# EDGAR Filing Document

**Accession Number:** 0001517936
**File Stem:** 0001445546-25-004657
**Filing Date:** 2025-7
**Character Count:** 1466796
**Document Hash:** c65700d50b6f557bc34c03b49cc12c21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-004657.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001445546-25-004657

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND IV
- **CENTRAL INDEX KEY:** 0001517936

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22559
- **FILM NUMBER:** 251113351

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

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

## Series and Classes Contracts Data

### First Trust North American Energy Infrastructure Fund (Series ID: S000033458)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000102880 | First Trust North American Energy Infrastructure Fund | EMLP            |

### First Trust Senior Loan Fund (Series ID: S000034146)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000105232 | First Trust Senior Loan Fund | FTSL            |

### First Trust Tactical High Yield ETF (Series ID: S000039493)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000121641 | First Trust Tactical High Yield ETF | HYLS            |

### First Trust Enhanced Short Maturity ETF (Series ID: S000045797)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000142755 | First Trust Enhanced Short Maturity ETF | FTSM            |

### First Trust High Income Strategic Focus ETF (Series ID: S000046109)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000144296 | First Trust High Income Strategic Focus ETF | HISF            |

### First Trust Low Duration Opportunities ETF (Series ID: S000046204)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000144500 | First Trust Low Duration Opportunities ETF | LMBS            |

### First Trust SSI Strategic Convertible Securities ETF (Series ID: S000050640)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000159952 | First Trust SSI Strategic Convertible Securities ETF | FCVT            |

### First Trust Long Duration Opportunities ETF (Series ID: S000064087)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000207230 | First Trust Long Duration Opportunities ETF | LGOV            |

### First Trust EIP Carbon Impact ETF (Series ID: S000066179)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000213865 | First Trust EIP Carbon Impact ETF | ECLN            |

### FT Vest S&P 500 Dividend Aristocrats Target Income ETF (Series ID: S000070911)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000225182 | FT Vest S&P 500 Dividend Aristocrats Target Income ETF | KNG             |

### First Trust Limited Duration Investment Grade Corporate ETF (Series ID: S000072703)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000229146 | First Trust Limited Duration Investment Grade Corporate ETF | FSIG            |

### FT Vest Rising Dividend Achievers Target Income ETF (Series ID: S000077479)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000237940 | FT Vest Rising Dividend Achievers Target Income ETF | RDVI            |

### FT Energy Income Partners Strategy ETF (Series ID: S000077877)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000238479 | FT Energy Income Partners Strategy ETF | EIPX            |

### FT Vest DJIA Dogs 10 Target Income ETF (Series ID: S000080125)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000241798 | FT Vest DJIA Dogs 10 Target Income ETF | DOGG            |

### First Trust Intermediate Government Opportunities ETF (Series ID: S000080998)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000243637 | First Trust Intermediate Government Opportunities ETF | MGOV            |

### First Trust Intermediate Duration Investment Grade Corporate ETF (Series ID: S000081272)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000243955 | First Trust Intermediate Duration Investment Grade Corporate ETF | FIIG            |

### FT Vest SMID Rising Dividend Achievers Target Income ETF (Series ID: S000081275)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000243959 | FT Vest SMID Rising Dividend Achievers Target Income ETF | SDVD            |

### FT Vest Technology Dividend Target Income ETF (Series ID: S000081278)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000243963 | FT Vest Technology Dividend Target Income ETF | TDVI            |

### FT Vest Dow Jones Internet & Target Income ETF (Series ID: S000083969)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248088 | FT Vest Dow Jones Internet & Target Income ETF | FDND            |

### FT Vest High Yield & Target Income ETF (Series ID: S000089945)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000256813 | FT Vest High Yield & Target Income ETF | HYTI            |

### FT Vest Investment Grade & Target Income ETF (Series ID: S000089947)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000256815 | FT Vest Investment Grade & Target Income ETF | LQTI            |

### FT Vest 20+ Year Treasury & Target Income ETF (Series ID: S000089949)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000256817 | FT Vest 20+ Year Treasury & Target Income ETF | LTTI            |

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### FORM N-CSR

------

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

811-22559

First Trust Exchange-Traded Fund IV

(Exact name of registrant as specified in charter)

------

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2025

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

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

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

 **Item 1. Reports to Shareholders.**

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

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust North American Energy Infrastructure Fund

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust North American Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EMLP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust North American Energy Infrastructure Fund | $490.95%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3118989149 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Energy Transfer, L.P. | 7.6% |
| Enterprise Products Partners, L.P. | 7.4% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class | 5.8% |
| MPLX, L.P. | 5.1% |
| Plains GP Holdings, L.P., Class A | 4.6% |
| ONEOK, Inc. | 3.7% |
| National Fuel Gas Co. | 3.5% |
| Kinder Morgan, Inc. | 3.3% |
| PPL Corp. | 2.6% |
| Williams (The) Cos., Inc. | 2.5% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9974017.jpg)

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

First Trust North American Energy Infrastructure Fund (EMLP)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust EIP Carbon Impact ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust EIP Carbon Impact ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/ECLN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust EIP Carbon Impact ETF | $490.95%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$15371100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 6.0% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class | 4.9% |
| PPL Corp. | 3.7% |
| Xcel Energy, Inc. | 3.7% |
| Duke Energy Corp. | 3.6% |
| DTE Energy Co. | 3.5% |
| Dominion Energy, Inc. | 3.5% |
| TC Energy Corp. | 3.3% |
| Cheniere Energy Partners, L.P. | 3.2% |
| Clearway Energy, Inc., Class A | 3.1% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973933.jpg)

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

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

First Trust EIP Carbon Impact ETF (ECLN)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Energy Income Partners Strategy ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Energy Income Partners Strategy ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EIPX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Energy Income Partners Strategy ETF | $470.95%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$363700938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Energy Transfer, L.P. | 7.2% |
| Enterprise Products Partners, L.P. | 7.0% |
| MPLX, L.P. | 5.0% |
| Shell PLC, ADR | 4.7% |
| Exxon Mobil Corp. | 4.5% |
| Imperial Oil Ltd. | 4.3% |
| TotalEnergies SE, ADR | 4.2% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class | 3.6% |
| ONEOK, Inc. | 3.0% |
| Plains GP Holdings, L.P., Class A | 2.7% |

---

 **Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973765.jpg)

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

FT Energy Income Partners Strategy ETF (EIPX)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Senior Loan Fund

#### FTSL \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Senior Loan Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTSL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Senior Loan Fund | $430.85%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2350975318 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

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

 **Industry Allocation**

---

| | |
|:---|:---|
| Software | 14.7% |
| Insurance | 14.2% |
| Money Market Funds | 8.1% |
| Hotels, Restaurants & Leisure | 5.8% |
| Health Care Providers & Services | 5.5% |
| Health Care Technology | 5.3% |
| IT Services | 4.9% |
| Professional Services | 4.4% |
| Food Products | 3.4% |
| All Other | 33.7% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974101.jpg)

(1) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the credit worthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

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

First Trust Senior Loan Fund (FTSL)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Tactical High Yield ETF

#### HYLS \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Tactical High Yield ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/HYLS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Tactical High Yield ETF | $480.96%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1646046773 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;329 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

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

 **Industry Allocation**

---

| | |
|:---|:---|
| Insurance | 18.0% |
| Software | 11.4% |
| Containers & Packaging | 6.6% |
| Hotels, Restaurants & Leisure | 6.2% |
| Media | 5.2% |
| Health Care Providers & Services | 4.8% |
| Trading Companies & Distributors | 4.8% |
| Commercial Services & Supplies | 4.7% |
| Food Products | 3.5% |
| All Other | 34.8% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974059.jpg)

(1) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the credit worthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

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

First Trust Tactical High Yield ETF (HYLS)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Enhanced Short Maturity ETF

#### FTSM \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Enhanced Short Maturity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTSM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Enhanced Short Maturity ETF | $220.44%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6658805607 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| AutoNation, Inc., 4.92%, 05/01/25 | 1.0% |
| Targa Resources Corp., 4.66%, 05/01/25 | 0.9% |
| U.S. Treasury Bill, 0.00%, 05/08/25 | 0.7% |
| Cabot Corp., 4.66%, 05/01/25 | 0.7% |
| Infor, Inc., 1.75%, 07/15/25 | 0.5% |
| CRH America, Inc., 3.88%, 05/18/25 | 0.5% |
| Williams Cos. (The), Inc., 4.00%, 09/15/25 | 0.5% |
| Crown Castle, Inc., 4.45%, 02/15/26 | 0.5% |
| Canadian Natural Resources Ltd., 2.05%, 07/15/25 | 0.5% |
| Fidelity National Information Services, Inc., 1.15%, 03/01/26 | 0.5% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974143.jpg)

(1) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1 to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and U.S. Agency mortgage-backed securities appear under "Government & Agency." Credit ratings are subject to change.

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

First Trust Enhanced Short Maturity ETF (FTSM)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust High Income Strategic Focus ETF

#### HISF \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust High Income Strategic Focus ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/HISF. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust High Income Strategic Focus ETF$9<sup>(1)</sup>0.17%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$46493960 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Exchange-Traded Funds | 99.8% |
| Money Market Funds | 0.2% |
| Net Other Assets and Liabilities | (0.0%) |
| Total | 100.0% |

---

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

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

First Trust High Income Strategic Focus ETF (HISF)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Low Duration Opportunities ETF

#### LMBS \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Low Duration Opportunities ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LMBS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust Low Duration Opportunities ETF$32<sup>(1)</sup>0.64%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4951274560 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;137% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Government Agency Mortgage-Backed Securities | 82.7% |
| Mortgage-Backed Securities | 7.8% |
| U.S. Government Bonds and Notes | 4.8% |
| Asset-Backed Securities | 1.6% |
| U.S. Government Agency Securities | 0.2% |
| Exchange-Traded Funds | 0.1% |
| U.S. Treasury Bills | 10.0% |
| Money Market Funds | 5.7% |
| U.S. Government Agency Mortgage-Backed Securities Sold Short | (3.8%) |
| Written Options | (0.6%) |
| Net Other Assets and Liabilities<sup>(1)</sup> | (8.5%) |
| Total | 100.0% |

---

 **Credit Quality <sup>(2)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974185.jpg)

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

<sup>(1)</sup> Includes variation margin on futures contracts.

<sup>(2)</sup> The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, DBRS, Inc., Kroll Bond Rating Agency, Inc. or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Agency, U.S. Agency mortgage-backed, and U.S. Treasury securities appear under "Government & Agency." Credit ratings are subject to change.

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

First Trust Low Duration Opportunities ETF (LMBS)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust SSI Strategic Convertible Securities ETF

#### FCVT \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust SSI Strategic Convertible Securities ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCVT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust SSI Strategic Convertible Securities ETF | $470.95%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$67013432 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Boeing (The) Co., 6.00%, 10/15/27 | 2.9% |
| NextEra Energy Capital Holdings, Inc., 3.00%, 03/01/27 | 2.3% |
| Morgan Stanley Finance LLC, 0.13%, 02/07/28 | 2.1% |
| MicroStrategy, Inc., 0.00%, 12/01/29 | 2.0% |
| Morgan Stanley Finance LLC, 0.13%, 04/26/30 | 1.9% |
| PG&E Corp., 4.25%, 12/01/27 | 1.9% |
| Live Nation Entertainment, Inc., 2.88%, 01/15/30 | 1.8% |
| Wells Fargo & Co., Series L, 7.50% | 1.8% |
| Snowflake, Inc., 0.00%, 10/01/27 | 1.7% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21% | 1.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9974269.jpg)

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

First Trust SSI Strategic Convertible Securities ETF (FCVT)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Long Duration Opportunities ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Long Duration Opportunities ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LGOV. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust Long Duration Opportunities ETF$33<sup>(1)</sup>0.65%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$700548057 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;159 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Government Agency Mortgage-Backed Securities | 76.1% |
| U.S. Government Bonds and Notes | 24.9% |
| U.S. Government Agency Securities | 4.6% |
| Exchange-Traded Funds | 0.1% |
| U.S. Treasury Bills | 0.7% |
| Money Market Funds | 1.7% |
| U.S. Government Agency Mortgage-Backed Securities Sold Short | (1.5%) |
| Written Options | (0.1%) |
| Net Other Assets and Liabilities<sup>(1)</sup> | (6.5%) |
| Total | 100.0% |

---

 **Credit Quality <sup>(2)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9973807.jpg)

<sup>(1)</sup> Includes variation margin on futures contracts.

<sup>(2)</sup> The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, DBRS, Inc., Kroll Bond Rating Agency, Inc. or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Agency, U.S. Agency mortgage-backed, and U.S. Treasury securities appear under "Government & Agency." Credit ratings are subject to change.

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

First Trust Long Duration Opportunities ETF (LGOV)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Limited Duration Investment Grade Corporate ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Limited Duration Investment Grade Corporate ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FSIG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Limited Duration Investment Grade Corporate ETF | $280.55%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1242303132 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| MSCI, Inc., 4.00%, 11/15/29 | 1.4% |
| Open Text Corp., 6.90%, 12/01/27 | 1.3% |
| Crowdstrike Holdings, Inc., 3.00%, 02/15/29 | 1.2% |
| United Rentals North America, Inc., 6.00%, 12/15/29 | 1.2% |
| Smurfit Kappa Treasury ULC, 5.20%, 01/15/30 | 1.1% |
| Mars, Inc., 4.60%, 03/01/28 | 1.1% |
| Energy Transfer, L.P., 4.59%, 05/01/25 | 1.0% |
| Global Payments, Inc., 4.97%, 05/01/25 | 1.0% |
| Berry Global, Inc., 5.50%, 04/15/28 | 1.0% |
| Centene Corp., 4.25%, 12/15/27 | 0.9% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974227.jpg)

<sup>(1)</sup> The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest ratings are used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1 to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

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

First Trust Limited Duration Investment Grade Corporate ETF (FSIG)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup>

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/KNG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest S&P <sup>®</sup> Dividend Aristocrats Target Income ETF500<sup>®</sup> | $360.74%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3628893389 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 100.5% |
| Money Market Funds | 0.1% |
| Written Options | (0.6%) |
| Net Other Assets and Liabilities | 0.0% |
| Total | 100.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973975.jpg)

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

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

#### OTHER INFORMATION
The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"), a division of S&P Global; Cboe<sup>®</sup> is a registered trademark of Cboe. The Index, S&P, and Cboe trademarks have been licensed for use by the Sub-Advisor, and in turn, sub-licensed by the Advisor, including for use by the Fund. The Fund is not sponsored, endorsed, sold, or promoted by Cboe and/or its affiliates (the "Cboe Group"), or S&P and/or its affiliates (together, the "S&P Group"). Neither the Cboe Group nor the S&P Group make any representation regarding the advisability of investing in the Fund and shall have no liability whatsoever in connection with the Fund.

FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> (KNG)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest SMID Rising Dividend Achievers Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest SMID Rising Dividend Achievers Target Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/SDVD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest SMID Rising Dividend Achievers Target Income ETF | $400.85%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$411415520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 100.0% |
| Money Market Funds | 0.1% |
| Written Options | (0.2%) |
| Net Other Assets and Liabilities | 0.1% |
| Total | 100.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9974437.jpg)

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

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

FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest Technology Dividend Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Technology Dividend Target Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/TDVI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest Technology Dividend Target Income ETF | $360.75%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76529685 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |
| Written Options | (0.1%) |
| Net Other Assets and Liabilities | 0.1% |
| Total | 100.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9974479.jpg)

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

FT Vest Technology Dividend Target Income ETF (TDVI)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest Dow Jones Internet & Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Dow Jones Internet & Target Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDND. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest Dow Jones Internet & Target Income ETF | $380.75%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6233308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 100.0% |
| Money Market Funds | 0.2% |
| Written Options | (0.2%) |
| Net Other Assets and Liabilities | 0.0% |
| Total | 100.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9974521.jpg)

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

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

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

FT Vest Dow Jones Internet & Target Income ETF (FDND)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest Rising Dividend Achievers Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Rising Dividend Achievers Target Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RDVI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest Rising Dividend Achievers Target Income ETF | $370.75%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1767776698 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 100.1% |
| Money Market Funds | 0.1% |
| Written Options | (0.2%) |
| Net Other Assets and Liabilities | 0.0% |
| Total | 100.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973891.jpg)

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

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

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

FT Vest Rising Dividend Achievers Target Income ETF (RDVI)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/DOGG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF | $380.75%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$35510632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;393% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 49.8% |
| U.S. Treasury Bills | 56.6% |
| Money Market Funds | 0.2% |
| Purchased Options | 0.2% |
| Written Options | (24.4%) |
| Net Other Assets and Liabilities | 17.6% |
| Total | 100.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9974311.jpg)

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

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

FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF (DOGG)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Intermediate Duration Investment Grade Corporate ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Intermediate Duration Investment Grade Corporate ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FIIG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Intermediate Duration Investment Grade Corporate ETF | $330.65%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$469444903 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 4.57%, 04/27/33 | 1.4% |
| Icon Investments Six Designated Activity Co., 6.00%, 05/08/34 | 1.3% |
| MSCI, Inc., 3.88%, 02/15/31 | 1.2% |
| Alcon Finance Corp., 5.38%, 12/06/32 | 1.2% |
| Veralto Corp., 5.45%, 09/18/33 | 1.1% |
| Crowdstrike Holdings, Inc., 3.00%, 02/15/29 | 1.1% |
| Packaging Corp. of America, 5.70%, 12/01/33 | 1.0% |
| Morgan Stanley, 5.25%, 04/21/34 | 1.0% |
| Smurfit Kappa Treasury ULC, 5.44%, 04/03/34 | 1.0% |
| Roper Technologies, Inc., 4.90%, 10/15/34 | 1.0% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974353.jpg)

<sup>(1)</sup> The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest ratings are used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1 to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

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

First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)

![TSR - First Trust Fund Logo](images_27846.jpg)

### First Trust Intermediate Government Opportunities ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the First Trust Intermediate Government Opportunities ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/MGOV. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust Intermediate Government Opportunities ETF$33<sup>(1)</sup>0.65%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$65757962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

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

**Fund Allocation**

---

| | |
|:---|:---|
| U.S. Government Agency Mortgage-Backed Securities | 97.0% |
| U.S. Government Bonds and Notes | 11.3% |
| U.S. Government Agency Securities | 1.9% |
| Money Market Funds | 1.0% |
| U.S. Government Agency Mortgage-Backed Securities Sold Short | (2.2%) |
| Written Options | (0.4%) |
| Net Other Assets and Liabilities<sup>(1)</sup> | (8.6%) |
| Total | 100.0% |

---

**Credit Quality <sup>(2)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9974395.jpg)

<sup>(1)</sup> Includes variation margin on futures contracts.

<sup>(2)</sup> The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, DBRS, Inc., Kroll Bond Rating Agency, Inc. or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Agency, U.S. Agency mortgage-backed, and U.S. Treasury securities appear under "Government & Agency." Credit ratings are subject to change.

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

First Trust Intermediate Government Opportunities ETF (MGOV)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest 20+ Year Treasury & Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest 20+ Year Treasury & Target Income ETF (the "Fund") for the period of February 12, 2025 (commencement of investment operations) to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LTTI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest 20+ Year Treasury & Target Income ETF$14<sup>(1)</sup>0.65%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on February 12, 2025. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11055603 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 0.7% |
| Money Market Funds | 1.4% |
| Purchased Options | 97.3% |
| Written Options | (0.1%) |
| Net Other Assets and Liabilities | 0.7% |
| Total | 100.0% |

---

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

FT Vest 20+ Year Treasury & Target Income ETF (LTTI)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest High Yield & Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest High Yield & Target Income ETF (the "Fund") for the period of February 12, 2025 (commencement of investment operations) to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/HYTI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest High Yield & Target Income ETF$14<sup>(1)</sup>0.65%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on February 12, 2025. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11619719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 1.2% |
| Money Market Funds | 1.8% |
| Purchased Options | 96.2% |
| Written Options | (0.0%) |
| Net Other Assets and Liabilities | 0.8% |
| Total | 100.0% |

---

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

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

FT Vest High Yield & Target Income ETF (HYTI)

![TSR - First Trust Fund Logo](images_27846.jpg)

### FT Vest Investment Grade & Target Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the FT Vest Investment Grade & Target Income ETF (the "Fund") for the period of February 12, 2025 (commencement of investment operations) to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LQTI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| FT Vest Investment Grade & Target Income ETF$14<sup>(1)</sup>0.65%<sup>(2)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on February 12, 2025. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$25172220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| U.S. Treasury Bills | 0.9% |
| Money Market Funds | 1.6% |
| Purchased Options | 96.9% |
| Written Options | (0.1%) |
| Net Other Assets and Liabilities | 0.7% |
| Total | 100.0% |

---

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

FT Vest Investment Grade & Target Income ETF (LQTI)

------

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

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

**Item 6. Investments.**

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

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

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

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

![](img0b89fbdc1.gif)

First Trust Exchange-Traded Fund IV

---

| | |
|:---|:---|
| ![](imge5da68e42.gif) | &nbsp;&nbsp;&nbsp;&nbsp; First Trust North American <br> Energy Infrastructure Fund <br> &nbsp;&nbsp;&nbsp;&nbsp;(EMLP) <br>|
| ![](imge5da68e42.gif) | &nbsp;&nbsp;&nbsp;&nbsp; First Trust EIP Carbon Impact <br> ETF (ECLN) <br>|
| ![](imge5da68e42.gif) | &nbsp;&nbsp;&nbsp;&nbsp; FT Energy Income Partners <br> Strategy ETF (EIPX) <br>|
| ![](imge5da68e42.gif) | &nbsp;&nbsp;&nbsp;&nbsp; Semi-Annual Financial Statements and <br> Other Information <br>For the Six Months Ended <br>April 30, 2025<br>|

---

![](img34f4be233.gif)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund IV**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SOI-TOC-ScheduleofInvestments-4291_1) |  |
| [First Trust North American Energy Infrastructure Fund (EMLP)](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SOI-TOC-ScheduleofInvestments-4291_1) | 1 |
| [First Trust EIP Carbon Impact ETF (ECLN)](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SOI-TOC-ScheduleofInvestments-4273_1) | 3 |
| [FT Energy Income Partners Strategy ETF (EIPX)](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SOI-TOC-ScheduleofInvestments-4203_1) | 5 |
| [Statements of Assets and Liabilities](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SAL1-TOC-StatementofAssetsandLiabilities-4291_2) | 8 |
| [Statements of Operations](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SOP1-TOC-StatementofOperations-4203_1) | 9 |
| [Statements of Changes in Net Assets](#xx_c5cad832-53b4-4375-971c-61074bee10e9_SOC1-TOC-StatementofChanges-4273_1) | 10 |
| [Financial Highlights](#xx_c5cad832-53b4-4375-971c-61074bee10e9_FIHI-TOC-FinancialHighlights-4291_1) | 12 |
| [Notes to Financial Statements](#xx_c5cad832-53b4-4375-971c-61074bee10e9_NTF-TOC-NotestoFinancialStatements-4291_1) | 15 |
| [Other Information](#xx_c5cad832-53b4-4375-971c-61074bee10e9_AI-TOC-AdditionalInformation-4273_1) | 23 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

**First Trust North American Energy Infrastructure Fund (EMLP)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 64.8%** | **COMMON STOCKS (a) — 64.8%** | **COMMON STOCKS (a) — 64.8%** |
|  | **Construction & Engineering** <br> **— 3.1%**  |  |
| 749577 | Fluor Corp. (b) | $26152742 |
| 243909 | Quanta Services, Inc. | 71389725 |
|  |  | 97542467 |
|  | **Electric Utilities — 18.2%**  |  |
| 52100 | ALLETE, Inc. | 3412029 |
| 538625 | Alliant Energy Corp. | 32877670 |
| 641096 | American Electric Power Co., <br> Inc. | 69456341 |
| 35982 | Constellation Energy Corp. | 8039818 |
| 191823 | Duke Energy Corp. | 23406242 |
| 41675 | Emera, Inc. (CAD) | 1875768 |
| 1055022 | Enel S.p.A., ADR | 9147041 |
| 750745 | Entergy Corp. | 62439462 |
| 484345 | Evergy, Inc. | 33468240 |
| 76028 | Exelon Corp. | 3565713 |
| 364770 | FirstEnergy Corp. | 15641338 |
| 542650 | Fortis, Inc. (CAD) | 26872708 |
| 136601 | Iberdrola S.A., ADR | 9869422 |
| 225692 | IDACORP, Inc. | 26651968 |
| 334561 | NextEra Energy, Inc. | 22375440 |
| 890320 | PG&E Corp. | 14708086 |
| 2251254 | PPL Corp. | 82170771 |
| 832821 | Southern (The) Co. | 76527922 |
| 652185 | Xcel Energy, Inc. | 46109479 |
|  |  | 568615458 |
|  | **Electrical Equipment — 0.5%**  |  |
| 146136 | Generac Holdings, Inc. (b) | 16715036 |
|  | **Energy Equipment & Services** <br> **— 0.6%**  |  |
| 754894 | Archrock, Inc. | 17762656 |
|  | **Gas Utilities — 8.8%**  |  |
| 706366 | AltaGas Ltd. (CAD) | 20905072 |
| 343987 | Atmos Energy Corp. | 55254632 |
| 58673 | Chesapeake Utilities Corp. | 7725474 |
| 1405760 | National Fuel Gas Co. | 107934253 |
| 286706 | New Jersey Resources Corp. | 14031392 |
| 417891 | ONE Gas, Inc. | 32808622 |
| 1078377 | UGI Corp. | 35359982 |
|  |  | 274019427 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 2.7%**  |  |
| 621701 | AES (The) Corp. | 6217010 |
| 1207325 | Clearway Energy, Inc., Class A | 33020339 |
| 104061 | Northland Power, Inc. (CAD) | 1413798 |
| 353382 | Orsted A/S, ADR (b) | 4692913 |
| 288201 | Vistra Corp. | 37359496 |
|  |  | 82703556 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Multi-Utilities — 11.3%**  |  |
| 95896 | Ameren Corp. | $9516719 |
| 1078879 | Atco Ltd., Class I (CAD) | 40561656 |
| 79546 | Canadian Utilities Ltd., Class A <br> (CAD) | 2226665 |
| 1239844 | CenterPoint Energy, Inc. | 48081150 |
| 443747 | CMS Energy Corp. | 32681967 |
| 903949 | Dominion Energy, Inc. | 49156747 |
| 447258 | DTE Energy Co. | 61274346 |
| 218890 | NiSource, Inc. | 8560788 |
| 392965 | Public Service Enterprise Group, <br> Inc. | 31409692 |
| 468760 | Sempra | 34814805 |
| 318518 | WEC Energy Group, Inc. | 34884091 |
|  |  | 353168626 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 19.0%**  |  |
| 236341 | Cheniere Energy, Inc. | 54620768 |
| 574413 | DT Midstream, Inc. | 55832944 |
| 699529 | Enbridge, Inc. | 32661009 |
| 46998 | Gulfport Energy Corp. (b) | 8107155 |
| 1681059 | Keyera Corp. (CAD) | 52177945 |
| 3869677 | Kinder Morgan, Inc. | 101772505 |
| 1390179 | ONEOK, Inc. | 114217107 |
| 319255 | Targa Resources Corp. | 54560679 |
| 773774 | TC Energy Corp. | 39005947 |
| 1337381 | Williams (The) Cos., Inc. | 78330405 |
|  |  | 591286464 |
|  | **Water Utilities — 0.6%**  |  |
| 11041 | American Water Works Co., Inc. | 1623137 |
| 411809 | Essential Utilities, Inc. | 16937704 |
|  |  | 18560841 |
|  | **Total Common Stocks** | 2020374531 |
|  | (Cost $1,456,326,085) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Units** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 29.3%** | **MASTER LIMITED PARTNERSHIPS — 29.3%** | **MASTER LIMITED PARTNERSHIPS — 29.3%** |
|  | **Chemicals — 0.8%**  |  |
| 1057406 | Westlake Chemical Partners, <br> L.P. | 24732726 |
|  | **Energy Equipment & Services** <br> **— 0.1%**  |  |
| 152504 | USA Compression Partners, L.P. | 3721098 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 28.4%**  |  |
| 521609 | Cheniere Energy Partners, L.P. | 30660177 |
| 14350533 | Energy Transfer, L.P. | 237357816 |
| 7657131 | Enterprise Products Partners, <br> L.P. | 228948217 |

---

See Notes to Financial Statements

------

**First Trust North American Energy Infrastructure Fund (EMLP)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Units** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 540564 | Hess Midstream, L.P., <br> Class A (c) | $20092764 |
| 3124365 | MPLX, L.P. | 159123909 |
| 7703764 | Plains GP Holdings, L.P., <br> Class A (c) | 143598161 |
| 1143935 | Sunoco, L.P. | 66519820 |
|  |  | 886300864 |
|  | **Total Master Limited** <br> **Partnerships** | 914754688 |
|  | (Cost $573,985,335) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 5.8%** | **MONEY MARKET FUNDS — 5.8%** | **MONEY MARKET FUNDS — 5.8%** |
| 179198505 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.18% (d) | 179198505 |
|  | (Cost $179,198,505) |  |
|  | **Total Investments — 99.9%** | 3114327724 |
|  | (Cost $2,209,509,925) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 4661425 |
|  | **Net Assets — 100.0%** | $3118989149 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is taxed as a "C" corporation for federal income tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate
 shown reflects yield as of April 30, 2025.

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

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**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>|
| Common <br> Stocks\*<br>| $2020374531 | $2020374531 | $— | $— |
| Master Limited <br> Partnerships\*<br>| 914754688 | 914754688 |  |  |
| Money Market <br> Funds<br>| 179198505 | 179198505 |  |  |
| Total <br> Investments<br>| $3114327724 | $3114327724 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust EIP Carbon Impact ETF (ECLN)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 90.2%** | **COMMON STOCKS (a) — 90.2%** | **COMMON STOCKS (a) — 90.2%** |
|  | **Construction & Engineering** <br> **— 3.2%**  |  |
| 5550 | Fluor Corp. (b) | $193640 |
| 1031 | Quanta Services, Inc. | 301763 |
|  |  | 495403 |
|  | **Electric Utilities — 39.1%**  |  |
| 570 | ALLETE, Inc. | 37329 |
| 3710 | Alliant Energy Corp. | 226458 |
| 8535 | American Electric Power Co., <br> Inc. | 924682 |
| 607 | Constellation Energy Corp. | 135628 |
| 4538 | Duke Energy Corp. | 553727 |
| 315 | Edison International | 16856 |
| 195 | Emera, Inc. (CAD) | 8777 |
| 21595 | Enel S.p.A., ADR | 187229 |
| 5356 | Entergy Corp. | 445459 |
| 5930 | Evergy, Inc. | 409763 |
| 5219 | Fortis, Inc. (CAD) | 258451 |
| 6961 | Hydro One Ltd. (CAD) (c) (d) | 267816 |
| 2703 | Iberdrola S.A., ADR | 195292 |
| 3427 | IDACORP, Inc. | 404694 |
| 2151 | NextEra Energy, Inc. | 143859 |
| 2261 | OGE Energy Corp. | 102604 |
| 4150 | PG&E Corp. | 68558 |
| 15789 | PPL Corp. | 576299 |
| 5066 | Southern (The) Co. | 465515 |
| 8112 | Xcel Energy, Inc. | 573518 |
|  |  | 6002514 |
|  | **Electrical Equipment — 0.7%**  |  |
| 966 | Generac Holdings, Inc. (b) | 110491 |
|  | **Gas Utilities — 9.2%**  |  |
| 3128 | AltaGas Ltd. (CAD) | 92574 |
| 1988 | Atmos Energy Corp. | 319333 |
| 545 | Chesapeake Utilities Corp. | 71760 |
| 6162 | National Fuel Gas Co. | 473118 |
| 566 | New Jersey Resources Corp. | 27700 |
| 4110 | ONE Gas, Inc. | 322676 |
| 3203 | UGI Corp. | 105027 |
|  |  | 1412188 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 6.9%**  |  |
| 1642 | AES (The) Corp. | 16420 |
| 17471 | Clearway Energy, Inc., Class A | 477832 |
| 6025 | EDP Renovaveis S.A. (EUR) | 56344 |
| 4711 | Northland Power, Inc. (CAD) | 64005 |
| 1075 | Orsted A/S (DKK) (b) (c) (d) | 42713 |
| 3098 | Vistra Corp. | 401593 |
|  |  | 1058907 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Multi-Utilities — 19.0%**  |  |
| 4194 | Ameren Corp. | $416213 |
| 4643 | Atco Ltd., Class I (CAD) | 174559 |
| 2067 | CenterPoint Energy, Inc. | 80158 |
| 3498 | CMS Energy Corp. | 257628 |
| 9824 | Dominion Energy, Inc. | 534229 |
| 3919 | DTE Energy Co. | 536903 |
| 5300 | Public Service Enterprise Group, <br> Inc. | 423629 |
| 2172 | Sempra | 161314 |
| 3068 | WEC Energy Group, Inc. | 336007 |
|  |  | 2920640 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 9.1%**  |  |
| 646 | Cheniere Energy, Inc. | 149297 |
| 2267 | DT Midstream, Inc. | 220353 |
| 220 | Gulfport Energy Corp. (b) | 37950 |
| 1076 | Targa Resources Corp. | 183888 |
| 10009 | TC Energy Corp. | 504554 |
| 5130 | Williams (The) Cos., Inc. | 300464 |
|  |  | 1396506 |
|  | **Professional Services — 1.7%**  |  |
| 235 | Amentum Holdings, Inc. (b) | 5128 |
| 2037 | Jacobs Solutions, Inc. | 252180 |
|  |  | 257308 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.3%**  |  |
| 400 | First Solar, Inc. (b) | 50328 |
|  | **Water Utilities — 1.0%**  |  |
| 385 | American Water Works Co., Inc. | 56599 |
| 2427 | Essential Utilities, Inc. | 99822 |
|  |  | 156421 |
|  | **Total Common Stocks** | 13860706 |
|  | (Cost $12,223,904) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Units** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (a) — 5.0%** | **MASTER LIMITED PARTNERSHIPS (a) — 5.0%** | **MASTER LIMITED PARTNERSHIPS (a) — 5.0%** |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 1.7%**  |  |
| 11601 | Brookfield Renewable Partners, <br> L.P. (CAD) | 266673 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.3%**  |  |
| 8473 | Cheniere Energy Partners, L.P. | 498043 |
|  | **Total Master Limited** <br> **Partnerships** | 764716 |
|  | (Cost $765,152) |  |

---

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

See Notes to Financial Statements

------

**First Trust EIP Carbon Impact ETF (ECLN)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **RIGHTS (a) — 0.0%** | **RIGHTS (a) — 0.0%** | **RIGHTS (a) — 0.0%** |
|  | **Independent Power And** <br> **Renewable Electricity** <br>**Producers — 0.0%** |  |
| 6025 | EDP Renovaveis S.A. <br> (EUR) (b) (e) | $614 |
|  | (Cost $576) |  |
| **MONEY MARKET FUNDS — 4.8%** | **MONEY MARKET FUNDS — 4.8%** | **MONEY MARKET FUNDS — 4.8%** |
| 745665 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.18% (f) | 745665 |
|  | (Cost $745,665) |  |
|  | **Total Investments — 100.0%** | 15371701 |
|  | (Cost $13,735,297) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (601)<br>|
|  | **Net Assets — 100.0%** | $15371100 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant
 to procedures adopted by the Trust's Board of Trustees,
 this security has been determined to be illiquid by First
 Trust Advisors L.P., the Fund's advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| CAD | – Canadian Dollar |
| DKK | – Danish Krone |
| EUR | – Euro |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $13860706 | $13860706 | $— | $— |
| Master Limited <br> Partnerships\*<br>| 764716 | 764716 |  |  |
| Rights\* | 614 | 614 |  |  |
| Money Market Funds | 745665 | 745665 |  |  |
| Total Investments | $15371701 | $15371701 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**FT Energy Income Partners Strategy ETF (EIPX)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 68.9%** | **COMMON STOCKS (a) — 68.9%** | **COMMON STOCKS (a) — 68.9%** |
|  | **Construction & Engineering** <br> **— 1.8%**  |  |
| 39511 | Fluor Corp. (b) | $1378539 |
| 17812 | Quanta Services, Inc. | 5213394 |
|  |  | 6591933 |
|  | **Electric Utilities — 7.4%**  |  |
| 5823 | ALLETE, Inc. | 381348 |
| 15967 | Alliant Energy Corp. | 974626 |
| 32983 | American Electric Power Co., <br> Inc. | 3573378 |
| 266778 | Enel S.p.A., ADR | 2312965 |
| 32363 | Entergy Corp. | 2691631 |
| 29767 | Evergy, Inc. | 2056900 |
| 36005 | Iberdrola S.A., ADR | 2601361 |
| 11242 | IDACORP, Inc. | 1327568 |
| 24721 | NextEra Energy, Inc. | 1653341 |
| 92202 | PG&E Corp. | 1523177 |
| 96105 | PPL Corp. | 3507833 |
| 29023 | Southern (The) Co. | 2666923 |
| 25376 | Xcel Energy, Inc. | 1794083 |
|  |  | 27065134 |
|  | **Electrical Equipment — 0.4%**  |  |
| 12035 | Generac Holdings, Inc. (b) | 1376563 |
|  | **Energy Equipment & Services** <br> **— 6.2%**  |  |
| 200962 | Archrock, Inc. | 4728636 |
| 43448 | Baker Hughes Co. | 1538059 |
| 31066 | Cactus, Inc., Class A | 1178644 |
| 155670 | Halliburton Co. | 3085379 |
| 71691 | Helmerich & Payne, Inc. | 1354243 |
| 177505 | NOV, Inc. | 2060833 |
| 149808 | Schlumberger N.V. | 4981116 |
| 132098 | TechnipFMC PLC | 3721201 |
|  |  | 22648111 |
|  | **Gas Utilities — 4.1%**  |  |
| 18912 | AltaGas Ltd. (CAD) | 559705 |
| 9718 | Atmos Energy Corp. | 1561002 |
| 123574 | National Fuel Gas Co. | 9488012 |
| 6128 | ONE Gas, Inc. | 481109 |
| 80941 | UGI Corp. | 2654056 |
|  |  | 14743884 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 2.4%**  |  |
| 32570 | AES (The) Corp. | 325700 |
| 119022 | Clearway Energy, Inc., Class A | 3255252 |
| 39705 | Vistra Corp. | 5146959 |
|  |  | 8727911 |
|  | **Multi-Utilities — 5.1%**  |  |
| 4887 | Ameren Corp. | 484986 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Multi-Utilities (Continued)**  |  |
| 119451 | Atco Ltd., Class I (CAD) | $4490893 |
| 94957 | CenterPoint Energy, Inc. | 3682432 |
| 12774 | CMS Energy Corp. | 940805 |
| 27374 | Dominion Energy, Inc. | 1488598 |
| 6702 | DTE Energy Co. | 918174 |
| 21177 | Public Service Enterprise Group, <br> Inc. | 1692678 |
| 55734 | Sempra | 4139364 |
| 5648 | WEC Energy Group, Inc. | 618569 |
|  |  | 18456499 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 41.0%**  |  |
| 32287 | BP PLC, ADR | 886601 |
| 92302 | Canadian Natural Resources Ltd. <br> (CAD) | 2648678 |
| 18752 | Cheniere Energy, Inc. | 4333775 |
| 19858 | Core Natural Resources, Inc. | 1433946 |
| 104620 | Coterra Energy, Inc. | 2569467 |
| 82347 | DHT Holdings, Inc. | 880290 |
| 26879 | Diamondback Energy, Inc. | 3548297 |
| 37332 | DT Midstream, Inc. | 3628670 |
| 61709 | Enbridge, Inc. | 2881193 |
| 58506 | EOG Resources, Inc. | 6454967 |
| 57682 | EQT Corp. | 2851798 |
| 30802 | Expand Energy Corp. | 3200328 |
| 154141 | Exxon Mobil Corp. | 16281914 |
| 38819 | Frontline PLC | 652547 |
| 5498 | Gulfport Energy Corp. (b) | 948405 |
| 31190 | HF Sinclair Corp. | 937883 |
| 229370 | Imperial Oil Ltd. (CAD) | 15471577 |
| 32922 | International Seaways, Inc. | 1118031 |
| 94676 | Keyera Corp. (CAD) | 2938623 |
| 360703 | Kinder Morgan, Inc. | 9486489 |
| 6506 | Marathon Petroleum Corp. | 893990 |
| 29289 | Okeanis Eco Tankers <br> Corp. (c) (d) | 696200 |
| 132255 | ONEOK, Inc. | 10866071 |
| 8035 | Phillips 66 | 836122 |
| 85017 | Range Resources Corp. | 2884627 |
| 264912 | Shell PLC, ADR | 17081526 |
| 22934 | SM Energy Co. | 522666 |
| 25795 | Suncor Energy, Inc. (CAD) | 911039 |
| 34719 | Targa Resources Corp. | 5933477 |
| 95347 | TC Energy Corp. | 4806442 |
| 267789 | TotalEnergies SE, ADR | 15223805 |
| 61998 | Tourmaline Oil Corp. (CAD) | 2738777 |
| 6202 | Valero Energy Corp. | 719990 |
| 33755 | Williams (The) Cos., Inc. | 1977030 |
|  |  | 149245241 |

---

See Notes to Financial Statements

------

**FT Energy Income Partners Strategy ETF (EIPX)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.2%**  |  |
| 5057 | First Solar, Inc. (b) | $636272 |
|  | **Water Utilities — 0.3%**  |  |
| 25588 | Essential Utilities, Inc. | 1052434 |
|  | **Total Common Stocks** | 250543982 |
|  | (Cost $229,851,042) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Units** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 27.4%** | **MASTER LIMITED PARTNERSHIPS — 27.4%** | **MASTER LIMITED PARTNERSHIPS — 27.4%** |
|  | **Energy Equipment & Services** <br> **— 0.3%**  |  |
| 38090 | USA Compression Partners, L.P. | 929396 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 27.1%**  |  |
| 96361 | Alliance Resource Partners, L.P. | 2548749 |
| 53319 | Cheniere Energy Partners, L.P. | 3134091 |
| 1583178 | Energy Transfer, L.P. | 26185764 |
| 853547 | Enterprise Products Partners, <br> L.P. | 25521055 |
| 173379 | Kimbell Royalty Partners, <br> L.P. (e) | 2080548 |
| 353238 | MPLX, L.P. | 17990411 |
| 18567 | Natural Resource Partners, L.P. | 1895876 |
| 527107 | Plains GP Holdings, L.P., <br> Class A (e) | 9825275 |
| 105143 | Sunoco, L.P. | 6114066 |
| 193887 | TXO Partners, L.P. | 3218524 |
|  |  | 98514359 |
|  | **Total Master Limited** <br> **Partnerships** | 99443755 |
|  | (Cost $79,414,364) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 3.6%** | **MONEY MARKET FUNDS — 3.6%** | **MONEY MARKET FUNDS — 3.6%** |
| 13207135 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.18% (f) | 13207135 |
|  | (Cost $13,207,135) |  |
|  | **Total Investments — 99.9%** | 363194872 |
|  | (Cost $322,472,541) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 506066 |
|  | **Net Assets — 100.0%** | $363700938 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security is taxed as a "C" corporation for federal income tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of April 30, 2025.

