XNX6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304694.28    | 1.56%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-24

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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