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

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $250543982 | $250543982 | $— | $— |
| Master Limited <br> Partnerships\*<br>| 99443755 | 99443755 |  |  |
| Money Market <br> Funds<br>| 13207135 | 13207135 |  |  |
| Total Investments | $363194872 | $363194872 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded Fund IV**

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **North American** <br> **Energy** <br> **Infrastructure** <br> **Fund** <br>**(EMLP)** <br>| **First Trust EIP** <br> **Carbon Impact** <br> **ETF** <br>**(ECLN)** <br>| **FT Energy** <br> **Income Partners** <br> **Strategy ETF** <br>**(EIPX)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $3114327724 | &nbsp;&nbsp; $15371701 | &nbsp;&nbsp; $363194872 |
| Foreign currency, at value | 200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Dividends | 7005554 | &nbsp;&nbsp; 10828 | &nbsp;&nbsp; 730275 |
| Reclaims | 72420 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 60223 |
| Total Assets | 3121405898 | &nbsp;&nbsp; 15382841 | &nbsp;&nbsp; 363985370 |
| **LIABILITIES:** |  |  |  |
| Investment advisory fees payable | 2416749 | &nbsp;&nbsp; 11741 | &nbsp;&nbsp; 284432 |
| Total Liabilities | 2416749 | &nbsp;&nbsp; 11741 | &nbsp;&nbsp; 284432 |
| **NET ASSETS** | $3118989149 | &nbsp;&nbsp; $15371100 | &nbsp;&nbsp; $363700938 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $2346134921 | &nbsp;&nbsp; $14360868 | &nbsp;&nbsp; $322855025 |
| Par value | 862550 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 150500 |
| Accumulated distributable earnings (loss) | 771991678 | &nbsp;&nbsp; 1005232 | &nbsp;&nbsp; 40695413 |
| **NET ASSETS** | $3118989149 | &nbsp;&nbsp; $15371100 | &nbsp;&nbsp; $363700938 |
| **NET ASSET VALUE,** per share | $36.16 | &nbsp;&nbsp; $30.74 | &nbsp;&nbsp; $24.17 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 86255000 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 15050002 |
| Investments, at cost | $2209509925 | &nbsp;&nbsp; $13735297 | &nbsp;&nbsp; $322472541 |
| Foreign currency, at cost (proceeds) | $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Operations**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **North American** <br> **Energy** <br> **Infrastructure** <br> **Fund** <br>**(EMLP)** <br>| **First Trust EIP** <br> **Carbon Impact** <br> **ETF** <br>**(ECLN)** <br>| **FT Energy** <br> **Income Partners** <br> **Strategy ETF** <br>**(EIPX)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $40334236 | &nbsp;&nbsp; $229622 | &nbsp;&nbsp; $4980237 |
| Foreign withholding tax | (843875)<br>| &nbsp;&nbsp; (7292)<br>| &nbsp;&nbsp; (178678)<br>|
| Total investment income | 39490361 | &nbsp;&nbsp; 222330 | &nbsp;&nbsp; 4801559 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 14444389<br>| &nbsp;&nbsp; 70538<br>| &nbsp;&nbsp; 1718023<br>|
| Total expenses | 14444389 | &nbsp;&nbsp; 70538 | &nbsp;&nbsp; 1718023 |
| **NET INVESTMENT INCOME (LOSS)** | 25045972 | &nbsp;&nbsp; 151792 | &nbsp;&nbsp; 3083536 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 118393219 | &nbsp;&nbsp; 332453 | &nbsp;&nbsp; 1102649 |
| In-kind redemptions | 20715971 | &nbsp;&nbsp; 491809 | &nbsp;&nbsp; 2656209 |
| Foreign currency transactions | (14608)<br>| &nbsp;&nbsp; (730)<br>| &nbsp;&nbsp; (9715)<br>|
| Net realized gain (loss) | 139094582 | &nbsp;&nbsp; 823532 | &nbsp;&nbsp; 3749143 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 44332914 | &nbsp;&nbsp; (57953)<br>| &nbsp;&nbsp; (4532727)<br>|
| Foreign currency translation | 348 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (8)<br>|
| Net change in unrealized appreciation (depreciation) | 44333262 | &nbsp;&nbsp; (57946)<br>| &nbsp;&nbsp; (4532735)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 183427844 | &nbsp;&nbsp; 765586 | &nbsp;&nbsp; (783592)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $208473816 | &nbsp;&nbsp; $917378 | &nbsp;&nbsp; $2299944 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust North American** <br> **Energy Infrastructure Fund** <br> **(EMLP)** | **First Trust North American** <br> **Energy Infrastructure Fund** <br> **(EMLP)** | **First Trust EIP Carbon Impact** <br> **ETF (ECLN)** | **First Trust EIP Carbon Impact** <br> **ETF (ECLN)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $25045972 | &nbsp;&nbsp; $39200372 | &nbsp;&nbsp; $151792 | &nbsp;&nbsp; $606929 |
| Net realized gain (loss) | 139094582 | &nbsp;&nbsp; 100114017 | &nbsp;&nbsp; 823532 | &nbsp;&nbsp; 2185861 |
| Net change in unrealized appreciation (depreciation) | 44333262 | &nbsp;&nbsp; 597252207 | &nbsp;&nbsp; (57946)<br>| &nbsp;&nbsp; 4302401 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 208473816 | &nbsp;&nbsp; 736566596 | &nbsp;&nbsp; 917378 | &nbsp;&nbsp; 7095191 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (48000302)<br>| &nbsp;&nbsp; (91997789)<br>| &nbsp;&nbsp; (168201)<br>| &nbsp;&nbsp; (693457)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 220121757<br>| &nbsp;&nbsp; 51655747<br>| &nbsp;&nbsp; 1544130<br>| &nbsp;&nbsp; —<br>|
| Cost of shares redeemed | (51683421) <br>| &nbsp;&nbsp; (179411258) <br>| &nbsp;&nbsp; (1532200) <br>| &nbsp;&nbsp; (22383242) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 168438336 | &nbsp;&nbsp; (127755511)<br>| &nbsp;&nbsp; 11930 | &nbsp;&nbsp; (22383242)<br>|
| Total increase (decrease) in net assets | 328911850 | &nbsp;&nbsp; 516813296 | &nbsp;&nbsp; 761107 | &nbsp;&nbsp; (15981508)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 2790077299 | &nbsp;&nbsp; 2273264003 | &nbsp;&nbsp; 14609993 | &nbsp;&nbsp; 30591501 |
| End of period | $3118989149 | &nbsp;&nbsp; $2790077299 | &nbsp;&nbsp; $15371100 | &nbsp;&nbsp; $14609993 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 81805000 | &nbsp;&nbsp; 86405000 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 1350002 |
| Shares sold | 5950000 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; — |
| Shares redeemed | (1500000)<br>| &nbsp;&nbsp; (6250000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (850000)<br>|
| Shares outstanding, end of period | 86255000 | &nbsp;&nbsp; 81805000 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 500002 |

---

See Notes to Financial Statements

------

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

---

| | |
|:---|:---|
| **FT Energy Income Partners** <br> **Strategy ETF (EIPX)** | **FT Energy Income Partners** <br> **Strategy ETF (EIPX)** |
| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| $3083536 | &nbsp;&nbsp; $5216587 |
| 3749143 | &nbsp;&nbsp; 5708286 |
| (4532735)<br>| &nbsp;&nbsp; 41442569 |
| 2299944 | &nbsp;&nbsp; 52367442 |
| (5720996)<br>| &nbsp;&nbsp; (9999142)<br>|
| 41144811<br>| &nbsp;&nbsp; 101503671<br>|
| (6469892) <br>| &nbsp;&nbsp; (22401092) <br>|
| 34674919 | &nbsp;&nbsp; 79102579 |
| 31253867 | &nbsp;&nbsp; 121470879 |
| 332447071 | &nbsp;&nbsp; 210976192 |
| $363700938 | &nbsp;&nbsp; $332447071 |
| 13700002 | &nbsp;&nbsp; 10150002 |
| 1600000 | &nbsp;&nbsp; 4500000 |
| (250000)<br>| &nbsp;&nbsp; (950000)<br>|
| 15050002 | &nbsp;&nbsp; 13700002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust North American Energy Infrastructure Fund (EMLP)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $34.11 | &nbsp;&nbsp;&nbsp;&nbsp; $26.31 | &nbsp;&nbsp;&nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp;&nbsp; $25.02 | &nbsp;&nbsp;&nbsp;&nbsp; $19.68 | &nbsp;&nbsp;&nbsp;&nbsp; $24.83 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|
| Net realized and unrealized gain <br> (loss)<br>| 2.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.33) <br>|
| Total from investment operations | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp; (4.13)<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32) <br>|
| Total distributions | (0.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02) <br>|
| Net asset value, end of period | $36.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.68<br>|
| **Total return** (b) | 7.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.69)% <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $3118989<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2790077<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2273264<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2570305<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2129135<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1687897<br>|
| Ratio of total expenses to average <br> net assets (c)<br>| 0.95<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets (c)<br>| 1.64<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>|
| Portfolio turnover rate (e) | 21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>|

---

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

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

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust EIP Carbon Impact ETF (ECLN)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $29.22 | &nbsp;&nbsp;&nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp;&nbsp; $24.33 | &nbsp;&nbsp;&nbsp;&nbsp; $21.40 | &nbsp;&nbsp;&nbsp;&nbsp; $20.70 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br>|
| Net realized and unrealized gain (loss) | 1.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>|
| Total from investment operations | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>|
| Total distributions | (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45) <br>|
| Net asset value, end of period | $30.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.40<br>|
| **Total return** (b) | 6.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.15)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $15371<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14610<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30592<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31628<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20682<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2140<br>|
| Ratio of total expenses to average net assets (c) | 0.95<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets (c)<br>| 2.04<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> % <br>|
| Portfolio turnover rate (e) | 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>|

---

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

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

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**FT Energy Income Partners Strategy ETF (EIPX)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
| Net asset value, beginning of period | $24.27 | &nbsp;&nbsp;&nbsp;&nbsp; $20.79 | &nbsp;&nbsp;&nbsp;&nbsp; $19.72 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>|
| Net realized and unrealized gain (loss) | 0.08<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br>|
| Total from investment operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>|
| Net asset value, end of period | $24.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.79<br>|
| **Total return** (d) | 1.14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $363701<br>| &nbsp;&nbsp;&nbsp;&nbsp; $332447<br>| &nbsp;&nbsp;&nbsp;&nbsp; $210976<br>|
| Ratio of total expenses to average net assets | 0.95<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 1.71<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> % (e)<br>|
| Portfolio turnover rate (f) | 18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is November 2, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units
 were established.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the three funds (each a "Fund" and collectively, the "Funds") listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

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

First Trust North American Energy Infrastructure Fund – (ticker "EMLP") <br> First Trust EIP Carbon Impact ETF – (ticker "ECLN") <br> FT Energy Income Partners Strategy ETF – (ticker "EIPX")

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

Each Fund is an actively managed exchange-traded fund. EMLP's investment objective is to seek total return. EMLP will invest, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of companies deemed by Energy Income Partners, LLC ("EIP" or the "Sub-Advisor") to be engaged in the energy infrastructure sector, which principally include U.S. and Canadian natural gas and electric utilities, corporations operating energy infrastructure assets such as pipelines or renewable energy production, utilities, publicly-traded master limited partnerships or limited liability companies taxed as partnerships ("MLPs"), MLP affiliates, and other companies that derive the majority of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, "Energy Infrastructure Companies"). In addition, under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in equity securities of companies headquartered or incorporated in the United States and Canada. ECLN's investment objective is to seek to achieve a competitive risk-adjusted total return balanced between dividends and capital appreciation. ECLN will invest, under normal market conditions, at least 80% of its net assets (including investment borrowings) in the equity securities of companies identified by EIP as having or seeking to have a positive carbon impact. The Sub-Advisor defines positive carbon impact companies as companies that reduce, have a publicly available plan to reduce, or enable the reduction of carbon and other greenhouse gas emissions from the production, transportation, conversion, storage and use of energy. ECLN's investments will be concentrated in the industries constituting the energy infrastructure sector, which principally include utilities, natural gas pipeline companies, manufacturers, contracted developers and/or owners of renewable energy; and other companies that derive the majority of their earnings from manufacturing, operating or providing services in support of infrastructure assets and/or infrastructure activities such as renewable energy equipment, energy storage, carbon capture and sequestration, fugitive methane abatement and energy transmission and distribution equipment. EIPX's investment objective is to seek risk-adjusted total return. EIPX will invest, under normal market conditions, at least 80% of its net assets (plus any borrowing for investment purposes) in a portfolio of equity securities in the broader energy market ("Energy Companies"), which include companies in the Global Industry Classification Standard ("GICS") energy sector, companies in the GICS utility sector (excluding water utilities), or companies in any other GICS sectors that derive at least 50% of their revenues or profits from exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, petrochemicals, electricity, coal, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, carbon, carbon dioxide, carbon dioxide and fugitive methane mitigation and management, as well as electric transmission, distribution, storage and system reliability support. Energy Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from the above, all of which are selected by EIP. These companies may include MLPs and MLP affiliates.

**2. Significant Accounting Policies** 

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**A. Portfolio Valuation**

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

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

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

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

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

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

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

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

If the securities in question are foreign securities, the following additional information may be considered:

1)

the last sale price on the exchange on which they are principally traded;

2)

the value of similar foreign securities traded on other foreign markets;

3)

ADR trading of similar securities;

4)

closed-end fund or exchange-traded fund trading of similar securities;

5)

foreign currency exchange activity;

6)

the trading prices of financial products that are tied to baskets of foreign securities;

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

10)

other relevant factors.

Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund's securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of April 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Distributions received from a Fund's investments in MLPs generally are comprised of return of capital and investment income. A Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

**C. Foreign Currency**

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

in market price and are shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) on foreign currency transactions" on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) on investments" on the Statements of Operations.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended October 31, 2024 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust North American Energy Infrastructure Fund | $91997789 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust EIP Carbon Impact ETF | 693457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Energy Income Partners Strategy ETF | 9999142 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust North American Energy Infrastructure Fund | $— | &nbsp;&nbsp; $(224953514)<br>| &nbsp;&nbsp; $836471678 |
| First Trust EIP Carbon Impact ETF |  | &nbsp;&nbsp; (1433904)<br>| &nbsp;&nbsp; 1689959 |
| FT Energy Income Partners Strategy ETF |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 44116465 |

---

**E. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For EMLP and ECLN, the taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. For EIPX, the taxable years ended 2023 and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, each applicable Fund had a

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

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

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust North American Energy Infrastructure Fund | $224953514 |
| First Trust EIP Carbon Impact ETF | 1433904 |

---

During the taxable year ended October 31, 2024, the following Funds utilized capital loss carryforwards in the following amounts:

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust North American Energy Infrastructure Fund | $36281467 |
| FT Energy Income Partners Strategy ETF | 407092 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Funds had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust North American Energy Infrastructure Fund | $2209509925 | &nbsp;&nbsp; $930076930 | &nbsp;&nbsp; $(25259131)<br>| &nbsp;&nbsp; $904817799 |
| First Trust EIP Carbon Impact ETF | 13735297 | &nbsp;&nbsp; 2247237 | &nbsp;&nbsp; (610833)<br>| &nbsp;&nbsp; 1636404 |
| FT Energy Income Partners Strategy ETF | 322472541 | &nbsp;&nbsp; 58584552 | &nbsp;&nbsp; (17862221)<br>| &nbsp;&nbsp; 40722331 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

The Trust, on behalf of the Funds, and First Trust have retained EIP, an affiliate of First Trust, to serve as the Funds' investment sub-advisor. In this capacity, EIP is responsible for the selection and ongoing monitoring of the securities in each Fund's investment

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

portfolio. Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust will supervise EIP and its management of the investment of each Fund's assets and will pay EIP for its services as the Funds' sub-advisor. First Trust will also be responsible for each Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.95000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.92625<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.90250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.87875<br> %<br>|
| Fund net assets greater than $10 billion | 0.85500<br> %<br>|

---

In addition, the Funds incur acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents a Fund's total annual operating expenses.

EIP receives a sub-advisory fee for EMLP from First Trust equal to 45% of any remaining monthly investment management fee paid to First Trust after the Fund's average Fund expenses accrued during the most recent twelve months are subtracted from the investment management fee in a given month. EIP receives a sub-advisory fee for ECLN and EIPX from First Trust equal to 50% of the monthly investment management fee paid to First Trust less one-half of the Fund's expenses, for which EIP is responsible. During any period in which the Advisor's management fee is reduced in accordance with the breakpoints described above, the investment sub-advisory fee (which is based on the Advisor's management fee) paid to EIP will be reduced to reflect the reduction in the Advisor's management fee.

First Trust Capital Partners, LLC ("FTCP"), an affiliate of First Trust, owns, through a wholly-owned subsidiary, a 15% ownership interest in each of EIP and EIP Partners, LLC, an affiliate of EIP.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust North American Energy Infrastructure Fund | $605729052 | &nbsp;&nbsp; $667442688 |
| First Trust EIP Carbon Impact ETF | 5937955 | &nbsp;&nbsp; 4108699 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FT Energy Income Partners Strategy ETF | $64372994 | &nbsp;&nbsp; $73089050 |

---

For the six months ended April 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust North American Energy Infrastructure Fund | $206537057 | &nbsp;&nbsp; $48189798 |
| First Trust EIP Carbon Impact ETF |  | &nbsp;&nbsp; 1538617 |
| FT Energy Income Partners Strategy ETF | 39910958 | &nbsp;&nbsp; 6437268 |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:

At a meeting held on or about June 9, 2025, the Board of Directors for ECLN approved a change in the Fund's name and investment policy. Effective on or about but not before September 3, 2025, the Fund's name will change to "First Trust EIP Power Solutions ETF," and the Fund's ticker will change to "FPWR."

In connection with the change to the Fund's name, the Fund's non-fundamental investment policy to invest at least 80% of its net assets (including investment borrowings) in the equity securities of companies identified by EIP as having or seeking to have a positive carbon impact will be revised as follows:

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of companies identified by EIP as Power Solutions Companies.

For purposes of the revised policy, "Power Solutions Companies" are companies in the Global Industry Classification Standard ("GICS") Industrials sector - Electrical Equipment Industry, companies in the GICS Utility sector (excluding water utilities), companies in the GICS Energy sector, and companies in any other GICS sectors that derive at least 50% of their revenues or profits from electric generation, transmission, distribution, grid solutions, storage and system reliability support (collectively, "power-related activities"), nuclear power life-extension and small modular reactors (SMR), exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), electricity, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, or carbon, carbon dioxide and fugitive methane mitigation and management. Power Solutions Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from energy and utility-related activities, all of which are selected by EIP. Power Solutions Companies may include MLPs and MLP affiliates.

In connection with the changes described above, the Fund's principal investment strategies will be further revised to reflect the Fund's updated investment philosophy and EIP's process for selecting investments for the Fund, including: (i) the expansion of the universe of eligible companies to include contracted developers and/or owners of nuclear energy systems, and (ii) a focus on companies with a strategic connection to (x) the generation or transmission of electric power, or (y) making the electric power system safer, cleaner, more reliable, or lower in cost.

------

**Other Information**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

![](img4b2610121.gif)

First Trust Exchange-Traded Fund IV

---

| | |
|:---|:---|
| ![](img30d5f2b12.gif) | First Trust Senior Loan Fund (FTSL) <br>|
| ![](img30d5f2b12.gif) | &nbsp;&nbsp;&nbsp;&nbsp; Semi-Annual Financial Statements and Other <br> Information <br>For the Six Months Ended <br>April 30, 2025<br>|

---

------

**Table of Contents** 

**First Trust Senior Loan Fund (FTSL)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_SOI-TOC-ScheduleofInvestments-4293_1) | 1 |
| [Statement of Assets and Liabilities](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_SAL1-TOC-StatementofAssetsandLiabilities-4293_1) | 15 |
| [Statement of Operations](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_SOP1-TOC-StatementofOperations-4293_1) | 16 |
| [Statements of Changes in Net Assets](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_SOC1-TOC-StatementofChanges-4293_1) | 17 |
| [Financial Highlights](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_FIHI-TOC-FinancialHighlights-4293_1) | 18 |
| [Notes to Financial Statements](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_NTF-TOC-NotestoFinancialStatements-4293_1) | 19 |
| [Other Information](#xx_5f41161b-24fd-44a5-acf7-eeeeb9143ad3_AI-TOC-AdditionalInformation-4293_1) | 27 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Senior Loan Fund (the "Fund") will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (a)** | **Stated** <br>**Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 86.0%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 86.0%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 86.0%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 86.0%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 86.0%** |
|  | **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |  |
| $5608035 | WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term SOFR <br> + 4.75%, 0.50% Floor  | 9.07% | 02/20/32 | $5404744 |
|  | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |  |
| 2603737 | BBA Aviation (Signature Aviation US Holdings, Inc./Brown Group <br> Holding LLC), Term Loan B1, 1 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor  | 6.82% | 07/01/31 | 2581123 |
| 4041076 | Signia Aerospace LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 12/11/31 | 4008243 |
| 5390951 | Spirit Aerosystems, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 4.50%, 0.50% Floor  | 8.78% | 01/15/27 | 5400520 |
| 2890533 | Standard Aero Ltd. (Dynasty Acq. Co.), Term Loan B1, 1 Mo. <br> CME Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 10/31/31 | 2878422 |
| 1099467 | Standard Aero Ltd. (Dynasty Acq. Co.), Term Loan B2, 1 Mo. <br> CME Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 10/31/31 | 1094860 |
| 2484262 | TransDigm, Inc., Term Loan I, 3 Mo. CME Term SOFR + 2.75%, <br> 0.00% Floor  | 7.04% | 08/24/28 | 2483952 |
| 7695034 | TransDigm, Inc., Term Loan K, 3 Mo. CME Term SOFR + 2.75%, <br> 0.00% Floor  | 7.05% | 03/22/30 | 7688146 |
|  |  |  |  | 26135266 |
|  | **Alternative Carriers — 0.8%** | **Alternative Carriers — 0.8%** | **Alternative Carriers — 0.8%** |  |
| 19523992 | Level 3 Financing, Inc., Term B-3 Refinancing Term Loan, 1 Mo. <br> CME Term SOFR + 4.25%, 0.50% Floor  | 8.57% | 03/31/32 | 19511789 |
|  | **Apparel Retail — 0.4%** | **Apparel Retail — 0.4%** | **Apparel Retail — 0.4%** |  |
| 4832223 | Authentic Brands Group (ABG Intermediate Holdings 2 LLC), Refi <br> Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor  | 6.57% | 12/21/28 | 4751598 |
| 3529859 | Hanesbrands, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.07% | 03/08/32 | 3507797 |
|  |  |  |  | 8259395 |
|  | **Application Software — 11.1%** | **Application Software — 11.1%** | **Application Software — 11.1%** |  |
| 2929884 | Applied Systems, Inc., Refi Term Loan, 3 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.05% | 02/24/31 | 2928053 |
| 2918145 | CCC Intelligent Solutions, Inc., 2032 Term Loan B, 1 Mo. CME <br> Term SOFR + 2.00%, 0.50% Floor  | 6.32% | 01/23/32 | 2918145 |
| 3425956 | Clearwater Analytics LLC, Term Loan B, 3 Mo. CME Term SOFR <br> + 2.25%, 0.00% Floor  | 6.52% | 04/21/32 | 3417392 |
| 21695750 | Cloud Software Group, Inc. (a.k.a. Citrix Software, Inc. or Tibco), <br> Term Loan B-1, 3 Mo. CME Term SOFR + 3.50%, 0.50% Floor  | 7.80% | 03/29/29 | 21466426 |
| 5618212 | ConnectWise LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA <br> + 3.50%, 0.50% Floor  | 8.06% | 09/30/28 | 5615880 |
| 4377787 | Darktrace PLC (Leia Finco US LLC), Term Loan (Second Lien), 3 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor  | 9.46% | 10/09/32 | 4195146 |
| 19747157 | Darktrace PLC (Leia Finco US LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 3.25%, 0.00% Floor  | 7.46% | 10/09/31 | 19655333 |
| 6564087 | Ellucian Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 10/07/29 | 6546495 |
| 2627089 | Envestnet, Inc. (BCPE Pequod Buyer, Inc.), Term Loan B, 1 Mo. <br> CME Term SOFR + 3.50%, 0.00% Floor  | 7.82% | 11/25/31 | 2622715 |
| 16850241 | Epicor Software Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.75%, 0.75% Floor  | 7.07% | 05/30/31 | 16790928 |
| 12268792 | Genesys Cloud Services Holding II LLC, Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.00% Floor  | 6.82% | 01/31/32 | 12121812 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Application Software (Continued)** | **Application Software (Continued)** | **Application Software (Continued)** |  |
| $2690999 | Inmar, Inc., Term Loan B, 1 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor  | 9.32% | 10/31/31 | $2690999 |
| 3038945 | Inmar, Inc., Term Loan B, 3 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor  | 9.30%-9.31% | 10/31/31 | 3038945 |
| 11845972 | Internet Brands, Inc. (WebMD/MH Sub I LLC), 2023 New Term <br> Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor  | 8.57% | 05/03/28 | 11238866 |
| 14373028 | LogMeIn, Inc. (GoTo Group, Inc.), First Out Term Loan (First <br> Lien), 1 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor  | 9.18% | 04/30/28 | 13075862 |
| 12809959 | LogMeIn, Inc. (GoTo Group, Inc.), Second Out Term Loan (First <br> Lien), 1 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor  | 9.18% | 04/30/28 | 5289424 |
| 18234237 | McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo. <br> CME Term SOFR + 3.00%, 0.50% Floor  | 7.32% | 03/01/29 | 17189598 |
| 11083145 | NCR Digital Banking (Dragon Buyer, Inc.), Term Loan B, 3 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor  | 7.30% | 09/30/31 | 11033271 |
| 9283901 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Incr <br> Term Loan B, 3 Mo. CME Term SOFR + 3.25%, 0.50% Floor  | 7.55% | 10/28/30 | 9257488 |
| 891018 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term <br> Loan (Second Lien), 3 Mo. CME Term SOFR + 5.00%, 0.50% <br> Floor  | 9.31% | 11/21/32 | 857048 |
| 11797619 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term <br> Loan B, 3 Mo. CME Term SOFR + 3.25%, 0.50% Floor  | 7.55% | 10/28/30 | 11764055 |
| 856947 | RealPage, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + <br> 3.00%, 0.50% Floor  | 7.56% | 04/24/28 | 849890 |
| 5603000 | SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3 <br> Mo. CME Term SOFR + 4.00%, 0.00% Floor  | 8.26% | 04/30/32 | 5422667 |
| 13669625 | Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME <br> Term SOFR + CSA + 3.75%, 0.50% Floor  | 8.29% | 06/04/28 | 13214699 |
| 364170 | Tenable, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + <br> 2.75%, 0.50% Floor  | 7.19% | 07/07/28 | 364170 |
| 37771367 | Ultimate Software Group (UKG, Inc.), Term Loan B, 1 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor  | 7.32% | 02/10/31 | 37685626 |
| 19673856 | Veeam Software Holdings Limited (VS Buyer LLC), Term Loan B, <br> 3 Mo. CME Term SOFR + 2.75%, 0.00% Floor  | 7.02% | 04/14/31 | 19612473 |
|  |  |  |  | 260863406 |
|  | **Asset Management & Custody Banks — 1.9%** | **Asset Management & Custody Banks — 1.9%** | **Asset Management & Custody Banks — 1.9%** |  |
| 6144470 | Alter Domus (Chrysaor Bidco S.A.R.L.), Term Loan B, 3 Mo. CME <br> Term SOFR + 3.50%, 0.50% Floor  | 7.74% | 10/31/31 | 6161767 |
| 13659852 | Ascensus Holdings, Inc. (Mercury), Term Loan B, 1 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor  | 7.32% | 08/02/28 | 13608628 |
| 1750927 | Assetmark Financial Holdings (GTCR Everest Borrower LLC), <br> Initial Term Loan B, 3 Mo. CME Term SOFR + 2.75%, 0.00% <br> Floor  | 7.05% | 09/05/31 | 1742855 |
| 11067237 | Edelman Financial Engines Center LLC, Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor  | 7.32% | 04/07/28 | 11040177 |
| 10710985 | Edelman Financial Engines Center LLC, Term Loan (Second Lien), <br> 1 Mo. CME Term SOFR + 5.25%, 0.00% Floor  | 9.57% | 10/06/28 | 10490071 |
| 2318660 | Jump Financial LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.25%, 0.00% Floor  | 8.55% | 02/28/32 | 2315762 |
|  |  |  |  | 45359260 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Automotive Parts & Equipment — 0.9%** | **Automotive Parts & Equipment — 0.9%** | **Automotive Parts & Equipment — 0.9%** |  |
| $17521604 | Clarios Global, L.P. (Power Solutions), 2032 Term Loan B, 1 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor  | 7.07% | 01/31/32 | $17207704 |
| 4982513 | Clarios Global, L.P. (Power Solutions), Term Loan B, 1 Mo. CME <br> Term SOFR + 2.50%, 0.00% Floor  | 6.82% | 05/06/30 | 4898433 |
|  |  |  |  | 22106137 |
|  | **Automotive Retail — 1.6%** | **Automotive Retail — 1.6%** | **Automotive Retail — 1.6%** |  |
| 8558363 | Highline Aftermarket Acquisition LLC, Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.50%, 0.75% Floor  | 7.82% | 02/19/30 | 8569061 |
| 1173224 | Les Schwab Tire Centers (LS Group OpCo Acq. LLC), Refi Term <br> Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor  | 6.82% | 04/23/31 | 1166261 |
| 10021741 | Les Schwab Tire Centers (LS Group OpCo Acq. LLC), Refi Term <br> Loan B, 3 Mo. CME Term SOFR + 2.50%, 0.00% Floor  | 6.81% | 04/23/31 | 9962262 |
| 19065460 | Mavis Tire Express Services Topco Corp., Refi Term Loan B, 3 <br> Mo. CME Term SOFR + 3.00%, 0.75% Floor  | 7.31% | 05/04/28 | 18859362 |
|  |  |  |  | 38556946 |
|  | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |  |
| 3541359 | Peer Holding III B.V. (Action Holding), 2031 Term Loan B5B, 3 <br> Mo. CME Term SOFR + 2.50%, 0.00% Floor  | 6.80% | 07/01/31 | 3531408 |
|  | **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |  |
| 7419417 | Miter Brands Acq. Holdco, Inc. (MIWD), Term Loan B, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor  | 7.32% | 03/28/31 | 7318662 |
| 3585840 | TAMKO Building Products, Term Loan B, 1 Mo. CME Term <br> SOFR + 2.75%, 0.00% Floor  | 7.07% | 09/20/30 | 3582846 |
| 10866183 | TAMKO Building Products, Term Loan B, 3 Mo. CME Term <br> SOFR + 2.75%, 0.00% Floor  | 7.03%-7.07% | 09/20/30 | 10857110 |
|  |  |  |  | 21758618 |
|  | **Cable & Satellite — 0.7%** | **Cable & Satellite — 0.7%** | **Cable & Satellite — 0.7%** |  |
| 10198104 | Charter Communications Operating LLC, Term Loan B4, 3 Mo. <br> CME Term SOFR + 2.00%, 0.00% Floor  | 6.30% | 12/07/30 | 10158433 |
| 7186683 | Charter Communications Operating LLC, Term Loan B-5, 3 Mo. <br> CME Term SOFR + 2.25%, 0.00% Floor  | 6.55% | 12/15/31 | 7170082 |
|  |  |  |  | 17328515 |
|  | **Casinos & Gaming — 1.1%** | **Casinos & Gaming — 1.1%** | **Casinos & Gaming — 1.1%** |  |
| 4279278 | Caesars Entertainment, Inc., 2031 Maturity Term Loan B1, 3 Mo. <br> CME Term SOFR + 2.25%, 0.50% Floor  | 6.56% | 02/06/31 | 4220437 |
| 10812702 | Flutter Entertainment PLC (Flutter Treasury DAC), Refi Term <br> Loan, 3 Mo. CME Term SOFR + 1.75%, 0.50% Floor  | 6.05% | 11/29/30 | 10674191 |
| 6406557 | Golden Nugget, Inc. (Fertitta Entertainment LLC), Term Loan B, 1 <br> Mo. CME Term SOFR + 3.50%, 0.50% Floor  | 7.82% | 01/27/29 | 6256419 |
| 488812 | Light & Wonder International, Inc. (FKA Scientific Games <br> International, Inc.), 2024 Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.50% Floor  | 6.57% | 04/16/29 | 489018 |
| 2992481 | Scientific Games Holdings, L.P. (Scientific Games Lottery), 2024 <br> Refi Term Loan B, 3 Mo. CME Term SOFR + 3.00%, 0.50% <br> Floor  | 7.28% | 04/04/29 | 2970038 |
|  |  |  |  | 24610103 |
|  | **Commercial Printing — 0.8%** | **Commercial Printing — 0.8%** | **Commercial Printing — 0.8%** |  |
| 20731030 | Multi-Color Corp. (LABL, Inc.), Initial Dollar Term Loan, 1 Mo. <br> CME Term SOFR + CSA + 5.00%, 0.50% Floor  | 9.42% | 10/29/28 | 17956181 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Commodity Chemicals — 0.6%** | **Commodity Chemicals — 0.6%** | **Commodity Chemicals — 0.6%** |  |
| $14482857 | Charter Next Generation, Inc., Term Loan B, 1 Mo. CME Term <br> SOFR + 2.75%, 0.75% Floor  | 7.07% | 12/01/30 | $14457512 |
|  | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| 4444844 | Construction Partners, Inc., Term Loan B, 1 Mo. CME Term SOFR <br> + 2.50%, 0.00% Floor  | 6.82% | 11/01/31 | 4420775 |
|  | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |  |
| 577105 | Knife River Corp., Term Loan B, 3 Mo. CME Term SOFR + <br> 2.00%, 0.00% Floor  | 6.29% | 03/07/32 | 577826 |
| 8677500 | Quikrete Holdings, Inc., 2025 Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor  | 6.57% | 02/10/32 | 8518225 |
| 6347416 | Quikrete Holdings, Inc., Term Loan B2 2029, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor  | 6.57% | 03/18/29 | 6259822 |
|  |  |  |  | 15355873 |
|  | **Consumer Electronics — 0.0%** | **Consumer Electronics — 0.0%** | **Consumer Electronics — 0.0%** |  |
| 859269 | Minimax Viking GmbH (MX Holdings/Igloo Holdings), Term Loan <br> B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor  | 6.57% | 03/17/32 | 857120 |
|  | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |  |
| 18293074 | Creative Planning Group (CPI Holdco), Initial Term Loan, 1 Mo. <br> CME Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 05/19/31 | 18199962 |
|  | **Data Processing & Outsourced Services — 0.9%** | **Data Processing & Outsourced Services — 0.9%** | **Data Processing & Outsourced Services — 0.9%** |  |
| 17249500 | Consilio (Skopima Consilio Parent LLC), Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.75%, 0.50% Floor  | 8.07% | 05/17/28 | 17008266 |
| 4029623 | Paysafe Holdings (US) Corp., Facility B1 Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.75%, 0.50% Floor  | 7.19% | 06/28/28 | 3998393 |
|  |  |  |  | 21006659 |
|  | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |  |
| 15742193 | Gen II Fund Services (PEX Holdings LLC), Term Loan B, 3 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor  | 6.97% | 11/19/31 | 15732354 |
|  | **Diversified Metals & Mining — 0.5%** | **Diversified Metals & Mining — 0.5%** | **Diversified Metals & Mining — 0.5%** |  |
| 11748165 | SCIH Salt Holdings, Inc. (aka Morton Salt), Term Loan B, 3 Mo. <br> CME Term SOFR + 3.00%, 0.75% Floor  | 7.28% | 01/31/29 | 11655355 |
|  | **Diversified Support Services — 0.7%** | **Diversified Support Services — 0.7%** | **Diversified Support Services — 0.7%** |  |
| 15746958 | First Advantage Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.25%, 0.00% Floor  | 7.57% | 10/31/31 | 15658381 |
| 831250 | Vestis Corp., Term Loan B-1, 3 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor  | 6.58% | 02/22/31 | 813931 |
|  |  |  |  | 16472312 |
|  | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |  |
| 498747 | Lightning Power LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 2.25%, 0.00% Floor  | 6.55% | 08/18/31 | 498358 |
|  | **Electronic Equipment & Instruments — 1.0%** | **Electronic Equipment & Instruments — 1.0%** | **Electronic Equipment & Instruments — 1.0%** |  |
| 13401351 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. CME <br> Term SOFR + CSA + 3.25%, 0.50% Floor  | 7.67% | 11/03/28 | 13262379 |
| 11336441 | Verifone Systems, Inc., Extended Term Loan, 3 Mo. CME Term <br> SOFR + CSA + 5.50%, 0.00% Floor  | 10.21% | 08/21/28 | 10105927 |
|  |  |  |  | 23368306 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Environmental & Facilities Services — 0.4%** | **Environmental & Facilities Services — 0.4%** | **Environmental & Facilities Services — 0.4%** |  |
| $6114769 | Allied Universal Holdco LLC, Initial Term Loan, 1 Mo. CME Term <br> SOFR + CSA + 3.75%, 0.50% Floor  | 8.17% | 05/14/28 | $6115930 |
| 2197757 | Anticimex Global AB, Facility B6, Daily SOFR + CSA + 3.50%, <br> 0.50% Floor  | 7.69%-7.85% | 11/16/28 | 2195691 |
|  |  |  |  | 8311621 |
|  | **Health Care Facilities — 2.8%** | **Health Care Facilities — 2.8%** | **Health Care Facilities — 2.8%** |  |
| 13993905 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), 2024 Refi <br> Term Loan, 1 Mo. CME Term SOFR + 2.75%, 0.50% Floor  | 7.07% | 08/24/28 | 14006990 |
| 1758799 | Ceva Sante (Financiere Mendel), USD Term Loan B, 1 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.06% | 11/13/30 | 1756601 |
| 4377273 | Concentra Health Services, Inc., Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 07/26/31 | 4349915 |
| 3863893 | Hanger, Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.50%, <br> 0.00% Floor  | 7.82% | 10/23/31 | 3863216 |
| 15788692 | IVC Evidensia (VetStrategy Canada/IVC Acquisition Midco LTD.), <br> Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor  | 8.05% | 12/06/28 | 15696565 |
| 27077375 | Southern Veterinary Partners LLC, Term Loan B, 3 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor  | 7.53% | 12/04/31 | 27026740 |
|  |  |  |  | 66700027 |
|  | **Health Care Services — 2.8%** | **Health Care Services — 2.8%** | **Health Care Services — 2.8%** |  |
| 8777781 | Ensemble RCM LLC (Ensemble Health), 2024 Refi Loan, 3 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor  | 7.28% | 08/01/29 | 8781379 |
| 11970511 | ExamWorks Group, Inc. (Electron Bidco), Refi Term Loan, 1 Mo. <br> CME Term SOFR + 2.75%, 0.50% Floor  | 7.07% | 11/01/28 | 11939747 |
| 17515000 | Opella Healthcare Group (Opal U.S. LLC), Facility B2 (USD), 1 <br> Mo. CME Term SOFR + 3.25%, 0.00% Floor  | 7.44% | 03/31/32 | 17394672 |
| 7138785 | Pacific Dental Services LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 2.75%, 0.00% Floor  | 7.07%-7.08% | 03/17/31 | 7085816 |
| 12343929 | R1 RCM, Inc. (Raven Acq. Holdings LLC), Term Loan B, 1 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor  | 7.57% | 11/19/31 | 12230427 |
| 1410761 | Radnet Management, Inc., Refi Term Loan, 3 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor  | 6.57% | 04/18/31 | 1408998 |
| 6353943 | Surgery Centers Holdings, Inc., 2024 Refi Term Loan, 1 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.07% | 12/19/30 | 6344031 |
|  |  |  |  | 65185070 |
|  | **Health Care Supplies — 0.9%** | **Health Care Supplies — 0.9%** | **Health Care Supplies — 0.9%** |  |
| 16157969 | Medline Borrower, L.P. (Mozart), Combined Term Loan, 1 Mo. <br> CME Term SOFR + 2.25%, 0.50% Floor  | 6.57% | 10/23/28 | 16067888 |
| 4418313 | Performance Health, Inc., Term Loan B, 6 Mo. CME Term SOFR + <br> 3.75%, 0.00% Floor  | 7.95% | 03/19/32 | 4385176 |
|  |  |  |  | 20453064 |
|  | **Health Care Technology — 5.5%** | **Health Care Technology — 5.5%** | **Health Care Technology — 5.5%** |  |
| 36605941 | athenahealth Group, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor  | 7.32% | 02/15/29 | 36360132 |
| 8107813 | Cotiviti, Inc. (Verscend), Fixed Rate Term Loan, Fixed Rate at <br> 7.63%  | 7.63% | 05/01/31 | 8047045 |
| 2769342 | Cotiviti, Inc. (Verscend), Incremental Term Loan, 1 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.08% | 03/28/32 | 2715105 |
| 21415504 | Cotiviti, Inc. (Verscend), Term Loan B, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.07% | 05/01/31 | 21027348 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Health Care Technology (Continued)** | **Health Care Technology (Continued)** | **Health Care Technology (Continued)** |  |
| $32753886 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term <br> Loan B-4, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% <br> Floor  | 7.44% | 03/10/28 | $32677897 |
| 1741545 | PointClickCare Technologies, Inc., Term Loan B, 3 Mo. CME <br> Term SOFR + 3.25%, 0.00% Floor  | 7.55% | 10/31/31 | 1741005 |
| 25092012 | Waystar Technologies, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor  | 6.57% | 10/22/29 | 25029282 |
| 8066 | WS Audiology (Auris Lux III S.A.R.L.), USD Term Loan B6, 3 <br> Mo. CME Term SOFR + 3.75%, 0.00% Floor  | 8.05% | 02/28/29 | 7992 |
| 1596970 | WS Audiology (Auris Lux III S.A.R.L.), USD Term Loan B6, 6 <br> Mo. CME Term SOFR + 3.75%, 0.00% Floor  | 7.88%-7.93% | 02/28/29 | 1582334 |
|  |  |  |  | 129188140 |
|  | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |  |
| 3998135 | Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor  | 7.67% | 10/20/28 | 3758247 |
|  | **Hotels, Resorts & Cruise Lines — 0.1%** | **Hotels, Resorts & Cruise Lines — 0.1%** | **Hotels, Resorts & Cruise Lines — 0.1%** |  |
| 1734705 | Alterra Mountain Co., Term Loan B-6, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.07% | 08/17/28 | 1736874 |
|  | **Human Resource & Employment Services — 0.6%** | **Human Resource & Employment Services — 0.6%** | **Human Resource & Employment Services — 0.6%** |  |
| 8510327 | Alight, Inc. (fka Tempo Acq.), Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 1.75%, 0.50% Floor  | 6.07% | 08/31/28 | 8455138 |
| 5280717 | HireRight (Genuine Financial Holdings LLC), Term Loan B, 1 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor  | 7.57% | 09/27/30 | 5165201 |
|  |  |  |  | 13620339 |
|  | **Independent Power Producers & Energy Traders — 0.5%** | **Independent Power Producers & Energy Traders — 0.5%** | **Independent Power Producers & Energy Traders — 0.5%** |  |
| 6387057 | Calpine Construction Finance Co., L.P., Term Loan B, 1 Mo. CME <br> Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 07/31/30 | 6376391 |
| 4356459 | Cornerstone Generation LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor  | 7.57% | 04/15/32 | 4366435 |
| 1743484 | Talen Energy Supply, Inc., Incremental Term Loan B, 3 Mo. CME <br> Term SOFR + 2.50%, 0.00% Floor  | 6.82% | 12/15/31 | 1740842 |
|  |  |  |  | 12483668 |
|  | **Industrial Machinery & Supplies & Components — 2.5%** | **Industrial Machinery & Supplies & Components — 2.5%** | **Industrial Machinery & Supplies & Components — 2.5%** |  |
| 20013887 | Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 10/21/28 | 20019291 |
| 8270665 | Madison IAQ LLC, 2025 Refi Term Loan B, 3 Mo. CME Term <br> SOFR + 2.50%, 0.50% Floor  | 6.76% | 06/21/28 | 8207105 |
| 1755491 | nVent Thermal Management (BCP VI Summit), Term Loan B, 1 <br> Mo. CME Term SOFR + 3.50%, 0.00% Floor  | 7.82% | 01/31/32 | 1752200 |
| 18364500 | Pro Mach Group, Inc., Refi Term Loan B, 1 Mo. CME Term SOFR <br> + 2.75%, 1.00% Floor  | 7.07% | 08/31/28 | 18279105 |
| 7658 | Service Logic Acq, Inc. (MSHC), Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.75% Floor  | 7.32% | 10/29/27 | 7649 |
| 3048016 | Service Logic Acq, Inc. (MSHC), Term Loan B, 3 Mo. CME Term <br> SOFR + 3.00%, 0.75% Floor  | 7.28% | 10/29/27 | 3044221 |
| 3978962 | SPX Flow, Inc., Dec. 2024 Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor  | 7.32% | 04/05/29 | 3966945 |
| 4233109 | TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), Term <br> Loan B, 6 Mo. CME Term SOFR + 3.00%, 0.50% Floor  | 7.24% | 04/30/30 | 4221743 |
|  |  |  |  | 59498259 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Insurance Brokers — 12.9%** | **Insurance Brokers — 12.9%** | **Insurance Brokers — 12.9%** |  |
| $39830373 | Acrisure LLC, Term Loan B-1 2027, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.07% | 02/16/27 | $39793132 |
| 3687358 | Acrisure LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor  | 7.32% | 11/06/30 | 3652808 |
| 8743130 | Alliant Holdings I LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.07% | 09/19/31 | 8692595 |
| 12329429 | AmWins Group, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.25%, 0.75% Floor  | 6.57% | 01/30/32 | 12282269 |
| 663980 | Ardonagh Midco 3 Ltd., Refi Term Loan B (USD), 3 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.05% | 02/15/31 | 651533 |
| 11204229 | Ardonagh Midco 3 Ltd., Refi Term Loan B (USD), 6 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.03%-7.04% | 02/15/31 | 10994205 |
| 29503907 | AssuredPartners, Inc., 2024 Term Loan B5, 1 Mo. CME Term <br> SOFR + 3.50%, 0.50% Floor  | 7.82% | 02/14/31 | 29539311 |
| 26502176 | Baldwin Insurance Group Holdings LLC, Refi Term Loan, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor  | 7.29% | 05/24/31 | 26347536 |
| 15770091 | BroadStreet Partners, Inc., Term Loan B, 1 Mo. CME Term SOFR <br> + 3.00%, 0.00% Floor  | 7.32% | 06/16/31 | 15715605 |
| 6796220 | Goosehead Insurance Holdings LLC, Term Loan B, 1 Mo. CME <br> Term SOFR + 3.50%, 0.00% Floor  | 7.79% | 01/08/32 | 6796220 |
| 20457404 | Hub International Ltd., 2025 Refi Term Loan B, 3 Mo. CME Term <br> SOFR + 2.50%, 0.75% Floor  | 6.77% | 06/20/30 | 20349798 |
| 871189 | Hyperion Insurance Group Ltd. (aka - Howden Group), 2031 <br> Maturity Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.50% <br> Floor  | 7.32% | 02/21/31 | 867377 |
| 33216153 | Hyperion Insurance Group Ltd. (aka - Howden Group), Term Loan <br> B, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor  | 7.82% | 04/18/30 | 33286738 |
| 12866953 | IMA Financial Group, Inc., Term Loan B, 1 Mo. CME Term SOFR <br> + 3.00%, 0.50% Floor  | 7.32% | 11/01/28 | 12838839 |
| 9052300 | OneDigital Borrower LLC, Term Loan (Second Lien), 1 Mo. CME <br> Term SOFR + 5.25%, 0.50% Floor  | 9.57% | 07/02/32 | 8893930 |
| 12373553 | OneDigital Borrower LLC, Term Loan B, 1 Mo. CME Term SOFR <br> + 3.00%, 0.50% Floor  | 7.32% | 07/02/31 | 12203416 |
| 20731095 | Ryan Specialty Group LLC, Term Loan B, 1 Mo. CME Term SOFR <br> + 2.25%, 0.00% Floor  | 6.57% | 09/13/31 | 20685798 |
| 10696341 | Truist Insurance Holdings LLC (McGriff/Panther Escrow), Term <br> Loan (Second Lien), 3 Mo. CME Term SOFR + 4.75%, 0.00% <br> Floor  | 9.05% | 05/06/32 | 10692330 |
| 1468695 | Truist Insurance Holdings LLC (McGriff/Panther Escrow), Term <br> Loan B, 3 Mo. CME Term SOFR + 2.75%, 0.00% Floor  | 7.05% | 05/06/31 | 1454625 |
| 26658926 | USI, Inc., 2029 Term Loan, 3 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor  | 6.55% | 11/21/29 | 26528031 |
|  |  |  |  | 302266096 |
|  | **Integrated Telecommunication Services — 0.1%** | **Integrated Telecommunication Services — 0.1%** | **Integrated Telecommunication Services — 0.1%** |  |
| 3577914 | Radiate Holdco LLC (Astound), Amendment No. 6 Term Loan, 1 <br> Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor  | 7.69% | 09/25/26 | 3154521 |
|  | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** |  |
| 8890774 | Twitter, Inc. (X Corp.), Fixed Rate Term Loan B-3, Fixed Rate at <br> 9.50%  | 9.50% | 10/29/29 | 8685175 |
| 19642687 | Twitter, Inc. (X Corp.), Term Loan B-1, 3 Mo. CME Term SOFR + <br> CSA + 6.50%, 0.50% Floor  | 10.95% | 10/26/29 | 19070594 |
|  |  |  |  | 27755769 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Internet Services & Infrastructure — 1.8%** | **Internet Services & Infrastructure — 1.8%** | **Internet Services & Infrastructure — 1.8%** |  |
| $12271746 | Go Daddy Operating Co. LLC, Term Loan B-8, 1 Mo. CME Term <br> SOFR + 1.75%, 0.00% Floor  | 6.07% | 11/13/29 | $12245792 |
| 29076204 | Sedgwick Claims Management Services, Inc., 2024 Term Loan B, 3 <br> Mo. CME Term SOFR + 3.00%, 0.00% Floor  | 7.31% | 07/31/31 | 28974001 |
|  |  |  |  | 41219793 |
|  | **Investment Banking & Brokerage — 0.1%** | **Investment Banking & Brokerage — 0.1%** | **Investment Banking & Brokerage — 0.1%** |  |
| 2992188 | Jane Street Group LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 2.00%, 0.00% Floor  | 6.31% | 12/13/31 | 2955219 |
|  | **IT Consulting & Other Services — 2.1%** | **IT Consulting & Other Services — 2.1%** | **IT Consulting & Other Services — 2.1%** |  |
| 997500 | CACI International, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 1.75%, 0.00% Floor  | 6.07% | 10/31/31 | 994383 |
| 25248409 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.75% Floor  | 8.40% | 10/01/27 | 23556008 |
| 23779890 | Informatica Corp., 2024 Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor  | 6.57% | 10/30/28 | 23779889 |
|  |  |  |  | 48330280 |
|  | **Leisure Facilities — 0.1%** | **Leisure Facilities — 0.1%** | **Leisure Facilities — 0.1%** |  |
| 422008 | Bowlero (Kingpin Intermediate Holdings LLC), Term Loan B, 1 <br> Mo. CME Term SOFR + 3.50%, 0.00% Floor  | 7.82% | 02/08/28 | 414622 |
| 1738974 | Life Time Fitness, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 2.50%, 0.00% Floor  | 6.78% | 11/05/31 | 1730931 |
| 500000 | Six Flags Entertainment Corp., Term Loan B, 1 Mo. CME Term <br> SOFR + 2.00%, 0.00% Floor  | 6.32% | 05/01/31 | 496875 |
|  |  |  |  | 2642428 |
|  | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |  |
| 1995000 | SRAM LLC, Term Loan B, 1 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor  | 6.57% | 02/28/32 | 1940137 |
|  | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |  |
| 14230774 | Parexel International Corp. (Phoenix Newco), 2025 Refi Term <br> Loan, 1 Mo. CME Term SOFR + 2.50%, 0.50% Floor  | 6.82% | 11/15/28 | 14167661 |
| 11826032 | Syneos Health, Inc. (Star Parent), Term Loan B, 3 Mo. CME Term <br> SOFR + 4.00%, 0.00% Floor  | 8.30% | 09/30/30 | 11463919 |
| 882064 | WCG Intermediate Corp. (WIRB- Copernicus Group), Term Loan <br> B, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor  | 7.32% | 02/28/32 | 872462 |
|  |  |  |  | 26504042 |
|  | **Managed Health Care — 0.1%** | **Managed Health Care — 0.1%** | **Managed Health Care — 0.1%** |  |
| 1771335 | MedRisk (Bella Holding Co., LLC), Term Loan B, 1 Mo. CME <br> Term SOFR + 3.25%, 0.75% Floor  | 7.57% | 05/10/28 | 1768138 |
|  | **Metal, Glass & Plastic Containers — 1.9%** | **Metal, Glass & Plastic Containers — 1.9%** | **Metal, Glass & Plastic Containers — 1.9%** |  |
| 7839831 | Magnera Corp. (Treasure Escrow/Glatfelter), Term Loan B, 3 Mo. <br> CME Term SOFR + 4.25%, 0.00% Floor  | 8.56% | 11/04/31 | 7528708 |
| 17225383 | ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 4.00%, 0.75% Floor  | 8.26%-8.32% | 09/15/28 | 16997146 |
| 7760110 | Tekni-Plex (Trident TPI Holdings, Inc.), Term Loan B7, 3 Mo. <br> CME Term SOFR + 3.75%, 0.50% Floor  | 8.05% | 09/18/28 | 7521137 |
| 13093742 | TricorBraun, Inc., Initial Term Loan, 1 Mo. CME Term SOFR + <br> CSA + 3.25%, 0.50% Floor  | 7.69% | 03/03/28 | 12932623 |
|  |  |  |  | 44979614 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Movies & Entertainment — 0.1%** | **Movies & Entertainment — 0.1%** | **Movies & Entertainment — 0.1%** |  |
| $2481767 | TKO Group Holdings, Inc. (UFC), Term Loan B-4, 3 Mo. CME <br> Term SOFR + 2.25%, 0.00% Floor  | 6.58% | 11/21/31 | $2482152 |
|  | **Other Specialty Retail — 0.9%** | **Other Specialty Retail — 0.9%** | **Other Specialty Retail — 0.9%** |  |
| 2564140 | Bass Pro Group LLC (Great Outdoors Group LLC), Term Loan <br> B-3, 1 Mo. CME Term SOFR + 3.25%, 0.75% Floor  | 7.57% | 01/23/32 | 2513498 |
| 9359658 | Petco Health and Wellness Co., Inc., Initial Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 3.25%, 0.75% Floor  | 7.81% | 03/04/28 | 8194662 |
| 11479328 | Petsmart, Inc., Initial Term Loan B, 1 Mo. CME Term SOFR + <br> CSA + 3.75%, 0.75% Floor  | 8.17% | 02/12/28 | 11347775 |
|  |  |  |  | 22055935 |
|  | **Packaged Foods & Meats — 2.3%** | **Packaged Foods & Meats — 2.3%** | **Packaged Foods & Meats — 2.3%** |  |
| 5385541 | Froneri International Ltd., USD Term Loan B4, 6 Mo. CME Term <br> SOFR + 2.00%, 0.00% Floor  | 6.24% | 09/30/31 | 5354358 |
| 2659720 | Newly Weds Foods LLC (Red SPV LLC), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.25%, 0.00% Floor  | 6.58% | 03/15/32 | 2649746 |
| 10394424 | Nomad Foods Ltd., Term Loan B-5, 6 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor  | 6.54% | 11/08/29 | 10394424 |
| 3923492 | Sauer Brands, Inc. (Savor Acquisition, Inc.), Term Loan B, 1 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor  | 7.57% | 02/19/32 | 3914291 |
| 15052160 | Shearer's Foods LLC (Fiesta Purchaser, Inc.), Refi Term Loan B, 1 <br> Mo. CME Term SOFR + 3.25%, 0.00% Floor  | 7.57% | 02/12/31 | 14947096 |
| 1020408 | Simply Good Foods (Atkins Nutritionals, Inc.), Refi Term Loan B, <br> 1 Mo. CME Term SOFR + 2.00%, 0.50% Floor  | 6.32% | 03/17/27 | 1024714 |
| 16363843 | Utz Quality Foods LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 2.50%, 0.00% Floor  | 6.82% | 01/31/32 | 16316797 |
|  |  |  |  | 54601426 |
|  | **Paper & Plastic Packaging Products & Materials — 1.2%** | **Paper & Plastic Packaging Products & Materials — 1.2%** | **Paper & Plastic Packaging Products & Materials — 1.2%** |  |
| 19638825 | Graham Packaging Co., L.P., 2024 Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 2.50%, 0.00% Floor  | 6.82% | 08/04/27 | 19633719 |
| 8495953 | Novolex (Clydesdale Acq. Holdings, Inc.), Term Loan B, 3 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor  | 7.55% | 03/31/32 | 8437586 |
|  |  |  |  | 28071305 |
|  | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |  |
| 7107576 | Dechra Finance US LLC, USD Facility B1, 6 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor  | 7.51% | 01/27/32 | 7052066 |
|  | **Research & Consulting Services — 3.9%** | **Research & Consulting Services — 3.9%** | **Research & Consulting Services — 3.9%** |  |
| 2615891 | Acuren Holdings, Inc. (Acuren Delaware), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor  | 7.07% | 07/30/31 | 2615485 |
| 6873324 | AmSpec Parent LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.25%, 0.00% Floor  | 8.55% | 12/20/31 | 6873324 |
| 31020219 | Clarivate Analytics PLC (Camelot), 2024 Term Loan B, 1 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor  | 7.07% | 01/31/31 | 30671241 |
| 13445902 | Dun & Bradstreet Corp., Term Loan B-2, 1 Mo. CME Term SOFR <br> + 2.25%, 0.00% Floor  | 6.57% | 01/18/29 | 13420691 |
| 3048825 | Eisner Advisory Group LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 4.00%, 0.50% Floor  | 8.32% | 02/28/31 | 3045014 |
| 16603797 | Grant Thornton Advisors LLC, Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.07% | 05/30/31 | 16500023 |
| 3668784 | J.D. Power (Project Boost Purchaser LLC), Refi Term Loan B, 3 <br> Mo. CME Term SOFR + 3.00%, 0.00% Floor  | 7.30% | 07/16/31 | 3642791 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Research & Consulting Services (Continued)** | **Research & Consulting Services (Continued)** | **Research & Consulting Services (Continued)** |  |
| $9718858 | Ryan LLC, Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.50% <br> Floor  | 7.82% | 11/14/30 | $9707925 |
| 6219132 | Veritext Corp. (VT TopCo, Inc.), Refi Term Loan, 3 Mo. CME <br> Term SOFR + 3.00%, 0.50% Floor  | 7.30% | 08/12/30 | 6213970 |
|  |  |  |  | 92690464 |
|  | **Restaurants — 3.8%** | **Restaurants — 3.8%** | **Restaurants — 3.8%** |  |
| 14298641 | 1011778 B.C. Unlimited Liability Co. (Restaurant Brands) (aka <br> Burger King/Tim Horton's), 2024 Refi Term Loan B-6, 1 Mo. <br> CME Term SOFR + 1.75%, 0.00% Floor  | 6.07% | 09/23/30 | 14185825 |
| 44219355 | IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.75% Floor  | 6.82% | 12/15/27 | 43946522 |
| 32227414 | Whatabrands LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor  | 6.82% | 08/03/28 | 32087708 |
|  |  |  |  | 90220055 |
|  | **Security & Alarm Services — 0.4%** | **Security & Alarm Services — 0.4%** | **Security & Alarm Services — 0.4%** |  |
| 8585051 | Garda World Security Corp., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.00% Floor  | 7.29% | 02/01/29 | 8524955 |
|  | **Soft Drinks & Non-Alcoholic Beverages — 0.7%** | **Soft Drinks & Non-Alcoholic Beverages — 0.7%** | **Soft Drinks & Non-Alcoholic Beverages — 0.7%** |  |
| 7987088 | Celsius Holdings, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 3.25%, 0.00% Floor  | 7.55% | 03/31/32 | 7950467 |
| 8436480 | Primo Brands Corp., Term Loan B, 3 Mo. CME Term SOFR + <br> 2.25%, 0.50% Floor  | 6.55% | 03/31/28 | 8382697 |
|  |  |  |  | 16333164 |
|  | **Specialized Consumer Services — 1.6%** | **Specialized Consumer Services — 1.6%** | **Specialized Consumer Services — 1.6%** |  |
| 9334812 | Belron Finance US LLC, 2031 USD Term Loan B, 3 Mo. CME <br> Term SOFR + 2.75%, 0.50% Floor  | 7.05% | 10/16/31 | 9324450 |
| 9671095 | Caliber Collision (Wand NewCo 3, Inc.), 2025 Refi Term Loan B, 1 <br> Mo. CME Term SOFR + 2.50%, 0.00% Floor  | 6.82% | 01/30/31 | 9552914 |
| 19067229 | Mister Car Wash Holdings, Inc., Term Loan B, 1 Mo. CME Term <br> SOFR + 2.50%, 0.00% Floor  | 6.82% | 03/27/31 | 18963027 |
|  |  |  |  | 37840391 |
|  | **Specialized Finance — 0.2%** | **Specialized Finance — 0.2%** | **Specialized Finance — 0.2%** |  |
| 4443046 | Berkeley Research Group Holdings LLC, Term Loan B, 1 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor  | 7.55% | 03/31/32 | 4395150 |
|  | **Systems Software — 2.7%** | **Systems Software — 2.7%** | **Systems Software — 2.7%** |  |
| 6101346 | Gen Digital, Inc. (fka NortonLifeLock, Inc.), 2024 Refi Term Loan, <br> 1 Mo. CME Term SOFR + 1.75%, 0.50% Floor  | 6.07% | 09/12/29 | 6058972 |
| 15929347 | Idera, Inc. (Flash Charm), 2024 Refi Term Loan, 3 Mo. CME Term <br> SOFR + 3.50%, 0.75% Floor  | 7.79% | 03/02/28 | 14540547 |
| 2296177 | Idera, Inc. (Flash Charm), Term Loan (Second Lien), 3 Mo. CME <br> Term SOFR + CSA + 6.75%, 0.75% Floor  | 11.19% | 03/02/29 | 2012990 |
| 3539818 | Kaseya, Inc., Term Loan (First Lien), 1 Mo. CME Term SOFR + <br> 3.25%, 0.00% Floor  | 7.57% | 03/20/32 | 3519587 |
| 465003 | Kaseya, Inc., Term Loan (Second Lien), 1 Mo. CME Term SOFR + <br> 5.00%, 0.00% Floor  | 9.32% | 03/20/33 | 455898 |
| 33642069 | Proofpoint, Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 08/31/28 | 33480251 |
| 976937 | Sophos Group PLC (Surf), Term Loan B, 1 Mo. CME Term SOFR <br> + CSA + 3.50%, 0.00% Floor  | 7.93% | 03/05/27 | 977475 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (a)** | **Stated**<br> **Maturity (b)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Systems Software (Continued)** | **Systems Software (Continued)** | **Systems Software (Continued)** |  |
| $491911 | SS&C Technologies Holdings, Inc., Term Loan B8, 1 Mo. CME <br> Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 05/09/31 | $491924 |
| 2469649 | SUSE (Marcel Bidco LLC), Term Loan B, Daily SOFR + 3.50%, <br> 0.50% Floor  | 7.79%-7.93% | 11/13/30 | 2472736 |
|  |  |  |  | 64010380 |
|  | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |  |
| 5973563 | Aggreko Holdings, Inc. (Albion), Term Loan B, 3 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor  | 7.29% | 08/02/29 | 5979179 |
| 944794 | American Builders & Contractors Supply Co., Inc., 2024 Refi Term <br> Loan, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor  | 6.07% | 01/31/31 | 945658 |
| 4704680 | Core & Main, L.P. (fka - HD Supply Waterworks), Term Loan B, 3 <br> Mo. CME Term SOFR + 2.00%, 0.00% Floor  | 6.27% | 07/27/28 | 4710561 |
| 997500 | Core & Main, L.P. (fka - HD Supply Waterworks), Term Loan E, 3 <br> Mo. CME Term SOFR + 2.00%, 0.00% Floor  | 6.27% | 02/10/31 | 997919 |
| 6975400 | QXO/Beacon Roofing (Queen Mergerco), Term Loan B, 3 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor  | 7.28% | 04/30/32 | 6976655 |
| 15841119 | Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor  | 8.30% | 11/29/30 | 15738469 |
| 2660689 | VistaJet Malta Finance PLC, Term Loan B, 3 Mo. CME Term <br> SOFR + 3.75%, 0.00% Floor  | 8.05% | 03/31/31 | 2654037 |
| 9629266 | White Cap Supply Holdings LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor  | 7.57% | 10/29/29 | 9410056 |
|  |  |  |  | 47412534 |
|  | **Transaction & Payment Processing Services — 0.3%** | **Transaction & Payment Processing Services — 0.3%** | **Transaction & Payment Processing Services — 0.3%** |  |
| 7469726 | Worldpay (GTCR W Merger Sub LLC/Boost Newco LLC), Term <br> Loan B, 3 Mo. CME Term SOFR + 2.00%, 0.00% Floor  | 6.30% | 01/31/31 | 7463489 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 2021011166 |
|  | (Cost $2,045,846,476) | (Cost $2,045,846,476) | (Cost $2,045,846,476) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES — 6.7%** | **CORPORATE BONDS AND NOTES — 6.7%** | **CORPORATE BONDS AND NOTES — 6.7%** | **CORPORATE BONDS AND NOTES — 6.7%** | **CORPORATE BONDS AND NOTES — 6.7%** |
|  | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |  |
| 6898000 | TransDigm, Inc. (c) | 6.38% | 03/01/29 | 7035699 |
| 3000000 | TransDigm, Inc. (c) | 7.13% | 12/01/31 | 3121911 |
|  |  |  |  | 10157610 |
|  | **Application Software — 0.0%** | **Application Software — 0.0%** | **Application Software — 0.0%** |  |
| 1529150 | GoTo Group, Inc. (c) | 5.50% | 05/01/28 | 581077 |
|  | **Broadcasting — 0.4%** | **Broadcasting — 0.4%** | **Broadcasting — 0.4%** |  |
| 12213720 | iHeartCommunications, Inc. (c) | 7.75% | 08/15/30 | 8752533 |
|  | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |  |
| 2500000 | Builders FirstSource, Inc. (c) | 6.38% | 03/01/34 | 2484461 |
|  | **Cable & Satellite — 0.8%** | **Cable & Satellite — 0.8%** | **Cable & Satellite — 0.8%** |  |
| 22200000 | CSC Holdings LLC (c) | 6.50% | 02/01/29 | 18175679 |
|  | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |  |
| 3726000 | Lightning Power LLC (c) | 7.25% | 08/15/32 | 3863513 |
|  | **Food Distributors — 0.1%** | **Food Distributors — 0.1%** | **Food Distributors — 0.1%** |  |
| 3000000 | US Foods, Inc. (c) | 7.25% | 01/15/32 | 3142080 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Insurance Brokers — 1.6%** | **Insurance Brokers — 1.6%** | **Insurance Brokers — 1.6%** |  |
| $2950000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (c) | 7.00% | 01/15/31 | $2996897 |
| 7805000 | AmWINS Group, Inc. (c) | 6.38% | 02/15/29 | 7902898 |
| 2181000 | AmWINS Group, Inc. (c) | 4.88% | 06/30/29 | 2084366 |
| 2000000 | Baldwin Insurance Group Holdings LLC / Baldwin Insurance <br> Group Holdings Finance (c) | 7.13% | 05/15/31 | 2037036 |
| 4837000 | HUB International Ltd. (c) | 7.25% | 06/15/30 | 5020385 |
| 15095000 | Panther Escrow Issuer LLC (c) | 7.13% | 06/01/31 | 15477507 |
| 2932000 | Ryan Specialty LLC (c) | 5.88% | 08/01/32 | 2898508 |
|  |  |  |  | 38417597 |
|  | **Integrated Telecommunication Services — 0.1%** | **Integrated Telecommunication Services — 0.1%** | **Integrated Telecommunication Services — 0.1%** |  |
| 1471000 | Radiate Holdco LLC / Radiate Finance, Inc. (c) | 4.50% | 09/15/26 | 1270782 |
|  | **Internet Services & Infrastructure — 0.2%** | **Internet Services & Infrastructure — 0.2%** | **Internet Services & Infrastructure — 0.2%** |  |
| 763000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (c) | 5.25% | 12/01/27 | 757068 |
| 3500000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (c) | 3.50% | 03/01/29 | 3265020 |
|  |  |  |  | 4022088 |
|  | **Leisure Facilities — 0.1%** | **Leisure Facilities — 0.1%** | **Leisure Facilities — 0.1%** |  |
| 2000000 | Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / <br> Canada's Wonderland Co. (c) | 6.63% | 05/01/32 | 2019590 |
|  | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |  |
| 979000 | Star Parent, Inc. (c) | 9.00% | 10/01/30 | 991796 |
|  | **Managed Health Care — 0.0%** | **Managed Health Care — 0.0%** | **Managed Health Care — 0.0%** |  |
| 287000 | HealthEquity, Inc. (c) | 4.50% | 10/01/29 | 271564 |
|  | **Packaged Foods & Meats — 1.2%** | **Packaged Foods & Meats — 1.2%** | **Packaged Foods & Meats — 1.2%** |  |
| 3000000 | Performance Food Group, Inc. (c) | 6.13% | 09/15/32 | 3004641 |
| 26001000 | Post Holdings, Inc. (c) | 6.25% | 02/15/32 | 26234990 |
|  |  |  |  | 29239631 |
|  | **Real Estate Services — 0.1%** | **Real Estate Services — 0.1%** | **Real Estate Services — 0.1%** |  |
| 2518000 | Cushman & Wakefield US Borrower LLC (c) | 8.88% | 09/01/31 | 2696307 |
|  | **Systems Software — 0.7%** | **Systems Software — 0.7%** | **Systems Software — 0.7%** |  |
| 15639000 | SS&C Technologies, Inc. (c) | 5.50% | 09/30/27 | 15577059 |
|  | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |  |
| 5085000 | American Builders & Contractors Supply Co., Inc. (c) | 4.00% | 01/15/28 | 4912665 |
| 12000000 | United Rentals North America, Inc. (c) | 6.00% | 12/15/29 | 12164364 |
|  |  |  |  | 17077029 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 158740396 |
|  | (Cost $160,557,838) | (Cost $160,557,838) | (Cost $160,557,838) |  |
| **FOREIGN CORPORATE BONDS AND NOTES — 2.5%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.5%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.5%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.5%** | **FOREIGN CORPORATE BONDS AND NOTES — 2.5%** |
|  | **Application Software — 0.7%** | **Application Software — 0.7%** | **Application Software — 0.7%** |  |
| 3910000 | Open Text Corp. (c) | 6.90% | 12/01/27 | 4025089 |
| 12478000 | Open Text Corp. (c) | 3.88% | 02/15/28 | 11939635 |
|  |  |  |  | 15964724 |
|  | **Casinos & Gaming — 0.1%** | **Casinos & Gaming — 0.1%** | **Casinos & Gaming — 0.1%** |  |
| 3450000 | Flutter Treasury Designated Activity Co. (c) | 6.38% | 04/29/29 | 3528449 |
|  | **Data Processing & Outsourced Services — 0.2%** | **Data Processing & Outsourced Services — 0.2%** | **Data Processing & Outsourced Services — 0.2%** |  |
| 4795000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (c) | 4.00% | 06/15/29 | 4489942 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Environmental & Facilities Services — 0.4%** | **Environmental & Facilities Services — 0.4%** | **Environmental & Facilities Services — 0.4%** |  |
| $1323000 | GFL Environmental, Inc. (c) | 4.00% | 08/01/28 | $1261499 |
| 8318000 | GFL Environmental, Inc. (c) | 6.75% | 01/15/31 | 8656965 |
|  |  |  |  | 9918464 |
|  | **Insurance Brokers — 0.2%** | **Insurance Brokers — 0.2%** | **Insurance Brokers — 0.2%** |  |
| 4800000 | Ardonagh Finco Ltd. (c) | 7.75% | 02/15/31 | 4890764 |
|  | **Restaurants — 0.7%** | **Restaurants — 0.7%** | **Restaurants — 0.7%** |  |
| 16800000 | 1011778 BC ULC / New Red Finance, Inc. (c) | 4.00% | 10/15/30 | 15309965 |
|  | **Specialized Consumer Services — 0.2%** | **Specialized Consumer Services — 0.2%** | **Specialized Consumer Services — 0.2%** |  |
| 3900000 | Belron UK Finance PLC (c) | 5.75% | 10/15/29 | 3898914 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 58001222 |
|  | (Cost $56,945,382) | (Cost $56,945,382) | (Cost $56,945,382) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** |
|  | **Pharmaceuticals — 0.0%**  |  |
| 249316 | Akorn, Inc. (d) (e) (f) | 9973 |
|  | (Cost $2,858,880) |  |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
|  | **Life Sciences Tools & Services — 0.0%** |  |
| 1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (e) (g) (h) (i) | 0 |
| 1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (e) (g) (h) (i) | 0 |
|  | **Total Rights** | 0 |
|  | (Cost $0) |  |
| **MONEY MARKET FUNDS — 8.4%** | **MONEY MARKET FUNDS — 8.4%** | **MONEY MARKET FUNDS — 8.4%** |
| 197528796 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.18% (j) | 197528796 |
|  | (Cost $197,528,796) |  |
|  | **Total Investments — 103.6%** | 2435291553 |
|  | (Cost $2,463,737,372) |  |
|  | **Net Other Assets and Liabilities — (3.6)%** | (84316235)<br>|
|  | **Net Assets — 100.0%** | $2350975318 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Senior
 Floating-Rate Loan Interests ("Senior Loans") in which the Fund invests pay interest at rates which are periodically predetermined
 by reference to a base lending rate plus a premium. These base lending rates are generally (i) the SOFR obtained from
 the U.S. Department of the Treasury's Office of Financial Research or another major financial institution, (ii) the lending rate
 offered by one or more major European banks, (iii) the prime rate offered by one or more United States banks or (iv) the certificate
 of deposit rate. Certain Senior Loans are subject to a SOFR floor that establishes a minimum SOFR rate. When a range of
 rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and floor, but
 different SOFR reset dates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Senior
 Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans
 may be substantially less than the stated maturities shown.

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

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

&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 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 $216,741,618 or 9.2% of
 net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 issuer has filed for protection in bankruptcy court.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security
 received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption
 from registration under the 1933 Act, typically to qualified institutional buyers (see Note 2D - Restricted Securities in the
 Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) This
 security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees,
 and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April
 30, 2025, securities noted as such are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 security's value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial
 Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate
 shown reflects yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| SOFR | – Secured Overnight Financing Rate |
| USD | – United States Dollar |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**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>|
| Senior Floating-Rate Loan Interests\* | $2021011166 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2021011166 | &nbsp;&nbsp; $— |
| Corporate Bonds and Notes\* | 158740396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158740396 | &nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | 58001222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58001222 | &nbsp;&nbsp; — |
| Common Stocks\* | 9973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9973 | &nbsp;&nbsp; — |
| Rights\* | —<br> \*\*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>|
| Money Market Funds | 197528796 | &nbsp;&nbsp; 197528796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $2435291553 | &nbsp;&nbsp; $197528796 | &nbsp;&nbsp; $2237762757 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Investments are valued at $0.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $2435291553 |
| Cash | 635745 |
| Receivables: |  |
| Investment securities sold | 43402287 |
| Interest | 9052465 |
| Capital shares sold | 2281429 |
| Dividends | 731962 |
| Total Assets | 2491395441 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 138762532 |
| Investment advisory fees | 1641284 |
| Unrealized depreciation on unfunded loan commitments | 16307 |
| Total Liabilities | 140420123 |
| **NET ASSETS** | $2350975318 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $2629802672 |
| Par value | 516000 |
| Accumulated distributable earnings (loss) | (279343354)<br>|
| **NET ASSETS** | $2350975318 |
| **NET ASSET VALUE,** per share | $45.56 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 51600002 |
| Investments, at cost | $2463737372 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $81919926 |
| Dividends | 3852074 |
| Total investment income | 85772000 |
| **EXPENSES:** |  |
| Investment advisory fees | 9689489<br>|
| Total expenses | 9689489 |
| **NET INVESTMENT INCOME (LOSS)** | 76082511 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | (3672149)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (17930212)<br>|
| Unfunded loan commitments | (20777)<br>|
| Net change in unrealized appreciation (depreciation) | (17950989)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (21623138)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $54459373 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $76082511 | &nbsp;&nbsp; $172006736 |
| Net realized gain (loss) | (3672149)<br>| &nbsp;&nbsp; (19464345)<br>|
| Net change in unrealized appreciation (depreciation) | (17950989)<br>| &nbsp;&nbsp; 46425996 |
| Net increase (decrease) in net assets resulting from operations | 54459373 | &nbsp;&nbsp; 198968387 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (80349503)<br>| &nbsp;&nbsp; (170578684)<br>|
| Return of capital |  | &nbsp;&nbsp; (482823)<br>|
| Total distributions to shareholders | (80349503)<br>| &nbsp;&nbsp; (171061507)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 295507519<br>| &nbsp;&nbsp; 286427352<br>|
| Cost of shares redeemed | (81509011) <br>| &nbsp;&nbsp; (333466262) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 213998508 | &nbsp;&nbsp; (47038910)<br>|
| Total increase (decrease) in net assets | 188108378 | &nbsp;&nbsp; (19132030)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 2162866940 | &nbsp;&nbsp; 2181998970 |
| End of period | $2350975318 | &nbsp;&nbsp; $2162866940 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 47000002 | &nbsp;&nbsp; 48050002 |
| Shares sold | 6400000 | &nbsp;&nbsp; 6200000 |
| Shares redeemed | (1800000)<br>| &nbsp;&nbsp; (7250000)<br>|
| Shares outstanding, end of period | 51600002 | &nbsp;&nbsp; 47000002 |

---

See Notes to Financial Statements

------

**First Trust Senior Loan Fund (FTSL)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $46.02 | &nbsp;&nbsp;&nbsp;&nbsp; $45.41 | &nbsp;&nbsp;&nbsp;&nbsp; $44.76 | &nbsp;&nbsp;&nbsp;&nbsp; $47.78 | &nbsp;&nbsp;&nbsp;&nbsp; $45.85 | &nbsp;&nbsp;&nbsp;&nbsp; $47.15 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 1.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br>|
| Net realized and unrealized gain <br> (loss)<br>| (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.27) <br>|
| Total from investment operations | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (1.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.90) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.67) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>|
| Total distributions | (1.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.90) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>|
| Net asset value, end of period | $45.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $45.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; $45.85<br>|
| **Total return** (b) | 2.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.38)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $2350975<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2162867<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2181999<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2938655<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2866652<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1276964<br>|
| Ratio of total expenses to average <br> net assets (c)<br>| 0.85<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets (c)<br>| 6.67<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> % <br>|
| Portfolio turnover rate (e) | 74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 125<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>|

---

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

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

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

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Senior Loan Fund (the "Fund"), a diversified series of the Trust, which trades under the ticker "FTSL" on Nasdaq, Inc. ("Nasdaq"). The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The Fund's primary investment objective is to provide high current income. The Fund's secondary investment objective is the preservation of capital. Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in first lien senior floating rate bank loans ("Senior Loans")<sup>(1)</sup>.

A Senior Loan is an advance or commitment of funds made by one or more banks or similar financial institutions to one or more corporations, partnerships or other business entities and typically pays interest at a floating or adjusting rate that is determined periodically at a designated premium above a base lending rate, such as the Secured Overnight Financing Rate ("SOFR"), a similar reference rate, or the prime rate offered by one or more major U.S. banks. When identifying prospective investment opportunities in Senior Loans, First Trust Advisors L.P. ("First Trust" or the "Advisor"), the Fund's investment advisor, currently intends to invest primarily in Senior Loans that are below investment grade quality at the time of investment. The Fund invests in Senior Loans made predominantly to businesses operating in North America, but may also invest in Senior Loans made to businesses operating outside of North America.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Advisor's Pricing Committee in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Senior Loans are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent

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

------

<sup>(1)</sup>

The terms "security" and "securities" used throughout the Notes to Financial Statements include Senior Loans.

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.

Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

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

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

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

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower's/issuer's competitive position within the industry;

15)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund had no when-issued, delayed-delivery or forward purchase commitments (other than the unfunded commitments discussed below).

**C. Unfunded Loan Commitments**

The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower's discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees are included in "Interest" on the Statement of Operations. As of April 30, 2025, the Fund had the following unfunded loan commitments:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal <br>Value<br>| Commitment <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Alter Domus (Chrysaor Bidco S.A.R.L.), Term Loan | $455029 | &nbsp;&nbsp; $456881 | &nbsp;&nbsp; $456310 | &nbsp;&nbsp; $(571)<br>|
| AmSpec Parent LLC, Term Loan | 1057435 | &nbsp;&nbsp; 1062263 | &nbsp;&nbsp; 1057434 | &nbsp;&nbsp; (4829)<br>|
| Grant Thornton Advisors LLC, Term Loan | 244565 | &nbsp;&nbsp; 244565 | &nbsp;&nbsp; 243037 | &nbsp;&nbsp; (1528)<br>|
| Hanger, Inc., Term Loan | 497497 | &nbsp;&nbsp; 495383 | &nbsp;&nbsp; 497410 | &nbsp;&nbsp; 2027 |
| Novolex (Clydesdale Acq. Holdings, Inc.), Term Loan | 148531 | &nbsp;&nbsp; 147417 | &nbsp;&nbsp; 147510 | &nbsp;&nbsp; 93 |
| R1 RCM, Inc. (Raven Acq. Holdings LLC), Term Loan | 881709 | &nbsp;&nbsp; 880156 | &nbsp;&nbsp; 873602 | &nbsp;&nbsp; (6554)<br>|
| Sauer Brands, Inc. (Savor Acquisition, Inc.), Term Loan | 370141 | &nbsp;&nbsp; 371482 | &nbsp;&nbsp; 369273 | &nbsp;&nbsp; (2209)<br>|
| Signia Aerospace LLC, Term Loan | 336756 | &nbsp;&nbsp; 336756 | &nbsp;&nbsp; 334020 | &nbsp;&nbsp; (2736)<br>|
|  |  | &nbsp;&nbsp; $3994903 | &nbsp;&nbsp; $3978596 | &nbsp;&nbsp; $(16307)<br>|

---

**D. Restricted Securities**

The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of April 30, 2025, the Fund held a restricted security as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees. 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. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Shares | Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| Akorn, Inc. | 10/15/20 | &nbsp;&nbsp; 249316 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $2858880 | &nbsp;&nbsp; $9973 | 0.00<br> %\*<br>|

---

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

\* Amount is less than 0.01%.

**E. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $170578684 |
| Capital gains |  |
| Return of capital | 482823 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (242393104)<br>|
| Net unrealized appreciation (depreciation) | (11060120)<br>|

---

**F. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $242,393,104 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $2463737372 | &nbsp;&nbsp; $3364054 | &nbsp;&nbsp; $(31809873)<br>| &nbsp;&nbsp; $(28445819)<br>|

---

**G. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**H. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

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

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.76500<br> %<br>|

---

In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund's total annual operating expenses.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $1,815,526,612 and $1,642,789,473, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

**5. Borrowings** 

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Series Fund and First Trust Variable Insurance Trust, has a $620 million Credit Agreement with BNY as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the credit agreement may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

over the outstanding principal balance of the loans and an agency fee. Prior to February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not have any borrowings outstanding during the six months ended April 30, 2025.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

------

**Notes to Financial Statements (Continued)**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

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

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Senior Loan Fund (FTSL)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

![](imgcd9bad091.gif)

First Trust Exchange-Traded Fund IV

---

| | |
|:---|:---|
| ![](img0a113a262.gif) | &nbsp;&nbsp;&nbsp;&nbsp; First Trust Tactical High Yield ETF <br> &nbsp;&nbsp;&nbsp;&nbsp;(HYLS)<br>|
| ![](img0a113a262.gif) | &nbsp;&nbsp;&nbsp;&nbsp; Semi-Annual Financial Statements and Other <br> Information <br>For the Six Months Ended <br>April 30, 2025<br>|

---

------

**Table of Contents** 

**First Trust Tactical High Yield ETF (HYLS)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_SOI-TOC-ScheduleofInvestments-4292_1) | 1 |
| [Statement of Assets and Liabilities](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_SAL1-TOC-StatementofAssetsandLiabilities-4292_1) | 15 |
| [Statement of Operations](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_SOP1-TOC-StatementofOperations-4292_1) | 16 |
| [Statements of Changes in Net Assets](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_SOC1-TOC-StatementofChanges-4292_1) | 17 |
| [Statement of Cash Flows](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_SCOF1-TOC-StatementofCashFlows-4292_1) | 18 |
| [Financial Highlights](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_FIHI-TOC-FinancialHighlights-4292_1) | 19 |
| [Notes to Financial Statements](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_NTF-TOC-NotestoFinancialStatements-4292_1) | 20 |
| [Other Information](#xx_b8a6f19b-b7d6-4b52-b540-bd6ea6fa5a89_AI-TOC-AdditionalInformation-4292_1) | 29 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Tactical High Yield ETF (the "Fund") will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Tactical High Yield ETF (HYLS)**

**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** |
| **CORPORATE BONDS AND NOTES — 72.6%** | **CORPORATE BONDS AND NOTES — 72.6%** | **CORPORATE BONDS AND NOTES — 72.6%** | **CORPORATE BONDS AND NOTES — 72.6%** | **CORPORATE BONDS AND NOTES — 72.6%** |
|  | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |  |
| $684000 | Amentum Holdings, Inc. (a) | 7.25% | 08/01/32 | $696407 |
| 1035000 | Axon Enterprise, Inc. (a) | 6.13% | 03/15/30 | 1055601 |
| 690000 | Axon Enterprise, Inc. (a) | 6.25% | 03/15/33 | 704992 |
| 342000 | Booz Allen Hamilton, Inc. (a) | 3.88% | 09/01/28 | 330026 |
| 9399000 | TransDigm, Inc. (a) | 6.75% | 08/15/28 | 9599612 |
| 3354000 | TransDigm, Inc. (a) | 6.38% | 03/01/29 | 3420953 |
| 4931000 | TransDigm, Inc. (a) | 6.63% | 03/01/32 | 5057253 |
| 1663000 | TransDigm, Inc. (a) | 6.00% | 01/15/33 | 1660999 |
|  |  |  |  | 22525843 |
|  | **Alternative Carriers — 0.8%** | **Alternative Carriers — 0.8%** | **Alternative Carriers — 0.8%** |  |
| 11791000 | Level 3 Financing, Inc. (a) | 11.00% | 11/15/29 | 13191181 |
|  | **Apparel Retail — 0.6%** | **Apparel Retail — 0.6%** | **Apparel Retail — 0.6%** |  |
| 6747000 | Nordstrom, Inc. | 4.00% | 03/15/27 | 6477506 |
| 2854000 | Nordstrom, Inc. | 4.38% | 04/01/30 | 2556387 |
|  |  |  |  | 9033893 |
|  | **Application Software — 3.6%** | **Application Software — 3.6%** | **Application Software — 3.6%** |  |
| 3299000 | Cloud Software Group, Inc. (a) | 6.50% | 03/31/29 | 3303318 |
| 6648000 | Cloud Software Group, Inc. (a) | 9.00% | 09/30/29 | 6704705 |
| 4158000 | Cloud Software Group, Inc. (a) | 8.25% | 06/30/32 | 4340528 |
| 2140000 | Ellucian Holdings, Inc. (a) | 6.50% | 12/01/29 | 2143244 |
| 5632950 | GoTo Group, Inc. (a) | 5.50% | 05/01/28 | 2140521 |
| 12000000 | McAfee Corp. (a) | 7.38% | 02/15/30 | 10377863 |
| 3487000 | Open Text Holdings, Inc. (a) | 4.13% | 12/01/31 | 3123228 |
| 8984000 | RingCentral, Inc. (a) | 8.50% | 08/15/30 | 9454977 |
| 16664000 | UKG, Inc. (a) | 6.88% | 02/01/31 | 17159821 |
|  |  |  |  | 58748205 |
|  | **Automobile Manufacturers — 0.5%** | **Automobile Manufacturers — 0.5%** | **Automobile Manufacturers — 0.5%** |  |
| 6631000 | Ford Motor Co. | 9.63% | 04/22/30 | 7524156 |
|  | **Automotive Retail — 0.1%** | **Automotive Retail — 0.1%** | **Automotive Retail — 0.1%** |  |
| 1365000 | Mavis Tire Express Services Topco Corp. (a) | 6.50% | 05/15/29 | 1260766 |
|  | **Broadcasting — 3.1%** | **Broadcasting — 3.1%** | **Broadcasting — 3.1%** |  |
| 23148800 | iHeartCommunications, Inc. (a) | 10.88% | 05/01/30 | 9780368 |
| 9266000 | Nexstar Media, Inc. (a) (b) | 5.63% | 07/15/27 | 9187528 |
| 13895000 | Sinclair Television Group, Inc. (a) (b) | 5.13% | 02/15/27 | 13026562 |
| 857000 | Sirius XM Radio LLC (a) | 5.50% | 07/01/29 | 835486 |
| 4000000 | Sirius XM Radio LLC (a) | 4.13% | 07/01/30 | 3582587 |
| 15574000 | TEGNA, Inc. | 4.63% | 03/15/28 | 14938950 |
|  |  |  |  | 51351481 |
|  | **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |  |
| 5336000 | Advanced Drainage Systems, Inc. (a) | 6.38% | 06/15/30 | 5423617 |
| 100000 | Beacon Roofing Supply, Inc. (a) | 4.13% | 05/15/29 | 100932 |
| 100000 | Builders FirstSource, Inc. (a) | 4.25% | 02/01/32 | 90154 |
| 9914000 | Builders FirstSource, Inc. (a) | 6.38% | 03/01/34 | 9852379 |
| 5393000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC (a) | 6.75% | 04/01/32 | 5400248 |
| 6557000 | Standard Building Solutions, Inc. (a) | 6.50% | 08/15/32 | 6644494 |
| 1392000 | Standard Industries, Inc. (a) | 5.00% | 02/15/27 | 1382762 |
| 1426000 | Standard Industries, Inc. (a) | 4.75% | 01/15/28 | 1396858 |
| 2492000 | Standard Industries, Inc. (a) | 4.38% | 07/15/30 | 2326579 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Building Products (Continued)** | **Building Products (Continued)** | **Building Products (Continued)** |  |
| $1000000 | Standard Industries, Inc. (a) | 3.38% | 01/15/31 | $884008 |
| 3750000 | TopBuild Corp. (a) | 3.63% | 03/15/29 | 3489526 |
|  |  |  |  | 36991557 |
|  | **Cable & Satellite — 2.0%** | **Cable & Satellite — 2.0%** | **Cable & Satellite — 2.0%** |  |
| 1431000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.75% | 03/01/30 | 1352402 |
| 4747000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.50% | 08/15/30 | 4412380 |
| 7781000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 7.38% | 03/01/31 | 8018904 |
| 1000000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.50% | 05/01/32 | 889134 |
| 5800000 | CSC Holdings LLC (a) | 6.50% | 02/01/29 | 4748601 |
| 18851000 | CSC Holdings LLC (a) | 4.50% | 11/15/31 | 12837619 |
|  |  |  |  | 32259040 |
|  | **Casinos & Gaming — 2.2%** | **Casinos & Gaming — 2.2%** | **Casinos & Gaming — 2.2%** |  |
| 500000 | Boyd Gaming Corp. | 4.75% | 12/01/27 | 490672 |
| 6062000 | Boyd Gaming Corp. (a) | 4.75% | 06/15/31 | 5657604 |
| 482000 | Caesars Entertainment, Inc. (a) | 8.13% | 07/01/27 | 483837 |
| 5662000 | Caesars Entertainment, Inc. (a) | 4.63% | 10/15/29 | 5232642 |
| 173000 | Caesars Entertainment, Inc. (a) | 7.00% | 02/15/30 | 177198 |
| 6201000 | Caesars Entertainment, Inc. (a) | 6.00% | 10/15/32 | 5849830 |
| 179000 | Churchill Downs, Inc. (a) | 5.75% | 04/01/30 | 175232 |
| 8292000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc. (a) | 6.75% | 01/15/30 | 7263774 |
| 2587000 | Light & Wonder International, Inc. (a) | 7.50% | 09/01/31 | 2659981 |
| 5026000 | Scientific Games Holdings, L.P. / Scientific Games US FinCo, <br> Inc. (a) | 6.63% | 03/01/30 | 4789656 |
| 3903000 | Station Casinos LLC (a) | 4.50% | 02/15/28 | 3769068 |
|  |  |  |  | 36549494 |
|  | **Commercial Printing — 0.5%** | **Commercial Printing — 0.5%** | **Commercial Printing — 0.5%** |  |
| 1388000 | LABL, Inc. (a) | 9.50% | 11/01/28 | 1214488 |
| 8817000 | LABL, Inc. (a) | 8.63% | 10/01/31 | 7218125 |
|  |  |  |  | 8432613 |
|  | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |  |
| 500000 | Ciena Corp. (a) | 4.00% | 01/31/30 | 463578 |
|  | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |  |
| 8615000 | Pike Corp. (a) | 5.50% | 09/01/28 | 8468737 |
| 3365000 | Pike Corp. (a) | 8.63% | 01/31/31 | 3534374 |
| 697000 | Williams Scotsman, Inc. (a) | 6.63% | 04/15/30 | 710351 |
|  |  |  |  | 12713462 |
|  | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |  |
| 12509000 | Quikrete Holdings, Inc. (a) | 6.75% | 03/01/33 | 12566740 |
|  | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |  |
| 1381000 | EZCORP, Inc. (a) | 7.38% | 04/01/32 | 1449208 |
| 3000000 | FirstCash, Inc. (a) | 4.63% | 09/01/28 | 2911444 |
| 9796000 | FirstCash, Inc. (a) | 6.88% | 03/01/32 | 10034744 |
|  |  |  |  | 14395396 |
|  | **Diversified Metals & Mining — 0.1%** | **Diversified Metals & Mining — 0.1%** | **Diversified Metals & Mining — 0.1%** |  |
| 1373000 | SCIH Salt Holdings, Inc. (a) | 4.88% | 05/01/28 | 1316709 |
| 700000 | SCIH Salt Holdings, Inc. (a) | 6.63% | 05/01/29 | 680710 |
|  |  |  |  | 1997419 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Diversified Support Services — 0.4%** | **Diversified Support Services — 0.4%** | **Diversified Support Services — 0.4%** |  |
| $1945000 | RB Global Holdings, Inc. (a) | 6.75% | 03/15/28 | $1985567 |
| 4522000 | RB Global Holdings, Inc. (a) | 7.75% | 03/15/31 | 4746897 |
|  |  |  |  | 6732464 |
|  | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |  |
| 16218000 | Lightning Power LLC (a) | 7.25% | 08/15/32 | 16816547 |
| 5000000 | Vistra Operations Co. LLC (a) | 5.63% | 02/15/27 | 5001066 |
| 3189000 | Vistra Operations Co. LLC (a) | 5.00% | 07/31/27 | 3163976 |
| 1359000 | Vistra Operations Co. LLC (a) | 7.75% | 10/15/31 | 1437893 |
|  |  |  |  | 26419482 |
|  | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |  |
| 667000 | Sensata Technologies, Inc. (a) | 3.75% | 02/15/31 | 584015 |
|  | **Environmental & Facilities Services — 0.8%** | **Environmental & Facilities Services — 0.8%** | **Environmental & Facilities Services — 0.8%** |  |
| 1959000 | Allied Universal Holdco LLC (a) | 7.88% | 02/15/31 | 2002873 |
| 1373000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. (a) | 9.75% | 07/15/27 | 1379097 |
| 8590000 | Waste Pro USA, Inc. (a) | 7.00% | 02/01/33 | 8785689 |
| 1312000 | Wrangler Holdco Corp. (a) | 6.63% | 04/01/32 | 1348143 |
|  |  |  |  | 13515802 |
|  | **Fertilizers & Agricultural Chemicals — 0.3%** | **Fertilizers & Agricultural Chemicals — 0.3%** | **Fertilizers & Agricultural Chemicals — 0.3%** |  |
| 3894000 | Scotts Miracle-Gro (The) Co. | 4.50% | 10/15/29 | 3636433 |
| 2000000 | Scotts Miracle-Gro (The) Co. | 4.00% | 04/01/31 | 1753933 |
|  |  |  |  | 5390366 |
|  | **Food Distributors — 1.2%** | **Food Distributors — 1.2%** | **Food Distributors — 1.2%** |  |
| 1397000 | US Foods, Inc. (a) | 4.75% | 02/15/29 | 1358711 |
| 8582000 | US Foods, Inc. (a) | 7.25% | 01/15/32 | 8988443 |
| 9700000 | US Foods, Inc. (a) | 5.75% | 04/15/33 | 9525476 |
|  |  |  |  | 19872630 |
|  | **Health Care Equipment — 0.0%** | **Health Care Equipment — 0.0%** | **Health Care Equipment — 0.0%** |  |
| 300000 | Teleflex, Inc. (a) | 4.25% | 06/01/28 | 287478 |
|  | **Health Care Facilities — 2.1%** | **Health Care Facilities — 2.1%** | **Health Care Facilities — 2.1%** |  |
| 1000000 | Acadia Healthcare Co., Inc. (a) | 5.50% | 07/01/28 | 979816 |
| 1290000 | Acadia Healthcare Co., Inc. (a) | 5.00% | 04/15/29 | 1221025 |
| 1608000 | AHP Health Partners, Inc. (a) | 5.75% | 07/15/29 | 1487808 |
| 657000 | Concentra Health Services, Inc. (a) | 6.88% | 07/15/32 | 673455 |
| 4000000 | HCA, Inc. | 5.50% | 06/15/47 | 3635558 |
| 7000000 | HCA, Inc. | 5.25% | 06/15/49 | 6078716 |
| 17799000 | Select Medical Corp. (a) | 6.25% | 12/01/32 | 17685328 |
| 3197000 | Tenet Healthcare Corp. | 6.13% | 10/01/28 | 3191672 |
|  |  |  |  | 34953378 |
|  | **Health Care Services — 1.0%** | **Health Care Services — 1.0%** | **Health Care Services — 1.0%** |  |
| 8683000 | Raven Acquisition Holdings LLC (a) | 6.88% | 11/15/31 | 8490630 |
| 100000 | Service Corp. International | 3.38% | 08/15/30 | 89627 |
| 8661000 | Service Corp. International | 5.75% | 10/15/32 | 8561310 |
|  |  |  |  | 17141567 |
|  | **Health Care Supplies — 1.3%** | **Health Care Supplies — 1.3%** | **Health Care Supplies — 1.3%** |  |
| 3200000 | 180 Medical, Inc. (a) | 3.88% | 10/15/29 | 3000347 |
| 8780000 | Medline Borrower, L.P. (a) (b) | 3.88% | 04/01/29 | 8198977 |
| 10253000 | Medline Borrower, L.P. (a) | 5.25% | 10/01/29 | 9746682 |
|  |  |  |  | 20946006 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** |  |
| $17722000 | AthenaHealth Group, Inc. (a) | 6.50% | 02/15/30 | $16956611 |
|  | **Hotels, Resorts & Cruise Lines — 0.4%** | **Hotels, Resorts & Cruise Lines — 0.4%** | **Hotels, Resorts & Cruise Lines — 0.4%** |  |
| 5957000 | Vail Resorts, Inc. (a) | 6.50% | 05/15/32 | 6038259 |
| 711000 | Wyndham Hotels & Resorts, Inc. (a) | 4.38% | 08/15/28 | 683496 |
|  |  |  |  | 6721755 |
|  | **Household Products — 0.9%** | **Household Products — 0.9%** | **Household Products — 0.9%** |  |
| 5613000 | Energizer Holdings, Inc. (a) | 6.50% | 12/31/27 | 5645106 |
| 9851000 | Energizer Holdings, Inc. (a) | 4.38% | 03/31/29 | 9204359 |
|  |  |  |  | 14849465 |
|  | **Housewares & Specialties — 0.3%** | **Housewares & Specialties — 0.3%** | **Housewares & Specialties — 0.3%** |  |
| 5449000 | Newell Brands, Inc. | 6.63% | 05/15/32 | 4898543 |
|  | **Human Resource & Employment Services — 0.9%** | **Human Resource & Employment Services — 0.9%** | **Human Resource & Employment Services — 0.9%** |  |
| 8537000 | TriNet Group, Inc. (a) | 7.13% | 08/15/31 | 8696659 |
| 7508000 | ZipRecruiter, Inc. (a) | 5.00% | 01/15/30 | 6271845 |
|  |  |  |  | 14968504 |
|  | **Independent Power Producers & Energy Traders — 0.5%** | **Independent Power Producers & Energy Traders — 0.5%** | **Independent Power Producers & Energy Traders — 0.5%** |  |
| 7570000 | Calpine Corp. (a) | 5.13% | 03/15/28 | 7504773 |
|  | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |  |
| 2569000 | Hillenbrand, Inc. | 6.25% | 02/15/29 | 2557200 |
|  | **Industrial Machinery & Supplies & Components — 0.3%** | **Industrial Machinery & Supplies & Components — 0.3%** | **Industrial Machinery & Supplies & Components — 0.3%** |  |
| 1189000 | EMRLD Borrower, L.P. / Emerald Co-Issuer, Inc. (a) | 6.63% | 12/15/30 | 1207262 |
| 1679000 | Gates Corp. (a) | 6.88% | 07/01/29 | 1705661 |
| 2705000 | SPX FLOW, Inc. (a) | 8.75% | 04/01/30 | 2730854 |
|  |  |  |  | 5643777 |
|  | **Insurance Brokers — 13.6%** | **Insurance Brokers — 13.6%** | **Insurance Brokers — 13.6%** |  |
| 3000000 | Acrisure LLC / Acrisure Finance, Inc. (a) | 6.00% | 08/01/29 | 2844981 |
| 19370000 | Acrisure LLC / Acrisure Finance, Inc. (a) | 7.50% | 11/06/30 | 19748800 |
| 13365000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-<br> Issuer (a) (b) | 6.75% | 10/15/27 | 13282879 |
| 17412000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-<br> Issuer (a) (b) | 6.75% | 04/15/28 | 17551818 |
| 1790000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 5.88% | 11/01/29 | 1729653 |
| 4657000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 6.50% | 10/01/31 | 4653273 |
| 1331000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 7.38% | 10/01/32 | 1346722 |
| 10017000 | AmWINS Group, Inc. (a) | 6.38% | 02/15/29 | 10142643 |
| 17006000 | AmWINS Group, Inc. (a) (b) | 4.88% | 06/30/29 | 16252507 |
| 7000000 | Arthur J. Gallagher & Co. | 5.75% | 03/02/53 | 6719757 |
| 3000000 | Arthur J. Gallagher & Co. | 6.75% | 02/15/54 | 3264895 |
| 3287000 | Arthur J. Gallagher & Co. | 5.75% | 07/15/54 | 3171942 |
| 14817000 | AssuredPartners, Inc. (a) (b) | 5.63% | 01/15/29 | 14781819 |
| 4224000 | AssuredPartners, Inc. (a) | 7.50% | 02/15/32 | 4494045 |
| 19730000 | Baldwin Insurance Group Holdings LLC / Baldwin Insurance <br> Group Holdings Finance (a) | 7.13% | 05/15/31 | 20095360 |
| 8120000 | BroadStreet Partners, Inc. (a) | 5.88% | 04/15/29 | 7848924 |
| 8230000 | HUB International Ltd. (a) | 5.63% | 12/01/29 | 8049695 |
| 15950000 | HUB International Ltd. (a) | 7.25% | 06/15/30 | 16554712 |
| 9750000 | HUB International Ltd. (a) | 7.38% | 01/31/32 | 10050952 |
| 21394000 | Panther Escrow Issuer LLC (a) (b) | 7.13% | 06/01/31 | 21936124 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Insurance Brokers (Continued)** | **Insurance Brokers (Continued)** | **Insurance Brokers (Continued)** |  |
| $9355000 | Ryan Specialty LLC (a) | 4.38% | 02/01/30 | $8885566 |
| 8152000 | Ryan Specialty LLC (a) | 5.88% | 08/01/32 | 8058879 |
| 2000000 | USI, Inc. (a) | 7.50% | 01/15/32 | 2068078 |
|  |  |  |  | 223534024 |
|  | **Integrated Telecommunication Services — 0.2%** | **Integrated Telecommunication Services — 0.2%** | **Integrated Telecommunication Services — 0.2%** |  |
| 3441000 | Radiate Holdco LLC / Radiate Finance, Inc. (a) | 4.50% | 09/15/26 | 2972646 |
|  | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |  |
| 6913000 | Cars.com, Inc. (a) | 6.38% | 11/01/28 | 6797628 |
| 6797000 | Snap, Inc. (a) | 6.88% | 03/01/33 | 6794148 |
| 1356000 | ZoomInfo Technologies LLC / ZoomInfo Finance Corp. (a) | 3.88% | 02/01/29 | 1247416 |
|  |  |  |  | 14839192 |
|  | **Internet Services & Infrastructure — 1.0%** | **Internet Services & Infrastructure — 1.0%** | **Internet Services & Infrastructure — 1.0%** |  |
| 3500000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a) | 5.25% | 12/01/27 | 3472788 |
| 14280000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a) | 3.50% | 03/01/29 | 13321282 |
|  |  |  |  | 16794070 |
|  | **Investment Banking & Brokerage — 0.2%** | **Investment Banking & Brokerage — 0.2%** | **Investment Banking & Brokerage — 0.2%** |  |
| 699000 | Jane Street Group / JSG Finance, Inc. (a) | 6.13% | 11/01/32 | 687655 |
| 2056000 | Jane Street Group / JSG Finance, Inc. (a) | 6.75% | 05/01/33 | 2067227 |
|  |  |  |  | 2754882 |
|  | **IT Consulting & Other Services — 0.0%** | **IT Consulting & Other Services — 0.0%** | **IT Consulting & Other Services — 0.0%** |  |
| 250000 | Gartner, Inc. (a) | 4.50% | 07/01/28 | 246634 |
| 250000 | Gartner, Inc. (a) | 3.75% | 10/01/30 | 230369 |
|  |  |  |  | 477003 |
|  | **Leisure Facilities — 0.7%** | **Leisure Facilities — 0.7%** | **Leisure Facilities — 0.7%** |  |
| 2031000 | Life Time, Inc. (a) | 6.00% | 11/15/31 | 2026298 |
| 717000 | SeaWorld Parks & Entertainment, Inc. (a) | 5.25% | 08/15/29 | 682195 |
| 3352000 | Six Flags Entertainment Corp. (a) | 7.25% | 05/15/31 | 3400729 |
| 850000 | Six Flags Entertainment Corp. / Canada's Wonderland Co. / <br> Magnum Management Corp. | 5.38% | 04/15/27 | 846552 |
| 250000 | Six Flags Entertainment Corp. / Canada's Wonderland Co. / <br> Magnum Management Corp. | 5.25% | 07/15/29 | 237948 |
| 4671000 | Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / <br> Canada's Wonderland Co. (a) | 6.63% | 05/01/32 | 4716752 |
|  |  |  |  | 11910474 |
|  | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |  |
| 2947000 | Acushnet Co. (a) | 7.38% | 10/15/28 | 3052765 |
| 1299000 | Amer Sports Co. (a) | 6.75% | 02/16/31 | 1315604 |
|  |  |  |  | 4368369 |
|  | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |  |
| 6815000 | Avantor Funding, Inc. (a) | 4.63% | 07/15/28 | 6559558 |
| 950000 | Charles River Laboratories International, Inc. (a) | 4.25% | 05/01/28 | 904183 |
| 1000000 | Charles River Laboratories International, Inc. (a) | 3.75% | 03/15/29 | 916468 |
| 4291000 | Charles River Laboratories International, Inc. (a) | 4.00% | 03/15/31 | 3776907 |
| 3672000 | Fortrea Holdings, Inc. (a) | 7.50% | 07/01/30 | 3191071 |
| 800000 | IQVIA, Inc. (a) | 5.00% | 10/15/26 | 795455 |
| 1278000 | IQVIA, Inc. (a) | 5.00% | 05/15/27 | 1268864 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Life Sciences Tools & Services (Continued)** | **Life Sciences Tools & Services (Continued)** | **Life Sciences Tools & Services (Continued)** |  |
| $5979000 | IQVIA, Inc. (a) | 6.50% | 05/15/30 | $6080422 |
| 3372000 | Star Parent, Inc. (a) | 9.00% | 10/01/30 | 3416075 |
|  |  |  |  | 26909003 |
|  | **Managed Health Care — 0.9%** | **Managed Health Care — 0.9%** | **Managed Health Care — 0.9%** |  |
| 6885000 | HealthEquity, Inc. (a) | 4.50% | 10/01/29 | 6514711 |
| 3032000 | Molina Healthcare, Inc. (a) | 4.38% | 06/15/28 | 2917145 |
| 4739000 | Molina Healthcare, Inc. (a) | 3.88% | 05/15/32 | 4179048 |
| 1824000 | Molina Healthcare, Inc. (a) | 6.25% | 01/15/33 | 1811480 |
|  |  |  |  | 15422384 |
|  | **Metal, Glass & Plastic Containers — 1.4%** | **Metal, Glass & Plastic Containers — 1.4%** | **Metal, Glass & Plastic Containers — 1.4%** |  |
| 697000 | Ball Corp. | 6.88% | 03/15/28 | 714505 |
| 8648000 | Ball Corp. | 2.88% | 08/15/30 | 7664230 |
| 4250000 | Ball Corp. | 3.13% | 09/15/31 | 3715980 |
| 175000 | Crown Americas LLC | 5.25% | 04/01/30 | 174797 |
| 3674000 | Magnera Corp. (a) | 7.25% | 11/15/31 | 3477845 |
| 3422000 | Owens-Brockway Glass Container, Inc. (a) | 7.25% | 05/15/31 | 3402484 |
| 1350000 | Owens-Brockway Glass Container, Inc. (a) | 7.38% | 06/01/32 | 1319038 |
| 2200000 | Silgan Holdings, Inc. | 4.13% | 02/01/28 | 2115279 |
|  |  |  |  | 22584158 |
|  | **Office Services & Supplies — 0.4%** | **Office Services & Supplies — 0.4%** | **Office Services & Supplies — 0.4%** |  |
| 6289000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (a) | 6.75% | 08/15/32 | 6383632 |
|  | **Oil & Gas Refining & Marketing — 1.1%** | **Oil & Gas Refining & Marketing — 1.1%** | **Oil & Gas Refining & Marketing — 1.1%** |  |
| 15500000 | Venture Global LNG, Inc. (a) (c) | 9.00% | (d) | 13337051 |
| 2357000 | Venture Global LNG, Inc. (a) | 8.38% | 06/01/31 | 2275179 |
| 2020000 | Venture Global LNG, Inc. (a) | 9.88% | 02/01/32 | 2052298 |
|  |  |  |  | 17664528 |
|  | **Oil & Gas Storage & Transportation — 0.1%** | **Oil & Gas Storage & Transportation — 0.1%** | **Oil & Gas Storage & Transportation — 0.1%** |  |
| 720000 | Rockies Express Pipeline LLC (a) | 6.75% | 03/15/33 | 732445 |
| 343000 | Venture Global Plaquemines LNG LLC (a) | 7.50% | 05/01/33 | 352166 |
| 686000 | Venture Global Plaquemines LNG LLC (a) | 7.75% | 05/01/35 | 705011 |
|  |  |  |  | 1789622 |
|  | **Other Specialty Retail — 0.1%** | **Other Specialty Retail — 0.1%** | **Other Specialty Retail — 0.1%** |  |
| 2000000 | PetSmart, Inc. / PetSmart Finance Corp. (a) | 7.75% | 02/15/29 | 1865751 |
|  | **Packaged Foods & Meats — 3.6%** | **Packaged Foods & Meats — 3.6%** | **Packaged Foods & Meats — 3.6%** |  |
| 6292000 | BellRing Brands, Inc. (a) | 7.00% | 03/15/30 | 6534710 |
| 6489000 | Fiesta Purchaser, Inc. (a) | 7.88% | 03/01/31 | 6805721 |
| 5179000 | Fiesta Purchaser, Inc. (a) | 9.63% | 09/15/32 | 5428276 |
| 1877000 | Lamb Weston Holdings, Inc. (a) | 4.88% | 05/15/28 | 1852266 |
| 5707000 | Lamb Weston Holdings, Inc. (a) | 4.38% | 01/31/32 | 5234048 |
| 8398000 | Performance Food Group, Inc. (a) | 6.13% | 09/15/32 | 8410992 |
| 15834000 | Post Holdings, Inc. (a) | 6.25% | 02/15/32 | 15976495 |
| 6647000 | Post Holdings, Inc. (a) | 6.38% | 03/01/33 | 6588893 |
| 2000000 | Post Holdings, Inc. (a) | 6.25% | 10/15/34 | 1988398 |
|  |  |  |  | 58819799 |
|  | **Paper & Plastic Packaging Products & Materials — 3.1%** | **Paper & Plastic Packaging Products & Materials — 3.1%** | **Paper & Plastic Packaging Products & Materials — 3.1%** |  |
| 3439000 | Clydesdale Acquisition Holdings, Inc. (a) | 6.75% | 04/15/32 | 3519188 |
| 32166000 | Graham Packaging Co., Inc. (a) (b) | 7.13% | 08/15/28 | 31488227 |
| 2000000 | Graphic Packaging International LLC (a) | 3.50% | 03/15/28 | 1889208 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Paper & Plastic Packaging Products & Materials (Continued)** | **Paper & Plastic Packaging Products & Materials (Continued)** | **Paper & Plastic Packaging Products & Materials (Continued)** |  |
| $1000000 | Graphic Packaging International LLC (a) | 3.50% | 03/01/29 | $930729 |
| 2353000 | Graphic Packaging International LLC (a) | 3.75% | 02/01/30 | 2164929 |
| 4955000 | Graphic Packaging International LLC (a) | 6.38% | 07/15/32 | 4985578 |
| 1434000 | Sealed Air Corp. (a) | 5.00% | 04/15/29 | 1396163 |
| 2351000 | Sealed Air Corp. / Sealed Air Corp. U.S. (a) | 6.13% | 02/01/28 | 2370405 |
| 2251000 | Sealed Air Corp. / Sealed Air Corp. U.S. (a) | 7.25% | 02/15/31 | 2346893 |
|  |  |  |  | 51091320 |
|  | **Passenger Ground Transportation — 0.1%** | **Passenger Ground Transportation — 0.1%** | **Passenger Ground Transportation — 0.1%** |  |
| 1352000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (a) | 8.25% | 01/15/30 | 1350317 |
|  | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
| 250000 | Prestige Brands, Inc. (a) | 5.13% | 01/15/28 | 248482 |
| 750000 | Prestige Brands, Inc. (a) | 3.75% | 04/01/31 | 677761 |
|  |  |  |  | 926243 |
|  | **Rail Transportation — 0.3%** | **Rail Transportation — 0.3%** | **Rail Transportation — 0.3%** |  |
| 5234000 | Genesee & Wyoming, Inc. (a) | 6.25% | 04/15/32 | 5309637 |
|  | **Real Estate Services — 0.1%** | **Real Estate Services — 0.1%** | **Real Estate Services — 0.1%** |  |
| 1771000 | Cushman & Wakefield US Borrower LLC (a) | 8.88% | 09/01/31 | 1896410 |
|  | **Research & Consulting Services — 0.6%** | **Research & Consulting Services — 0.6%** | **Research & Consulting Services — 0.6%** |  |
| 2027000 | Clarivate Science Holdings Corp. (a) | 3.88% | 07/01/28 | 1914594 |
| 8413000 | Clarivate Science Holdings Corp. (a) | 4.88% | 07/01/29 | 7658917 |
| 696000 | CoreLogic, Inc. (a) | 4.50% | 05/01/28 | 659332 |
|  |  |  |  | 10232843 |
|  | **Restaurants — 0.6%** | **Restaurants — 0.6%** | **Restaurants — 0.6%** |  |
| 1182000 | Brinker International, Inc. (a) | 8.25% | 07/15/30 | 1241044 |
| 5299000 | Papa John's International, Inc. (a) | 3.88% | 09/15/29 | 4904440 |
| 2703000 | Raising Cane's Restaurants LLC (a) | 9.38% | 05/01/29 | 2867894 |
|  |  |  |  | 9013378 |
|  | **Security & Alarm Services — 0.8%** | **Security & Alarm Services — 0.8%** | **Security & Alarm Services — 0.8%** |  |
| 2061000 | Brink's (The) Co. (a) | 4.63% | 10/15/27 | 2030639 |
| 1311000 | Brink's (The) Co. (a) | 6.50% | 06/15/29 | 1337092 |
| 9090000 | Brink's (The) Co. (a) | 6.75% | 06/15/32 | 9314350 |
|  |  |  |  | 12682081 |
|  | **Specialized Consumer Services — 0.5%** | **Specialized Consumer Services — 0.5%** | **Specialized Consumer Services — 0.5%** |  |
| 1055000 | Aramark Services, Inc. (a) | 5.00% | 02/01/28 | 1039159 |
| 7625000 | Wand NewCo 3, Inc. (a) | 7.63% | 01/30/32 | 7863807 |
|  |  |  |  | 8902966 |
|  | **Specialty Chemicals — 0.0%** | **Specialty Chemicals — 0.0%** | **Specialty Chemicals — 0.0%** |  |
| 500000 | Axalta Coating Systems LLC (a) | 3.38% | 02/15/29 | 463644 |
| 250000 | HB Fuller Co. | 4.25% | 10/15/28 | 236074 |
|  |  |  |  | 699718 |
|  | **Systems Software — 2.6%** | **Systems Software — 2.6%** | **Systems Software — 2.6%** |  |
| 8094000 | Gen Digital, Inc. (a) | 7.13% | 09/30/30 | 8342583 |
| 4763000 | Gen Digital, Inc. (a) | 6.25% | 04/01/33 | 4762058 |
| 26012000 | SS&C Technologies, Inc. (a) (b) | 5.50% | 09/30/27 | 25908974 |
| 3357000 | SS&C Technologies, Inc. (a) | 6.50% | 06/01/32 | 3406892 |
|  |  |  |  | 42420507 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Technology Distributors — 0.0%** | **Technology Distributors — 0.0%** | **Technology Distributors — 0.0%** |  |
| $750000 | CDW LLC / CDW Finance Corp. | 3.25% | 02/15/29 | $699315 |
|  | **Trading Companies & Distributors — 4.7%** | **Trading Companies & Distributors — 4.7%** | **Trading Companies & Distributors — 4.7%** |  |
| 8201000 | American Builders & Contractors Supply Co., Inc. (a) | 4.00% | 01/15/28 | 7923061 |
| 500000 | American Builders & Contractors Supply Co., Inc. (a) | 3.88% | 11/15/29 | 462048 |
| 16927000 | Beacon Roofing Supply, Inc. (a) | 6.75% | 04/30/32 | 17013098 |
| 1366000 | EquipmentShare.com, Inc. (a) | 9.00% | 05/15/28 | 1392026 |
| 3613000 | EquipmentShare.com, Inc. (a) | 8.00% | 03/15/33 | 3571601 |
| 3906000 | Herc Holdings, Inc. (a) | 5.50% | 07/15/27 | 3865914 |
| 6506000 | Herc Holdings, Inc. (a) | 6.63% | 06/15/29 | 6434869 |
| 127000 | United Rentals North America, Inc. | 5.50% | 05/15/27 | 126858 |
| 26195000 | United Rentals North America, Inc. (a) (b) | 6.00% | 12/15/29 | 26553793 |
| 7533000 | Veritiv Operating Co. (a) | 10.50% | 11/30/30 | 7878004 |
| 2050000 | WESCO Distribution, Inc. (a) | 6.38% | 03/15/33 | 2075750 |
|  |  |  |  | 77297022 |
|  | **Transaction & Payment Processing Services — 0.2%** | **Transaction & Payment Processing Services — 0.2%** | **Transaction & Payment Processing Services — 0.2%** |  |
| 1362000 | Boost Newco Borrower LLC (a) | 7.50% | 01/15/31 | 1438539 |
| 1842000 | WEX, Inc. (a) | 6.50% | 03/15/33 | 1792955 |
|  |  |  |  | 3231494 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 1194791428 |
|  | (Cost $1,210,789,931) | (Cost $1,210,789,931) | (Cost $1,210,789,931) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (e)** | **Stated** <br>**Maturity (f)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 15.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 15.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 15.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 15.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 15.2%** |
|  | **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |  |
| 3247264 | WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term SOFR <br> + 4.75%, 0.50% Floor  | 9.07% | 02/20/32 | 3129550 |
|  | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |  |
| 3764779 | Spirit Aerosystems, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 4.50%, 0.50% Floor  | 8.78% | 01/15/27 | 3771461 |
|  | **Application Software — 3.8%** | **Application Software — 3.8%** | **Application Software — 3.8%** |  |
| 13137173 | Darktrace PLC (Leia Finco US LLC), Term Loan (Second Lien), 3 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor  | 9.46% | 10/09/32 | 12589090 |
| 3000000 | Ellucian Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 10/07/29 | 2991960 |
| 1998928 | Inmar, Inc., Term Loan B, 1 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor  | 9.32% | 10/31/31 | 1998928 |
| 2257389 | Inmar, Inc., Term Loan B, 3 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor  | 9.30%-9.31% | 10/31/31 | 2257390 |
| 9979291 | Internet Brands, Inc. (WebMD/MH Sub I LLC), 2023 New Term <br> Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor  | 8.57% | 05/03/28 | 9467852 |
| 7495270 | LogMeIn, Inc. (GoTo Group, Inc.), First Out Term Loan (First <br> Lien), 1 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor  | 9.18% | 04/30/28 | 6818822 |
| 6209162 | LogMeIn, Inc. (GoTo Group, Inc.), Second Out Term Loan (First <br> Lien), 1 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor  | 9.18% | 04/30/28 | 2563856 |
| 1648396 | McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo. <br> CME Term SOFR + 3.00%, 0.50% Floor  | 7.32% | 03/01/29 | 1553959 |
| 4129352 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term <br> Loan (Second Lien), 3 Mo. CME Term SOFR + 5.00%, 0.50% <br> Floor  | 9.31% | 11/21/32 | 3971920 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (e)** | **Stated**<br> **Maturity (f)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Application Software (Continued)** | **Application Software (Continued)** | **Application Software (Continued)** |  |
| $3946745 | SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3 <br> Mo. CME Term SOFR + 4.00%, 0.00% Floor  | 8.26% | 04/30/32 | $3819719 |
| 6963918 | Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME <br> Term SOFR + CSA + 3.75%, 0.50% Floor  | 8.29% | 06/04/28 | 6732158 |
| 7955240 | Ultimate Software Group (UKG, Inc.), Term Loan B, 1 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor  | 7.32% | 02/10/31 | 7937182 |
|  |  |  |  | 62702836 |
|  | **Asset Management & Custody Banks — 0.5%** | **Asset Management & Custody Banks — 0.5%** | **Asset Management & Custody Banks — 0.5%** |  |
| 7001746 | Edelman Financial Engines Center LLC, Term Loan (Second Lien), <br> 1 Mo. CME Term SOFR + 5.25%, 0.00% Floor  | 9.57% | 10/06/28 | 6857335 |
| 1624513 | Jump Financial LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.25%, 0.00% Floor  | 8.55% | 02/28/32 | 1622482 |
|  |  |  |  | 8479817 |
|  | **Data Processing & Outsourced Services — 0.3%** | **Data Processing & Outsourced Services — 0.3%** | **Data Processing & Outsourced Services — 0.3%** |  |
| 3542293 | Consilio (Skopima Consilio Parent LLC), Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.75%, 0.50% Floor  | 8.07% | 05/17/28 | 3492754 |
| 1021609 | Paysafe Holdings (US) Corp., Facility B1 Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.75%, 0.50% Floor  | 7.19% | 06/28/28 | 1013692 |
|  |  |  |  | 4506446 |
|  | **Electronic Equipment & Instruments — 0.7%** | **Electronic Equipment & Instruments — 0.7%** | **Electronic Equipment & Instruments — 0.7%** |  |
| 5679066 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. CME <br> Term SOFR + CSA + 3.25%, 0.50% Floor  | 7.67% | 11/03/28 | 5620175 |
| 6128611 | Verifone Systems, Inc., Extended Term Loan, 3 Mo. CME Term <br> SOFR + CSA + 5.50%, 0.00% Floor  | 10.21% | 08/21/28 | 5463381 |
|  |  |  |  | 11083556 |
|  | **Health Care Facilities — 0.4%** | **Health Care Facilities — 0.4%** | **Health Care Facilities — 0.4%** |  |
| 7551837 | IVC Evidensia (VetStrategy Canada/IVC Acquisition Midco LTD.), <br> Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor  | 8.05% | 12/06/28 | 7507772 |
|  | **Health Care Technology — 1.6%** | **Health Care Technology — 1.6%** | **Health Care Technology — 1.6%** |  |
| 3000000 | athenahealth Group, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor  | 7.32% | 02/15/29 | 2979855 |
| 20413923 | Cotiviti, Inc. (Verscend), Fixed Rate Term Loan, Fixed Rate at <br> 7.63%  | 7.63% | 05/01/31 | 20260920 |
| 1947627 | Cotiviti, Inc. (Verscend), Incremental Term Loan, 1 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor  | 7.08% | 03/28/32 | 1909482 |
| 1995000 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term <br> Loan B-4, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% <br> Floor  | 7.44% | 03/10/28 | 1990372 |
| 342 | WS Audiology (Auris Lux III S.A.R.L.), USD Term Loan B6, 3 <br> Mo. CME Term SOFR + 3.75%, 0.00% Floor  | 8.05% | 02/28/29 | 339 |
| 67701 | WS Audiology (Auris Lux III S.A.R.L.), USD Term Loan B6, 6 <br> Mo. CME Term SOFR + 3.75%, 0.00% Floor  | 7.88%-7.93% | 02/28/29 | 67080 |
|  |  |  |  | 27208048 |
|  | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |  |
| 1287737 | Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor  | 7.67% | 10/20/28 | 1210472 |
|  | **Industrial Machinery & Supplies & Components — 0.3%** | **Industrial Machinery & Supplies & Components — 0.3%** | **Industrial Machinery & Supplies & Components — 0.3%** |  |
| 4587998 | Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 10/21/28 | 4589237 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (e)** | **Stated**<br> **Maturity (f)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Insurance Brokers — 2.0%** | **Insurance Brokers — 2.0%** | **Insurance Brokers — 2.0%** |  |
| $11597489 | Acrisure LLC, Term Loan B-1 2027, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor  | 7.07% | 02/16/27 | $11586646 |
| 7854294 | Hyperion Insurance Group Ltd. (aka - Howden Group), Term Loan <br> B, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor  | 7.82% | 04/18/30 | 7870985 |
| 11306250 | OneDigital Borrower LLC, Term Loan (Second Lien), 1 Mo. CME <br> Term SOFR + 5.25%, 0.50% Floor  | 9.57% | 07/02/32 | 11108447 |
| 2493130 | Truist Insurance Holdings LLC (McGriff/Panther Escrow), Term <br> Loan (Second Lien), 3 Mo. CME Term SOFR + 4.75%, 0.00% <br> Floor  | 9.05% | 05/06/32 | 2492195 |
|  |  |  |  | 33058273 |
|  | **Integrated Telecommunication Services — 0.1%** | **Integrated Telecommunication Services — 0.1%** | **Integrated Telecommunication Services — 0.1%** |  |
| 1346059 | Radiate Holdco LLC (Astound), Amendment No. 6 Term Loan, 1 <br> Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor  | 7.69% | 09/25/26 | 1186773 |
|  | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |  |
| 8939937 | Twitter, Inc. (X Corp.), Fixed Rate Term Loan B-3, Fixed Rate at <br> 9.50%  | 9.50% | 10/29/29 | 8733201 |
| 6496939 | Twitter, Inc. (X Corp.), Term Loan B-1, 3 Mo. CME Term SOFR + <br> CSA + 6.50%, 0.50% Floor  | 10.95% | 10/26/29 | 6307716 |
|  |  |  |  | 15040917 |
|  | **IT Consulting & Other Services — 1.0%** | **IT Consulting & Other Services — 1.0%** | **IT Consulting & Other Services — 1.0%** |  |
| 18332669 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.75% Floor  | 8.40% | 10/01/27 | 17103831 |
|  | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |  |
| 6550376 | Syneos Health, Inc. (Star Parent), Term Loan B, 3 Mo. CME Term <br> SOFR + 4.00%, 0.00% Floor  | 8.30% | 09/30/30 | 6349803 |
|  | **Metal, Glass & Plastic Containers — 0.7%** | **Metal, Glass & Plastic Containers — 0.7%** | **Metal, Glass & Plastic Containers — 0.7%** |  |
| 5997467 | ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 4.00%, 0.75% Floor  | 8.26%-8.32% | 09/15/28 | 5918001 |
| 5150520 | TricorBraun, Inc., Initial Term Loan, 1 Mo. CME Term SOFR + <br> CSA + 3.25%, 0.50% Floor  | 7.69% | 03/03/28 | 5087143 |
|  |  |  |  | 11005144 |
|  | **Other Specialty Retail — 0.1%** | **Other Specialty Retail — 0.1%** | **Other Specialty Retail — 0.1%** |  |
| 1122963 | Petco Health and Wellness Co., Inc., Initial Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 3.25%, 0.75% Floor  | 7.81% | 03/04/28 | 983188 |
|  | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |  |
| 2096119 | Dechra Finance US LLC, USD Facility B1, 6 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor  | 7.51% | 01/27/32 | 2079749 |
|  | **Research & Consulting Services — 0.6%** | **Research & Consulting Services — 0.6%** | **Research & Consulting Services — 0.6%** |  |
| 2311807 | AmSpec Parent LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.25%, 0.00% Floor  | 8.55% | 12/20/31 | 2311807 |
| 7901961 | Clarivate Analytics PLC (Camelot), 2024 Term Loan B, 1 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor  | 7.07% | 01/31/31 | 7813064 |
|  |  |  |  | 10124871 |
|  | **Restaurants — 0.4%** | **Restaurants — 0.4%** | **Restaurants — 0.4%** |  |
| 4216355 | IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.75% Floor  | 6.82% | 12/15/27 | 4190340 |
| 1995000 | Whatabrands LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor  | 6.82% | 08/03/28 | 1986352 |
|  |  |  |  | 6176692 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (e)** | **Stated**<br> **Maturity (f)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Security & Alarm Services — 0.1%** | **Security & Alarm Services — 0.1%** | **Security & Alarm Services — 0.1%** |  |
| $1990000 | Garda World Security Corp., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.00% Floor  | 7.29% | 02/01/29 | $1976070 |
|  | **Systems Software — 0.5%** | **Systems Software — 0.5%** | **Systems Software — 0.5%** |  |
| 2000000 | Idera, Inc. (Flash Charm), 2024 Refi Term Loan, 3 Mo. CME Term <br> SOFR + 3.50%, 0.75% Floor  | 7.79% | 03/02/28 | 1825630 |
| 3876692 | Idera, Inc. (Flash Charm), Term Loan (Second Lien), 3 Mo. CME <br> Term SOFR + CSA + 6.75%, 0.75% Floor  | 11.19% | 03/02/29 | 3398580 |
| 329989 | Kaseya, Inc., Term Loan (Second Lien), 1 Mo. CME Term SOFR + <br> 5.00%, 0.00% Floor  | 9.32% | 03/20/33 | 323528 |
| 2962419 | Proofpoint, Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor  | 7.32% | 08/31/28 | 2948170 |
|  |  |  |  | 8495908 |
|  | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |  |
| 2614524 | Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor  | 8.30% | 11/29/30 | 2597581 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 250367995 |
|  | (Cost $258,149,118) | (Cost $258,149,118) | (Cost $258,149,118) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES — 13.4%** | **FOREIGN CORPORATE BONDS AND NOTES — 13.4%** | **FOREIGN CORPORATE BONDS AND NOTES — 13.4%** | **FOREIGN CORPORATE BONDS AND NOTES — 13.4%** | **FOREIGN CORPORATE BONDS AND NOTES — 13.4%** |
|  | **Aluminum — 0.1%** | **Aluminum — 0.1%** | **Aluminum — 0.1%** |  |
| 1350000 | Novelis Corp. (a) | 6.88% | 01/30/30 | 1370888 |
|  | **Application Software — 1.1%** | **Application Software — 1.1%** | **Application Software — 1.1%** |  |
| 715000 | ION Trading Technologies S.A.R.L. (a) | 5.75% | 05/15/28 | 644167 |
| 5077000 | Open Text Corp. (a) | 6.90% | 12/01/27 | 5226439 |
| 5637000 | Open Text Corp. (a) | 3.88% | 02/15/28 | 5393791 |
| 8077000 | Open Text Corp. (a) | 3.88% | 12/01/29 | 7452111 |
|  |  |  |  | 18716508 |
|  | **Automotive Parts & Equipment — 1.4%** | **Automotive Parts & Equipment — 1.4%** | **Automotive Parts & Equipment — 1.4%** |  |
| 19208000 | Clarios Global, L.P. / Clarios US Finance Co. (a) (b) | 8.50% | 05/15/27 | 19314585 |
| 2780000 | Clarios Global, L.P. / Clarios US Finance Co. (a) | 6.75% | 02/15/30 | 2830874 |
|  |  |  |  | 22145459 |
|  | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |  |
| 2000000 | Cemex S.A.B. de C.V. (a) | 5.20% | 09/17/30 | 1942016 |
|  | **Cable & Satellite — 0.0%** | **Cable & Satellite — 0.0%** | **Cable & Satellite — 0.0%** |  |
| 250000 | Virgin Media Finance PLC (a) | 5.00% | 07/15/30 | 219514 |
|  | **Casinos & Gaming — 0.0%** | **Casinos & Gaming — 0.0%** | **Casinos & Gaming — 0.0%** |  |
| 294000 | Flutter Treasury Designated Activity Co. (a) | 6.38% | 04/29/29 | 300685 |
|  | **Data Processing & Outsourced Services — 0.3%** | **Data Processing & Outsourced Services — 0.3%** | **Data Processing & Outsourced Services — 0.3%** |  |
| 5874000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (a) | 4.00% | 06/15/29 | 5500296 |
|  | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |  |
| 500000 | Sensata Technologies B.V. (a) | 4.00% | 04/15/29 | 460679 |
|  | **Environmental & Facilities Services — 1.3%** | **Environmental & Facilities Services — 1.3%** | **Environmental & Facilities Services — 1.3%** |  |
| 9173000 | GFL Environmental, Inc. (a) | 4.00% | 08/01/28 | 8746586 |
| 3814000 | GFL Environmental, Inc. (a) | 4.75% | 06/15/29 | 3704418 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Environmental & Facilities Services (Continued)** | **Environmental & Facilities Services (Continued)** | **Environmental & Facilities Services (Continued)** |  |
| $1000000 | GFL Environmental, Inc. (a) | 4.38% | 08/15/29 | $955596 |
| 8298000 | GFL Environmental, Inc. (a) | 6.75% | 01/15/31 | 8636149 |
|  |  |  |  | 22042749 |
|  | **Health Care Services — 0.3%** | **Health Care Services — 0.3%** | **Health Care Services — 0.3%** |  |
| 5241000 | Opal Bidco SAS (a) | 6.50% | 03/31/32 | 5246514 |
|  | **Hotels, Resorts & Cruise Lines — 0.1%** | **Hotels, Resorts & Cruise Lines — 0.1%** | **Hotels, Resorts & Cruise Lines — 0.1%** |  |
| 2000000 | Carnival Corp. (a) | 6.13% | 02/15/33 | 1984338 |
|  | **Insurance Brokers — 2.7%** | **Insurance Brokers — 2.7%** | **Insurance Brokers — 2.7%** |  |
| 20490000 | Ardonagh Finco Ltd. (a) | 7.75% | 02/15/31 | 20877447 |
| 15234000 | Ardonagh Group Finance Ltd. (a) | 8.88% | 02/15/32 | 15551666 |
| 2558000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / <br> Howden US Refinance LLC (a) | 7.25% | 02/15/31 | 2629734 |
| 539000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / <br> Howden US Refinance LLC (a) | 8.13% | 02/15/32 | 547456 |
| 3917000 | Jones Deslauriers Insurance Management, Inc. (a) | 8.50% | 03/15/30 | 4135408 |
| 681000 | Jones Deslauriers Insurance Management, Inc. (a) | 10.50% | 12/15/30 | 733187 |
|  |  |  |  | 44474898 |
|  | **IT Consulting & Other Services — 0.8%** | **IT Consulting & Other Services — 0.8%** | **IT Consulting & Other Services — 0.8%** |  |
| 13691000 | Elastic N.V. (a) | 4.13% | 07/15/29 | 12938740 |
|  | **Metal, Glass & Plastic Containers — 1.6%** | **Metal, Glass & Plastic Containers — 1.6%** | **Metal, Glass & Plastic Containers — 1.6%** |  |
| 6371000 | Canpack S.A. / Canpack US LLC (a) | 3.88% | 11/15/29 | 5838310 |
| 15001000 | Trivium Packaging Finance B.V. (a) | 5.50% | 08/15/26 | 14868111 |
| 4830000 | Trivium Packaging Finance B.V. (a) | 8.50% | 08/15/27 | 4780407 |
|  |  |  |  | 25486828 |
|  | **Research & Consulting Services — 0.1%** | **Research & Consulting Services — 0.1%** | **Research & Consulting Services — 0.1%** |  |
| 774000 | Camelot Finance S.A. (a) | 4.50% | 11/01/26 | 763350 |
|  | **Restaurants — 2.0%** | **Restaurants — 2.0%** | **Restaurants — 2.0%** |  |
| 656000 | 1011778 BC ULC / New Red Finance, Inc. (a) | 6.13% | 06/15/29 | 667155 |
| 34510000 | 1011778 BC ULC / New Red Finance, Inc. (a) (b) | 4.00% | 10/15/30 | 31449220 |
|  |  |  |  | 32116375 |
|  | **Security & Alarm Services — 0.5%** | **Security & Alarm Services — 0.5%** | **Security & Alarm Services — 0.5%** |  |
| 3128000 | Garda World Security Corp. (a) | 7.75% | 02/15/28 | 3231606 |
| 342000 | Garda World Security Corp. (a) | 8.25% | 08/01/32 | 336457 |
| 4098000 | Garda World Security Corp. (a) | 8.38% | 11/15/32 | 4046401 |
|  |  |  |  | 7614464 |
|  | **Specialized Consumer Services — 0.4%** | **Specialized Consumer Services — 0.4%** | **Specialized Consumer Services — 0.4%** |  |
| 7100000 | Belron UK Finance PLC (a) | 5.75% | 10/15/29 | 7098022 |
|  | **Specialized Finance — 0.5%** | **Specialized Finance — 0.5%** | **Specialized Finance — 0.5%** |  |
| 8098000 | Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal <br> Packaging Finance PLC (a) | 6.00% | 06/15/27 | 8077265 |
|  | **Specialty Chemicals — 0.1%** | **Specialty Chemicals — 0.1%** | **Specialty Chemicals — 0.1%** |  |
| 1350000 | Axalta Coating Systems Dutch Holding B B.V. (a) | 7.25% | 02/15/31 | 1399572 |
| 1000000 | Axalta Coating Systems LLC / Axalta Coating Systems Dutch <br> Holding B B.V. (a) | 4.75% | 06/15/27 | 988328 |
|  |  |  |  | 2387900 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 220887488 |
|  | (Cost $219,424,900) | (Cost $219,424,900) | (Cost $219,424,900) |  |

---

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

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** |
|  | **Pharmaceuticals — 0.0%**  |  |
| 259956 | Akorn, Inc. (g) (h) (i) | $10398 |
|  | (Cost $2,979,179) |  |
| **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
| 9885595 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.18% (j) | 9885595 |
|  | (Cost $9,885,595) |  |
|  | **Total Investments — 101.8%** | 1675942904 |
|  | (Cost $1,701,228,723) |  |
|  | **Borrowings — (1.7)%** | (28000000)<br>|
|  | **Net Other Assets and Liabilities — (0.1)%** | (1896131)<br>|
|  | **Net Assets — 100.0%** | $1646046773 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 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 $1,319,600,121 or 80.2%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 security or a portion of this security is segregated as collateral for borrowings. At April 30, 2025, the segregated value of these
 securities amounts to $122,633,450.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fixed-to-floating
 or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2025. At a predetermined
 date, the fixed rate will change to a floating rate or a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Perpetual
 maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Senior
 Floating-Rate Loan Interests ("Senior Loans") in which the Fund invests pay interest at rates which are periodically predetermined
 by reference to a base lending rate plus a premium. These base lending rates are generally (i) the SOFR obtained from
 the U.S. Department of the Treasury's Office of Financial Research or another major financial institution, (ii) the lending rate
 offered by one or more major European banks, (iii) the prime rate offered by one or more United States banks or (iv) the certificate
 of deposit rate. Certain Senior Loans are subject to a SOFR floor that establishes a minimum SOFR rate. When a range of
 rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and floor, but
 different SOFR reset dates.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Senior
 Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans
 may be substantially less than the stated maturities shown.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 issuer has filed for protection in bankruptcy court.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Security
 received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption
 from registration under the 1933 Act, typically to qualified institutional buyers (see Note 2F - Restricted Securities in the
 Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate
 shown reflects yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| SOFR | – Secured Overnight Financing Rate |
| USD | – United States Dollar |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&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>|
| Corporate Bonds and Notes\* | $1194791428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1194791428 | &nbsp;&nbsp; $— |
| Senior Floating-Rate Loan Interests\* | 250367995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 250367995 | &nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | 220887488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 220887488 | &nbsp;&nbsp; — |
| Common Stocks\* | 10398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10398 | &nbsp;&nbsp; — |
| Money Market Funds | 9885595 | &nbsp;&nbsp; 9885595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1675942904 | &nbsp;&nbsp; $9885595 | &nbsp;&nbsp; $1666057309 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $1675942904 |
| Cash | 149431 |
| Receivables: |  |
| Interest | 23778044 |
| Investment securities sold | 5579116 |
| Dividends | 26177 |
| Total Assets | 1705475672 |
| **LIABILITIES:** |  |
| Borrowings | 28000000 |
| Payables: |  |
| Investment securities purchased | 30128356 |
| Investment Advisory Fees | 1272850 |
| Margin interest expense | 27248 |
| Unrealized depreciation on unfunded loan commitments | 445 |
| Total Liabilities | 59428899 |
| **NET ASSETS** | $1646046773 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $1987773260 |
| Par value | 402000 |
| Accumulated distributable earnings (loss) | (342128487)<br>|
| **NET ASSETS** | $1646046773 |
| **NET ASSET VALUE,** per share | $40.95 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 40200002 |
| Investments, at cost | $1701228723 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $57677693 |
| Dividends | 700570 |
| Total investment income | 58378263 |
| **EXPENSES:** |  |
| Investment advisory fees | 7784768<br>|
| Margin interest expense | 58150 |
| Total expenses | 7842918 |
| **NET INVESTMENT INCOME (LOSS)** | 50535345 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | (19252658)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (643926)<br>|
| Unfunded loan commitments | (445)<br>|
| Net change in unrealized appreciation (depreciation) | (644371)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (19897029)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $30638316 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $50535345 | &nbsp;&nbsp; $90462320 |
| Net realized gain (loss) | (19252658)<br>| &nbsp;&nbsp; (51520807)<br>|
| Net change in unrealized appreciation (depreciation) | (644371)<br>| &nbsp;&nbsp; 159889459 |
| Net increase (decrease) in net assets resulting from operations | 30638316 | &nbsp;&nbsp; 198830972 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (51175878)<br>| &nbsp;&nbsp; (93034630)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 140633430<br>| &nbsp;&nbsp; 189824523<br>|
| Cost of shares redeemed | (89286966) <br>| &nbsp;&nbsp; (54897698) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 51346464 | &nbsp;&nbsp; 134926825 |
| Total increase (decrease) in net assets | 30808902 | &nbsp;&nbsp; 240723167 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1615237871 | &nbsp;&nbsp; 1374514704 |
| End of period | $1646046773 | &nbsp;&nbsp; $1615237871 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 39000002 | &nbsp;&nbsp; 35800002 |
| Shares sold | 3400000 | &nbsp;&nbsp; 4550000 |
| Shares redeemed | (2200000)<br>| &nbsp;&nbsp; (1350000)<br>|
| Shares outstanding, end of period | 40200002 | &nbsp;&nbsp; 39000002 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Statement of Cash Flows**

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

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

---

| | | |
|:---|:---|:---|
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $30638316 |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net <br> cash used in operating activities: <br>|  |  |
| Purchases of investments | (877411699)<br>|  |
| Sales, maturities and paydowns of investments | 803998950 |  |
| Net amortization/accretion of premiums/discounts on investments | (4448772)<br>|  |
| Net realized gain/loss on investments | 19252658 |  |
| Net change in unrealized appreciation/depreciation on investments and unfunded loan <br> commitments<br>| 644371 |  |
| **Changes in assets and liabilities** |  |  |
| Increase in interest receivable | (1013796)<br>|  |
| Decrease in dividends receivable | 269057 |  |
| Increase in margin interest expense payable | 27248 |  |
| Decrease in investment advisory fees payable | (11232)<br>|  |
| **Cash used in operating activities** |  | &nbsp;&nbsp; $(28054899)<br>|
| **Cash flows from financing activities:** |  |  |
| Proceeds from shares sold | 140633430 |  |
| Cost of shares redeemed | (89286966)<br>|  |
| Distributions to shareholders from investment operations | (51175878)<br>|  |
| Net proceeds from borrowings | 28000000 |  |
| **Cash provided by financing activities** |  | &nbsp;&nbsp; 28170586 |
| Increase in cash and restricted cash |  | &nbsp;&nbsp; 115687 |
| Cash and restricted cash at beginning of period |  | &nbsp;&nbsp; 33744 |
| **Cash and restricted cash at end of period** |  | &nbsp;&nbsp; $149431 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid during the period for interest |  | &nbsp;&nbsp; $30902 |
| **Cash and restricted cash reconciliation:** |  |  |
| Cash | $149431 |  |
| Restricted Cash |  |  |
| **Cash and restricted cash at end of period:** |  | &nbsp;&nbsp; $149431 |

---

See Notes to Financial Statements

------

**First Trust Tactical High Yield ETF (HYLS)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $41.42 | &nbsp;&nbsp;&nbsp;&nbsp; $38.39 | &nbsp;&nbsp;&nbsp;&nbsp; $39.47 | &nbsp;&nbsp;&nbsp;&nbsp; $47.75 | &nbsp;&nbsp;&nbsp;&nbsp; $47.00 | &nbsp;&nbsp;&nbsp;&nbsp; $48.06 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 1.26<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br>|
| Net realized and unrealized gain <br> (loss)<br>| (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>|
| Total from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (1.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.39) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (1.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.39) <br>|
| Net asset value, end of period | $40.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.00<br>|
| **Total return** (b) | 1.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.56)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1646047<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1615238<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1374515<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1596659<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2306440<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1974126<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.96<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> % <br>|
| Ratio of net expenses to average <br> net assets excluding interest <br> expense<br>| 0.95<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 6.17<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.02<br> % <br>|
| Portfolio turnover rate (d) | 30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68<br> % <br>|

---

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

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

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Tactical High Yield ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "HYLS" on Nasdaq, Inc. ("Nasdaq"). The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The primary investment objective of the Fund is to provide current income. The Fund's secondary investment objective is to provide capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in high yield debt securities that are rated below investment grade at the time of purchase or unrated securities deemed by the Fund's advisor to be of comparable quality. Below investment grade securities are those that, at the time of purchase, are rated lower than "BBB-" by S&P Global Ratings, or lower than "Baa3" by Moody's Investors Service, Inc., or comparably rated by another nationally recognized statistical rating organization. High yield debt securities that are rated below investment grade are commonly referred to as "junk" debt. Such securities may include U.S. and non-U.S. corporate debt obligations, bank loans and convertible bonds. For purposes of determining whether a security is below investment grade, the lowest available rating will be considered.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Corporate bonds, corporate notes, U.S. government securities and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

6)

bids and offers; and

7)

reference data including market research publications.

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

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

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

Senior Floating-Rate Loan Interests ("Senior Loans")<sup>(1)</sup> are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

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

------

<sup>(1)</sup>

The terms "security" and "securities" used throughout the Notes to Financial Statements include Senior Loans.

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower's/issuer's competitive position within the industry;

15)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held no when-issued, delayed-delivery securities or forward purchase commitments.

**C. Short Sales** 

Short sales are utilized for investment and risk management purposes and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund's portfolio. When the Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund's portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. There were no short sales outstanding as of April 30, 2025.

The Fund has established an account with Pershing, LLC for the purpose of purchasing or borrowing securities on margin. The Fund pays interest on any margin balance, which is calculated as the daily margin account balance times the broker's margin interest rate. At April 30, 2025, the Fund had $28,000,000 in borrowings, which approximates fair value, as shown in "Borrowings" on the Statement of Assets and Liabilities. The borrowings are categorized as Level 2 within the fair value hierarchy. The Fund is charged interest on debit margin balance at a rate equal to the Overnight Bank Funding Rate plus 75 basis points. Free Credit Interest Balances are charged at a rate equal to Overnight Bank Funding Rate less 40 basis points. With regard to securities held short, the Fund is credited a rebate equal to the market value of its short positions at a rate equal to the Overnight Bank Funding Rate less 35 basis points. This rebate rate applies to easy to borrow securities. Securities that are hard to borrow may earn a rebate that is less than the foregoing or may be subject to a premium charge on a security by security basis. The different rebate rate is determined at the time of a short sale request. At April 30, 2025, the Fund had $28,000,000 in borrowings with an interest rate of 5.08%. For the six months ended April 30, 2025, the Fund had margin interest expense of $58,150, as shown on the Statement of Operations. For the six months ended April 30, 2025, the average margin balance and interest rates were $17,917,074 and 5.08%, respectively.

**D. Swap Agreements**

The Fund may enter into credit default swap contracts ("CDS") for investment purposes or to manage credit risk. A CDS is an agreement between two parties ("Counterparties") to exchange the credit risk of an issuer. Swap agreements may be privately negotiated in the over-the-counter market as a bilateral contract or centrally cleared.

A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value," of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. In the event of a default by the Counterparty, the Fund will seek withdrawal of this collateral and may incur certain costs exercising its right with respect to the collateral. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Cash deposited is segregated and included in "Cash segregated as collateral for open swap contracts" on the Statement of Assets and Liabilities. The daily change in valuation of centrally cleared swaps is included in "variation margin on swaps payable" in the Statement of Assets and Liabilities. Payments received from (paid to) the Counterparty, including at termination, are recorded as "net realized gain (loss) on swap contracts" on the Statement of Operations.

CDS contracts are marked to market daily based upon quotations from brokers, market makers or an independent pricing service and the change in value, if any, is recorded as unrealized appreciation (depreciation). For a CDS contract sold by the Fund, payment of the

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the reference debt obligation purchased/received. The Fund held no swap contracts during the six months ended April 30, 2025.

**E. Unfunded Loan Commitments**

The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower's discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees are included in "Interest" on the Statement of Operations. As of April 30, 2025, the Fund had the following unfunded loan commitments:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal <br>Value<br>| Commitment <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| AmSpec Parent LLC, Term Loan | $355663 | &nbsp;&nbsp; $356108 | &nbsp;&nbsp; $355663 | &nbsp;&nbsp; $(445)<br>|

---

**F. Restricted Securities**

The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of April 30, 2025, the Fund held a restricted security as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees. 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. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Shares | Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| Akorn, Inc. | 10/15/20 | &nbsp;&nbsp; 259956 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $2979179 | &nbsp;&nbsp; $10398 | 0.00<br> %\*<br>|

---

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

\* Amount is less than 0.01%.

**G. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $93034630 |
| Capital gains |  |
| Return of capital |  |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (291964006)<br>|
| Net unrealized appreciation (depreciation) | (29626919)<br>|

---

**H. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $291,964,006 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $1701228723 | &nbsp;&nbsp; $14614829 | &nbsp;&nbsp; $(39900648)<br>| &nbsp;&nbsp; $(25285819)<br>|

---

**I. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3). The Fund is subject to an interest expense due to the costs associated with the Fund's short positions in securities.

**J. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.95000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.92625<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.90250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.87875<br> %<br>|
| Fund net assets greater than $10 billion | 0.85500<br> %<br>|

---

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $603,666,203 and $483,736,981, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

**5. Borrowings** 

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Series Fund and First Trust Variable Insurance Trust, has a $620 million Credit Agreement with BNY as administrative agent for a group of lenders. The borrowing rate is

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the credit agreement may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. Prior to February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not have any borrowings outstanding under the credit line during the six months ended April 30, 2025.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

------

**Notes to Financial Statements (Continued)**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

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

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Tactical High Yield ETF (HYLS)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

![](img2d24de2e1.gif)

First Trust Exchange-Traded Fund IV

---

| | |
|:---|:---|
| ![](imgda5cb03e2.gif) | &nbsp;&nbsp;&nbsp;&nbsp; First Trust Enhanced Short Maturity <br> ETF (FTSM) <br>|
| ![](imgda5cb03e2.gif) | &nbsp;&nbsp;&nbsp;&nbsp; Semi-Annual Financial Statements and Other <br> Information <br>For the Six Months Ended <br>April 30, 2025<br>|

---

------

**Table of Contents** 

**First Trust Enhanced Short Maturity ETF (FTSM)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_SOI-TOC-ScheduleofInvestments-4294_1) | 1 |
| [Statement of Assets and Liabilities](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_SAL1-TOC-StatementofAssetsandLiabilities-4294_1) | 18 |
| [Statement of Operations](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_SOP1-TOC-StatementofOperations-4294_1) | 19 |
| [Statements of Changes in Net Assets](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_SOC1-TOC-StatementofChanges-4294_1) | 20 |
| [Financial Highlights](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_FIHI-TOC-FinancialHighlights-4294_1) | 21 |
| [Notes to Financial Statements](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_NTF-TOC-NotestoFinancialStatements-4294_1) | 22 |
| [Other Information](#xx_179186a7-2c4f-4f78-96ce-f9ab3e65302e_AI-TOC-AdditionalInformation-4294_1) | 29 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Enhanced Short Maturity ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**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** |
| **CORPORATE BONDS AND NOTES — 46.6%** | **CORPORATE BONDS AND NOTES — 46.6%** | **CORPORATE BONDS AND NOTES — 46.6%** | **CORPORATE BONDS AND NOTES — 46.6%** | **CORPORATE BONDS AND NOTES — 46.6%** |
|  | **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** |  |
| $21049000 | BAE Systems Holdings, Inc. (a) | 3.85% | 12/15/25 | $20938993 |
| 26750000 | Howmet Aerospace, Inc. | 5.90% | 02/01/27 | 27410725 |
| 5000000 | Northrop Grumman Corp. | 3.20% | 02/01/27 | 4913426 |
|  |  |  |  | 53263144 |
|  | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |  |
| 16022000 | American Honda Finance Corp., SOFR + 0.71% (b) | 5.09% | 01/09/26 | 16033607 |
| 15000000 | Toyota Motor Credit Corp., SOFR Compounded Index + 0.45% (b) | 4.83% | 04/10/26 | 14985888 |
| 15000000 | Toyota Motor Credit Corp., SOFR + 0.47% (b) | 4.85% | 01/08/27 | 14947792 |
| 5000000 | Volkswagen Group of America Finance LLC (a) | 5.80% | 09/12/25 | 5012038 |
|  |  |  |  | 50979325 |
|  | **Banks — 8.5%** | **Banks — 8.5%** | **Banks — 8.5%** |  |
| 15000000 | Bank of America Corp. (c) | 1.32% | 06/19/26 | 14930212 |
| 4300000 | Bank of America Corp. (c) | 4.83% | 07/22/26 | 4301186 |
| 20000000 | Bank of America Corp. (c) | 5.08% | 01/20/27 | 20082340 |
| 20530000 | Bank of America Corp. (c) | 3.56% | 04/23/27 | 20329811 |
| 7000000 | Bank of America Corp. (c) | 4.98% | 01/24/29 | 7094371 |
| 25000000 | Bank of America N.A. | 5.65% | 08/18/25 | 25062754 |
| 13500000 | Bank of New York Mellon (The) (c) | 5.15% | 05/22/26 | 13504871 |
| 10000000 | Bank of New York Mellon (The) (c) | 4.59% | 04/20/27 | 10038488 |
| 2000000 | Bank of New York Mellon (The) (c) | 4.73% | 04/20/29 | 2028681 |
| 15000000 | Bank of New York Mellon (The) Corp. (c) | 4.41% | 07/24/26 | 14991561 |
| 28833000 | Bank of New York Mellon (The) Corp. (c) | 4.95% | 04/26/27 | 28997043 |
| 2400000 | Fifth Third Bank N.A. (c) | 4.97% | 01/28/28 | 2415196 |
| 28000000 | Goldman Sachs Bank USA (c) | 5.28% | 03/18/27 | 28192017 |
| 15000000 | Goldman Sachs Bank USA, SOFR + 0.75% (b) | 5.11% | 05/21/27 | 14971927 |
| 10000000 | Goldman Sachs Group (The), Inc. (c) | 5.80% | 08/10/26 | 10023825 |
| 15000000 | Goldman Sachs Group (The), Inc. (c) | 4.94% | 04/23/28 | 15140928 |
| 15687000 | Huntington National Bank (The) (c) | 4.87% | 04/12/28 | 15767219 |
| 14631000 | JPMorgan Chase & Co. (c) | 1.04% | 02/04/27 | 14256509 |
| 20000000 | JPMorgan Chase & Co. (c) | 5.04% | 01/23/28 | 20198849 |
| 15000000 | JPMorgan Chase & Co. (c) | 5.57% | 04/22/28 | 15344079 |
| 7500000 | JPMorgan Chase & Co. (c) | 4.92% | 01/24/29 | 7607641 |
| 9144000 | Morgan Stanley (c) | 1.59% | 05/04/27 | 8879954 |
| 10000000 | Morgan Stanley (c) | 5.65% | 04/13/28 | 10213338 |
| 21500000 | Morgan Stanley Bank N.A. | 5.48% | 07/16/25 | 21527382 |
| 15000000 | Morgan Stanley Bank N.A. (c) | 4.95% | 01/14/28 | 15125821 |
| 4000000 | Morgan Stanley Bank N.A. (c) | 4.97% | 07/14/28 | 4041539 |
| 6667000 | Morgan Stanley Bank N.A. (c) | 5.02% | 01/12/29 | 6768677 |
| 9000000 | PNC Bank N.A. (c) | 4.78% | 01/15/27 | 9006647 |
| 25802000 | PNC Financial Services Group (The), Inc. (c) | 5.81% | 06/12/26 | 25826774 |
| 10000000 | PNC Financial Services Group (The), Inc. (c) | 5.10% | 07/23/27 | 10055859 |
| 8000000 | PNC Financial Services Group (The), Inc. (c) | 5.30% | 01/21/28 | 8118647 |
| 5497000 | Santander Holdings USA, Inc. (c) | 2.49% | 01/06/28 | 5277925 |
| 18000000 | State Street Corp. (c) | 5.10% | 05/18/26 | 18002898 |
| 20000000 | State Street Corp., SOFR + 0.64% (b) | 5.02% | 10/22/27 | 19933008 |
| 8000000 | State Street Corp. (c) | 4.54% | 04/24/28 | 8058834 |
| 19296000 | Truist Financial Corp. (c) | 4.26% | 07/28/26 | 19257146 |
| 10000000 | US Bancorp (c) | 2.22% | 01/27/28 | 9621274 |
| 15000000 | Wells Fargo & Co. (c) | 5.71% | 04/22/28 | 15338192 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |  |
| $15000000 | Wells Fargo & Co., Series W (c) | 4.90% | 01/24/28 | $15104510 |
| 18250000 | Wells Fargo Bank N.A. | 5.55% | 08/01/25 | 18280451 |
| 15000000 | Wells Fargo Bank N.A. | 4.81% | 01/15/26 | 15045454 |
|  |  |  |  | 568763838 |
|  | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |  |
| 27145000 | Constellation Brands, Inc. | 4.40% | 11/15/25 | 27105331 |
| 17000000 | Constellation Brands, Inc. | 5.00% | 02/02/26 | 16999557 |
| 11716000 | Constellation Brands, Inc. | 4.35% | 05/09/27 | 11702895 |
| 19529000 | Keurig Dr Pepper, Inc. | 2.55% | 09/15/26 | 19085740 |
| 10000000 | Keurig Dr Pepper, Inc. (b) (d) | 0.00% | 11/15/26 | 10009017 |
| 5000000 | Keurig Dr Pepper, Inc. (d) | 4.35% | 05/15/28 | 5010575 |
| 16554000 | Molson Coors Beverage Co. | 3.00% | 07/15/26 | 16285756 |
|  |  |  |  | 106198871 |
|  | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |  |
| 7000000 | Amgen, Inc. | 5.51% | 03/02/26 | 7001588 |
| 10000000 | Amgen, Inc. | 3.20% | 11/02/27 | 9762193 |
|  |  |  |  | 16763781 |
|  | **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** |  |
| 15019000 | CRH America Finance, Inc. (a) | 3.40% | 05/09/27 | 14756515 |
| 35000000 | CRH America, Inc. (a) | 3.88% | 05/18/25 | 34975152 |
| 13000000 | Holcim Finance U.S. LLC (a) | 4.60% | 04/07/27 | 13048928 |
| 9999000 | Holcim Finance U.S. LLC (a) | 4.70% | 04/07/28 | 10076233 |
| 8611000 | Martin Marietta Materials, Inc. | 3.45% | 06/01/27 | 8445579 |
| 15000000 | Vulcan Materials Co. | 3.90% | 04/01/27 | 14827203 |
|  |  |  |  | 96129610 |
|  | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |  |
| 25000000 | Ashtead Capital, Inc. (a) | 4.38% | 08/15/27 | 24805802 |
| 5010000 | Global Payments, Inc. | 4.80% | 04/01/26 | 5008286 |
| 15000000 | PayPal Holdings, Inc., SOFR + 0.67% (b) | 5.04% | 03/06/28 | 15008061 |
| 18867000 | TR Finance LLC | 3.35% | 05/15/26 | 18599200 |
|  |  |  |  | 63421349 |
|  | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |  |
| 8000000 | Dell International LLC / EMC Corp. | 4.75% | 04/01/28 | 8065916 |
| 15705000 | NetApp, Inc. | 1.88% | 06/22/25 | 15638379 |
|  |  |  |  | 23704295 |
|  | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |  |
| 20252000 | Haleon US Capital LLC | 3.38% | 03/24/27 | 19947604 |
|  | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** |  |
| 33735000 | American Express Co. (c) | 4.99% | 05/01/26 | 33735000 |
| 6956000 | American Express Co. (c) | 6.34% | 10/30/26 | 7019064 |
| 16000000 | American Express Co. (c) | 5.65% | 04/23/27 | 16171194 |
| 7222000 | American Express Co. (c) | 5.10% | 02/16/28 | 7315589 |
| 10000000 | American Express Co. (c) | 4.73% | 04/25/29 | 10094374 |
| 25000000 | Intercontinental Exchange, Inc. | 3.65% | 05/23/25 | 24984100 |
| 5375000 | Intercontinental Exchange, Inc. | 3.10% | 09/15/27 | 5239566 |
| 22000000 | Nasdaq, Inc. | 5.65% | 06/28/25 | 22027952 |
| 23899000 | Nasdaq, Inc. | 3.85% | 06/30/26 | 23791707 |
|  |  |  |  | 150378546 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |  |
| $4275000 | AEP Transmission Co. LLC | 3.10% | 12/01/26 | $4194991 |
| 8745000 | Georgia Power Co., SOFR Compounded Index + 0.28% (b) | 4.65% | 09/15/26 | 8709312 |
| 10000000 | Northern States Power Co. | 7.13% | 07/01/25 | 10045655 |
| 30388000 | Trans-Allegheny Interstate Line Co. (a) | 3.85% | 06/01/25 | 30325108 |
| 8775000 | Virginia Electric and Power Co., Series A | 3.10% | 05/15/25 | 8768693 |
| 19162224 | Virginia Power Fuel Securitization LLC, Series A-1 | 5.09% | 05/01/27 | 19330386 |
| 11892000 | WEC Energy Group, Inc. | 5.00% | 09/27/25 | 11896142 |
|  |  |  |  | 93270287 |
|  | **Electrical Components & Equipments — 0.1%** | **Electrical Components & Equipments — 0.1%** | **Electrical Components & Equipments — 0.1%** |  |
| 6846000 | Molex Electronic Technologies LLC (a) | 4.75% | 04/30/28 | 6906256 |
|  | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |  |
| 17296000 | Republic Services, Inc. | 0.88% | 11/15/25 | 16959282 |
| 30000000 | Veralto Corp. | 5.50% | 09/18/26 | 30435668 |
|  |  |  |  | 47394950 |
|  | **Food — 4.0%** | **Food — 4.0%** | **Food — 4.0%** |  |
| 25000000 | Campbell's (The) Co. | 5.20% | 03/19/27 | 25418066 |
| 25000000 | Conagra Brands, Inc. | 4.60% | 11/01/25 | 24982935 |
| 25567000 | Conagra Brands, Inc. | 5.30% | 10/01/26 | 25789987 |
| 24995000 | General Mills, Inc. | 3.20% | 02/10/27 | 24544430 |
| 4269000 | J. M. Smucker (The) Co. | 3.38% | 12/15/27 | 4181074 |
| 25000000 | Kraft Heinz Foods Co. | 3.00% | 06/01/26 | 24619584 |
| 20000000 | Kraft Heinz Foods Co. | 3.88% | 05/15/27 | 19812331 |
| 15000000 | Mars, Inc. (a) | 4.45% | 03/01/27 | 15097319 |
| 5000000 | Mars, Inc. (a) | 4.60% | 03/01/28 | 5055281 |
| 25000000 | McCormick & Co., Inc. | 3.40% | 08/15/27 | 24545719 |
| 14955000 | Mondelez International, Inc. | 2.63% | 03/17/27 | 14501094 |
| 25296000 | Sysco Corp. | 3.75% | 10/01/25 | 25197221 |
| 18453000 | Sysco Corp. | 3.30% | 07/15/26 | 18204788 |
| 15000000 | Sysco Corp. | 3.25% | 07/15/27 | 14665459 |
|  |  |  |  | 266615288 |
|  | **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** |  |
| 5400000 | Alcon Finance Corp. (a) | 2.75% | 09/23/26 | 5258169 |
| 30000000 | GE HealthCare Technologies, Inc. | 5.60% | 11/15/25 | 30140830 |
| 25000000 | GE HealthCare Technologies, Inc. | 5.65% | 11/15/27 | 25721203 |
| 25000000 | Solventum Corp | 5.45% | 02/25/27 | 25378256 |
| 13245000 | Stryker Corp. | 1.15% | 06/15/25 | 13185875 |
| 14074000 | Stryker Corp. | 3.38% | 11/01/25 | 13989055 |
| 20000000 | Stryker Corp. | 3.50% | 03/15/26 | 19855405 |
| 19647000 | Stryker Corp. | 4.55% | 02/10/27 | 19755942 |
| 2579000 | Zimmer Biomet Holdings, Inc. | 3.05% | 01/15/26 | 2550675 |
| 18000000 | Zimmer Biomet Holdings, Inc. | 4.70% | 02/19/27 | 18080349 |
|  |  |  |  | 173915759 |
|  | **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** |  |
| 29466000 | Cigna Group (The) | 4.50% | 02/25/26 | 29444256 |
| 10000000 | Cigna Group (The) | 3.40% | 03/01/27 | 9836163 |
| 10000000 | Elevance Health, Inc. | 5.35% | 10/15/25 | 10024331 |
| 16667000 | Elevance Health, Inc. | 4.90% | 02/08/26 | 16668449 |
| 10000000 | Elevance Health, Inc. | 4.50% | 10/30/26 | 10029843 |
| 25466000 | HCA, Inc. | 5.88% | 02/15/26 | 25532947 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Healthcare-Services (Continued)** | **Healthcare-Services (Continued)** | **Healthcare-Services (Continued)** |  |
| $20000000 | HCA, Inc. | 5.38% | 09/01/26 | $20116382 |
| 6000000 | HCA, Inc. | 3.13% | 03/15/27 | 5849584 |
| 8000000 | HCA, Inc. | 5.00% | 03/01/28 | 8093461 |
|  |  |  |  | 135595416 |
|  | **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |  |
| 25000000 | Aon North America, Inc. | 5.13% | 03/01/27 | 25356214 |
| 23000000 | Arthur J. Gallagher & Co. | 4.60% | 12/15/27 | 23185608 |
| 9485000 | Marsh & McLennan Cos., Inc. | 4.55% | 11/08/27 | 9586892 |
| 10000000 | Willis North America, Inc. | 4.65% | 06/15/27 | 10042117 |
|  |  |  |  | 68170831 |
|  | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |  |
| 5000000 | Expedia Group, Inc. | 5.00% | 02/15/26 | 5007472 |
|  | **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |  |
| 20133000 | Hyatt Hotels Corp. | 4.85% | 03/15/26 | 20143721 |
|  | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |  |
| 15000000 | John Deere Capital Corp., SOFR + 0.50% (b) | 4.87% | 03/06/28 | 14974520 |
|  | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |  |
| 27446000 | Charter Communications Operating LLC / Charter Communications <br> Operating Capital | 4.91% | 07/23/25 | 27411075 |
| 12575000 | Comcast Corp. | 5.35% | 11/15/27 | 12964892 |
| 21900000 | FactSet Research Systems, Inc. | 2.90% | 03/01/27 | 21173782 |
|  |  |  |  | 61549749 |
|  | **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |  |
| 15000000 | Glencore Funding LLC, SOFR Compounded Index + 0.75% (a) (b) | 5.13% | 10/01/26 | 14987625 |
|  | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |  |
| 30000000 | Teledyne Technologies, Inc. | 1.60% | 04/01/26 | 29181349 |
|  | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |  |
| 15000000 | Chevron USA, Inc., SOFR Compounded Index + 0.36% (b) | 4.72% | 02/26/27 | 14971746 |
|  | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |  |
| 5000000 | Amcor Flexibles North America, Inc. (a) | 4.80% | 03/17/28 | 5042931 |
| 25000000 | Berry Global, Inc. (a) | 4.88% | 07/15/26 | 24965282 |
| 13898000 | Packaging Corp. of America | 3.40% | 12/15/27 | 13623138 |
|  |  |  |  | 43631351 |
|  | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |  |
| 10000000 | AbbVie, Inc. | 3.60% | 05/14/25 | 9996108 |
| 5000000 | AbbVie, Inc. | 4.65% | 03/15/28 | 5075321 |
| 25000000 | Becton Dickinson & Co. | 3.70% | 06/06/27 | 24720991 |
| 4822000 | Becton Dickinson & Co. | 4.69% | 02/13/28 | 4856989 |
| 15000000 | Cencora, Inc. | 4.63% | 12/15/27 | 15113717 |
| 28892000 | PRA Health Sciences, Inc. (a) | 2.88% | 07/15/26 | 28116394 |
| 21159000 | Zoetis, Inc. | 4.50% | 11/13/25 | 21150542 |
| 30000000 | Zoetis, Inc. | 5.40% | 11/14/25 | 30112499 |
| 22724000 | Zoetis, Inc. | 3.00% | 09/12/27 | 22113397 |
|  |  |  |  | 161255958 |
|  | **Pipelines — 2.2%** | **Pipelines — 2.2%** | **Pipelines — 2.2%** |  |
| 25000000 | Enbridge Energy Partners, L.P. | 5.88% | 10/15/25 | 25053827 |
| 11362000 | Energy Transfer, L.P. | 2.90% | 05/15/25 | 11353112 |
| 20660000 | Energy Transfer, L.P. | 4.75% | 01/15/26 | 20652382 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** |  |
| $27867000 | Kinder Morgan, Inc. | 4.30% | 06/01/25 | $27847581 |
| 5444000 | Sabine Pass Liquefaction LLC | 5.88% | 06/30/26 | 5492171 |
| 5675000 | Spectra Energy Partners, L.P. | 3.38% | 10/15/26 | 5577264 |
| 6162000 | Transcontinental Gas Pipe Line Co. LLC | 7.85% | 02/01/26 | 6259556 |
| 35000000 | Williams Cos. (The), Inc. | 4.00% | 09/15/25 | 34885063 |
| 6966000 | Williams Cos. (The), Inc. | 5.40% | 03/02/26 | 7005269 |
|  |  |  |  | 144126225 |
|  | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |  |
| 13000000 | Crown Castle, Inc. | 1.35% | 07/15/25 | 12907132 |
| 35000000 | Crown Castle, Inc. | 4.45% | 02/15/26 | 34880028 |
| 12517000 | Crown Castle, Inc. | 3.70% | 06/15/26 | 12379487 |
|  |  |  |  | 60166647 |
|  | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |  |
| 9600000 | Starbucks Corp. | 4.75% | 02/15/26 | 9609323 |
|  | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |  |
| 10000000 | Broadcom, Inc. | 3.15% | 11/15/25 | 9923496 |
|  | **Software — 6.9%** | **Software — 6.9%** | **Software — 6.9%** |  |
| 29810000 | Autodesk, Inc. | 4.38% | 06/15/25 | 29787559 |
| 30000000 | Autodesk, Inc. | 3.50% | 06/15/27 | 29567524 |
| 5852000 | Cadence Design Systems, Inc. | 4.20% | 09/10/27 | 5852376 |
| 21210000 | Fidelity National Information Services, Inc. | 4.50% | 07/15/25 | 21190239 |
| 35000000 | Fidelity National Information Services, Inc. | 1.15% | 03/01/26 | 33994525 |
| 5000000 | Fidelity National Information Services, Inc. | 4.70% | 07/15/27 | 5027154 |
| 30000000 | Fiserv, Inc. | 3.85% | 06/01/25 | 29967236 |
| 25088000 | Fiserv, Inc. | 3.20% | 07/01/26 | 24759854 |
| 20986000 | Fiserv, Inc. | 5.15% | 03/15/27 | 21239463 |
| 35718000 | Infor, Inc. (a) | 1.75% | 07/15/25 | 35462841 |
| 22798000 | Oracle Corp. | 2.95% | 05/15/25 | 22782035 |
| 17000000 | Oracle Corp. | 5.80% | 11/10/25 | 17116728 |
| 20000000 | Oracle Corp. | 2.65% | 07/15/26 | 19583111 |
| 15000000 | Oracle Corp. | 3.25% | 11/15/27 | 14609849 |
| 2000000 | Oracle Corp. | 4.80% | 08/03/28 | 2026618 |
| 9348000 | Roper Technologies, Inc. | 1.00% | 09/15/25 | 9222041 |
| 15000000 | Roper Technologies, Inc. | 3.85% | 12/15/25 | 14964447 |
| 23143000 | Synopsys, Inc. | 4.55% | 04/01/27 | 23275975 |
| 6667000 | Synopsys, Inc. | 4.65% | 04/01/28 | 6744989 |
| 30000000 | VMware LLC | 4.50% | 05/15/25 | 29988720 |
| 15503000 | VMware LLC | 1.40% | 08/15/26 | 14885453 |
| 20765000 | VMware LLC | 4.65% | 05/15/27 | 20804581 |
| 4059000 | VMware LLC | 3.90% | 08/21/27 | 3998689 |
| 21542000 | Workday, Inc. | 3.50% | 04/01/27 | 21166389 |
|  |  |  |  | 458018396 |
|  | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |  |
| 25404000 | AT&T, Inc. | 1.70% | 03/25/26 | 24783218 |
| 16343000 | AT&T, Inc. | 4.25% | 03/01/27 | 16330076 |
| 20000000 | T-Mobile USA, Inc. | 2.63% | 04/15/26 | 19645204 |
| 9100000 | T-Mobile USA, Inc. | 3.75% | 04/15/27 | 9003967 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |  |
| $10000000 | T-Mobile USA, Inc. | 4.75% | 02/01/28 | $10012860 |
| 10000000 | Verizon Communications, Inc. | 4.13% | 03/16/27 | 9995415 |
|  |  |  |  | 89770740 |
|  | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| 14200000 | Union Pacific Corp. | 3.75% | 07/15/25 | 14184794 |
|  | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |  |
| 8025000 | American Water Capital Corp. | 2.95% | 09/01/27 | 7803108 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 3100725370 |
|  | (Cost $3,086,540,121) | (Cost $3,086,540,121) | (Cost $3,086,540,121) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Annualized** <br>**Yield on Date** <br> **of** <br>**Purchase**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **COMMERCIAL PAPER — 27.0%** | **COMMERCIAL PAPER — 27.0%** | **COMMERCIAL PAPER — 27.0%** | **COMMERCIAL PAPER — 27.0%** | **COMMERCIAL PAPER — 27.0%** |
|  | **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** |  |
| 20000000 | L3Harris Technologies, Inc.  | 4.61% | 05/01/25 | 20000000 |
| 15000000 | L3Harris Technologies, Inc.  | 4.84% | 06/06/25 | 14928694 |
| 15000000 | Northrop Grumman Corp.  | 4.69% | 05/14/25 | 14975010 |
|  |  |  |  | 49903704 |
|  | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |  |
| 15000000 | American Honda Finance Corp.  | 4.72% | 05/09/25 | 14984482 |
| 15000000 | American Honda Finance Corp.  | 4.65% | 05/12/25 | 14979010 |
| 10000000 | American Honda Finance Corp.  | 4.70% | 05/27/25 | 9966620 |
|  |  |  |  | 39930112 |
|  | **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** |  |
| 25000000 | Australia & New Zealand Banking Group Ltd.  | 4.53% | 08/08/25 | 25000000 |
| 25000000 | Australia & New Zealand Banking Group Ltd.  | 4.60% | 09/04/25 | 25000000 |
| 25000000 | Australia & New Zealand Banking Group Ltd.  | 4.55% | 03/11/26 | 25000000 |
| 25000000 | Canadian Imperial Bank of Commerce  | 4.57% | 06/10/25 | 25000000 |
| 10000000 | Commonwealth Bank of Australia  | 4.61% | 07/28/25 | 10000000 |
| 25000000 | Commonwealth Bank of Australia  | 4.50% | 09/04/25 | 25000000 |
| 25000000 | Macquarie Bank Ltd.  | 4.72% | 01/27/26 | 25000000 |
| 15000000 | National Australia Bank Ltd.  | 4.48% | 05/05/25 | 15000000 |
| 15000000 | National Australia Bank Ltd.  | 4.59% | 10/01/25 | 15000000 |
| 15000000 | Skandinaviska Enskilda Banken AB  | 4.84% | 05/02/25 | 15000000 |
| 15000000 | Skandinaviska Enskilda Banken AB  | 4.64% | 10/08/25 | 15000000 |
| 15000000 | Svenska Handelsbanken AB  | 4.48% | 07/22/25 | 15000000 |
| 25000000 | Svenska Handelsbanken AB  | 4.56% | 08/01/25 | 25000000 |
| 25000000 | Swedbank AB  | 4.69% | 04/06/26 | 25000000 |
| 20000000 | Westpac Banking Corp.  | 4.51% | 02/27/26 | 20000000 |
| 25000000 | Westpac Banking Corp.  | 4.71% | 04/13/26 | 25000000 |
|  |  |  |  | 330000000 |
|  | **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |  |
| 15000000 | Bacardi-Martini B.V.  | 5.04% | 06/05/25 | 14927793 |
| 12000000 | Constellation Brands, Inc.  | 4.87% | 05/06/25 | 11991997 |
| 12650000 | Keurig Dr Pepper, Inc.  | 4.72% | 05/01/25 | 12650000 |
| 15000000 | Keurig Dr Pepper, Inc.  | 4.63% | 05/13/25 | 14977186 |
|  |  |  |  | 54546976 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Annualized**<br> **Yield on Date** <br> **of**<br> **Purchase**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** |
|  | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |  |
| $10300000 | CSLB Holdings, Inc.  | 4.93% | 05/16/25 | $10279157 |
|  | **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |  |
| 25000000 | CRH America Finance, Inc.  | 4.60% | 05/09/25 | 24974816 |
| 15000000 | CRH America Finance, Inc.  | 4.79% | 05/27/25 | 14949030 |
| 18000000 | Vulcan Materials Co.  | 4.72% | 05/13/25 | 17972093 |
| 20000000 | Vulcan Materials Co.  | 4.76% | 05/21/25 | 19947953 |
|  |  |  |  | 77843892 |
|  | **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |  |
| 44500000 | Cabot Corp.  | 4.66% | 05/01/25 | 44500000 |
| 14000000 | EIDP, Inc.  | 4.58% | 05/02/25 | 13998242 |
| 10000000 | EIDP, Inc.  | 4.65% | 05/13/25 | 9984750 |
| 15000000 | EIDP, Inc.  | 4.65% | 05/22/25 | 14959989 |
| 20000000 | Nutrien Ltd.  | 4.65% | 05/06/25 | 19987257 |
| 15000000 | PPG Industries, Inc.  | 4.67% | 05/19/25 | 14965527 |
| 33988000 | Sherwin-Williams (The) Co.  | 4.68%-4.74% | 06/03/25 | 33843734 |
|  |  |  |  | 152239499 |
|  | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |  |
| 31800000 | Global Payments, Inc.  | 4.97% | 05/01/25 | 31800000 |
| 10000000 | Global Payments, Inc.  | 5.08% | 05/09/25 | 9988884 |
| 9000000 | Quanta Services, Inc.  | 4.97% | 05/01/25 | 9000000 |
|  |  |  |  | 50788884 |
|  | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |  |
| 18000000 | Baltimore Gas and Electric Co.  | 4.69% | 05/07/25 | 17986124 |
| 15000000 | DTE Electric Co.  | 4.68% | 05/02/25 | 14998079 |
| 25000000 | Florida Power & Light Co.  | 4.45% | 06/04/25 | 24896794 |
| 20000000 | Virginia Electric and Power Co.  | 4.59% | 05/07/25 | 19984923 |
| 15000000 | Virginia Electric and Power Co.  | 4.68% | 05/12/25 | 14978871 |
|  |  |  |  | 92844791 |
|  | **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |  |
| 15000000 | Amphenol Corp.  | 4.73% | 05/16/25 | 14970885 |
| 15000000 | Amphenol Corp.  | 4.73% | 05/21/25 | 14961200 |
| 15000000 | Tyco Electronics Group S.A.  | 4.69% | 05/08/25 | 14986518 |
|  |  |  |  | 44918603 |
|  | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** |  |
| 20000000 | Republic Services, Inc.  | 4.70% | 05/13/25 | 19969137 |
| 20000000 | Waste Management, Inc.  | 4.74% | 05/19/25 | 19953379 |
| 20000000 | Waste Management, Inc.  | 4.73% | 06/02/25 | 19917323 |
|  |  |  |  | 59839839 |
|  | **Food — 2.8%** | **Food — 2.8%** | **Food — 2.8%** |  |
| 23500000 | Campbell's (The) Co.  | 4.91% | 06/05/25 | 23389847 |
| 15500000 | J.M. Smucker (The) Co.  | 4.72% | 05/01/25 | 15500000 |
| 20000000 | J.M. Smucker (The) Co.  | 4.77% | 05/06/25 | 19986941 |
| 15000000 | Kellanova  | 4.68% | 05/01/25 | 15000000 |
| 15000000 | Kellanova  | 4.77% | 05/13/25 | 14976522 |
| 15000000 | Kellanova  | 4.78% | 05/22/25 | 14958837 |
| 15000000 | McCormick & Co., Inc.  | 4.76% | 05/09/25 | 14984367 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Annualized**<br> **Yield on Date** <br> **of**<br> **Purchase**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** |
|  | **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |  |
| $10000000 | McCormick & Co., Inc.  | 4.74% | 05/21/25 | $9974113 |
| 15000000 | McCormick & Co., Inc.  | 4.73% | 05/30/25 | 14943791 |
| 15000000 | Mondelez International, Inc.  | 4.63% | 05/01/25 | 15000000 |
| 10000000 | Mondelez International, Inc.  | 4.73% | 05/20/25 | 9975430 |
| 20000000 | Mondelez International, Inc.  | 4.71% | 05/23/25 | 19943346 |
|  |  |  |  | 188633194 |
|  | **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** |  |
| 20000000 | Boston Scientific Corp.  | 4.68% | 05/14/25 | 19966714 |
| 20000000 | Boston Scientific Corp.  | 4.75% | 05/16/25 | 19961013 |
|  |  |  |  | 39927727 |
|  | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |  |
| 20000000 | Reckitt Benckiser Treasury Services PLC  | 4.73% | 05/22/25 | 19945680 |
|  | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |  |
| 15000000 | Aon Corp.  | 4.60% | 05/05/25 | 14992441 |
| 31550000 | Marsh & McLennan Cos., Inc.  | 4.73% | 05/05/25 | 31533643 |
|  |  |  |  | 46526084 |
|  | **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |  |
| 20000000 | Marriott International, Inc.  | 4.69% | 05/06/25 | 19987168 |
| 20000000 | Marriott International, Inc.  | 4.69% | 05/20/25 | 19951339 |
| 20000000 | Marriott International, Inc.  | 4.74% | 05/27/25 | 19932764 |
|  |  |  |  | 59871271 |
|  | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |  |
| 15000000 | Parker-Hannifin Corp.  | 4.67% | 05/20/25 | 14963659 |
|  | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |  |
| 20000000 | Amcor Flexibles North America, Inc.  | 4.77% | 05/14/25 | 19966088 |
| 15000000 | WRKCo, Inc.  | 4.70% | 05/23/25 | 14957612 |
| 15000000 | WRKCo, Inc.  | 4.74% | 05/28/25 | 14947555 |
|  |  |  |  | 49871255 |
|  | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |  |
| 15000000 | Becton Dickinson & Co.  | 4.73% | 05/20/25 | 14963121 |
| 18700000 | Becton Dickinson & Co.  | 4.76% | 05/29/25 | 18632016 |
| 10900000 | Cencora, Inc.  | 4.72% | 05/01/25 | 10900000 |
| 15000000 | Cencora, Inc.  | 4.83% | 05/02/25 | 14998016 |
| 20000000 | Novartis Finance Corp.  | 4.40% | 05/07/25 | 19985553 |
|  |  |  |  | 79478706 |
|  | **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |  |
| 10000000 | Enbridge U.S., Inc.  | 4.69% | 05/02/25 | 9998716 |
| 15000000 | Enbridge U.S., Inc.  | 4.81% | 05/22/25 | 14958564 |
| 23300000 | Energy Transfer, L.P.  | 4.59% | 05/01/25 | 23300000 |
| 25000000 | Plains All American Pipeline, L.P.  | 4.66% | 05/01/25 | 25000000 |
| 60000000 | Targa Resources Corp.  | 4.66% | 05/01/25 | 60000000 |
|  |  |  |  | 133257280 |
|  | **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** |  |
| 65000000 | AutoNation, Inc.  | 4.92% | 05/01/25 | 65000000 |
| 20000000 | Walmart, Inc.  | 4.40% | 05/05/25 | 19990369 |
|  |  |  |  | 84990369 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Annualized**<br> **Yield on Date** <br> **of**<br> **Purchase**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** | **COMMERCIAL PAPER (Continued)** |
|  | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |  |
| $15000000 | Fidelity National Information Services, Inc.  | 4.78% | 05/07/25 | $14988214 |
| 15000000 | Fiserv, Inc.  | 4.71% | 05/06/25 | 14990329 |
|  |  |  |  | 29978543 |
|  | **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |  |
| 15000000 | Canadian National Railway Co.  | 4.66% | 05/12/25 | 14978984 |
| 16000000 | Canadian National Railway Co.  | 4.66% | 05/21/25 | 15959237 |
| 15000000 | Canadian National Railway Co.  | 4.64% | 05/28/25 | 14948661 |
| 10000000 | Canadian Pacific Railway Co.  | 4.80% | 05/12/25 | 9985565 |
|  |  |  |  | 55872447 |
|  | **Water — 0.5%** | **Water — 0.5%** | **Water — 0.5%** |  |
| 20000000 | American Water Capital Corp.  | 4.67% | 05/01/25 | 20000000 |
| 10000000 | American Water Capital Corp.  | 4.62% | 05/05/25 | 9994938 |
|  |  |  |  | 29994938 |
|  | **Total Commercial Paper** | **Total Commercial Paper** | **Total Commercial Paper** | 1796446610 |
|  | (Cost $1,796,446,610) | (Cost $1,796,446,610) | (Cost $1,796,446,610) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES — 14.6%** | **ASSET-BACKED SECURITIES — 14.6%** | **ASSET-BACKED SECURITIES — 14.6%** | **ASSET-BACKED SECURITIES — 14.6%** | **ASSET-BACKED SECURITIES — 14.6%** |
|  | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
| 4788000 | Series 2024-1, Class A3 | 5.08% | 12/15/28 | 4820353 |
|  | AMSR Trust | AMSR Trust | AMSR Trust | AMSR Trust |
| 2182383 | Series 2020-SFR2, Class A (a) | 1.63% | 07/17/37 | 2169198 |
|  | Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
| 3864075 | Series 2023-2A, Class A2 (a) | 5.85% | 08/17/26 | 3868443 |
| 15700000 | Series 2024-1A, Class A3 (a) | 5.35% | 11/15/28 | 15874243 |
|  | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
| 30000000 | Series 2024-1, Class A3 | 4.98% | 03/25/27 | 30148188 |
|  | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
| 15008000 | Series 2024-A, Class A3 | 5.18% | 02/26/29 | 15205505 |
|  | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| 2507965 | Series 2022-4, Class A3 | 5.34% | 08/16/27 | 2516564 |
| 3980028 | Series 2024-3, Class A2A | 5.21% | 09/15/27 | 3990464 |
| 6000000 | Series 2025-2, Class A2A (d) | 4.59% | 07/17/28 | 6007341 |
| 6000000 | Series 2025-2, Class A2B (b) (d) | 0.00% | 07/17/28 | 6002069 |
|  | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
| 6630124 | Series 2024-A, Class A2A | 5.78% | 09/15/27 | 6656928 |
| 15888465 | Series 2024-A, Class A2B, 30 Day Average SOFR + 0.73% (b) | 5.07% | 09/15/27 | 15899874 |
| 4000000 | Series 2025-A, Class A2A | 4.76% | 05/15/28 | 4004542 |
| 8000000 | Series 2025-A, Class A2B, 30 Day Average SOFR + 0.68% (b) | 5.02% | 05/15/28 | 7998958 |
|  | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
| 7569656 | Series 2024-1A, Class A3 (a) | 5.13% | 05/25/29 | 7648132 |
| 6831192 | Series 2024-3A, Class A2 (a) | 5.53% | 09/27/27 | 6853764 |
|  | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
| 20000000 | Series 2023-A2, Class A2, SOFR + 0.63% (b) | 4.98% | 12/08/27 | 20024456 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
| $5070824 | Series 2024-1, Class A2A (a) | 5.43% | 10/15/26 | $5076972 |
| 10000000 | Series 2024-2, Class A3 (a) | 5.33% | 08/15/28 | 10092146 |
|  | CoreVest American Finance Trust | CoreVest American Finance Trust | CoreVest American Finance Trust | CoreVest American Finance Trust |
| 2808470 | Series 2020-2, Class A (a) | 3.38% | 05/15/52 | 2789064 |
|  | Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
| 1726708 | Series 2023-3, Class A2 (a) | 6.10% | 04/23/29 | 1728644 |
| 6107000 | Series 2024-1, Class A3 (a) | 5.39% | 03/22/30 | 6178050 |
| 23900000 | Series 2024-2, Class A2 (a) | 4.69% | 08/22/30 | 23926409 |
|  | DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
| 6000000 | Series 2025-1A, Class A2 (a) | 4.70% | 10/20/27 | 6015592 |
|  | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| 15000000 | Series 2025-2A, Class A2 | 4.78% | 06/15/27 | 15002250 |
|  | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
| 12000000 | Series 2025-1, Class A2 | 4.83% | 10/16/28 | 12019769 |
|  | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
| 2961723 | Series 2024-B, Class A2A | 5.18% | 02/15/27 | 2967485 |
| 14000000 | Series 2025-A, Class A3 | 4.72% | 06/15/28 | 14094107 |
|  | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| 1410920 | Series 2022-C, Class A3 | 4.48% | 12/15/26 | 1410138 |
| 14922000 | Series 2022-C, Class A4 | 4.59% | 12/15/27 | 14949346 |
| 9395017 | Series 2023-A, Class A3 | 4.65% | 02/15/28 | 9403383 |
| 3038061 | Series 2023-C, Class A2A | 5.68% | 09/15/26 | 3042147 |
| 10000000 | Series 2024-A, Class A3 | 5.09% | 12/15/28 | 10124248 |
| 15000000 | Series 2025-A, Class A2A | 4.47% | 12/15/27 | 15019415 |
| 5000000 | Series 2025-A, Class A2B, 30 Day Average SOFR + 0.41% (b) | 4.75% | 12/15/27 | 4996385 |
|  | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
| 9869471 | Series 2024-4A, Class A2 (a) | 4.76% | 10/15/27 | 9863779 |
|  | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
| 9372000 | Series 2023-3, Class A4 | 5.44% | 08/20/27 | 9421466 |
|  | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
| 2988553 | Series 2023-2, Class A3 | 4.47% | 02/16/28 | 2988413 |
| 16889752 | Series 2024-4, Class A2B, 30 Day Average SOFR + 0.40% (b) | 4.75% | 10/18/27 | 16886508 |
|  | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
| 277989 | Series 2023-2, Class A2 | 5.41% | 04/15/26 | 278102 |
| 27594000 | Series 2024-1, Class A3 | 5.21% | 08/15/28 | 27920340 |
|  | Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
| 8607817 | Series 2024-1A, Class A2 (a) | 5.50% | 03/15/27 | 8621135 |
|  | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
| 3948682 | Series 2024-A, Class A2B, 30 Day Average SOFR + <br> 0.50% (a) (b) | 4.84% | 06/15/26 | 3948459 |
| 5830159 | Series 2024-C, Class A2A (a) | 4.77% | 03/15/27 | 5841869 |
| 6000000 | Series 2025-B, Class A2A (a) | 4.58% | 09/15/27 | 6006479 |
| 6000000 | Series 2025-B, Class A2B, 30 Day Average SOFR + <br> 0.70% (a) (b) | 5.05% | 09/15/27 | 6002078 |
|  | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| 1708609 | Series 2023-A, Class A3 | 4.58% | 04/15/27 | 1707580 |
| 10000000 | Series 2023-C, Class A3 | 5.54% | 10/16/28 | 10135625 |
| 2721000 | Series 2024-C, Class A2A | 4.53% | 09/15/27 | 2721081 |
| 10000000 | Series 2025-A, Class A2B, 30 Day Average SOFR + 0.34% (b) | 4.68% | 12/15/27 | 9988885 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  | John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust |
| $1882166 | Series 2023-C, Class A2 | 5.76% | 08/17/26 | $1883425 |
| 18008000 | Series 2024-A, Class A3 | 4.96% | 11/15/28 | 18216669 |
| 15000000 | Series 2024-C, Class A2B, 30 Day Average SOFR + 0.43% (b) | 4.78% | 08/16/27 | 15009747 |
|  | Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
| 4338289 | Series 2024-1A, Class A2 (a) | 5.39% | 01/15/27 | 4350336 |
|  | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
| 10502639 | Series 2023-A, Class A3 | 4.74% | 01/15/27 | 10504315 |
|  | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
| 4376559 | Series 2022-1, Class A3 | 5.21% | 08/16/27 | 4389605 |
| 18134794 | Series 2023-1, Class A3 | 4.51% | 11/15/27 | 18133530 |
| 3385854 | Series 2023-2, Class A2 | 5.92% | 11/16/26 | 3390429 |
| 25406000 | Series 2024-1, Class A3 | 4.80% | 04/16/29 | 25549158 |
| 10000000 | Series 2025-1, Class A2B, 30 Day Average SOFR + 0.32% (b) | 4.66% | 02/15/28 | 9994482 |
| 10000000 | Series 2025-1, Class A3 | 4.78% | 12/17/29 | 10149180 |
|  | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
| 2040094 | Series 2023-B, Class A3 | 5.69% | 07/15/26 | 2043294 |
| 12966658 | Series 2024-B, Class A2A | 5.05% | 06/15/27 | 13014995 |
|  | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
| 7862867 | Series 2024-10, Class A (a) | 5.18% | 06/15/32 | 7892507 |
| 10000000 | Series 2025-2, Class A1 (a) | 4.67% | 03/16/26 | 9998798 |
|  | Porsche Financial Auto Securitization Trust | Porsche Financial Auto Securitization Trust | Porsche Financial Auto Securitization Trust | Porsche Financial Auto Securitization Trust |
| 3387115 | Series 2023-1A, Class A3 (a) | 4.81% | 09/22/28 | 3392684 |
|  | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| 4000000 | Series 2022-6, Class C | 4.96% | 11/15/28 | 4004837 |
| 13395000 | Series 2024-4, Class A3 | 4.85% | 01/16/29 | 13441333 |
| 20185226 | Series 2025-1, Class A2 | 4.76% | 08/16/27 | 20188165 |
|  | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
| 19674000 | Series 2024-A, Class A3 (a) | 5.39% | 11/20/26 | 19719258 |
| 6250000 | Series 2025-A, Class A3 (a) | 4.83% | 04/20/28 | 6281770 |
|  | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
| 19011495 | Series 2022-1A, Class A (a) | 4.91% | 05/22/28 | 19023377 |
| 26840000 | Series 2024-1A, Class A (a) | 5.05% | 09/20/29 | 27070470 |
| 17000000 | Series 2024-2A, Class A (a) | 4.25% | 05/21/29 | 16994769 |
| 15000000 | Series 2025-1A, Class A (a) | 4.74% | 11/20/29 | 15200199 |
|  | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| 5933630 | Series 2022-D, Class A3 | 5.30% | 09/15/27 | 5959655 |
| 3373277 | Series 2023-B, Class A3 | 4.71% | 02/15/28 | 3379394 |
| 1399197 | Series 2023-C, Class A2A | 5.60% | 08/17/26 | 1400127 |
| 8255616 | Series 2023-D, Class A2A | 5.80% | 11/16/26 | 8272218 |
| 6500000 | Series 2023-D, Class A3 | 5.54% | 08/15/28 | 6593285 |
| 15000000 | Series 2024-A, Class A3 | 4.83% | 10/16/28 | 15083928 |
| 6000000 | Series 2025-B, Class A2A | 4.46% | 03/15/28 | 6007705 |
| 6000000 | Series 2025-B, Class A2B, 30 Day Average SOFR + 0.54% (b) | 4.89% | 03/15/28 | 6002046 |
|  | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
| 17045000 | Series 2024-A, Class A4 (a) | 5.26% | 06/20/28 | 17238151 |
| 15468689 | Series 2024-B, Class A2B, 30 Day Average SOFR + <br> 0.44% (a) (b) | 4.79% | 02/22/27 | 15457959 |
|  | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| 26223000 | Series 2022-6, Class A | 3.67% | 01/22/29 | 26160487 |
| 8906000 | Series 2024-1, Class A1A | 5.00% | 12/20/28 | 8933803 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  | Verizon Master Trust (Continued) | Verizon Master Trust (Continued) | Verizon Master Trust (Continued) | Verizon Master Trust (Continued) |
| $12500000 | Series 2025-3, Class A1A | 4.51% | 03/20/30 | $12579696 |
| 12500000 | Series 2025-3, Class A1B, 30 Day Average SOFR + 0.55% (b) | 4.89% | 03/20/30 | 12495229 |
|  | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
| 22850000 | Series 2024-A, Class A3 | 5.21% | 06/21/27 | 23075189 |
|  | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
| 15000000 | Series 2025-1, Class A2A | 4.51% | 01/20/28 | 15031587 |
| 5000000 | Series 2025-1, Class A2B, 30 Day Average SOFR + 0.44% (b) | 4.79% | 01/20/28 | 5000592 |
|  | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| 8580857 | Series 2023-P1, Class A2 (a) | 5.89% | 02/16/27 | 8608898 |
|  | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
| 5637665 | Series 2023-A, Class A3 | 4.83% | 05/15/28 | 5637547 |
| 1749371 | Series 2024-C, Class A2A | 4.78% | 01/18/28 | 1750134 |
|  | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
| 4408000 | Series 2025-A, Class A2B, 30 Day Average SOFR + 0.39% (b) | 4.73% | 12/15/27 | 4402656 |
|  | World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
| 21024953 | Series 2024-A, Class A2B, 30 Day Average SOFR + 0.62% (b) | 4.96% | 02/15/28 | 21035148 |
|  | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | 970799137 |
|  | (Cost $966,607,635) | (Cost $966,607,635) | (Cost $966,607,635) |  |
| **FOREIGN CORPORATE BONDS AND NOTES — 8.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 8.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 8.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 8.0%** | **FOREIGN CORPORATE BONDS AND NOTES — 8.0%** |
|  | **Banks — 5.2%** | **Banks — 5.2%** | **Banks — 5.2%** |  |
| 12721000 | Barclays PLC | 4.38% | 01/12/26 | 12692407 |
| 9412000 | Barclays PLC (c) | 5.09% | 02/25/29 | 9482355 |
| 25000000 | BNP Paribas S.A., SOFR + 0.25% (b) | 4.61% | 07/10/25 | 25000370 |
| 25000000 | BNP Paribas S.A., SOFR + 0.26% (b) | 4.62% | 11/07/25 | 25001029 |
| 9850000 | Canadian Imperial Bank of Commerce, SOFR Compounded Index <br> + 0.93% (b) | 5.30% | 09/11/27 | 9833421 |
| 10000000 | Canadian Imperial Bank of Commerce (c) | 4.86% | 03/30/29 | 10092839 |
| 20000000 | Cooperatieve Rabobank U.A., SOFR Compounded Index + <br> 0.62% (b) | 4.98% | 08/28/26 | 20027303 |
| 10000000 | Cooperatieve Rabobank U.A. | 5.04% | 03/05/27 | 10183406 |
| 25000000 | Credit Agricole Corporate and Investment Bank, SOFR + 0.29% (b) | 4.65% | 03/13/26 | 25001986 |
| 8491000 | Lloyds Banking Group PLC | 4.45% | 05/08/25 | 8490774 |
| 5000000 | Lloyds Banking Group PLC (c) | 1.63% | 05/11/27 | 4846196 |
| 15000000 | Royal Bank of Canada (c) | 5.07% | 07/23/27 | 15126079 |
| 5000000 | Royal Bank of Canada (c) | 4.97% | 01/24/29 | 5071767 |
| 20000000 | Svenska Handelsbanken, SOFR + 0.20% (b) | 4.56% | 05/16/25 | 20000130 |
| 15000000 | Svenska Handelsbanken, SOFR + 0.35% (b) | 4.71% | 07/15/25 | 15007485 |
| 15000000 | Svenska Handelsbanken, SOFR + 0.23% (b) | 4.59% | 10/14/25 | 14999067 |
| 20000000 | Toronto-Dominion Bank (The), SOFR + 0.45% (b) | 4.81% | 04/22/26 | 20007956 |
| 5385000 | Toronto-Dominion Bank (The) | 4.86% | 01/31/28 | 5461224 |
| 20000000 | UBS AG | 5.80% | 09/11/25 | 20078686 |
| 10000000 | UBS AG (c) | 4.86% | 01/10/28 | 10070766 |
| 12130000 | UBS Group AG (a) (c) | 4.49% | 05/12/26 | 12127841 |
| 15000000 | UBS Group AG (a) (c) | 1.36% | 01/30/27 | 14638983 |
| 10000000 | UBS Group AG (a) (c) | 4.70% | 08/05/27 | 10000130 |
| 25000000 | Westpac Banking Corp., SOFR + 0.30% (b) | 4.66% | 06/06/25 | 25000172 |
|  |  |  |  | 348242372 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |  |
| $9955000 | Mondelez International Holdings Netherlands B.V. (a) | 4.25% | 09/15/25 | $9930499 |
| 10000000 | Mondelez International Holdings Netherlands B.V. (a) | 1.25% | 09/24/26 | 9574393 |
|  |  |  |  | 19504892 |
|  | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |  |
| 20000000 | Icon Investments Six DAC  | 5.81% | 05/08/27 | 20405174 |
|  | **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |  |
| 14950000 | Aon Global Ltd. | 3.88% | 12/15/25 | 14905821 |
| 28320000 | Trinity Acquisition PLC | 4.40% | 03/15/26 | 28229418 |
|  |  |  |  | 43135239 |
|  | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |  |
| 35000000 | Canadian Natural Resources Ltd.  | 2.05% | 07/15/25 | 34793853 |
|  | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |  |
| 30495000 | CCL Industries, Inc. (a) | 3.25% | 10/01/26 | 30024353 |
|  | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |  |
| 20000000 | Pfizer Investment Enterprises Pte. Ltd.  | 4.65% | 05/19/25 | 20000388 |
|  | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |  |
| 20000000 | TransCanada PipeLines Ltd.  | 4.88% | 01/15/26 | 19986984 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 536093255 |
|  | (Cost $534,488,790) | (Cost $534,488,790) | (Cost $534,488,790) |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.5%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.5%** |
|  | **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| 179465 | Series 4671, Class CA | 3.50% | 08/15/43 | 179144 |
|  | Federal Home Loan Mortgage Corporation STACR REMIC Trust |  |  |  |
| 10500000 | Series 2024-HQA2, Class A1, 30 Day Average SOFR + <br> 1.25% (a) (b) | 5.60% | 08/25/44 | 10511178 |
| 7478906 | Series 2025-DNA1, Class A1, 30 Day Average SOFR + <br> 0.95% (a) (b) | 5.30% | 01/25/45 | 7446681 |
|  | Federal National Mortgage Association |  |  |  |
| 1066489 | Series 2014-20, Class NA | 3.00% | 06/25/33 | 1050021 |
| 691188 | Series 2015-28, Class GC | 2.50% | 06/25/34 | 679748 |
|  |  |  |  | 19866772 |
|  | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** |  |
|  | Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass Through Certificates |  |  |  |
| 13973862 | Series K064, Class A1 | 2.89% | 10/25/26 | 13798163 |
| 9634316 | Series K071, Class A1 | 3.07% | 10/25/27 | 9480451 |
| 9027501 | Series K076, Class A1 | 3.73% | 12/25/27 | 8962540 |
| 15705771 | Series K079, Class A1 | 3.73% | 02/25/28 | 15600033 |
| 14479013 | Series K080, Class A1 | 3.74% | 04/25/28 | 14367305 |
| 6544305 | Series K157, Class A1 | 3.99% | 06/25/30 | 6527091 |
| 1531431 | Series K732, Class A2 | 3.70% | 05/25/25 | 1526801 |
| 4434901 | Series KF68, Class A, 30 Day Average SOFR + CSA + <br> 0.49% (b) | 4.94% | 07/25/26 | 4434508 |
| 5719825 | Series KI07, Class A, 30 Day Average SOFR + 0.17% (b) | 4.50% | 09/25/26 | 5706116 |
| 1453394 | Series KI08, Class A, 30 Day Average SOFR + 0.20% (b) | 4.53% | 10/25/26 | 1446341 |
| 974999 | Series KL1E, Class A1E | 2.84% | 02/25/27 | 958617 |
|  |  |  |  | 82807966 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** | **Pass-Through Securities — 0.0%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| $12 | Pool G15874  | 5.00% | 06/01/26 | $12 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 17 | Pool AL5764  | 5.00% | 09/01/25 | 17 |
| 13 | Pool AL6212  | 4.50% | 01/01/27 | 13 |
| 22 | Pool AL6798  | 5.00% | 09/01/25 | 22 |
| 223 | Pool BM1299  | 5.00% | 03/01/27 | 225 |
|  |  |  |  | 289 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 102675027 |
|  | (Cost $102,532,898) | (Cost $102,532,898) | (Cost $102,532,898) |  |
| **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** |
|  | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |  |
|  | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| 3614149 | Series 2021-NQM1, Class A1 (a) | 0.94% | 02/25/49 | 3378712 |
|  | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
| 714175 | Series 2019-INV1, Class A2, 30 Day Average SOFR + CSA + <br> 1.00% (a) (b) | 5.47% | 02/25/49 | 693208 |
| 467672 | Series 2019-INV2, Class A11, 30 Day Average SOFR + CSA + <br> 0.95% (a) (b) | 5.42% | 05/25/49 | 448899 |
| 3755569 | Series 2019-INV3, Class A11, 30 Day Average SOFR + CSA + <br> 0.95% (a) (b) | 5.42% | 08/25/49 | 3595271 |
|  | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
| 2200481 | Series 2020-2R, Class A1 (a) | 1.33% | 10/26/65 | 2050677 |
|  | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| 3684436 | Series 2024-R04, Class 1A1, 30 Day Average SOFR + <br> 1.00% (a) (b) | 5.35% | 05/25/44 | 3674162 |
| 3262197 | Series 2024-R05, Class 2A1, 30 Day Average SOFR + <br> 1.00% (a) (b) | 5.35% | 07/25/44 | 3245995 |
| 1277335 | Series 2024-R06, Class 1A1, 30 Day Average SOFR + <br> 1.15% (a) (b) | 5.50% | 09/25/44 | 1275523 |
| 5648667 | Series 2025-R01, Class 1A1, 30 Day Average SOFR + <br> 0.95% (a) (b) | 5.30% | 01/25/45 | 5621473 |
| 11574323 | Series 2025-R02, Class 1A1, 30 Day Average SOFR + <br> 1.00% (a) (b) | 5.35% | 02/25/45 | 11529353 |
| 8737382 | Series 2025-R03, Class 2A1, 30 Day Average SOFR + <br> 1.45% (a) (b) | 5.80% | 03/25/45 | 8759609 |
|  | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust |
| 3193502 | Series 2019-AFC1, Class A1 (a) | 3.57% | 07/25/49 | 3069409 |
| 2862668 | Series 2020-NQM1, Class A1 (a) | 2.21% | 05/25/65 | 2719645 |
|  | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
| 1656810 | Series 2020-NQM1, Class A1 (a) | 3.25% | 01/25/60 | 1627347 |
|  | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 2471874 | Series 2019-7, Class A11, 1 Mo. CME Term SOFR + CSA + <br> 0.90% (a) (b) | 5.34% | 02/25/50 | 2345452 |
| 149669 | Series 2019-8, Class A11, 1 Mo. CME Term SOFR + <br> 0.96% (a) (b) | 5.29% | 03/25/50 | 142070 |
| 1726533 | Series 2019-INV1, Class A11, 1 Mo. CME Term SOFR + <br> 1.06% (a) (b) | 5.39% | 10/25/49 | 1658864 |
| 75710 | Series 2019-LTV3, Class A11, 1 Mo. CME Term SOFR + <br> 0.96% (a) (b) | 5.29% | 03/25/50 | 75319 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | JP Morgan Mortgage Trust (Continued) | JP Morgan Mortgage Trust (Continued) | JP Morgan Mortgage Trust (Continued) | JP Morgan Mortgage Trust (Continued) |
| $2942259 | Series 2020-2, Class A11, 1 Mo. CME Term SOFR + <br> 0.91% (a) (b) | 5.24% | 07/25/50 | $2829119 |
| 167266 | Series 2020-LTV1, Class A11, 1 Mo. CME Term SOFR + <br> 1.11% (a) (b) | 5.43% | 06/25/50 | 166224 |
|  | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
| 1438922 | Series 2020-INV1, Class A11, 1 Mo. CME Term SOFR + <br> 1.01% (a) (b) | 5.33% | 12/25/49 | 1367376 |
|  | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| 760551 | Series 2020-1, Class A1 (a) | 2.28% | 02/25/50 | 726873 |
|  | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| 384515 | Series 2020-4, Class A2 (a) | 2.91% | 05/25/65 | 376742 |
|  |  |  |  | 61377322 |
|  | **Commercial Mortgage-Backed Securities — 0.6%** | **Commercial Mortgage-Backed Securities — 0.6%** | **Commercial Mortgage-Backed Securities — 0.6%** |  |
|  | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust |
| 70223 | Series 2015-UBS7, Class ASB | 3.43% | 09/15/48 | 70030 |
|  | BANK | BANK | BANK | BANK |
| 1185300 | Series 2017-BNK6, Class ASB | 3.29% | 07/15/60 | 1172615 |
| 128992 | Series 2017-BNK7, Class ASB | 3.27% | 09/15/60 | 127266 |
|  | Barclays Commercial Mortgage Trust | Barclays Commercial Mortgage Trust | Barclays Commercial Mortgage Trust | Barclays Commercial Mortgage Trust |
| 2209514 | Series 2019-C5, Class ASB | 2.99% | 11/15/52 | 2160083 |
|  | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| 184155 | Series 2018-C2, Class ASB | 4.24% | 12/15/51 | 183420 |
| 111063 | Series 2021-C9, Class A1 | 0.49% | 02/15/54 | 109173 |
|  | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| 1853945 | Series 2021-B29, Class A1 | 0.71% | 09/15/54 | 1803385 |
|  | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| 553832 | Series 2016-CD2, Class ASB | 3.35% | 11/10/49 | 546365 |
| 3545458 | Series 2017-CD3, Class AAB | 3.45% | 02/10/50 | 3501428 |
|  | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
| 113247 | Series 2016-C4, Class ASB | 3.09% | 05/10/58 | 112828 |
|  | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| 33531 | Series 2015-GC35, Class AAB | 3.61% | 11/10/48 | 33459 |
| 1772223 | Series 2016-C2, Class AAB | 2.71% | 08/10/49 | 1764015 |
| 715622 | Series 2016-C3, Class AAB | 2.98% | 11/15/49 | 709207 |
| 237801 | Series 2016-GC36, Class AAB | 3.37% | 02/10/49 | 236902 |
| 723313 | Series 2016-GC37, Class AAB | 3.10% | 04/10/49 | 719169 |
| 431608 | Series 2017-P7, Class AAB | 3.51% | 04/14/50 | 427222 |
|  | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
| 183740 | Series 2017-CX10, Class ASB | 3.33% | 11/15/50 | 181735 |
| 1057414 | Series 2019-C15, Class ASB | 3.90% | 03/15/52 | 1048657 |
|  | DBJPM 16-C1 Mortgage Trust | DBJPM 16-C1 Mortgage Trust | DBJPM 16-C1 Mortgage Trust | DBJPM 16-C1 Mortgage Trust |
| 2016277 | Series 2016-C1, Class ASB | 3.04% | 05/10/49 | 2002014 |
|  | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| 1389401 | Series 2015-GS1, Class A2 | 3.47% | 11/10/48 | 1381163 |
|  | JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust |
| 1303507 | Series 2017-JP5, Class ASB | 3.55% | 03/15/50 | 1289660 |
|  | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| 1341810 | Series 2016-C29, Class ASB | 3.14% | 05/15/49 | 1330676 |
| 259215 | Series 2017-C33, Class ASB | 3.40% | 05/15/50 | 256172 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| $1447005 | Series 2016-BNK2, Class ASB | 2.86% | 11/15/49 | $1431579 |
| 2775947 | Series 2016-UB11, Class ASB | 2.61% | 08/15/49 | 2746097 |
|  | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
| 518867 | Series 2017-C6, Class ASB | 3.50% | 12/15/50 | 512286 |
| 6956323 | Series 2018-C9, Class ASB | 4.09% | 03/15/51 | 6920017 |
|  | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 31672 | Series 2015-NXS4, Class ASB | 3.52% | 12/15/48 | 31584 |
| 735469 | Series 2016-C33, Class ASB | 3.19% | 03/15/59 | 732038 |
| 220574 | Series 2016-NXS6, Class ASB | 2.83% | 11/15/49 | 219549 |
| 2810988 | Series 2017-C40, Class ASB | 3.40% | 10/15/50 | 2774455 |
| 128120 | Series 2017-C41, Class ASB | 3.39% | 11/15/50 | 126550 |
|  |  |  |  | 36660799 |
|  | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | 98038121 |
|  | (Cost $99,414,929) | (Cost $99,414,929) | (Cost $99,414,929) |  |
| **CERTIFICATES OF DEPOSIT — 0.2%** | **CERTIFICATES OF DEPOSIT — 0.2%** | **CERTIFICATES OF DEPOSIT — 0.2%** | **CERTIFICATES OF DEPOSIT — 0.2%** | **CERTIFICATES OF DEPOSIT — 0.2%** |
|  | **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |  |
| 15000000 | Cooperatieve Rabobank U.A., SOFR + 0.22% (b) | 4.58% | 03/06/26 | 14983941 |
|  | (Cost $15,000,000) |  |  |  |
| **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** |
| 45000000 | U.S. Treasury Bill  | (e) | 05/08/25 | 44963250 |
|  | (Cost $44,962,773) |  |  |  |
|  | **Total Investments — 100.1%** | **Total Investments — 100.1%** | **Total Investments — 100.1%** | 6664724711 |
|  | (Cost $6,645,993,756) | (Cost $6,645,993,756) | (Cost $6,645,993,756) |  |
|  | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | **Net Other Assets and Liabilities — (0.1)%** | (5919104)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6658805607 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 $764,195,879 or 11.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating
 or variable rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fixed-to-floating
 or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2025. At a predetermined
 date, the fixed rate will change to a floating rate or a variable rate.

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REMIC | – Real Estate Mortgage Investment Conduit |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&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>|
| Corporate Bonds and Notes\* | $3100725370 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3100725370 | &nbsp;&nbsp; $— |
| Commercial Paper\* | 1796446610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1796446610 | &nbsp;&nbsp; — |
| Asset-Backed Securities | 970799137 | &nbsp;&nbsp; — | &nbsp;&nbsp; 970799137 | &nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | 536093255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 536093255 | &nbsp;&nbsp; — |
| U.S. Government Agency Mortgage-Backed <br> Securities<br>| 102675027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102675027 | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | 98038121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98038121 | &nbsp;&nbsp; — |
| Certificates of Deposit\* | 14983941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14983941 | &nbsp;&nbsp; — |
| U.S. Treasury Bills | 44963250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44963250 | &nbsp;&nbsp; — |
| Total Investments | $6664724711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6664724711 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $6664724711 |
| Cash | 7966190 |
| Receivables: |  |
| Interest | 41007320 |
| Capital shares sold | 5985485 |
| Total Assets | 6719683706 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 34822936 |
| Distributions to shareholders | 23674891 |
| Investment advisory fees | 2380272 |
| Total Liabilities | 60878099 |
| **NET ASSETS** | $6658805607 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $6649399997 |
| Par value | 1112497 |
| Accumulated distributable earnings (loss) | 8293113 |
| **NET ASSETS** | $6658805607 |
| **NET ASSET VALUE,** per share | $59.85 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 111249724 |
| Investments, at cost | $6645993756 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $153130919 |
| Total investment income | 153130919 |
| **EXPENSES:** |  |
| Investment advisory fees | 13647580<br>|
| Total expenses | 13647580 |
| **NET INVESTMENT INCOME (LOSS)** | 139483339 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | 1889873 |
| Net change in unrealized appreciation (depreciation) on investments | 4658021 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6547894 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $146031233 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $139483339 | &nbsp;&nbsp; $326708301 |
| Net realized gain (loss) | 1889873 | &nbsp;&nbsp; 1514319 |
| Net change in unrealized appreciation (depreciation) | 4658021 | &nbsp;&nbsp; 41285170 |
| Net increase (decrease) in net assets resulting from operations | 146031233 | &nbsp;&nbsp; 369507790 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (138741034)<br>| &nbsp;&nbsp; (326001581)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 927938694<br>| &nbsp;&nbsp; 484374133<br>|
| Cost of shares redeemed | (437190497) <br>| &nbsp;&nbsp; (1903384096) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 490748197 | &nbsp;&nbsp; (1419009963)<br>|
| Total increase (decrease) in net assets | 498038396 | &nbsp;&nbsp; (1375503754)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 6160767211 | &nbsp;&nbsp; 7536270965 |
| End of period | $6658805607 | &nbsp;&nbsp; $6160767211 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 103049724 | &nbsp;&nbsp; 126799724 |
| Shares sold | 15500000 | &nbsp;&nbsp; 8100000 |
| Shares redeemed | (7300000)<br>| &nbsp;&nbsp; (31850000)<br>|
| Shares outstanding, end of period | 111249724 | &nbsp;&nbsp; 103049724 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Short Maturity ETF (FTSM)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $59.78 | &nbsp;&nbsp;&nbsp;&nbsp; $59.43 | &nbsp;&nbsp;&nbsp;&nbsp; $59.29 | &nbsp;&nbsp;&nbsp;&nbsp; $59.89 | &nbsp;&nbsp;&nbsp;&nbsp; $60.03 | &nbsp;&nbsp;&nbsp;&nbsp; $60.09 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 1.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>|
| Net realized and unrealized gain <br> (loss)<br>| 0.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>|
| Total from investment operations | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (1.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.61) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>|
| Net asset value, end of period | $59.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.03<br>|
| **Total return** (b) | 2.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $6658806<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6160767<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7536271<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6883764<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4410979<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5168783<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.44<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>|
| Ratio of net expenses to average <br> net assets<br>| 0.44<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 4.51<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % <br>|
| Portfolio turnover rate (d) | 39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73<br> % <br>|

---

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

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

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Enhanced Short Maturity ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "FTSM" on Nasdaq, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's investment objective is to seek current income, consistent with preservation of capital and daily liquidity. Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities, including securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities, residential and commercial mortgage-backed securities, asset-backed securities, U.S. corporate bonds, fixed income securities issued by non-U.S. corporations and governments, municipal obligations, privately issued securities and other debt securities bearing fixed or floating interest rates. The Fund may also invest in money market securities. The Fund may invest in investment companies, such as ETFs, that invest primarily in debt securities. The Fund intends to limit its investments in privately-issued, non-agency sponsored mortgage- and asset-backed securities to 20% of its net assets. The Fund may also invest up to 20% of its net assets in floating rate loans representing amounts borrowed by companies or other entities from banks and other lenders. A significant portion of these loans may be rated below investment grade or unrated. Floating rate loans held by the Fund may be senior or subordinate obligations of the borrower and may or may not be secured by collateral. Under normal market conditions, the Fund's portfolio is expected to have an average duration of less than one year and an average maturity of less than three years. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Corporate bonds, corporate notes, U.S. government securities, mortgage-backed securities, asset-backed securities, certificates of deposit and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Commercial paper is fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

15)

other relevant factors.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held $27,029,002 of when-issued or delayed-delivery securities. At April 30, 2025, the Fund had no forward purchase commitments.

**C. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $332008131 |
| Capital gains |  |
| Return of capital |  |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $(367986)<br>|
| Accumulated capital and other gain (loss) | (12963664)<br>|
| Net unrealized appreciation (depreciation) | 14334564 |

---

**D. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $12,963,664 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

During the fiscal year ended October 31, 2024, the Fund utilized $1,491,937 of non-expiring capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $6645993756 | &nbsp;&nbsp; $20979830 | &nbsp;&nbsp; $(2248875)<br>| &nbsp;&nbsp; $18730955 |

---

**E. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**F. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

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

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses with the exception of those attributable to affiliated funds, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.45000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.43875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.42750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.41625<br> %<br>|
| Fund net assets greater than $10 billion | 0.40500<br> %<br>|

---

Pursuant to a separate contractual agreement between the Trust, on behalf of the Fund, and First Trust, the management fees paid to First Trust will be reduced by the portion of the management fees earned by First Trust from the Fund for assets invested in other investment companies advised by First Trust. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust's Board of Trustees or (ii) upon termination of the Fund's management agreement with First Trust; however, it is expected to remain in place at least until March 1, 2026. First Trust does not have the right to recover the fees waived that are attributable to the assets invested in other investment companies advised by First Trust. During the six months ended April 30, 2025, there were no fees waived by the Advisor.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the six months ended April 30, 2025, were $98,260,032 and $1,852,371,397, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the six months ended April 30, 2025 were $130,051,784 and $1,331,502,168, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

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

**5. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**7. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were the following subsequent events:

At a meeting held on or about June 9, 2025, the Board of Directors for the Fund approved changes to the Fund's investment strategies and the portfolio management team to be effective on June 11, 2025.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

The Fund's investment strategies are revised in the following manner and corresponding disclosure was added to the Fund's registration statement:

1)

The Fund intends to limit its investments in privately-issued, non-agency sponsored mortgage- and asset-backed securities, and AAA CLO's to 35% of its net assets (previously non-agency sponsored mortgage and asset-backed securities were limited to 20% of net assets).

2)

100% of the Fund's net assets invested in debt securities will be invested in debt securities that are, at the time of purchase, investment grade (previous minimum of 80% of net assets invested in debt securities).

3)

The Fund will no longer invest in floating rate loans representing amounts borrowed by companies or other entities from banks and other lenders (previously limited to 20%).

4)

The Fund may invest up to 10% of its net assets in 'AAA'-rated (or equivalent) collateralized loan obligations ("CLOs").

Additionally, effective as of the date set forth above, James Snyder and Eric R. Maisel will remain on the portfolio management team but will not be primarily responsible for the day-to-day management of the Fund's investment portfolio, and Owen Aronson and Buo Zhang will join the Fund's portfolio management team as portfolio managers responsible for the day-to-day management of the Fund's investment portfolio.

------

**Other Information**

**First Trust Enhanced Short Maturity ETF (FTSM)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

![](img47a602d21.gif)

First Trust Exchange-Traded Fund IV

---

| | |
|:---|:---|
| ![](imgdb3ad7c52.gif) | &nbsp;&nbsp;&nbsp;&nbsp; First Trust High Income Strategic Focus <br> ETF (HISF) <br>|
| ![](imgdb3ad7c52.gif) | &nbsp;&nbsp;&nbsp;&nbsp; Semi-Annual Financial Statements and Other <br> Information <br>For the Six Months Ended <br>April 30, 2025<br>|

---

------

**Table of Contents** 

**First Trust High Income Strategic Focus ETF (HISF)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_SOI-TOC-ScheduleofInvestments-4263_1) | 1 |
| [Statement of Assets and Liabilities](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_SAL1-TOC-StatementofAssetsandLiabilities-4263_1) | 2 |
| [Statement of Operations](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_SOP1-TOC-StatementofOperations-4263_1) | 3 |
| [Statements of Changes in Net Assets](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_SOC1-TOC-StatementofChanges-4263_1) | 4 |
| [Financial Highlights](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_FIHI-TOC-FinancialHighlights-4263_1) | 5 |
| [Notes to Financial Statements](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_NTF-TOC-NotestoFinancialStatements-4263_1) | 6 |
| [Other Information](#xx_30919bdf-daa0-4b5a-a031-3fece0378a3c_AI-TOC-AdditionalInformation-4263_1) | 12 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust High Income Strategic Focus ETF (the "Fund") will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust High Income Strategic Focus ETF (HISF)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS — 99.8%** | **EXCHANGE-TRADED FUNDS — 99.8%** | **EXCHANGE-TRADED FUNDS — 99.8%** |
|  | **Capital Markets (a) — 99.8%** |  |
| 452987 | First Trust Core Investment <br> Grade ETF | $9526317 |
| 43344 | First Trust Emerging Markets <br> Local Currency Bond ETF | 1203229 |
| 223852 | First Trust Intermediate Duration <br> Investment Grade Corporate <br> ETF | 4629259 |
| 122362 | First Trust Limited Duration <br> Investment Grade Corporate <br> ETF | 2329161 |
| 161899 | First Trust Long Duration <br> Opportunities ETF | 3495399 |
| 141467 | First Trust Low Duration <br> Opportunities ETF | 6946030 |
| 131871 | First Trust Preferred Securities <br> and Income ETF | 2277412 |
| 254508 | First Trust Tactical High Yield <br> ETF | 10450099 |
| 127081 | First Trust TCW Opportunistic <br> Fixed Income ETF | 5563606 |
|  | **Total Exchange-Traded Funds** | 46420512 |
|  | (Cost $46,823,124) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 76168 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 76168 |
|  | (Cost $76,168) |  |
|  | **Total Investments — 100.0%** | 46496680 |
|  | (Cost $46,899,292) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (2720)<br>|
|  | **Net Assets — 100.0%** | $46493960 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents
 investments in affiliated funds.

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**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>|
| Exchange-Traded <br> Funds\*<br>| $46420512 | $46420512 | $— | $— |
| Money Market Funds | 76168 | 76168 |  |  |
| Total Investments | $46496680 | $46496680 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust High Income Strategic Focus ETF (HISF)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value - Affiliated | $46420512 |
| Investments, at value - Unaffiliated | 76168 |
| Total investments, at value | 46496680 |
| Receivables: |  |
| Reclaims | 3376 |
| Dividends | 245 |
| Total Assets | 46500301 |
| **LIABILITIES:** |  |
| Investment advisory fees payable | 6341 |
| Total Liabilities | 6341 |
| **NET ASSETS** | $46493960 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $57563626 |
| Par value | 10500 |
| Accumulated distributable earnings (loss) | (11080166)<br>|
| **NET ASSETS** | $46493960 |
| **NET ASSET VALUE,** per share | $44.28 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 1050002 |
| Investments, at cost - Affiliated | $46823124 |
| Investments, at cost - Unaffiliated | $76168 |
| Total investments, at cost | $46899292 |

---

See Notes to Financial Statements

------

**First Trust High Income Strategic Focus ETF (HISF)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends - Affiliated | $1096528 |
| Dividends - Unaffiliated | 1328 |
| Foreign withholding tax | (352)<br>|
| Total investment income | 1097504 |
| **EXPENSES:** |  |
| Investment advisory fees | 45145<br>|
| Total expenses | 45145 |
| Less fees waived by the investment advisor | (7275)<br>|
| Net expenses | 37870 |
| **NET INVESTMENT INCOME (LOSS)** | 1059634 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments - Affiliated | (1401708)<br>|
| In-kind redemptions - Affiliated | 58858 |
| Foreign currency transactions | 4 |
| Net realized gain (loss) | (1342846)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments - Affiliated | 1302977 |
| Foreign currency translation | 26 |
| Net change in unrealized appreciation (depreciation) | 1303003 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (39843)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1019791 |

---

See Notes to Financial Statements

------

**First Trust High Income Strategic Focus ETF (HISF)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1059634 | &nbsp;&nbsp; $1708711 |
| Net realized gain (loss) | (1342846)<br>| &nbsp;&nbsp; (776281)<br>|
| Net change in unrealized appreciation (depreciation) | 1303003 | &nbsp;&nbsp; 2457956 |
| Net increase (decrease) in net assets resulting from operations | 1019791 | &nbsp;&nbsp; 3390386 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (1058252)<br>| &nbsp;&nbsp; (1714674)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 4441753<br>| &nbsp;&nbsp; 15510735<br>|
| Cost of shares redeemed | (4436486) <br>| &nbsp;&nbsp; —<br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 5267 | &nbsp;&nbsp; 15510735 |
| Total increase (decrease) in net assets | (33194)<br>| &nbsp;&nbsp; 17186447 |
| **NET ASSETS:** |  |  |
| Beginning of period | 46527154 | &nbsp;&nbsp; 29340707 |
| End of period | $46493960 | &nbsp;&nbsp; $46527154 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 1050002 | &nbsp;&nbsp; 700002 |
| Shares sold | 100000 | &nbsp;&nbsp; 350000 |
| Shares redeemed | (100000)<br>| &nbsp;&nbsp; — |
| Shares outstanding, end of period | 1050002 | &nbsp;&nbsp; 1050002 |

---

See Notes to Financial Statements

------

**First Trust High Income Strategic Focus ETF (HISF)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $44.31 | &nbsp;&nbsp;&nbsp;&nbsp; $41.92 | &nbsp;&nbsp;&nbsp;&nbsp; $43.51 | &nbsp;&nbsp;&nbsp;&nbsp; $50.34 | &nbsp;&nbsp;&nbsp;&nbsp; $44.98 | &nbsp;&nbsp;&nbsp;&nbsp; $50.62 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br>|
| Net realized and unrealized gain (loss) | (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.80<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.07) <br>|
| Total from investment operations | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp; (3.61)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>|
| Total distributions | (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.03) <br>|
| Net asset value, end of period | $44.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.98<br>|
| **Total return** (c) | 2.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.38)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.33<br> % (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.19)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $46494<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46527<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29341<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39162<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70477<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60719<br>|
| Ratio of total expenses to average net assets (d) | 0.20<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>|
| Ratio of net expenses to average net assets (d) | 0.17<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets (d)<br>| 4.69<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> % <br>|
| Portfolio turnover rate (f) | 28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 149<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 101<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 118<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund received a payment from the advisor in the amount of $1,758 in connection with a trade error, which represents less than $0.01
 per share.
 Since the advisor reimbursed the Fund, there was no effect on the Fund's total return.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 variation in the portfolio turnover rate is due to the change in the Fund's investment strategy effective February 28, 2022, which
 resulted in a rebalance
 of the Fund's portfolio.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust High Income Strategic Focus ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "HISF" on Nasdaq, Inc. ("Nasdaq"). The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's primary investment objective is to seek risk-adjusted income. The Fund's secondary investment objective is capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing in a portfolio of U.S.-listed exchange-traded funds ("Underlying ETFs") that is designed to follow the High Income Model (the "High Income Model") developed by the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"). The Fund, through its investments in the Underlying ETFs comprising the High Income Model, seeks to provide investors with a diversified income stream by holding a blend of fixed income assets that are actively managed to seek levels of high income and total return. The High Income Model is principally composed of ETFs for which First Trust serves as investment advisor. Therefore, a significant portion of the ETFs in which the Fund invests are advised by First Trust. However, the Fund may also invest in ETFs other than First Trust ETFs.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Advisor's Pricing Committee in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. All other assets of the Fund initially expressed in foreign currencies will be converted to U.S. dollars using exchange rates in effect at the time of valuation. The Fund's investments are valued as follows:

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

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

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is

------

**Notes to Financial Statements (Continued)**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

**C. Foreign Currency**

The books and records of the Fund are maintained in U.S. dollars. Foreign currencies and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statement of Operations.

------

**Notes to Financial Statements (Continued)**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

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

**D. Affiliated Transactions**

The Fund invests in securities of affiliated funds. The Fund's investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds' financial statements may be found at SEC.gov. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statement of Operations.

Amounts relating to investments in affiliated funds at April 30, 2025, and for the six months then ended are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Shares at <br>4/30/2025<br>| Value at <br>10/31/2024<br>| Purchases | Sales | Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Realized <br>Gain <br>(Loss)<br>| Value at <br>4/30/2025<br>| Dividend <br>Income<br>|
| First Trust Core Investment <br> Grade ETF<br>| 452987 | $— | $9753676 | $(353235)<br>| $122994 | $2882 | $9526317 | $121475 |
| First Trust Emerging <br> Markets Local Currency <br> Bond ETF<br>| 43344 | 2251181 | 113433 | (1127284)<br>| 71097 | (105198)<br>| 1203229 | 45184 |
| First Trust Intermediate <br> Duration Investment <br> Grade Corporate ETF<br>| 223852 | 3478165 | 1498079 | (332523)<br>| (18349)<br>| 3887 | 4629259 | 81197 |
| First Trust Limited <br> Duration Investment <br> Grade Corporate ETF<br>| 122362 | 4704995 | 440532 | (2826181)<br>| 94 | 9721 | 2329161 | 96175 |
| First Trust Long Duration <br> Opportunities ETF<br>| 161899 | 3404059 | 450061 | (404566)<br>| 40988 | 4857 | 3495399 | 67732 |
| First Trust Low Duration <br> Opportunities ETF<br>| 141467 | 7050377 | 662039 | (832194)<br>| 58152 | 7656 | 6946030 | 143199 |
| First Trust Preferred <br> Securities and Income <br> ETF<br>| 131871 | 1182225 | 1330777 | (165533)<br>| (69844)<br>| (213)<br>| 2277412 | 54611 |
| First Trust Tactical High <br> Yield ETF<br>| 254508 | 9428968 | 2200331 | (1097389)<br>| (70995)<br>| (10816)<br>| 10450099 | 289571 |
| First Trust TCW <br> Opportunistic Fixed <br> Income ETF<br>| 127081 | 14977825 | 737157 | (10064590)<br>| 1168840 | (1255626)<br>| 5563606 | 197384 |
|  |  | $46477795 | $17186085 | $(17203495)<br>| $1302977 | $(1342850)<br>| $46420512 | $1096528 |

---

**E. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $1714674 |
| Capital gains |  |
| Return of capital |  |

---

------

**Notes to Financial Statements (Continued)**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $1121 |
| Accumulated capital and other gain (loss) | (9134001)<br>|
| Net unrealized appreciation (depreciation) | (1908825)<br>|

---

**F. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $9,134,001 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $46899292 | &nbsp;&nbsp; $242880 | &nbsp;&nbsp; $(645492)<br>| &nbsp;&nbsp; $(402612)<br>|

---

**G. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**H. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

------

**Notes to Financial Statements (Continued)**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

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

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.200<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.195<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.190<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.185<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.180<br> %<br>|
| Fund net assets greater than $15 billion | 0.170<br> %<br>|

---

In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund's total annual operating expenses.

Pursuant to contractual agreement, First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, taxes and extraordinary expenses but including acquired fund fees and expenses) exceed 0.87% of its average daily net assets (the "Expense Cap") at least through March 1, 2026. Expenses reimbursed and fees waived under such agreement are not subject to recovery by First Trust.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $12,751,426 and $12,772,799, respectively.

For the six months ended April 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were $4,434,659 and $4,430,696, respectively.

------

**Notes to Financial Statements (Continued)**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

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

**5. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**7. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust High Income Strategic Focus ETF (HISF)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

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

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

![](img1c8b6e631.gif)

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

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

First Trust Low Duration Opportunities ETF (LMBS)<br>

------

**Table of Contents** 

**First Trust Low Duration Opportunities ETF (LMBS)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_99707448-218e-486a-b829-680929eaa524_SOI-TOC-ScheduleofInvestments-4295_1) | 1 |
| [Statement of Assets and Liabilities](#xx_99707448-218e-486a-b829-680929eaa524_SAL1-TOC-StatementofAssetsandLiabilities-4295_1) | 32 |
| [Statement of Operations](#xx_99707448-218e-486a-b829-680929eaa524_SOP1-TOC-StatementofOperations-4295_1) | 33 |
| [Statements of Changes in Net Assets](#xx_99707448-218e-486a-b829-680929eaa524_SOC1-TOC-StatementofChanges-4295_1) | 34 |
| [Financial Highlights](#xx_99707448-218e-486a-b829-680929eaa524_FIHI-TOC-FinancialHighlights-4295_1) | 35 |
| [Notes to Financial Statements](#xx_99707448-218e-486a-b829-680929eaa524_NTF-TOC-NotestoFinancialStatements-4295_1) | 36 |
| [Other Information](#xx_99707448-218e-486a-b829-680929eaa524_AI-TOC-AdditionalInformation-4295_1) | 46 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Low Duration Opportunities ETF (the "Fund") will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**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** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.7%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.7%** |
|  | **Collateralized Mortgage Obligations — 41.9%** | **Collateralized Mortgage Obligations — 41.9%** | **Collateralized Mortgage Obligations — 41.9%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| $387 | Series 1998-2089, Class PJ, IO | 7.00% | 10/15/28 | $23 |
| 1544 | Series 1998-2102, Class Z | 6.00% | 12/15/28 | 1568 |
| 113359 | Series 2002-2410, Class OG | 6.38% | 02/15/32 | 116034 |
| 56298 | Series 2002-2437, Class SA, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 7.90% (a) | 3.44% | 01/15/29 | 2983 |
| 103469 | Series 2003-2557, Class HL | 5.30% | 01/15/33 | 104554 |
| 66355 | Series 2003-2564, Class AC | 5.50% | 02/15/33 | 68421 |
| 157192 | Series 2003-2574, Class PE | 5.50% | 02/15/33 | 163018 |
| 63939 | Series 2003-2577, Class LI, IO | 5.50% | 02/15/33 | 6705 |
| 558000 | Series 2003-2581, Class LL | 5.25% | 03/15/33 | 572306 |
| 7500 | Series 2003-2597, Class AE | 5.50% | 04/15/33 | 7536 |
| 770000 | Series 2003-2613, Class LL | 5.00% | 05/15/33 | 784471 |
| 297248 | Series 2003-2626, Class ZW | 5.00% | 06/15/33 | 301091 |
| 648001 | Series 2003-2626, Class ZX | 5.00% | 06/15/33 | 636023 |
| 192382 | Series 2004-2793, Class PE | 5.00% | 05/15/34 | 196681 |
| 751311 | Series 2004-2891, Class ZA | 6.50% | 11/15/34 | 806439 |
| 208345 | Series 2004-2907, Class DZ | 4.00% | 12/15/34 | 205230 |
| 785000 | Series 2005-2973, Class GE | 5.50% | 05/15/35 | 801771 |
| 69459 | Series 2005-3031, Class BI, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.69% (a) | 2.23% | 08/15/35 | 7001 |
| 1335363 | Series 2005-3054, Class ZW | 6.00% | 10/15/35 | 1411258 |
| 26119 | Series 2005-3074, Class ZH | 5.50% | 11/15/35 | 26450 |
| 97672 | Series 2006-243, Class 11, IO, STRIPS (b) | 7.00% | 08/15/36 | 11536 |
| 81265 | Series 2006-3117, Class ZU | 6.00% | 02/15/36 | 88096 |
| 3353682 | Series 2006-3196, Class ZK | 6.50% | 04/15/32 | 3517302 |
| 24042 | Series 2007-3274, Class B | 6.00% | 02/15/37 | 25566 |
| 136306 | Series 2007-3322, Class NF, (30 Day Average SOFR + CSA) × <br> 2,566.67 - 16,683.33%, 0.00% Floor (c) | 0.00% | 05/15/37 | 120523 |
| 29460 | Series 2007-3340, Class PF, 30 Day Average SOFR + CSA + <br> 0.30% (c) | 4.76% | 07/15/37 | 29028 |
| 41671 | Series 2007-3360, Class CB | 5.50% | 08/15/37 | 43824 |
| 45811 | Series 2007-3380, Class FS, 30 Day Average SOFR + CSA + <br> 0.35% (c) | 4.81% | 11/15/36 | 44689 |
| 131091 | Series 2008-3406, Class B | 6.00% | 01/15/38 | 136381 |
| 73218 | Series 2008-3413, Class B | 5.50% | 04/15/37 | 77092 |
| 131163 | Series 2008-3420, Class AZ | 5.50% | 02/15/38 | 131360 |
| 103391 | Series 2008-3448, Class SA, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.05% (a) | 1.59% | 05/15/38 | 1352 |
| 1049395 | Series 2009-3542, Class ZP | 5.00% | 06/15/39 | 1071867 |
| 177000 | Series 2009-3550, Class LL | 4.50% | 07/15/39 | 175373 |
| 874078 | Series 2009-3563, Class ZP | 5.00% | 08/15/39 | 873137 |
| 617855 | Series 2009-3572, Class JS, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.80% (a) | 2.34% | 09/15/39 | 43729 |
| 39003 | Series 2009-3585, Class QZ | 5.00% | 08/15/39 | 34275 |
| 77345 | Series 2009-3587, Class FX, 30 Day Average SOFR + CSA + <br> 0.00% (c) | 4.46% | 12/15/37 | 69589 |
| 265821 | Series 2009-3593, Class F, 30 Day Average SOFR + CSA + <br> 0.50% (c) | 4.97% | 03/15/36 | 263493 |
| 859135 | Series 2009-3605, Class NC | 5.50% | 06/15/37 | 901976 |
| 454269 | Series 2010-3622, Class PB | 5.00% | 01/15/40 | 467014 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation (Continued) |  |  |  |
| $107000 | Series 2010-3645, Class WD | 4.50% | 02/15/40 | $105686 |
| 323140 | Series 2010-3667, Class PL | 5.00% | 05/15/40 | 323538 |
| 550000 | Series 2010-3714, Class PB | 4.75% | 08/15/40 | 546208 |
| 25634 | Series 2010-3735, Class IK, IO (d) | 3.50% | 10/15/25 | 128 |
| 36398 | Series 2010-3735, Class JI, IO | 4.50% | 10/15/30 | 2545 |
| 163288 | Series 2010-3740, Class SC, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.54% | 10/15/40 | 17940 |
| 171331 | Series 2010-3770, Class GZ | 4.50% | 10/15/40 | 149287 |
| 2000285 | Series 2011-3796, Class PB | 5.00% | 01/15/41 | 2035890 |
| 2423226 | Series 2011-3820, Class NC | 4.50% | 03/15/41 | 2397333 |
| 1309672 | Series 2011-3895, Class PW | 4.50% | 07/15/41 | 1298076 |
| 2101614 | Series 2011-3925, Class ZD | 4.50% | 09/15/41 | 2053979 |
| 6150928 | Series 2011-3954, Class GS, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.54% | 11/15/41 | 794831 |
| 256854 | Series 2012-267, Class S5, IO, STRIPS, (30 Day Average SOFR <br> + CSA) ×-1+ 6.00% (a) | 1.54% | 08/15/42 | 28348 |
| 5059438 | Series 2012-276, Class S5, IO, STRIPS, (30 Day Average SOFR <br> + CSA) ×-1+ 6.00% (a) | 1.54% | 09/15/42 | 511378 |
| 260989 | Series 2012-3999, Class WA (b) | 5.55% | 08/15/40 | 270180 |
| 1878000 | Series 2012-4000, Class PY | 4.50% | 02/15/42 | 1746889 |
| 8678 | Series 2012-4012, Class GC | 3.50% | 06/15/40 | 8632 |
| 14704 | Series 2012-4015, Class KB | 1.75% | 05/15/41 | 13848 |
| 75397 | Series 2012-4021, Class IP, IO | 3.00% | 03/15/27 | 1358 |
| 1287613 | Series 2012-4026, Class GZ | 4.50% | 04/15/42 | 1210093 |
| 58959 | Series 2012-4030, Class IL, IO | 3.50% | 04/15/27 | 705 |
| 116962 | Series 2012-4054, Class AI, IO | 3.00% | 04/15/27 | 1095 |
| 751441 | Series 2012-4090, Class YZ | 4.50% | 08/15/42 | 671721 |
| 20761 | Series 2012-4097, Class ES, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.10% (a) | 1.64% | 08/15/42 | 2438 |
| 1896518 | Series 2012-4097, Class SA, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.05% (a) | 1.59% | 08/15/42 | 209783 |
| 2447000 | Series 2012-4098, Class PE | 4.00% | 08/15/42 | 2095361 |
| 81281 | Series 2012-4103, Class HI, IO | 3.00% | 09/15/27 | 1849 |
| 23168 | Series 2012-4116, Class AS, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.15% (a) | 1.69% | 10/15/42 | 3190 |
| 283975 | Series 2012-4121, Class HI, IO | 3.50% | 10/15/27 | 6017 |
| 216787 | Series 2012-4136, Class TU, IO, (30 Day Average SOFR + CSA) <br> ×-22.50+ 139.5%, 4.50% Cap (a) | 4.50% | 08/15/42 | 34948 |
| 106567 | Series 2012-4145, Class YI, IO | 3.00% | 12/15/27 | 2302 |
| 161328 | Series 2013-299, Class S1, IO, STRIPS, (30 Day Average SOFR <br> + CSA) ×-1+ 6.00% (a) | 1.54% | 01/15/43 | 18726 |
| 76681 | Series 2013-303, Class C2, IO, STRIPS | 3.50% | 01/15/28 | 1872 |
| 31935 | Series 2013-304, Class C37, IO, STRIPS | 3.50% | 12/15/27 | 678 |
| 74531 | Series 2013-304, Class C40, IO, STRIPS | 3.50% | 09/15/26 | 697 |
| 3986760 | Series 2013-314, Class PO, PO, STRIPS | (e) | 09/15/43 | 3074774 |
| 108966 | Series 2013-4151, Class DI, IO (d) | 3.50% | 11/15/31 | 620 |
| 5753763 | Series 2013-4170, Class CO, PO | (e) | 11/15/32 | 5136344 |
| 905000 | Series 2013-4176, Class HE | 4.00% | 03/15/43 | 804112 |
| 732650 | Series 2013-4177, Class GL | 3.00% | 03/15/33 | 704404 |
| 1099866 | Series 2013-4193, Class AI, IO | 3.00% | 04/15/28 | 30698 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation (Continued) |  |  |  |
| $826035 | Series 2013-4193, Class PB | 4.00% | 04/15/43 | $725278 |
| 20899554 | Series 2013-4199, Class BZ | 3.50% | 05/15/43 | 19461153 |
| 500000 | Series 2013-4211, Class PB | 3.00% | 05/15/43 | 435676 |
| 17848991 | Series 2013-4213, Class GZ | 3.50% | 06/15/43 | 16900969 |
| 14870850 | Series 2013-4218, Class ZK | 2.50% | 02/15/43 | 11740612 |
| 5388000 | Series 2013-4224, Class ME | 4.00% | 07/15/43 | 4886316 |
| 11838 | Series 2013-4226, Class NS, (30 Day Average SOFR + CSA) × <br> -3+ 10.50%, 0.00% Floor (a) | 0.00% | 01/15/43 | 6588 |
| 2450000 | Series 2013-4247, Class AY | 4.50% | 09/15/43 | 2322525 |
| 16963415 | Series 2014-4316, Class BZ | 3.00% | 03/15/44 | 15489311 |
| 3519527 | Series 2014-4316, Class XZ | 4.50% | 03/15/44 | 3496730 |
| 7297675 | Series 2014-4329, Class VZ | 4.00% | 04/15/44 | 7107655 |
| 922063 | Series 2014-4387, Class IE, IO | 2.50% | 11/15/28 | 19262 |
| 14019174 | Series 2015-4499, Class CZ | 3.50% | 08/15/45 | 12135441 |
| 375619 | Series 2015-4512, Class W (b) (f) | 5.41% | 05/15/38 | 390920 |
| 54517 | Series 2015-4520, Class AI, IO | 3.50% | 10/15/35 | 4898 |
| 308770 | Series 2016-4546, Class PZ | 4.00% | 12/15/45 | 226425 |
| 522670 | Series 2016-4546, Class ZT | 4.00% | 01/15/46 | 382358 |
| 160437 | Series 2016-4568, Class MZ | 4.00% | 04/15/46 | 109949 |
| 8214015 | Series 2016-4570, Class ST, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.54% | 04/15/46 | 926857 |
| 7863325 | Series 2016-4587, Class ZH | 4.00% | 03/15/44 | 7382877 |
| 757165 | Series 2016-4591, Class GI, IO | 4.00% | 12/15/44 | 84768 |
| 771702 | Series 2016-4600, Class WT | 3.50% | 07/15/36 | 697481 |
| 136619 | Series 2016-4605, Class KS, (30 Day Average SOFR + CSA) × <br> -1.57+ 4.71%, 0.00% Floor (a) | 0.00% | 08/15/43 | 74879 |
| 94626 | Series 2016-4609, Class YI, IO | 4.00% | 04/15/54 | 2634 |
| 600000 | Series 2017-4681, Class JY | 2.50% | 05/15/47 | 496135 |
| 2268398 | Series 2018-4774, Class SL, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.20% (a) | 1.74% | 04/15/48 | 280446 |
| 13116279 | Series 2018-4798, Class GZ | 4.00% | 06/15/48 | 12404551 |
| 476800 | Series 2018-4842, Class FA, 30 Day Average SOFR + CSA + <br> 0.35% (c) | 4.81% | 11/15/48 | 462247 |
| 3606255 | Series 2019-4872, Class BZ | 4.00% | 04/15/49 | 3244447 |
| 2960837 | Series 2019-4902, Class FB, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 08/25/49 | 2868601 |
| 5497371 | Series 2019-4910, Class SA, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.05% (a) | 1.59% | 06/15/49 | 724568 |
| 8665259 | Series 2019-4919, Class FP, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 09/25/49 | 8383772 |
| 8894201 | Series 2019-4928, Class F, 30 Day Average SOFR + CSA + <br> 0.50% (c) | 4.97% | 11/25/49 | 8625252 |
| 9995246 | Series 2019-4929, Class FB, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 09/25/49 | 9679170 |
| 7410714 | Series 2019-4937, Class MF, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 12/25/49 | 7292209 |
| 7150255 | Series 2019-4938, Class BS, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.53% | 12/25/49 | 868988 |
| 2276736 | Series 2019-4942, Class FA, 30 Day Average SOFR + CSA + <br> 0.50% (c) | 4.97% | 01/25/50 | 2206044 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation (Continued) |  |  |  |
| $7619515 | Series 2019-4943, Class NS, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.53% | 01/25/50 | $885974 |
| 15040155 | Series 2020-4959, Class JF, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 03/25/50 | 14632900 |
| 8706789 | Series 2020-4959, Class LB | 3.00% | 03/25/40 | 7722083 |
| 2515155 | Series 2020-4974, Class IA, IO | 3.50% | 12/25/49 | 640324 |
| 4473472 | Series 2020-4980, Class FP, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 07/25/49 | 4321317 |
| 13488658 | Series 2020-4990, Class AF, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 07/25/50 | 13007686 |
| 29499354 | Series 2020-4991, Class DA | 2.00% | 02/25/44 | 28008350 |
| 7415712 | Series 2020-4994, Class FT, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 01/25/50 | 7161266 |
| 29582039 | Series 2020-5001, Class A | 2.00% | 01/25/45 | 27714087 |
| 4141424 | Series 2020-5002, Class FJ, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 07/25/50 | 4032350 |
| 32862873 | Series 2020-5004, Class F, 30 Day Average SOFR + CSA + <br> 0.35% (c) | 4.82% | 07/25/50 | 31413525 |
| 24941428 | Series 2020-5004, Class FG, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 08/25/50 | 23879629 |
| 3589427 | Series 2018-4826, Class ME | 3.50% | 09/15/48 | 3254745 |
| 9342638 | Series 2020-5034, Class IO, IO (b) | 2.46% | 10/15/45 | 691664 |
| 2198577 | Series 2018-4833, Class PY | 4.00% | 10/15/48 | 2064383 |
| 15971818 | Series 2020-5045, Class AF, 30 Day Average SOFR + 0.25% (c) | 4.60% | 11/25/50 | 15009106 |
| 16232023 | Series 2020-5045, Class BF, 30 Day Average SOFR + 0.30% (c) | 4.65% | 11/25/50 | 15328401 |
| 8815818 | Series 2021-5178, Class HL | 2.00% | 01/25/52 | 5690458 |
| 17889484 | Series 2022-5201, Class PF, 30 Day Average SOFR + 0.30% (c) | 4.65% | 03/25/52 | 17216452 |
| 3116982 | Series 2022-5202, Class NV | 3.00% | 01/25/37 | 2885258 |
| 12643646 | Series 2022-5208, Class HZ | 3.50% | 03/25/52 | 10916484 |
| 14655089 | Series 2022-5208, Class Z | 3.00% | 04/25/52 | 11398852 |
| 9750000 | Series 2022-5210, Class LB | 3.00% | 08/25/50 | 7536563 |
| 13315931 | Series 2022-5220, Class KZ | 4.00% | 02/25/51 | 11978003 |
| 5673336 | Series 2022-5221, Class VE | 3.50% | 07/25/33 | 5450592 |
| 33673000 | Series 2022-5221, Class YC | 4.00% | 05/25/52 | 30939880 |
| 5409387 | Series 2022-5222, Class BZ | 3.50% | 05/25/37 | 5058117 |
| 5697336 | Series 2022-5222, Class DP | 3.25% | 05/25/52 | 5500437 |
| 4053376 | Series 2022-5224, Class BE | 3.50% | 08/25/44 | 3960064 |
| 14380622 | Series 2022-5224, Class DZ | 4.00% | 04/25/52 | 12942283 |
| 26512410 | Series 2022-5224, Class HL | 4.00% | 04/25/52 | 24450362 |
| 11677832 | Series 2022-5225, Class HZ | 4.00% | 08/25/51 | 10033639 |
| 15548674 | Series 2022-5225, Class NZ | 4.00% | 05/25/52 | 13430122 |
| 9174762 | Series 2022-5228, Class DZ | 4.50% | 06/25/52 | 8162258 |
| 8917916 | Series 2022-5230, Class DL | 3.50% | 09/25/44 | 7668536 |
| 9012195 | Series 2022-5232, Class GO, PO | (e) | 08/25/51 | 3943273 |
| 9385014 | Series 2022-5255, Class KZ | 4.00% | 09/25/52 | 7922603 |
| 28982146 | Series 2022-5256, Class FC, 30 Day Average SOFR + 0.75% (c) | 5.10% | 09/25/52 | 28589974 |
| 7871994 | Series 2022-5270, Class AL | 3.00% | 11/25/48 | 5871161 |
| 9637347 | Series 2022-5282, Class MB | 4.75% | 06/25/42 | 9569064 |
| 2809009 | Series 2023-5339, Class GO, PO | (e) | 09/25/53 | 2353578 |
| 21489605 | Series 2023-5350, Class PO, PO | (e) | 11/25/53 | 18146646 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation (Continued) |  |  |  |
| $6432820 | Series 2023-5357, Class OB, PO | (e) | 11/25/53 | $5203945 |
| 5231002 | Series 2024-413, Class PO, PO, STRIPS | (e) | 05/25/54 | 4519242 |
| 19968839 | Series 2024-5410, Class PO, PO | (e) | 05/25/54 | 15496504 |
| 24055627 | Series 2024-5476, Class FA, 30 Day Average SOFR + 1.10% (c) | 5.45% | 11/25/54 | 23856326 |
| 34190876 | Series 2024-5478, Class NF, 30 Day Average SOFR + 1.30% (c) | 5.65% | 12/25/54 | 34136416 |
|  | Federal Home Loan Mortgage Corporation Seasoned Credit Risk <br> Transfer Trust |  |  |  |
| 3750356 | Series 2018-2, Class MA | 3.50% | 11/25/57 | 3612743 |
| 24644100 | Series 2018-4, Class MA | 3.50% | 03/25/58 | 23717681 |
| 19057281 | Series 2019-1, Class MA | 3.50% | 07/25/58 | 18311551 |
| 18179029 | Series 2019-2, Class MA | 3.50% | 08/26/58 | 17352678 |
| 13265156 | Series 2019-2, Class MV | 3.50% | 08/25/58 | 12231011 |
| 9830283 | Series 2019-3, Class HA | 3.00% | 10/25/58 | 9215505 |
| 9697633 | Series 2019-3, Class MV | 3.50% | 10/25/58 | 9026317 |
| 3113637 | Series 2019-4, Class MA | 3.00% | 02/25/59 | 2893373 |
|  | Federal Home Loan Mortgage Corporation Seasoned Loans <br> Structured Transaction Trust |  |  |  |
| 13575389 | Series 2019-2, Class A1C | 2.75% | 09/25/29 | 12929921 |
| 11000000 | Series 2019-2, Class A2C | 2.75% | 09/25/29 | 10239017 |
| 3276421 | Series 2019-3, Class A1C | 2.75% | 11/25/29 | 3116839 |
| 4135471 | Series 2021-1, Class A1D | 2.00% | 05/26/31 | 3837086 |
| 19131011 | Series 2021-1, Class AC | 2.25% | 05/26/31 | 17475823 |
| 10000000 | Series 2022-1, Class A2 | 3.50% | 05/25/32 | 9227517 |
| 25229411 | Series 2024-2, Class VF, 30 Day Average SOFR + 1.25% (c) (g) | 5.60% | 10/25/34 | 25201012 |
|  | Federal Home Loan Mortgage Corporation STACR REMIC Trust |  |  |  |
| 6525075 | Series 2024-DNA2, Class A1, 30 Day Average SOFR + <br> 1.25% (c) (g) | 5.60% | 05/25/44 | 6524847 |
| 8000000 | Series 2024-HQA1, Class M2, 30 Day Average SOFR + <br> 2.00% (c) (g) | 6.35% | 03/25/44 | 8025968 |
| 2337500 | Series 2025-DNA1, Class A1, 30 Day Average SOFR + <br> 0.95% (c) (g) | 5.30% | 01/25/45 | 2327428 |
| 4437500 | Series 2025-HQA1, Class A1, 30 Day Average SOFR + <br> 0.95% (c) (g) | 5.30% | 02/25/45 | 4417026 |
|  | Federal National Mortgage Association |  |  |  |
| 2467 | Series 1996-51, Class AY, IO | 7.00% | 12/18/26 | 51 |
| 1565 | Series 2001-34, Class SR, IO, (30 Day Average SOFR + CSA) × <br> -1+ 8.10% (a) | 3.64% | 08/18/31 | 34 |
| 943 | Series 2001-42, Class SB, (30 Day Average SOFR + CSA) ×-16<br> + 128.00%, 8.50% Cap (a) | 8.50% | 09/25/31 | 944 |
| 3560 | Series 2002-22, Class G | 6.50% | 04/25/32 | 3727 |
| 82417 | Series 2002-80, Class CZ | 4.50% | 09/25/32 | 79100 |
| 42338 | Series 2002-320, Class 2, IO, STRIPS | 7.00% | 04/25/32 | 6117 |
| 38027 | Series 2002-323, Class 6, IO, STRIPS | 6.00% | 01/25/32 | 4009 |
| 91969 | Series 2002-324, Class 2, IO, STRIPS | 6.50% | 07/25/32 | 9981 |
| 4919 | Series 2003-14, Class AT | 4.00% | 03/25/33 | 4857 |
| 14494 | Series 2003-21, Class OA | 4.00% | 03/25/33 | 14275 |
| 40579 | Series 2003-32, Class UI, IO | 6.00% | 05/25/33 | 6021 |
| 215830 | Series 2003-45, Class JB | 5.50% | 06/25/33 | 222847 |
| 6208 | Series 2003-63, Class F1, 30 Day Average SOFR + CSA + <br> 0.30% (c) | 4.77% | 11/25/27 | 6192 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal National Mortgage Association (Continued) |  |  |  |
| $355000 | Series 2003-71, Class NH | 4.29% | 08/25/33 | $347995 |
| 125487 | Series 2003-345, Class 14, IO, STRIPS | 6.00% | 03/25/34 | 15763 |
| 23717 | Series 2003-348, Class 17, IO, STRIPS | 7.50% | 12/25/33 | 2627 |
| 36283 | Series 2003-348, Class 18, IO, STRIPS (b) | 7.50% | 12/25/33 | 4714 |
| 145150 | Series 2004-25, Class LC | 5.50% | 04/25/34 | 151236 |
| 158323 | Series 2004-25, Class UC | 5.50% | 04/25/34 | 164961 |
| 50650 | Series 2004-28, Class ZH | 5.50% | 05/25/34 | 50368 |
| 246631 | Series 2004-60, Class AC | 5.50% | 04/25/34 | 245584 |
| 859932 | Series 2005-2, Class S, IO, (30 Day Average SOFR + CSA) ×-1<br> + 6.60% (a) | 2.13% | 02/25/35 | 73469 |
| 177778 | Series 2005-2, Class TB, IO, (30 Day Average SOFR + CSA) × <br> -1+ 5.90%, 0.40% Cap (a) | 0.40% | 07/25/33 | 1160 |
| 68098 | Series 2005-29, Class ZT | 5.00% | 04/25/35 | 66837 |
| 39727 | Series 2005-40, Class SA, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.70% (a) | 2.23% | 05/25/35 | 3493 |
| 363674 | Series 2005-52, Class TZ | 6.50% | 06/25/35 | 389570 |
| 1297174 | Series 2005-57, Class KZ | 6.00% | 07/25/35 | 1324390 |
| 22793 | Series 2005-79, Class NS, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.09% (a) | 1.62% | 09/25/35 | 1989 |
| 1885621 | Series 2005-86, Class WZ | 5.50% | 10/25/35 | 1915780 |
| 67464 | Series 2005-95, Class WZ | 6.00% | 11/25/35 | 69643 |
| 65372 | Series 2005-359, Class 6, IO, STRIPS | 5.00% | 11/25/35 | 8678 |
| 52202 | Series 2005-362, Class 13, IO, STRIPS | 6.00% | 08/25/35 | 7488 |
| 24428 | Series 2006-5, Class 2A2, 30 Day Average SOFR + CSA + <br> 0.14% (c) | 6.45% | 02/25/35 | 24598 |
| 11028852 | Series 2006-5, Class N2, IO (d) (f) (h) | 0.00% | 02/25/35 | 0 |
| 127377 | Series 2006-117, Class GF, 30 Day Average SOFR + CSA + <br> 0.35% (c) | 4.82% | 12/25/36 | 125625 |
| 1210969 | Series 2006-118, Class A1, 30 Day Average SOFR + CSA + <br> 0.06% (c) | 4.51% | 12/25/36 | 1183503 |
| 26687 | Series 2006-15, Class IS, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.58% (a) | 2.11% | 03/25/36 | 3126 |
| 238637 | Series 2006-20, Class PI, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.68% (a) | 2.21% | 11/25/30 | 10480 |
| 31178 | Series 2006-31, Class PZ | 6.00% | 05/25/36 | 32746 |
| 27801 | Series 2006-85, Class MZ | 6.50% | 09/25/36 | 29435 |
| 313274 | Series 2007-7, Class KA | 5.75% | 08/25/36 | 317546 |
| 187431 | Series 2007-116, Class PB | 5.50% | 08/25/35 | 195774 |
| 42388 | Series 2007-117, Class MD | 5.50% | 07/25/37 | 43890 |
| 17310 | Series 2007-25, Class FB, 30 Day Average SOFR + CSA + <br> 0.33% (c) | 4.80% | 04/25/37 | 17005 |
| 974232 | Series 2007-57, Class ZG | 4.75% | 06/25/37 | 953651 |
| 633423 | Series 2007-60, Class ZS | 4.75% | 07/25/37 | 620576 |
| 446727 | Series 2007-68, Class AE | 6.50% | 07/25/37 | 469523 |
| 1774168 | Series 2007-W10, Class 3A (f) | 4.83% | 06/25/47 | 1830820 |
| 140899 | Series 2008-3, Class FZ, 30 Day Average SOFR + CSA + <br> 0.55% (c) | 5.02% | 02/25/38 | 135596 |
| 16151 | Series 2008-8, Class ZA | 5.00% | 02/25/38 | 15779 |
| 2873 | Series 2008-17, Class IP, IO | 6.50% | 02/25/38 | 83 |
| 1613490 | Series 2009-37, Class NZ | 5.71% | 02/25/37 | 1632610 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal National Mortgage Association (Continued) |  |  |  |
| $4400000 | Series 2009-50, Class GX | 5.00% | 07/25/39 | $4434919 |
| 1984343 | Series 2009-85, Class J | 4.50% | 10/25/39 | 1986270 |
| 137936 | Series 2009-91, Class HL | 5.00% | 11/25/39 | 141062 |
| 97000 | Series 2009-92, Class DB | 5.00% | 11/25/39 | 97901 |
| 958620 | Series 2009-103, Class PZ | 6.00% | 12/25/39 | 997663 |
| 106899 | Series 2009-106, Class SN, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.25% (a) | 1.78% | 01/25/40 | 9569 |
| 311487 | Series 2009-109, Class PZ | 4.50% | 01/25/40 | 294121 |
| 40916 | Series 2009-115, Class HZ | 5.00% | 01/25/40 | 41185 |
| 224158 | Series 2010-3, Class DZ | 4.50% | 02/25/40 | 208506 |
| 108757 | Series 2010-21, Class KO, PO | (e) | 03/25/40 | 95458 |
| 500000 | Series 2010-35, Class EP | 5.50% | 04/25/40 | 503054 |
| 228212 | Series 2010-38, Class KC | 4.50% | 04/25/40 | 228008 |
| 262897 | Series 2010-45, Class WB | 5.00% | 05/25/40 | 264254 |
| 239342 | Series 2010-68, Class BI, IO | 5.50% | 07/25/50 | 63350 |
| 62056 | Series 2010-115, Class PO, PO | (e) | 04/25/40 | 54489 |
| 146321 | Series 2010-129, Class SM, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.53% | 11/25/40 | 7753 |
| 2821000 | Series 2010-142, Class DL | 4.00% | 12/25/40 | 2695899 |
| 120976 | Series 2011-9, Class AZ | 5.00% | 05/25/40 | 122117 |
| 1507000 | Series 2011-10, Class AY | 6.00% | 02/25/41 | 1569343 |
| 61832 | Series 2011-30, Class LS, IO (b) | 2.01% | 04/25/41 | 4057 |
| 151440 | Series 2011-30, Class ZB | 5.00% | 04/25/41 | 149596 |
| 221627 | Series 2011-52, Class GB | 5.00% | 06/25/41 | 226312 |
| 116717 | Series 2011-74, Class TQ, IO, (30 Day Average SOFR + CSA) × <br> -6.43+ 55.93%, 4.50% Cap (a) | 4.50% | 12/25/33 | 12859 |
| 227525 | Series 2011-101, Class EI, IO | 3.50% | 10/25/26 | 1908 |
| 750000 | Series 2011-105, Class MB | 4.00% | 10/25/41 | 670042 |
| 2009791 | Series 2011-111, Class PZ | 4.50% | 11/25/41 | 1970464 |
| 1952323 | Series 2011-123, Class JS, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.65% (a) | 2.18% | 03/25/41 | 105972 |
| 776952 | Series 2012-39, Class PB | 4.25% | 04/25/42 | 750511 |
| 411740 | Series 2012-52, Class BZ | 4.00% | 05/25/42 | 374010 |
| 33425 | Series 2012-66, Class DI, IO | 3.50% | 06/25/27 | 687 |
| 786606 | Series 2012-103, Class HI, IO | 3.00% | 09/25/27 | 15445 |
| 108984 | Series 2012-118, Class IB, IO | 3.50% | 11/25/42 | 16563 |
| 5486509 | Series 2012-122, Class SD, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.10% (a) | 1.63% | 11/25/42 | 701882 |
| 435138 | Series 2012-133, Class KO, PO | (e) | 12/25/42 | 216982 |
| 431753 | Series 2012-138, Class MA | 1.00% | 12/25/42 | 366261 |
| 693588 | Series 2012-146, Class QA | 1.00% | 01/25/43 | 593656 |
| 212301 | Series 2012-409, Class 49, IO, STRIPS (b) | 3.50% | 11/25/41 | 30467 |
| 236551 | Series 2012-409, Class 53, IO, STRIPS (b) | 3.50% | 04/25/42 | 33977 |
| 690000 | Series 2013-10, Class HQ | 2.50% | 02/25/43 | 473065 |
| 124485 | Series 2013-13, Class IK, IO | 2.50% | 03/25/28 | 2998 |
| 6811191 | Series 2013-19, Class ZD | 3.50% | 03/25/43 | 6036865 |
| 54714 | Series 2013-23, Class ZB | 3.00% | 03/25/43 | 37530 |
| 750000 | Series 2013-41, Class DB | 3.00% | 05/25/43 | 605054 |
| 800549 | Series 2013-43, Class IX, IO | 4.00% | 05/25/43 | 152754 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal National Mortgage Association (Continued) |  |  |  |
| $420440 | Series 2013-52, Class MD | 1.25% | 06/25/43 | $352956 |
| 357372 | Series 2013-55, Class AI, IO | 3.00% | 06/25/33 | 30133 |
| 142554 | Series 2013-70, Class JZ | 3.00% | 07/25/43 | 128155 |
| 12725224 | Series 2013-75, Class ZG | 3.25% | 07/25/43 | 10505740 |
| 379979 | Series 2013-105, Class BN | 4.00% | 05/25/43 | 332523 |
| 103391 | Series 2013-105, Class KO, PO | (e) | 10/25/43 | 90757 |
| 195852 | Series 2013-106, Class KN | 3.00% | 10/25/43 | 152601 |
| 14653686 | Series 2013-115, Class Z | 3.00% | 11/25/33 | 14151307 |
| 37398294 | Series 2013-119, Class VZ | 3.00% | 10/25/33 | 36101123 |
| 34644271 | Series 2013-119, Class ZB | 3.00% | 12/25/33 | 33461280 |
| 1003000 | Series 2013-130, Class QY | 4.50% | 06/25/41 | 972827 |
| 19114102 | Series 2013-136, Class DZ | 3.00% | 01/25/44 | 17418399 |
| 13238194 | Series 2014-12, Class ZB | 3.00% | 03/25/39 | 12507653 |
| 25189 | Series 2014-29, Class GI, IO | 3.00% | 05/25/29 | 715 |
| 241893 | Series 2014-46, Class KA (b) | 6.50% | 08/25/44 | 104000 |
| 32474881 | Series 2014-60, Class EZ | 3.00% | 10/25/44 | 29086939 |
| 65005 | Series 2014-68, Class GI, IO | 4.50% | 10/25/43 | 3639 |
| 665212 | Series 2014-82, Class GZ | 4.00% | 12/25/44 | 567440 |
| 94250 | Series 2014-84, Class LI, IO | 3.50% | 12/25/26 | 981 |
| 875000 | Series 2015-16, Class MY | 3.50% | 04/25/45 | 751421 |
| 12867867 | Series 2015-49, Class LE | 3.00% | 07/25/45 | 12416625 |
| 7140 | Series 2015-93, Class KI, IO (d) | 3.00% | 09/25/44 | 36 |
| 5099906 | Series 2016-2, Class EZ | 2.50% | 02/25/46 | 4820976 |
| 8774460 | Series 2016-37, Class PY | 3.00% | 06/25/46 | 7073899 |
| 12983662 | Series 2016-40, Class MS, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.00% (a) | 1.53% | 07/25/46 | 1716296 |
| 11510000 | Series 2016-50, Class GY | 3.00% | 08/25/46 | 9281604 |
| 4371329 | Series 2016-62, Class SB, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.10% (a) | 1.63% | 09/25/46 | 370381 |
| 5375486 | Series 2016-63, Class AF, 30 Day Average SOFR + CSA + <br> 0.50% (c) | 4.97% | 09/25/46 | 5281911 |
| 2444470 | Series 2016-73, Class PI, IO | 3.00% | 08/25/46 | 419359 |
| 277575 | Series 2016-74, Class HI, IO | 3.50% | 10/25/46 | 51583 |
| 2308176 | Series 2016-83, Class FA, 30 Day Average SOFR + CSA + <br> 0.50% (c) | 4.97% | 11/25/46 | 2266888 |
| 176621 | Series 2016-84, Class DF, 30 Day Average SOFR + CSA + <br> 0.42% (c) | 4.89% | 11/25/46 | 172903 |
| 12345159 | Series 2017-3, Class LZ | 3.50% | 02/25/47 | 10997940 |
| 6149656 | Series 2017-18, Class AS, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.05% (a) | 1.58% | 03/25/47 | 670841 |
| 597364 | Series 2017-46, Class BY | 3.00% | 06/25/47 | 438697 |
| 13216223 | Series 2017-50, Class BZ | 3.00% | 07/25/47 | 11536743 |
| 4431800 | Series 2017-84, Class ZK | 3.50% | 10/25/57 | 3872444 |
| 2391292 | Series 2017-87, Class ZA | 4.00% | 11/25/57 | 1993196 |
| 2835358 | Series 2018-17, Class Z | 3.50% | 03/25/48 | 2351219 |
| 941987 | Series 2018-45, Class FT, 30 Day Average SOFR + CSA + <br> 0.30% (c) | 4.77% | 06/25/48 | 911246 |
| 2427468 | Series 2018-72, Class FB, 30 Day Average SOFR + CSA + <br> 0.35% (c) | 4.82% | 10/25/58 | 2356079 |
| 22127468 | Series 2018-84, Class ZM | 4.00% | 11/25/48 | 20615843 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal National Mortgage Association (Continued) |  |  |  |
| $3188175 | Series 2018-86, Class DL | 3.50% | 12/25/48 | $2955919 |
| 1626638 | Series 2018-92, Class DB | 3.50% | 01/25/49 | 1502240 |
| 6087499 | Series 2018-94, Class AZ | 4.00% | 01/25/49 | 5795915 |
| 9170602 | Series 2019-17, Class GZ | 4.00% | 11/25/56 | 8208152 |
| 7625741 | Series 2019-18, Class FL, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 05/25/49 | 7492208 |
| 3633715 | Series 2019-33, Class F, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 07/25/49 | 3539331 |
| 3499718 | Series 2019-33, Class FK, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 07/25/49 | 3398166 |
| 5386049 | Series 2019-38, Class CF, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 07/25/49 | 5254626 |
| 9959726 | Series 2019-41, Class SN, IO, (30 Day Average SOFR + CSA) × <br> -1+ 6.05% (a) | 1.58% | 08/25/49 | 1014753 |
| 14587991 | Series 2019-70, Class WA, PO | (e) | 11/25/42 | 12639265 |
| 9119008 | Series 2020-9, Class SJ, IO, (30 Day Average SOFR + CSA) ×-1<br> + 6.00% (a) | 1.53% | 02/25/50 | 1290204 |
| 12855348 | Series 2020-12, Class FL, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 03/25/50 | 12441681 |
| 11969763 | Series 2020-20, Class KI, IO | 4.00% | 03/25/50 | 3690392 |
| 4261969 | Series 2020-22, Class FA, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 04/25/50 | 4118651 |
| 15120104 | Series 2020-34, Class FA, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 06/25/50 | 14564760 |
| 6053280 | Series 2020-38, Class NF, 30 Day Average SOFR + CSA + <br> 0.45% (c) | 4.92% | 06/25/50 | 5820953 |
| 11968111 | Series 2020-47, Class FA, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 07/25/50 | 11641247 |
| 4906851 | Series 2020-49, Class FB, 30 Day Average SOFR + CSA + <br> 0.40% (c) | 4.87% | 07/25/50 | 4708034 |
| 10868693 | Series 2020-93, Class NI, IO | 3.00% | 01/25/51 | 989138 |
| 7127607 | Series 2021-18, Class JC | 1.50% | 04/25/36 | 6503689 |
| 21025489 | Series 2022-69, Class FA, 30 Day Average SOFR + 0.82% (c) | 5.17% | 10/25/52 | 20533032 |
| 6459084 | Series 2023-40, Class DO, PO | (e) | 09/25/53 | 5296052 |
| 9400986 | Series 2023-44, Class PO, PO | (e) | 10/25/53 | 7242350 |
| 11648364 | Series 2024-20, Class QZ | 4.00% | 10/25/45 | 10430422 |
| 10659399 | Series 2024-20, Class ZA | 4.00% | 10/25/45 | 9549335 |
| 30555866 | Series 2024-26, Class PO, PO | (e) | 05/25/54 | 23946538 |
| 12542150 | Series 2024-28, Class CZ | 4.00% | 05/25/44 | 11307838 |
| 4918651 | Series 2024-39, Class AV | 3.00% | 11/25/33 | 4666684 |
| 4453030 | Series 2024-56, Class EV | 5.00% | 08/25/35 | 4505875 |
| 4822530 | Series 2024-56, Class JV | 5.00% | 08/25/35 | 4879314 |
| 5473357 | Series 2024-60, Class GV | 4.00% | 11/25/35 | 5427293 |
| 5402908 | Series 2024-60, Class VA | 4.50% | 10/25/35 | 5331287 |
| 2239036 | Series 2024-74, Class VT | 4.50% | 11/25/35 | 2221798 |
| 22708992 | Series 2024-84, Class FD, 30 Day Average SOFR + 1.15% (c) | 5.50% | 11/25/54 | 22543548 |
| 33646886 | Series 2024-91, Class FL, 30 Day Average SOFR + 1.35% (c) | 5.70% | 12/25/54 | 33642791 |
| 22902758 | Series 2024-98, Class FG, 30 Day Average SOFR + 1.00% (c) | 5.35% | 11/25/54 | 22779947 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Federal National Mortgage Association Grantor Trust |  |  |  |
| $13726096 | Series 2002-T8, Class A (f) | 6.82% | 07/25/32 | $14420698 |
| 1564463 | Series 2005-T1, Class A1, 1 Mo. CME Term SOFR + CSA + <br> 0.40% (c) | 4.84% | 05/25/35 | 1498591 |
|  | Government National Mortgage Association |  |  |  |
| 100699 | Series 2003-4, Class MZ | 5.50% | 01/20/33 | 100424 |
| 176308 | Series 2003-18, Class PG | 5.50% | 03/20/33 | 175819 |
| 1766199 | Series 2003-35, Class TZ | 5.75% | 04/16/33 | 1761790 |
| 148439 | Series 2003-62, Class MZ | 5.50% | 07/20/33 | 148951 |
| 111192 | Series 2003-84, Class Z | 5.50% | 10/20/33 | 112137 |
| 63940 | Series 2004-37, Class B | 6.00% | 04/17/34 | 64695 |
| 365264 | Series 2004-49, Class MZ | 6.00% | 06/20/34 | 374267 |
| 25901 | Series 2004-68, Class ZC | 6.00% | 08/20/34 | 26270 |
| 31244 | Series 2004-71, Class ST, (1 Mo. CME Term SOFR + CSA) × <br> -6.25+ 44.50%, 7.00% Cap (a) | 7.00% | 09/20/34 | 31637 |
| 146621 | Series 2004-88, Class SM, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.10% (a) | 1.66% | 10/16/34 | 2463 |
| 275813 | Series 2004-105, Class JZ | 5.00% | 12/20/34 | 273831 |
| 170791 | Series 2004-105, Class KA | 5.00% | 12/16/34 | 170659 |
| 274669 | Series 2005-3, Class JZ | 5.00% | 01/16/35 | 271504 |
| 274669 | Series 2005-3, Class KZ | 5.00% | 01/16/35 | 271656 |
| 79448 | Series 2005-33, Class AY | 5.50% | 04/16/35 | 79613 |
| 71891 | Series 2005-41, Class PA | 4.00% | 05/20/35 | 70802 |
| 1386733 | Series 2005-78, Class ZA | 5.00% | 10/16/35 | 1390652 |
| 128914 | Series 2005-93, Class PO, PO | (e) | 06/20/35 | 121331 |
| 382475 | Series 2006-38, Class OH | 6.50% | 08/20/36 | 381447 |
| 220579 | Series 2006-61, Class ZA | 5.00% | 11/20/36 | 219900 |
| 534961 | Series 2007-16, Class OZ | 6.00% | 04/20/37 | 543438 |
| 85295 | Series 2007-27, Class SD, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.20% (a) | 1.77% | 05/20/37 | 2954 |
| 66340 | Series 2007-41, Class OL, PO | (e) | 07/20/37 | 61986 |
| 128852 | Series 2007-42, Class SB, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.75% (a) | 2.32% | 07/20/37 | 6183 |
| 392182 | Series 2007-71, Class ZD | 6.00% | 11/20/37 | 391639 |
| 173600 | Series 2007-81, Class FZ, 1 Mo. CME Term SOFR + CSA + <br> 0.35% (c) | 4.78% | 12/20/37 | 173477 |
| 65373 | Series 2008-33, Class XS, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 7.70% (a) | 3.26% | 04/16/38 | 4026 |
| 335110 | Series 2008-47, Class ML | 5.25% | 06/16/38 | 341982 |
| 97634 | Series 2008-54, Class PE | 5.00% | 06/20/38 | 98291 |
| 283794 | Series 2008-71, Class JI, IO | 6.00% | 04/20/38 | 2793 |
| 77389 | Series 2009-14, Class KI, IO | 6.50% | 03/20/39 | 5027 |
| 25393 | Series 2009-14, Class KS, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.30% (a) | 1.87% | 03/20/39 | 936 |
| 60062 | Series 2009-25, Class SE, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 7.60% (a) | 3.17% | 09/20/38 | 2330 |
| 2095265 | Series 2009-29, Class PC | 7.00% | 05/20/39 | 2212883 |
| 479427 | Series 2009-32, Class SZ | 5.50% | 05/16/39 | 497843 |
| 3732339 | Series 2009-57, Class VB | 5.00% | 06/16/39 | 3738780 |
| 341612 | Series 2009-61, Class PZ | 7.50% | 08/20/39 | 368448 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Government National Mortgage Association (Continued) |  |  |  |
| $6026858 | Series 2009-61, Class WQ, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.25% (a) | 1.81% | 11/16/35 | $550775 |
| 777116 | Series 2009-69, Class ZB | 6.00% | 08/20/39 | 782057 |
| 455000 | Series 2009-75, Class JN | 5.50% | 09/16/39 | 451600 |
| 719611 | Series 2009-78, Class KZ | 5.50% | 09/16/39 | 724545 |
| 69514 | Series 2009-79, Class OK, PO | (e) | 11/16/37 | 60996 |
| 169320 | Series 2009-81, Class TZ | 5.50% | 09/20/39 | 170357 |
| 62556 | Series 2009-94, Class AL | 5.00% | 10/20/39 | 63348 |
| 2489770 | Series 2009-106, Class SL, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.10% (a) | 1.67% | 04/20/36 | 122137 |
| 58256 | Series 2009-106, Class WZ | 5.50% | 11/16/39 | 57596 |
| 732000 | Series 2009-126, Class LB | 5.00% | 12/20/39 | 735808 |
| 9479 | Series 2010-4, Class WA | 3.00% | 01/16/40 | 9127 |
| 1104581 | Series 2010-59, Class ZD | 6.50% | 05/20/40 | 1179710 |
| 796841 | Series 2010-85, Class SL, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.60% (a) | 2.17% | 07/20/37 | 33081 |
| 89000 | Series 2010-116, Class BM | 4.50% | 09/16/40 | 85849 |
| 1406100 | Series 2010-116, Class JB | 5.00% | 06/16/40 | 1411886 |
| 447489 | Series 2010-157, Class OP, PO | (e) | 12/20/40 | 384610 |
| 313554 | Series 2011-4, Class PZ | 5.00% | 01/20/41 | 314235 |
| 771202 | Series 2011-35, Class BP | 4.50% | 03/16/41 | 766394 |
| 80943 | Series 2011-48, Class LI, IO | 5.50% | 01/16/41 | 5504 |
| 4171988 | Series 2011-61, Class WS, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.47% (a) | 2.04% | 02/20/38 | 116437 |
| 30668 | Series 2011-63, Class BI, IO | 6.00% | 02/20/38 | 302 |
| 970639 | Series 2011-81, Class IC, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.72%, 0.62% Cap (a) | 0.62% | 07/20/35 | 3617 |
| 29305 | Series 2011-112, Class IP, IO (d) | 0.50% | 08/16/26 | 20 |
| 239265 | Series 2011-129, Class CL | 5.00% | 03/20/41 | 236938 |
| 27899 | Series 2011-151, Class TB, IO, (1 Mo. CME Term SOFR + <br> CSA) ×-70+ 465.50%, 3.50% Cap (a) | 3.50% | 04/20/41 | 2648 |
| 4864708 | Series 2012-84, Class QS, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.10% (a) | 1.66% | 07/16/42 | 393131 |
| 6711842 | Series 2012-84, Class SJ, (1 Mo. CME Term SOFR + CSA) × <br> -0.57+ 2.51%, 0.00% Floor (a) | 0.00% | 07/16/42 | 4163531 |
| 251623 | Series 2012-108, Class KB | 2.75% | 09/16/42 | 195447 |
| 842859 | Series 2012-143, Class TI, IO | 3.00% | 12/16/27 | 16447 |
| 1079229 | Series 2012-149, Class PC (b) | 6.30% | 12/20/42 | 1127480 |
| 49793 | Series 2013-5, Class IA, IO | 3.50% | 10/16/42 | 6070 |
| 2223000 | Series 2013-20, Class QM | 2.63% | 02/16/43 | 1850323 |
| 109189 | Series 2013-69, Class PI, IO | 5.00% | 05/20/43 | 9187 |
| 953680 | Series 2013-70, Class PM | 2.50% | 05/20/43 | 753782 |
| 606612 | Series 2013-91, Class PB | 3.50% | 09/20/42 | 600279 |
| 599955 | Series 2013-130, Class WS, IO, (1 Mo. CME Term SOFR + <br> CSA) ×-1+ 6.10% (a) | 1.67% | 09/20/43 | 77297 |
| 688000 | Series 2013-183, Class PB | 4.50% | 12/20/43 | 657395 |
| 662865 | Series 2014-44, Class IC, IO | 3.00% | 04/20/28 | 12814 |
| 4495822 | Series 2014-44, Class ID, IO (b) (f) | 0.33% | 03/16/44 | 39622 |
| 13298 | Series 2014-91, Class JI, IO | 4.50% | 01/20/40 | 717 |
| 662445 | Series 2014-94, Class Z | 4.50% | 01/20/44 | 641910 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Government National Mortgage Association (Continued) |  |  |  |
| $2008947 | Series 2014-116, Class SB, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 5.60% (a) | 1.17% | 08/20/44 | $192138 |
| 779836 | Series 2014-118, Class TV, IO, (1 Mo. CME Term SOFR + <br> CSA) ×-1+ 6.25% (a) | 1.82% | 05/20/44 | 87875 |
| 11307643 | Series 2015-24, Class BZ | 3.00% | 02/20/45 | 10132077 |
| 3190417 | Series 2015-66, Class LI, IO | 5.00% | 05/16/45 | 266496 |
| 5303 | Series 2015-95, Class IK, IO (b) (d) | 0.00% | 05/16/37 | 0 |
| 5591362 | Series 2015-123, Class ZA | 3.50% | 09/20/45 | 5189619 |
| 269485 | Series 2015-137, Class WA (b) (f) | 5.55% | 01/20/38 | 279004 |
| 194109 | Series 2015-138, Class MI, IO | 4.50% | 08/20/44 | 15608 |
| 25429 | Series 2015-151, Class KW (b) | 4.23% | 04/20/34 | 25154 |
| 28088112 | Series 2015-164, Class MZ | 3.00% | 09/20/45 | 21704827 |
| 210573 | Series 2016-16, Class KZ | 3.00% | 02/16/46 | 165725 |
| 8981396 | Series 2016-20, Class FN, 1 Mo. CME Term SOFR + CSA + <br> 0.40% (c) | 4.83% | 02/20/46 | 8797239 |
| 4838273 | Series 2016-37, Class AF, 1 Mo. CME Term SOFR + CSA + <br> 0.47% (c) | 4.91% | 11/20/43 | 4753115 |
| 12188 | Series 2016-55, Class PB (b) | 5.45% | 03/20/31 | 12358 |
| 690542 | Series 2016-69, Class WI, IO | 4.50% | 05/20/46 | 146119 |
| 1923801 | Series 2016-75, Class SA, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.00% (a) | 1.57% | 05/20/40 | 180153 |
| 338354 | Series 2016-78, Class UI, IO | 4.00% | 06/20/46 | 61322 |
| 7231381 | Series 2016-83, Class BP | 3.00% | 06/20/46 | 6021055 |
| 221623 | Series 2016-99, Class JA (b) | 5.49% | 11/20/45 | 230632 |
| 1124981 | Series 2016-109, Class ZM | 3.50% | 08/20/36 | 1025887 |
| 4474712 | Series 2016-111, Class PI, IO | 3.50% | 06/20/45 | 571993 |
| 5616920 | Series 2016-120, Class AS, IO, (1 Mo. CME Term SOFR + <br> CSA) ×-1+ 6.10% (a) | 1.67% | 09/20/46 | 839766 |
| 464000 | Series 2016-141, Class PC | 5.00% | 10/20/46 | 445904 |
| 354763 | Series 2016-145, Class LZ | 3.00% | 10/20/46 | 247040 |
| 6279834 | Series 2016-156, Class ZM | 3.50% | 11/20/46 | 5710481 |
| 303000 | Series 2016-160, Class LE | 2.50% | 11/20/46 | 207761 |
| 136592 | Series 2016-167, Class KI, IO | 6.00% | 12/16/46 | 15640 |
| 1687831 | Series 2017-12, Class SD, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.10% (a) | 1.67% | 01/20/47 | 238294 |
| 1074268 | Series 2017-17, Class KZ | 4.50% | 02/20/47 | 968027 |
| 2718805 | Series 2017-32, Class DI, IO | 5.50% | 05/20/35 | 305275 |
| 6614151 | Series 2017-33, Class PZ | 3.00% | 02/20/47 | 5522180 |
| 3027007 | Series 2017-56, Class BI, IO | 6.00% | 04/16/47 | 407468 |
| 2822252 | Series 2017-123, Class IO, IO | 5.00% | 08/16/47 | 523126 |
| 3518790 | Series 2017-130, Class LS, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.20% (a) | 1.76% | 08/16/47 | 397547 |
| 2350555 | Series 2017-133, Class JI, IO | 7.00% | 06/20/41 | 245971 |
| 2615691 | Series 2017-186, Class TI, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 6.50%, 0.50% Cap (a) | 0.50% | 05/20/40 | 31134 |
| 974088 | Series 2018-44, Class Z | 2.50% | 09/20/47 | 713705 |
| 3392191 | Series 2018-79, Class IO, IO | 5.00% | 06/20/48 | 435426 |
| 4105511 | Series 2018-131, Class IA, IO | 5.00% | 04/20/44 | 659590 |
| 10000000 | Series 2018-134, Class KB | 3.50% | 10/20/48 | 9131033 |
| 6137221 | Series 2018-155, Class KD | 4.00% | 11/20/48 | 5824289 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Government National Mortgage Association (Continued) |  |  |  |
| $3385962 | Series 2018-160, Class GY | 4.50% | 11/20/48 | $3208215 |
| 5834161 | Series 2018-78I, Class EZ | 3.00% | 04/20/48 | 5324518 |
| 797272 | Series 2019-27, Class DI, IO | 5.50% | 01/20/40 | 115186 |
| 7945785 | Series 2019-128, Class EF, 1 Mo. CME Term SOFR + CSA + <br> 0.57%, 4.00% Cap (c) | 4.00% | 10/20/49 | 7430535 |
| 1805860 | Series 2019-128, Class ES, IO, (1 Mo. CME Term SOFR + CSA) <br> ×-1+ 3.43%, 0.00% Floor (a) | 0.00% | 10/20/49 | 27712 |
| 3000000 | Series 2020-62, Class IC, IO | 2.50% | 01/20/50 | 624134 |
| 14014801 | Series 2020-62, Class WI, IO | 2.50% | 08/20/49 | 2726809 |
| 7097422 | Series 2020-84, Class IM, IO | 2.50% | 05/20/50 | 1515329 |
| 19759118 | Series 2020-84, Class IO, IO | 2.50% | 04/20/50 | 4427716 |
| 5559205 | Series 2021-46, Class IL, IO | 3.00% | 03/20/51 | 679550 |
| 34877501 | Series 2022-63, Class AZ | 3.00% | 08/20/51 | 27922422 |
| 18108402 | Series 2022-63, Class BZ | 3.50% | 11/20/46 | 15150541 |
| 20656144 | Series 2022-63, Class HZ | 2.50% | 11/20/51 | 14785606 |
| 11954933 | Series 2022-63, Class MZ | 3.00% | 05/20/51 | 8883321 |
| 16953958 | Series 2022-65, Class BZ | 3.50% | 04/20/52 | 13168241 |
| 7754271 | Series 2022-68, Class DZ | 3.50% | 04/20/52 | 5825133 |
| 13515282 | Series 2022-68, Class MZ | 3.50% | 04/20/52 | 10480943 |
| 17416809 | Series 2022-68, Class XA | 3.50% | 02/20/49 | 16801656 |
| 13951725 | Series 2022-68, Class Z | 3.50% | 04/20/52 | 11196522 |
| 18758330 | Series 2022-68, Class ZC | 3.50% | 04/20/52 | 14276192 |
| 12991946 | Series 2022-69, Class QL | 3.00% | 04/20/52 | 11169588 |
| 12534023 | Series 2022-76, Class PG | 4.00% | 04/20/52 | 12331032 |
| 10917513 | Series 2022-78, Class AM | 3.50% | 04/20/52 | 8287154 |
| 15118099 | Series 2022-90, Class KZ | 3.00% | 04/20/51 | 11156743 |
| 9025108 | Series 2022-90, Class ZG | 1.50% | 02/20/52 | 4528694 |
| 22341349 | Series 2022-124, Class EY | 4.00% | 07/20/52 | 19215406 |
| 12000000 | Series 2022-124, Class MY | 3.50% | 07/20/52 | 10305910 |
| 23600000 | Series 2022-139, Class AL | 4.00% | 07/20/51 | 21360129 |
| 8294085 | Series 2022-146, Class MF, 30 Day Average SOFR + 0.45% (c) | 4.80% | 08/20/52 | 8034300 |
| 10614923 | Series 2022-154, Class EZ | 3.50% | 09/20/52 | 8427343 |
| 11106000 | Series 2022-191, Class BY | 4.00% | 08/20/41 | 10544816 |
| 10173000 | Series 2022-204, Class YC | 4.00% | 07/20/52 | 9322621 |
| 10738770 | Series 2023-81, Class YD | 4.00% | 06/20/53 | 9594515 |
| 9744401 | Series 2024-125, Class NV | 5.00% | 08/20/35 | 9888602 |
| 11685069 | Series 2024-181, Class FQ, 30 Day Average SOFR + 1.15% (c) | 5.50% | 11/20/54 | 11635473 |
| 11004238 | Series 2025-41, Class HV | 4.50% | 02/20/36 | 10729121 |
| 23372019 | Series 2025-JP7382, Class SB (a) (h) (i) | 0.00% | 01/01/55 | 21940483 |
|  |  |  |  | 2070920739 |
|  | **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** |  |
|  | Federal Home Loan Mortgage Corporation Multiclass Certificates |  |  |  |
| 79276000 | Series 2020-RR02, Class DX, IO (b) | 1.82% | 09/27/28 | 4056941 |
| 150334000 | Series 2020-RR06, Class BX, IO (b) | 1.84% | 05/27/33 | 13555121 |
| 37600000 | Series 2020-RR09, Class AX, IO (b) | 2.63% | 11/27/28 | 2854521 |
| 47500000 | Series 2020-RR09, Class BX, IO (b) | 2.20% | 02/27/29 | 3367232 |
| 96907000 | Series 2020-RR10, Class X, IO (b) | 2.01% | 12/27/27 | 3396993 |
| 112919000 | Series 2020-RR11, Class AX, IO (b) | 2.84% | 01/27/29 | 8108578 |
| 44041372 | Series 2020-RR11, Class BX, IO (b) | 2.44% | 12/27/28 | 1856463 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation Multiclass Certificates <br> (Continued) |  |  |  |
| $34897468 | Series 2020-RR14, Class X, IO (f) | 2.13% | 03/27/34 | $4865761 |
| 33204591 | Series 2021-P009, Class X, IO (f) | 1.43% | 01/25/31 | 1025617 |
| 3938890 | Series 2021-P011, Class X1, IO (f) | 1.76% | 09/25/45 | 431476 |
| 112345000 | Series 2021-RR15, Class X, IO (f) | 1.56% | 10/27/34 | 10899824 |
| 100924000 | Series 2021-RR18, Class X, IO (f) | 1.90% | 10/27/28 | 4704880 |
| 20098730 | Series 2021-RR19, Class X, IO (f) | 2.01% | 04/27/29 | 1104128 |
| 55000000 | Series 2021-RR20, Class X, IO (f) | 1.85% | 04/25/33 | 6362807 |
|  | Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass Through Certificates |  |  |  |
| 128644992 | Series 2015-K047, Class X3, IO (f) | 1.54% | 06/25/43 | 7809 |
| 268770533 | Series 2016-KIR1, Class X, IO (f) | 1.15% | 03/25/26 | 1650923 |
| 8000000 | Series 2018-K158, Class A3 | 3.90% | 10/25/33 | 7659514 |
| 1781467 | Series 2018-KSW4, Class A, 30 Day Average SOFR + CSA + <br> 0.43% (c) | 4.88% | 10/25/28 | 1776583 |
| 72511834 | Series 2019-K097, Class X1, IO (f) | 1.21% | 07/25/29 | 2811175 |
| 56531555 | Series 2019-K099, Class X1, IO (f) | 1.00% | 09/25/29 | 1821051 |
| 57790000 | Series 2019-K099, Class XAM, IO (f) | 1.26% | 09/25/29 | 2534769 |
| 123557564 | Series 2019-K100, Class X1, IO (f) | 0.77% | 09/25/29 | 3026530 |
| 68309795 | Series 2019-K101, Class X1, IO (b) | 0.94% | 10/25/29 | 2148821 |
| 64993000 | Series 2019-K102, Class XAM, IO (b) | 1.20% | 10/25/29 | 2754239 |
| 59029000 | Series 2019-K103, Class XAM, IO (f) | 1.02% | 11/25/29 | 2155904 |
| 28417240 | Series 2019-K1510, Class X1, IO (f) | 0.64% | 01/25/34 | 842145 |
| 15585335 | Series 2019-K1511, Class X1, IO (f) | 0.93% | 03/25/34 | 736814 |
| 156348456 | Series 2019-K1512, Class X1, IO (f) | 1.05% | 04/25/34 | 8353229 |
| 56339791 | Series 2019-K1513, Class X1, IO (f) | 0.99% | 08/25/34 | 3013739 |
| 96780183 | Series 2019-K734, Class X1, IO (f) | 0.77% | 02/25/26 | 260213 |
| 68018000 | Series 2019-K734, Class XAM, IO (f) | 0.54% | 02/25/26 | 240525 |
| 40534800 | Series 2019-K735, Class X1, IO (f) | 1.10% | 05/25/26 | 296386 |
| 47620890 | Series 2019-K736, Class X1, IO (f) | 1.38% | 07/25/26 | 557350 |
| 9669038 | Series 2019-KJ24, Class A2 | 2.82% | 09/25/27 | 9471574 |
| 1900000 | Series 2018-K157, Class A3 | 3.99% | 08/25/33 | 1831131 |
| 35529637 | Series 2020-K109, Class XAM, IO (f) | 1.91% | 04/25/30 | 2749774 |
| 114400427 | Series 2020-K110, Class X1, IO (f) | 1.76% | 04/25/30 | 7407142 |
| 24006055 | Series 2020-K110, Class XAM, IO (f) | 1.95% | 04/25/30 | 1899866 |
| 29273633 | Series 2020-K112, Class XAM, IO (f) | 1.77% | 05/25/30 | 2171752 |
| 82019000 | Series 2020-K113, Class XAM, IO (f) | 1.69% | 06/25/30 | 5819379 |
| 53269611 | Series 2020-K114, Class XAM, IO (f) | 1.44% | 06/25/30 | 3215087 |
| 157437489 | Series 2020-K115, Class X1, IO (f) | 1.42% | 06/25/30 | 8825584 |
| 55537412 | Series 2020-K115, Class XAM, IO (f) | 1.65% | 07/25/30 | 3892401 |
| 71895763 | Series 2020-K116, Class X1, IO (f) | 1.52% | 07/25/30 | 4221964 |
| 55652865 | Series 2020-K116, Class XAM, IO (f) | 1.70% | 08/25/30 | 4092300 |
| 8000000 | Series 2020-K117, Class A2 | 1.41% | 08/25/30 | 6961006 |
| 63500000 | Series 2020-K117, Class XAM, IO (f) | 1.53% | 09/25/30 | 4249172 |
| 76656617 | Series 2020-K118, Class X1, IO (f) | 1.04% | 09/25/30 | 3200046 |
| 37151661 | Series 2020-K118, Class XAM, IO (f) | 1.26% | 09/25/30 | 2037962 |
| 51000000 | Series 2020-K119, Class XAM, IO (f) | 1.23% | 10/25/30 | 2724904 |
| 77535017 | Series 2020-K120, Class XAM, IO (f) | 1.31% | 10/25/30 | 4448463 |
| 24471000 | Series 2020-K121, Class XAM, IO (f) | 1.29% | 11/25/30 | 1407800 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass Through Certificates (Continued) |  |  |  |
| $77121111 | Series 2020-K122, Class X1, IO (f) | 0.96% | 11/25/30 | $3018050 |
| 35410560 | Series 2020-K122, Class XAM, IO (f) | 1.17% | 11/25/30 | 1849511 |
| 89238340 | Series 2020-K1515, Class X1, IO (f) | 1.63% | 02/25/35 | 8995912 |
| 44381305 | Series 2020-K1516, Class X1, IO (f) | 1.63% | 05/25/35 | 4838454 |
| 56477446 | Series 2020-K1517, Class X1, IO (f) | 1.44% | 07/25/35 | 5345229 |
| 65848592 | Series 2020-K737, Class X1, IO (b) | 0.73% | 10/25/26 | 507245 |
| 38645000 | Series 2020-K738, Class XAM, IO (b) | 1.49% | 03/25/27 | 901194 |
| 125811600 | Series 2020-K739, Class X1, IO (f) | 1.27% | 09/25/27 | 2536425 |
| 46072531 | Series 2020-K739, Class XAM, IO (f) | 1.66% | 09/25/27 | 1426940 |
| 70811000 | Series 2020-K740, Class XAM, IO (f) | 1.19% | 10/25/27 | 1724156 |
| 115667420 | Series 2020-KG04, Class X1, IO (f) | 0.93% | 11/25/30 | 4298861 |
| 5700000 | Series 2021-K123, Class A2 | 1.62% | 12/25/30 | 4971796 |
| 4725000 | Series 2021-K124, Class A2 | 1.66% | 12/25/30 | 4122098 |
| 64367000 | Series 2021-K128, Class XAM, IO (f) | 0.83% | 03/25/31 | 2441595 |
| 145206294 | Series 2021-K129, Class X1, IO (f) | 1.14% | 05/25/31 | 6827339 |
| 43636000 | Series 2021-K129, Class XAM, IO (f) | 1.32% | 05/25/31 | 2731884 |
| 76446224 | Series 2021-K130, Class X1, IO (f) | 1.14% | 06/25/31 | 3924543 |
| 41565013 | Series 2021-K130, Class XAM, IO (f) | 1.32% | 07/25/31 | 2703729 |
| 58530863 | Series 2021-K131, Class XAM, IO (f) | 1.04% | 07/25/31 | 2992051 |
| 78491000 | Series 2021-K132, Class XAM, IO (f) | 0.95% | 09/25/31 | 3606724 |
| 9492828 | Series 2021-K1522, Class A1 | 1.91% | 11/25/35 | 8078791 |
| 107703000 | Series 2021-K741, Class XAM, IO (f) | 1.03% | 12/25/27 | 2380258 |
| 104284435 | Series 2021-K744, Class X1, IO (f) | 0.96% | 07/25/28 | 2429629 |
| 158947629 | Series 2021-KG05, Class X1, IO (f) | 0.40% | 01/25/31 | 2356716 |
| 4827835 | Series 2022-K142, Class A1 | 2.40% | 12/25/31 | 4441668 |
| 200000000 | Series 2022-K148, Class XAM, IO (f) | 0.39% | 08/25/32 | 3690812 |
| 4638417 | Series 2022-K150, Class A1 | 4.00% | 12/25/31 | 4584384 |
| 2261940 | Series 2022-K152, Class A1 | 3.78% | 01/25/32 | 2227653 |
| 4000000 | Series 2022-KJ41, Class A2 | 3.47% | 02/25/31 | 3853962 |
| 4937089 | Series 2023-K154, Class A1 | 4.36% | 02/25/32 | 4966337 |
| 10000000 | Series 2023-KJ47, Class A2 | 5.43% | 06/25/31 | 10466574 |
| 113233000 | Series 2024-K757, Class XAM, IO (f) | 1.18% | 08/25/31 | 6212132 |
| 11475000 | Series 2024-KJ51, Class A2 | 4.70% | 01/25/32 | 11619976 |
| 9700000 | Series 2024-KJ52, Class A2 | 4.76% | 01/25/32 | 9847861 |
|  | Federal National Mortgage Association Alternative Credit <br> Enhancement Securities |  |  |  |
| 25648800 | Series 2023-M1, Class 2A1 (f) | 4.04% | 12/25/37 | 24991326 |
| 26214856 | Series 2023-M1, Class Z (f) | 4.04% | 01/25/53 | 20692505 |
| 13186646 | Series 2024-M3, Class Z (f) | 4.66% | 04/25/53 | 10991631 |
|  | FREMF Mortgage Trust |  |  |  |
| 7498000 | Series 2019-KL4F, Class BAS (f) (g) | 4.44% | 10/25/25 | 7427141 |
|  | Government National Mortgage Association |  |  |  |
| 2764233 | Series 2011-31, Class Z (b) | 3.53% | 09/16/52 | 2521924 |
| 20082452 | Series 2012-120, Class Z (b) | 2.46% | 01/16/55 | 13198944 |
| 86759 | Series 2013-74, Class AG (f) | 2.57% | 12/16/53 | 72570 |
| 4367 | Series 2013-194, Class AE (b) | 2.75% | 11/16/44 | 4126 |
| 17540245 | Series 2015-30, Class DZ | 2.95% | 05/16/55 | 15730805 |
| 3013834 | Series 2015-125, Class VA (b) | 2.70% | 05/16/35 | 2905607 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Government National Mortgage Association (Continued) |  |  |  |
| $3390736 | Series 2017-23, Class Z | 2.50% | 05/16/59 | $2009141 |
| 4411840 | Series 2017-35, Class Z (b) | 2.50% | 05/16/59 | 2707610 |
| 2120779 | Series 2017-106, Class AE | 2.60% | 12/16/56 | 1741181 |
| 2810676 | Series 2017-146, Class Z | 2.60% | 09/16/57 | 1737283 |
| 4613167 | Series 2018-4, Class Z | 2.50% | 10/16/59 | 2566430 |
| 18449157 | Series 2018-123, Class Z | 2.50% | 06/16/60 | 13623464 |
| 26386544 | Series 2018-170, Class Z | 2.50% | 11/16/60 | 19429877 |
| 19494756 | Series 2019-7, Class Z | 2.50% | 01/16/61 | 12462506 |
| 2019190 | Series 2019-104, Class Z | 2.80% | 05/16/61 | 1094076 |
| 6700000 | Series 2020-161, Class B | 2.00% | 08/16/62 | 3438929 |
| 9212536 | Series 2020-169, Class Z | 1.83% | 06/16/62 | 3301742 |
| 23755780 | Series 2022-43, Class Z | 2.00% | 09/16/61 | 12086848 |
| 20256234 | Series 2022-106, Class Z | 2.00% | 05/16/63 | 11803114 |
| 50972681 | Series 2024-32, Class IO, IO (f) | 0.71% | 06/16/63 | 2645696 |
|  |  |  |  | 525970333 |
|  | **Pass-Through Securities — 30.2%** | **Pass-Through Securities — 30.2%** | **Pass-Through Securities — 30.2%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 694698 | Pool 760043, 5 Yr. Constant Maturity Treasury Rate + 1.39% (c) | 4.94% | 12/01/48 | 697964 |
| 57869 | Pool A19763  | 5.00% | 04/01/34 | 58104 |
| 233284 | Pool A47828  | 3.50% | 08/01/35 | 224107 |
| 112852 | Pool A47937  | 5.50% | 08/01/35 | 115981 |
| 53171 | Pool A48972  | 5.50% | 05/01/36 | 54758 |
| 49857 | Pool A54675  | 5.50% | 01/01/36 | 51451 |
| 108464 | Pool A65324  | 5.50% | 09/01/37 | 111931 |
| 62315 | Pool A97294  | 4.00% | 02/01/41 | 60307 |
| 500214 | Pool B70791  | 4.00% | 06/01/39 | 499035 |
| 1712 | Pool C01310  | 6.50% | 03/01/32 | 1792 |
| 7476 | Pool C03458  | 5.00% | 02/01/40 | 7556 |
| 69937 | Pool C04269  | 3.00% | 10/01/42 | 63935 |
| 10465 | Pool C91482  | 3.50% | 07/01/32 | 10340 |
| 1565 | Pool E02883  | 4.00% | 04/01/26 | 1557 |
| 8267 | Pool G01443  | 6.50% | 08/01/32 | 8617 |
| 159179 | Pool G02017  | 5.00% | 12/01/35 | 161072 |
| 76455 | Pool G04814  | 5.50% | 10/01/38 | 78073 |
| 9570 | Pool G05173  | 4.50% | 11/01/31 | 9534 |
| 89946 | Pool G05275  | 5.50% | 02/01/39 | 91721 |
| 41046 | Pool G05449  | 4.50% | 05/01/39 | 40816 |
| 119319 | Pool G06583  | 5.00% | 06/01/41 | 120595 |
| 266933 | Pool G07100  | 5.50% | 07/01/40 | 272197 |
| 31920 | Pool G07266  | 4.00% | 12/01/42 | 30709 |
| 230028 | Pool G07329  | 4.00% | 01/01/43 | 222372 |
| 245930 | Pool G07683  | 4.00% | 03/01/44 | 237210 |
| 1155 | Pool G08113  | 6.50% | 02/01/36 | 1207 |
| 2206 | Pool G14088  | 4.00% | 02/01/26 | 2201 |
| 20037 | Pool G14348  | 4.00% | 10/01/26 | 19951 |
| 4456 | Pool G15949  | 4.00% | 01/01/29 | 4444 |
| 6738 | Pool G60020  | 4.50% | 12/01/43 | 6563 |
| 250387 | Pool G60114  | 5.50% | 06/01/41 | 258391 |
| 418356 | Pool G60168  | 4.50% | 07/01/45 | 409620 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation (Continued) | Federal Home Loan Mortgage Corporation (Continued) | Federal Home Loan Mortgage Corporation (Continued) | Federal Home Loan Mortgage Corporation (Continued) |
| $156863 | Pool G60194  | 3.50% | 08/01/45 | $145469 |
| 147886 | Pool G60808  | 3.00% | 10/01/46 | 131972 |
| 2011 | Pool H09034  | 5.50% | 05/01/37 | 2042 |
| 64183 | Pool N70075  | 5.00% | 01/01/35 | 64319 |
| 179969 | Pool N70081  | 5.50% | 07/01/38 | 183774 |
| 39313 | Pool Q07189  | 4.00% | 04/01/42 | 38038 |
| 13219 | Pool Q07479  | 3.50% | 04/01/42 | 12403 |
| 53053 | Pool Q11791  | 3.50% | 10/01/42 | 49777 |
| 38291 | Pool Q11836  | 3.50% | 10/01/42 | 35925 |
| 271352 | Pool Q14034  | 3.50% | 12/01/42 | 254597 |
| 303039 | Pool Q54651  | 4.50% | 03/01/48 | 297399 |
| 494609 | Pool Q55037  | 4.50% | 04/01/48 | 485916 |
| 1442959 | Pool Q61217  | 4.00% | 01/01/49 | 1362152 |
| 8573125 | Pool SC0252  | 3.00% | 01/01/42 | 7797812 |
| 8471737 | Pool SD0887  | 3.50% | 09/01/49 | 7869606 |
| 13609490 | Pool SD0948  | 3.00% | 05/01/47 | 12185156 |
| 18636692 | Pool SD0949  | 3.00% | 09/01/48 | 16921994 |
| 13704117 | Pool SD0954  | 3.00% | 02/01/47 | 12511603 |
| 8974958 | Pool SD0961  | 3.50% | 11/01/48 | 8271854 |
| 9076494 | Pool SD1169  | 3.50% | 02/01/48 | 8464271 |
| 16108448 | Pool SD1170  | 3.50% | 09/01/49 | 14906730 |
| 4468300 | Pool SD1289  | 3.00% | 10/01/50 | 3975398 |
| 6028124 | Pool SD1361  | 3.50% | 02/01/50 | 5617112 |
| 30958850 | Pool SD3140  | 3.50% | 06/01/52 | 28006137 |
| 9146203 | Pool SD4005  | 4.00% | 12/01/49 | 8686326 |
| 15783323 | Pool SD7509  | 3.00% | 11/01/49 | 13963051 |
| 4207626 | Pool SD7550  | 3.00% | 02/01/52 | 3718182 |
| 6103573 | Pool SF5029  | 3.50% | 02/01/46 | 5692518 |
| 150151 | Pool U50165  | 4.00% | 05/01/32 | 149952 |
| 1369981 | Pool U59020  | 4.00% | 06/01/35 | 1363396 |
| 707672 | Pool U64762  | 4.50% | 10/01/45 | 695883 |
| 39319 | Pool U80212  | 3.50% | 02/01/33 | 38535 |
| 59333 | Pool U90245  | 3.50% | 10/01/42 | 55416 |
| 560863 | Pool U90690  | 3.50% | 06/01/42 | 523841 |
| 8158 | Pool U90932  | 3.00% | 02/01/43 | 7377 |
| 88897 | Pool U99096  | 4.50% | 05/01/44 | 87527 |
| 9060473 | Pool ZA4196  | 3.00% | 04/01/43 | 8238727 |
| 13143291 | Pool ZL8982  | 3.50% | 01/01/45 | 12258786 |
| 890000 | Pool ZS2492  | 6.50% | 04/01/35 | 938705 |
| 16814342 | Pool ZS9446  | 3.50% | 08/01/45 | 15626478 |
| 22574309 | Pool ZS9776  | 3.50% | 08/01/46 | 20835651 |
| 41807047 | Pool ZT0779  | 3.00% | 09/01/47 | 36872221 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 25648 | Pool 190371  | 6.50% | 07/01/36 | 26730 |
| 13994 | Pool 255190  | 5.50% | 05/01/34 | 14351 |
| 785 | Pool 255984  | 4.50% | 11/01/25 | 782 |
| 38685 | Pool 256181  | 5.50% | 03/01/36 | 39213 |
| 3729 | Pool 256808  | 5.50% | 07/01/37 | 3697 |
| 29701 | Pool 256936  | 6.00% | 10/01/37 | 30670 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) |
| $15372035 | Pool 310208  | 3.00% | 03/01/48 | $13353991 |
| 15314081 | Pool 310211  | 3.50% | 07/01/48 | 13826581 |
| 22571588 | Pool 310230  | 3.50% | 02/01/48 | 20562020 |
| 6125 | Pool 555851  | 6.50% | 01/01/33 | 6338 |
| 181904 | Pool 735415  | 6.50% | 12/01/32 | 191577 |
| 12684 | Pool 747097  | 6.00% | 10/01/29 | 12756 |
| 130541 | Pool 788149  | 5.50% | 05/01/33 | 133176 |
| 155287 | Pool 850000  | 5.50% | 01/01/36 | 160054 |
| 29155 | Pool 871039  | 5.50% | 02/01/37 | 29474 |
| 50641 | Pool 888163  | 7.00% | 12/01/33 | 52906 |
| 6524 | Pool 890149  | 6.50% | 10/01/38 | 6898 |
| 344 | Pool 890231  | 5.00% | 07/01/25 | 346 |
| 536084 | Pool 890556  | 4.50% | 10/01/43 | 524496 |
| 6149 | Pool 930562  | 5.00% | 02/01/39 | 6220 |
| 79388 | Pool 953115  | 5.50% | 11/01/38 | 80855 |
| 20677 | Pool 976871  | 6.50% | 08/01/36 | 21303 |
| 9637 | Pool 995097  | 6.50% | 10/01/37 | 10190 |
| 24239 | Pool 995228  | 6.50% | 11/01/38 | 25629 |
| 62599 | Pool AA3303  | 5.50% | 06/01/38 | 63784 |
| 663 | Pool AB2133  | 4.00% | 01/01/26 | 660 |
| 781197 | Pool AB2506  | 5.00% | 03/01/41 | 787776 |
| 1132915 | Pool AB2959  | 4.50% | 07/01/40 | 1129685 |
| 390422 | Pool AB8676  | 3.50% | 05/01/42 | 359767 |
| 3950 | Pool AD5222  | 4.50% | 05/01/30 | 3969 |
| 113347 | Pool AE0137  | 4.50% | 03/01/36 | 112305 |
| 1879815 | Pool AE7733  | 5.00% | 11/01/40 | 1897569 |
| 358903 | Pool AE9959  | 5.00% | 03/01/41 | 361778 |
| 213623 | Pool AH0979  | 3.50% | 01/01/41 | 197536 |
| 65846 | Pool AH1141  | 4.50% | 12/01/40 | 65328 |
| 70958 | Pool AI6093  | 4.50% | 06/01/31 | 71612 |
| 16148 | Pool AI6581  | 4.50% | 07/01/41 | 16001 |
| 249611 | Pool AI9114  | 4.00% | 06/01/42 | 240798 |
| 1079925 | Pool AI9124  | 4.00% | 08/01/42 | 1041576 |
| 745385 | Pool AI9158  | 6.50% | 01/01/41 | 797055 |
| 43762 | Pool AL0212  | 5.50% | 02/01/38 | 44962 |
| 45969 | Pool AL2142  | 6.50% | 09/01/38 | 47928 |
| 50135 | Pool AL2892  | 3.50% | 12/01/42 | 46979 |
| 325985 | Pool AL3093  | 3.50% | 02/01/43 | 305465 |
| 387818 | Pool AL5890  | 4.50% | 03/01/43 | 384526 |
| 293866 | Pool AL7637  | 5.00% | 01/01/42 | 295430 |
| 744698 | Pool AL7905  | 4.50% | 03/01/34 | 747246 |
| 10866943 | Pool AL9401  | 4.00% | 02/01/46 | 10447315 |
| 5512180 | Pool AL9566  | 3.50% | 06/01/46 | 5101916 |
| 978532 | Pool AL9777  | 4.50% | 01/01/47 | 956094 |
| 165708 | Pool AP1197  | 3.50% | 09/01/42 | 155280 |
| 97116 | Pool AP7963  | 4.00% | 09/01/42 | 93839 |
| 1252992 | Pool AQ0411  | 3.50% | 10/01/42 | 1174146 |
| 185849 | Pool AQ9999  | 3.00% | 02/01/43 | 168303 |
| 1718954 | Pool AS1719  | 5.00% | 02/01/44 | 1728484 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) |
| $135290 | Pool AS7211  | 3.00% | 04/01/46 | $122538 |
| 27057925 | Pool AS7738  | 3.00% | 08/01/46 | 23998860 |
| 36389632 | Pool AS7749  | 3.50% | 08/01/46 | 33412763 |
| 157903 | Pool AS9990  | 4.50% | 07/01/47 | 152623 |
| 55373 | Pool AT0332  | 3.00% | 04/01/43 | 50511 |
| 55667 | Pool AY0013  | 4.50% | 01/01/45 | 54804 |
| 16947797 | Pool BF0207  | 4.50% | 04/01/47 | 16887540 |
| 9693 | Pool BH9428  | 4.50% | 09/01/47 | 9445 |
| 31266 | Pool BJ6232  | 5.00% | 04/01/48 | 31201 |
| 362033 | Pool BJ9100  | 4.50% | 02/01/48 | 355355 |
| 306347 | Pool BJ9111  | 4.50% | 03/01/48 | 300696 |
| 846857 | Pool BJ9124  | 4.50% | 04/01/48 | 830934 |
| 9486733 | Pool BM3867  | 4.00% | 02/01/46 | 9148099 |
| 3256705 | Pool BM4785  | 4.50% | 10/01/38 | 3288918 |
| 4209125 | Pool BM5671  | 4.50% | 01/01/49 | 4116121 |
| 8781781 | Pool BM6429  | 3.00% | 09/01/48 | 7669104 |
| 20034227 | Pool BM6732  | 4.00% | 11/01/48 | 19335672 |
| 14786261 | Pool BM7079  | 4.00% | 10/01/48 | 13950982 |
| 6419062 | Pool BM7129  | 3.00% | 01/01/47 | 5796750 |
| 16969101 | Pool BM7521  | 3.50% | 10/01/48 | 15514201 |
| 27524256 | Pool BM7665  | 3.50% | 02/01/48 | 25126651 |
| 784942 | Pool BN4059  | 4.00% | 12/01/48 | 732330 |
| 3761701 | Pool BV8046  | 4.50% | 09/01/52 | 3669620 |
| 3297758 | Pool CA2947  | 4.00% | 12/01/48 | 3109159 |
| 1415108 | Pool FM1284  | 3.50% | 02/01/46 | 1325957 |
| 1254245 | Pool FM1285  | 4.00% | 10/01/43 | 1211950 |
| 23677624 | Pool FM2863  | 3.50% | 09/01/48 | 21848010 |
| 65302955 | Pool FM2972  | 4.00% | 12/01/44 | 62952224 |
| 75491745 | Pool FM3003  | 4.00% | 05/01/49 | 72392842 |
| 5419372 | Pool FM8218  | 4.00% | 04/01/48 | 5149138 |
| 3741865 | Pool FM9408  | 4.50% | 06/01/46 | 3656189 |
| 14376756 | Pool FP0122  | 4.50% | 07/01/51 | 13940005 |
| 11168542 | Pool FS0045  | 3.00% | 09/01/47 | 9949806 |
| 11871310 | Pool FS0074  | 3.00% | 01/01/47 | 10823375 |
| 29732988 | Pool FS0742  | 3.50% | 05/01/44 | 27856896 |
| 10404656 | Pool FS1046  | 4.50% | 11/01/49 | 10140164 |
| 30881279 | Pool FS1797  | 3.50% | 07/01/46 | 28874982 |
| 7788645 | Pool FS1884  | 4.00% | 05/01/42 | 7371164 |
| 36455530 | Pool FS2044  | 4.50% | 07/01/44 | 35889384 |
| 22388806 | Pool FS2127  | 3.50% | 06/01/48 | 20669729 |
| 6950364 | Pool FS2787  | 4.00% | 10/01/48 | 6699475 |
| 13809758 | Pool FS2796  | 3.50% | 08/01/47 | 12813968 |
| 14930018 | Pool FS2925  | 3.00% | 08/01/48 | 13584214 |
| 35744866 | Pool FS3541  | 3.50% | 08/01/52 | 32335430 |
| 1365756 | Pool FS4013  | 4.00% | 04/01/42 | 1332755 |
| 1333649 | Pool FS4015  | 5.50% | 03/01/49 | 1358338 |
| 22588997 | Pool FS4157  | 4.00% | 05/01/49 | 21293792 |
| 35207 | Pool MA0096  | 4.50% | 06/01/29 | 35352 |
| 15185 | Pool MA0295  | 5.00% | 01/01/30 | 15390 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) |
| $1884 | Pool MA0777  | 5.00% | 06/01/31 | $1922 |
| 18140 | Pool MA1222  | 4.00% | 10/01/32 | 18081 |
| 38612 | Pool MA1228  | 3.00% | 09/01/42 | 34968 |
| 1650 | Pool MA2509  | 3.00% | 01/01/46 | 1441 |
| 126894 | Pool MA3101  | 4.50% | 08/01/47 | 123670 |
| 82758 | Pool MA3123  | 5.00% | 08/01/47 | 82723 |
| 30000000 | Pool TBA  | 3.50% | 05/15/40 | 28907457 |
| 5000000 | Pool TBA  | 3.50% | 06/15/40 | 4817128 |
| 20000000 | Pool TBA  | 3.50% | 05/15/55 | 18052441 |
| 22400000 | Pool TBA (j) | 4.00% | 05/15/55 | 20878555 |
| 40000000 | Pool TBA  | 5.00% | 05/15/55 | 39162024 |
| 80388000 | Pool TBA  | 3.00% | 06/15/55 | 69784246 |
| 88116000 | Pool TBA (j) | 3.50% | 06/15/55 | 79514792 |
| 49496000 | Pool TBA (j) | 4.00% | 06/15/55 | 46122548 |
| 84984000 | Pool TBA (j) | 5.00% | 06/15/55 | 83153841 |
| 24372000 | Pool TBA (j) | 5.50% | 06/15/55 | 24305106 |
| 40000000 | Pool TBA (j) | 5.00% | 07/15/55 | 39112024 |
| 67111000 | Pool TBA (j) | 5.50% | 07/15/55 | 66879612 |
|  | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 22153 | Pool 3227  | 6.00% | 04/20/32 | 23069 |
| 29828 | Pool 487108  | 6.00% | 04/15/29 | 30842 |
| 16246 | Pool 553144  | 5.50% | 04/15/33 | 16572 |
| 60718 | Pool 604338  | 5.00% | 05/15/33 | 61699 |
| 45746 | Pool 604897  | 5.00% | 12/15/33 | 46172 |
| 58227 | Pool 605389  | 5.00% | 04/15/34 | 58921 |
| 130923 | Pool 615403  | 4.50% | 08/15/33 | 130683 |
| 4611 | Pool 627123  | 5.50% | 03/15/34 | 4692 |
| 60838 | Pool 638704  | 5.50% | 11/15/36 | 63327 |
| 63116 | Pool 653143  | 4.90% | 04/15/36 | 63432 |
| 208197 | Pool 658324  | 5.50% | 03/15/37 | 214279 |
| 71692 | Pool 677190  | 5.00% | 06/15/38 | 72468 |
| 11105 | Pool 687833  | 6.00% | 08/15/38 | 11523 |
| 37188 | Pool 706840  | 4.50% | 05/15/40 | 37311 |
| 154894 | Pool 706855  | 4.50% | 09/15/40 | 155406 |
| 167670 | Pool 711483  | 4.00% | 01/15/40 | 161911 |
| 85526 | Pool 711543  | 4.00% | 11/15/40 | 82587 |
| 565583 | Pool 711563  | 4.50% | 03/15/41 | 567453 |
| 3064028 | Pool 720225  | 4.50% | 07/15/39 | 2978022 |
| 176372 | Pool 723216  | 4.50% | 08/15/40 | 171258 |
| 45231 | Pool 723248  | 5.00% | 10/15/39 | 45729 |
| 157019 | Pool 724230  | 5.00% | 08/15/39 | 157821 |
| 42317 | Pool 724267  | 5.00% | 09/15/39 | 42527 |
| 114387 | Pool 724340  | 4.50% | 09/15/39 | 111992 |
| 72026 | Pool 725272  | 4.50% | 11/15/39 | 70558 |
| 27125 | Pool 726394  | 4.50% | 10/15/39 | 26585 |
| 140944 | Pool 733595  | 4.50% | 04/15/40 | 137672 |
| 56620 | Pool 733733  | 5.00% | 06/15/40 | 56809 |
| 389728 | Pool 736317  | 4.25% | 06/20/36 | 372983 |
| 74821 | Pool 736617  | 4.00% | 12/15/35 | 71349 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Government National Mortgage Association (Continued) | Government National Mortgage Association (Continued) | Government National Mortgage Association (Continued) | Government National Mortgage Association (Continued) |
| $566401 | Pool 737673  | 4.50% | 11/15/40 | $549273 |
| 123929 | Pool 737996  | 4.00% | 02/15/41 | 117091 |
| 94521 | Pool 743673  | 4.50% | 07/15/40 | 92885 |
| 206258 | Pool 745478  | 5.00% | 08/20/40 | 203805 |
| 451100 | Pool 748939  | 4.00% | 09/20/40 | 425160 |
| 63176 | Pool 754384  | 4.50% | 03/20/42 | 63145 |
| 222860 | Pool 762905  | 4.50% | 04/15/41 | 217667 |
| 716848 | Pool 769102  | 4.50% | 07/20/41 | 719085 |
| 177404 | Pool 781623  | 5.00% | 06/15/33 | 179475 |
| 26913 | Pool 781697  | 6.00% | 11/15/33 | 28237 |
| 147273 | Pool 781824  | 5.50% | 11/15/34 | 151111 |
| 5589 | Pool 781862  | 5.50% | 01/15/35 | 5820 |
| 7070 | Pool 782070  | 7.00% | 06/15/32 | 7243 |
| 31379 | Pool 782810  | 4.50% | 11/15/39 | 30865 |
| 52910 | Pool 783091  | 5.50% | 06/15/40 | 54523 |
| 96069 | Pool 783375  | 5.00% | 08/15/41 | 96495 |
| 139671 | Pool 783760  | 5.00% | 02/15/42 | 141416 |
| 2266830 | Pool 784063  | 5.00% | 09/20/45 | 2274346 |
| 305631 | Pool 784343  | 5.00% | 02/15/41 | 309384 |
| 3051409 | Pool 784752  | 4.00% | 03/15/45 | 2946847 |
| 869716 | Pool 785020  | 3.00% | 05/20/50 | 753787 |
| 1700344 | Pool AC0197  | 4.00% | 12/20/42 | 1620095 |
| 275702 | Pool AD0026  | 3.50% | 06/20/33 | 268515 |
| 29332 | Pool AG8899  | 4.00% | 12/20/43 | 27807 |
| 497393 | Pool AI6317  | 4.50% | 06/20/44 | 481321 |
| 240794 | Pool AK2389  | 4.50% | 11/20/44 | 233429 |
| 58035 | Pool AN4469  | 5.00% | 12/15/40 | 57787 |
| 135397 | Pool AR8421  | 5.00% | 10/20/41 | 133837 |
| 717800 | Pool BB1216  | 4.50% | 06/20/47 | 695611 |
| 339022 | Pool BB4731  | 4.00% | 07/20/47 | 317633 |
| 256974 | Pool BB4757  | 4.00% | 08/20/47 | 243603 |
| 154445 | Pool BB4769  | 4.00% | 08/20/47 | 144873 |
| 217735 | Pool BD0483  | 4.50% | 11/20/47 | 210536 |
| 327138 | Pool BF0415  | 5.00% | 06/20/35 | 325287 |
| 260465 | Pool BL6909  | 5.00% | 03/20/49 | 257730 |
| 67638 | Pool MA1162  | 6.00% | 07/20/43 | 70650 |
| 9259 | Pool MA2215  | 3.50% | 09/20/44 | 8363 |
| 57480 | Pool MA2759  | 6.00% | 01/20/45 | 59965 |
| 28018 | Pool MA2897  | 6.00% | 03/20/45 | 29266 |
| 1645734 | Pool MA5714  | 6.00% | 01/20/49 | 1719018 |
|  |  |  |  | 1495700127 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 4092591199 |
|  | (Cost $4,247,826,173) | (Cost $4,247,826,173) | (Cost $4,247,826,173) |  |
| **MORTGAGE-BACKED SECURITIES — 7.8%** | **MORTGAGE-BACKED SECURITIES — 7.8%** | **MORTGAGE-BACKED SECURITIES — 7.8%** | **MORTGAGE-BACKED SECURITIES — 7.8%** | **MORTGAGE-BACKED SECURITIES — 7.8%** |
|  | **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** |  |
|  | Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
| 9000000 | Series 2019-2, Class M1 (g) | 4.76% | 04/25/49 | 8297897 |
| 1685240 | Series 2019-3, Class A3 (g) | 3.42% | 10/25/48 | 1608266 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Arroyo Mortgage Trust (Continued) | Arroyo Mortgage Trust (Continued) | Arroyo Mortgage Trust (Continued) | Arroyo Mortgage Trust (Continued) |
| $1726445 | Series 2021-1R, Class A2 (g) | 1.48% | 10/25/48 | $1562672 |
| 2383530 | Series 2021-1R, Class A3 (g) | 1.64% | 10/25/48 | 2155380 |
|  | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| 1019873 | Series 2021-NQM1, Class A2 (g) | 1.26% | 02/25/49 | 956630 |
| 2549683 | Series 2021-NQM1, Class A3 (g) | 1.33% | 02/25/49 | 2382687 |
| 981910 | Series 2025-NQM3, Class A1 (g) | 5.57% | 03/25/65 | 985623 |
|  | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
| 1745703 | Series 2019-ATR2, Class A11, 1 Mo. CME Term SOFR + CSA <br> + 0.90% (c) (g) | 5.34% | 07/25/49 | 1662555 |
|  | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 29528 | Series 2004-8, Class 2A1 (d) | 4.50% | 06/25/19 | 4041 |
|  | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
| 873164 | Series 2019-INV1, Class A11 (g) | 4.00% | 02/25/49 | 837546 |
|  | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
| 217 | Series 2003-UP2, Class PO1, PO (d) | (e) | 12/25/18 | 217 |
|  | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
| 5000000 | Series 2025-4, Class A1, steps up to 6.79% on 05/01/2029 (g) (k) | 5.79% | 04/25/70 | 5053316 |
|  | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| 4000000 | Series 2021-R02, Class 2M2, 30 Day Average SOFR + <br> 2.00% (c) (g) | 6.35% | 11/25/41 | 4005744 |
| 5000000 | Series 2022-R02, Class 2M2, 30 Day Average SOFR + <br> 3.00% (c) (g) | 7.35% | 01/25/42 | 5104174 |
| 2317872 | Series 2024-R01, Class 1M1, 30 Day Average SOFR + <br> 1.05% (c) (g) | 5.40% | 01/25/44 | 2311242 |
| 4955094 | Series 2024-R04, Class 1A1, 30 Day Average SOFR + <br> 1.00% (c) (g) | 5.35% | 05/25/44 | 4941276 |
| 4790303 | Series 2024-R05, Class 2A1, 30 Day Average SOFR + <br> 1.00% (c) (g) | 5.35% | 07/25/44 | 4766512 |
| 5611101 | Series 2025-R02, Class 1A1, 30 Day Average SOFR + <br> 1.00% (c) (g) | 5.35% | 02/25/45 | 5589301 |
|  | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust |
| 246917 | Series 2018-RPL9, Class A (g) | 3.85% | 09/25/57 | 238883 |
| 1012437 | Series 2021-RPL6, Class A1 (g) | 2.00% | 10/25/60 | 914322 |
|  | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| 2422000 | Series 2019-2, Class M1 (g) | 3.47% | 11/25/59 | 2262515 |
| 5626251 | Series 2022-2, Class A1 (g) | 4.30% | 04/25/67 | 5586311 |
| 6624109 | Series 2023-1, Class A1, steps up to 6.73% on 01/01/27 (g) (k) | 5.73% | 02/25/68 | 6615273 |
|  | FARM Mortgage Trust | FARM Mortgage Trust | FARM Mortgage Trust | FARM Mortgage Trust |
| 4533962 | Series 2024-1, Class A (f) (g) | 4.70% | 10/01/53 | 4302518 |
| 6139762 | Series 2024-2, Class A (f) (g) | 5.19% | 08/01/54 | 6089523 |
|  | Flagstar Mortgage Trust | Flagstar Mortgage Trust | Flagstar Mortgage Trust | Flagstar Mortgage Trust |
| 127959 | Series 2018-2, Class A4 (g) | 3.50% | 04/25/48 | 125030 |
| 3460126 | Series 2018-4, Class B1 (f) (g) | 4.14% | 07/25/48 | 3219239 |
| 1218897 | Series 2019-2, Class A11 (g) | 3.50% | 12/25/49 | 1098494 |
|  | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
| 723 | Series 2003-J10, Class A1 (d) | 4.75% | 01/25/19 | 697 |
|  | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
| 286049 | Series 2019-PJ3, Class A1 (g) | 3.50% | 03/25/50 | 269571 |
| 3005275 | Series 2021-PJ6, Class A8 (g) | 2.50% | 11/25/51 | 2676648 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | HOMES Trust | HOMES Trust | HOMES Trust | HOMES Trust |
| $5474005 | Series 2024-AFC1, Class A1, steps up to 6.22% <br> on 09/01/2028 (g) (k) | 5.22% | 08/25/59 | $5453490 |
|  | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 3364 | Series 2004-S2, Class 5A1 | 5.50% | 12/25/19 | 3297 |
| 683259 | Series 2015-IVR2, Class A5 (f) (g) | 5.83% | 01/25/45 | 683204 |
| 1165536 | Series 2019-1, Class A5 (g) | 4.00% | 05/25/49 | 1093780 |
| 506666 | Series 2019-8, Class A15 (g) | 3.50% | 03/25/50 | 458895 |
| 5193221 | Series 2019-INV1, Class B1 (f) (g) | 4.93% | 10/25/49 | 5063284 |
| 902326 | Series 2019-INV2, Class A15 (g) | 3.50% | 02/25/50 | 824674 |
| 3401277 | Series 2020-INV1, Class A15 (g) | 3.50% | 08/25/50 | 3062280 |
| 11850000 | Series 2025-3, Class A1C, steps up to 6.64% <br> on 04/01/2029 (g) (k) | 5.64% | 09/25/55 | 11975093 |
|  | Mello Mortgage Capital Acceptance | Mello Mortgage Capital Acceptance | Mello Mortgage Capital Acceptance | Mello Mortgage Capital Acceptance |
| 3598908 | Series 2018-MTG2, Class A9 (g) | 4.31% | 10/25/48 | 3457635 |
|  | MetLife Securitization Trust | MetLife Securitization Trust | MetLife Securitization Trust | MetLife Securitization Trust |
| 3863487 | Series 2018-1A, Class A (g) | 3.75% | 03/25/57 | 3746975 |
|  | MFRA Trust | MFRA Trust | MFRA Trust | MFRA Trust |
| 11172600 | Series 2024-NQM3, Class A1, steps up to 6.72% <br> on 12/01/2028 (g) (k) | 5.72% | 12/25/69 | 11271424 |
| 1965001 | Series 2025-NQM1, Class A1, steps up to 6.44% <br> on 02/01/2029 (g) (k) | 5.44% | 03/25/70 | 1975842 |
|  | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| 3409988 | Series 2015-2A, Class B1 (g) | 4.50% | 08/25/55 | 3374698 |
| 2809741 | Series 2016-1A, Class A1 (g) | 3.75% | 03/25/56 | 2713773 |
| 2191488 | Series 2016-3A, Class B1 (g) | 4.00% | 09/25/56 | 2137021 |
| 6859508 | Series 2018-4A, Class A1S, 1 Mo. CME Term SOFR + CSA + <br> 0.75% (c) (g) | 5.19% | 01/25/48 | 6695214 |
|  | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
| 902555 | Series 2018-EXP1, Class 1A3 (g) | 4.00% | 04/25/48 | 858005 |
|  | Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust |
| 5482142 | Series 2021-NQM4, Class A1 (g) | 1.96% | 10/25/61 | 4629219 |
| 2456468 | Series 2025-NQM6, Class A1, steps up to 6.60% <br> on 03/01/2029 (g) (k) | 5.60% | 03/25/65 | 2471057 |
| 3000000 | Series 2025-NQM7, Class A1, steps up to 6.56% <br> on 04/01/2029 (g) (k) | 5.56% | 05/25/55 | 3019865 |
|  | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
| 2494882 | Series 2025-HOME1, Class A1A, steps up to 6.55% <br> on 03/01/2029 (g) (k) | 5.55% | 02/25/60 | 2506768 |
| 997953 | Series 2025-HOME1, Class A1B, steps up to 6.65% <br> on 03/01/2029 (g) (k) | 5.65% | 02/25/60 | 1003513 |
|  | Provident Funding Mortgage Trust | Provident Funding Mortgage Trust | Provident Funding Mortgage Trust | Provident Funding Mortgage Trust |
| 1057665 | Series 2019-1, Class A5 (g) | 3.00% | 12/25/49 | 916026 |
| 2281158 | Series 2020-1, Class A5 (g) | 3.00% | 02/25/50 | 1956977 |
|  | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
| 469822 | Series 2024-8, Class A1, steps up to 8.90% on 12/25/2027 (g) (k) | 5.90% | 12/25/29 | 466897 |
| 4667614 | Series 2024-RPL2, Class A1, steps up to 4.50% <br> on 05/25/2028 (g) (k) | 3.50% | 05/25/54 | 4493819 |
| 9296506 | Series 2024-RPL3, Class A1, steps up to 5.00% <br> on 11/25/2028 (g) (k) | 4.00% | 11/25/54 | 8996475 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | PRPM LLC (Continued) | PRPM LLC (Continued) | PRPM LLC (Continued) | PRPM LLC (Continued) |
| $15755824 | Series 2024-RPL4, Class A1, steps up to 5.00% <br> on 12/25/2028 (g) (k) | 4.00% | 12/25/54 | $15245605 |
| 5995000 | Series 2025-2, Class A1, steps up to 9.47% on 05/01/2028 (g) (k) | 6.47% | 05/25/30 | 6023964 |
| 2000000 | Series 2025-RPL3, Class A1, steps up to 4.25% <br> on 04/01/2028 (g) (k) | 3.25% | 04/25/55 | 1907938 |
|  | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| 1906274 | Series 2017-2, Class M1 (g) | 4.00% | 08/25/56 | 1896321 |
|  | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
| 199149 | Series 2017-CH1, Class A13 (g) | 4.00% | 08/25/47 | 190018 |
| 4521518 | Series 2018-CH1, Class B1B (g) | 4.43% | 03/25/48 | 4347209 |
|  | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| 6922871 | Series 2022-3, Class A1 (g) | 4.16% | 03/25/67 | 6788722 |
|  | TIAA Bank Mortgage Loan Trust | TIAA Bank Mortgage Loan Trust | TIAA Bank Mortgage Loan Trust | TIAA Bank Mortgage Loan Trust |
| 722502 | Series 2018-3, Class A1 (g) | 4.00% | 11/25/48 | 686144 |
|  | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| 1236935 | Series 2017-2, Class A2 (g) | 3.25% | 04/25/57 | 1229235 |
| 9483163 | Series 2019-1, Class A1 (g) | 3.75% | 03/25/58 | 9232991 |
| 3484312 | Series 2019-HY2, Class A1, 1 Mo. CME Term SOFR + CSA + <br> 1.00% (c) (g) | 5.44% | 05/25/58 | 3574769 |
|  | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| 3100000 | Series 2025-3, Class A1, steps up to 6.62% on 04/01/2029 (g) (k) | 5.62% | 05/25/70 | 3121693 |
|  | Vista Point Securitization Trust | Vista Point Securitization Trust | Vista Point Securitization Trust | Vista Point Securitization Trust |
| 6662000 | Series 2020-1, Class M1 (g) | 4.15% | 03/25/65 | 6552247 |
|  | Wells Fargo Mortgage Backed Securities Trust | Wells Fargo Mortgage Backed Securities Trust | Wells Fargo Mortgage Backed Securities Trust | Wells Fargo Mortgage Backed Securities Trust |
| 171624 | Series 2019-1, Class A1 (g) | 3.92% | 11/25/48 | 164765 |
|  | WinWater Mortgage Loan Trust | WinWater Mortgage Loan Trust | WinWater Mortgage Loan Trust | WinWater Mortgage Loan Trust |
| 636870 | Series 2016-1, Class 2A3 (g) | 3.00% | 12/20/30 | 614714 |
| 2919257 | Series 2016-1, Class B1 (f) (g) | 3.78% | 01/20/46 | 2796213 |
|  |  |  |  | 245305851 |
|  | **Commercial Mortgage-Backed Securities — 2.9%** | **Commercial Mortgage-Backed Securities — 2.9%** | **Commercial Mortgage-Backed Securities — 2.9%** |  |
|  | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
| 19400000 | Series 2020-MF1, Class A4 (g) | 2.50% | 05/15/53 | 17779743 |
| 1493390 | Series 2020-MF1, Class A5 (g) | 2.76% | 05/15/53 | 1372604 |
| 2963000 | Series 2020-MF1, Class AS (g) | 3.06% | 05/15/53 | 2700606 |
|  | BANK | BANK | BANK | BANK |
| 7712719 | Series 2019-BN23, Class XA, IO (f) | 0.80% | 12/15/52 | 203751 |
| 8226024 | Series 2020-BN26, Class XA, IO (f) | 1.31% | 03/15/63 | 360412 |
| 2811015 | Series 2022-BNK43, Class A1 | 4.35% | 08/15/55 | 2795873 |
| 3450000 | Series 2022-BNK43, Class ASB | 4.50% | 08/15/55 | 3422344 |
|  | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| 7000000 | Series 2018-TALL, Class A, 1 Mo. CME Term SOFR + CSA + <br> 0.87% (c) (g) | 5.24% | 03/15/37 | 6602175 |
|  | BBCMS Trust | BBCMS Trust | BBCMS Trust | BBCMS Trust |
| 8000000 | Series 2021-C10, Class ASB | 2.27% | 07/15/54 | 7437546 |
|  | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| 141013339 | Series 2023-V2, Class XA, IO (f) | 1.22% | 05/15/55 | 3737911 |
| 75138019 | Series 2024-V6, Class XA, IO (f) | 1.58% | 03/15/57 | 3418562 |
| 2000000 | Series 2025-V14, Class AM | 6.09% | 04/15/57 | 2082411 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| $78500000 | Series 2024-5C3, Class XA, IO (f) | 1.35% | 02/15/57 | $2824061 |
|  | BPR Trust | BPR Trust | BPR Trust | BPR Trust |
| 4388010 | Series 2021-WILL, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.75% (c) (g) | 6.19% | 06/15/38 | 4347449 |
|  | BWAY Trust | BWAY Trust | BWAY Trust | BWAY Trust |
| 3595000 | Series 2025-1535, Class A (f) (g) | 6.31% | 05/05/42 | 3684145 |
| 1480000 | Series 2025-1535, Class B (f) (g) | 7.46% | 05/05/42 | 1515445 |
|  | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| 4709794 | Series 2019-IMC, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.00% (c) (g) | 5.37% | 04/15/34 | 4659407 |
| 2900000 | Series 2020-VIV4, Class A (g) | 2.84% | 03/09/44 | 2632088 |
|  | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
| 4907710 | Series 2019-CF3, Class ASB | 2.94% | 01/15/53 | 4740264 |
|  | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
| 203471089 | Series 2017-C8, Class XA, IO (f) | 1.63% | 06/15/50 | 4516977 |
|  | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| 86892586 | Series 2016-P4, Class XA, IO (f) | 2.04% | 07/10/49 | 1163535 |
|  | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| 3077883 | Series 2016-DC2, Class A4 | 3.50% | 02/10/49 | 3061797 |
| 41260000 | Series 2024-277P, Class X, IO (f) (g) | 0.89% | 08/10/44 | 1171231 |
|  | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
| 3441917 | Series 2019-C18, Class ASB | 2.87% | 12/15/52 | 3328211 |
| 56230970 | Series 2020-C19, Class XA, IO (f) | 1.21% | 03/15/53 | 2226516 |
|  | FIVE Mortgage Trust | FIVE Mortgage Trust | FIVE Mortgage Trust | FIVE Mortgage Trust |
| 30147814 | Series 2023-V1, Class XA, IO | 0.88% | 02/10/56 | 508847 |
|  | Hawaii Hotel Trust | Hawaii Hotel Trust | Hawaii Hotel Trust | Hawaii Hotel Trust |
| 4445000 | Series 2025-MAUI, Class A, 1 Mo. CME Term SOFR + <br> 1.39% (c) (g) | 5.71% | 03/15/42 | 4410774 |
|  | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
| 4250000 | Series 2016-HHV, Class A (g) | 3.72% | 11/05/38 | 4175573 |
|  | Houston Galleria Mall Trust | Houston Galleria Mall Trust | Houston Galleria Mall Trust | Houston Galleria Mall Trust |
| 5425000 | Series 2025-HGLR, Class A (f) (g) | 5.64% | 02/05/45 | 5531855 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| 1462209 | Series 2017-JP5, Class A4 | 3.46% | 03/15/50 | 1439135 |
| 10466125 | Series 2018-PHH, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.21% (c) (g) | 5.28% | 06/15/35 | 9048437 |
|  | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| 4527000 | Series 2018-MP, Class A (f) (g) | 4.42% | 07/11/40 | 4241306 |
|  | NY Commercial Mortgage Trust | NY Commercial Mortgage Trust | NY Commercial Mortgage Trust | NY Commercial Mortgage Trust |
| 3230000 | Series 2025-299P, Class A (f) (g) | 5.85% | 02/10/47 | 3336458 |
|  | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
| 5300000 | Series 2021-1290, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.10% (c) (g) | 5.53% | 11/15/38 | 5267242 |
|  | One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust |
| 2250000 | Series 2019-OBP, Class A (g) | 2.52% | 09/15/54 | 2012874 |
|  | SKY Trust | SKY Trust | SKY Trust | SKY Trust |
| 2977000 | Series 2025-LINE, Class A, 1 Mo. CME Term SOFR + <br> 2.59% (c) (g) | 6.91% | 04/15/42 | 2982156 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** | **MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| $3519700 | Series 2018-C47, Class AS | 4.67% | 09/15/61 | $3469396 |
| 5000000 | Series 2021-C61, Class ASB | 2.53% | 11/15/54 | 4636106 |
|  |  |  |  | 142845223 |
|  | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | 388151074 |
|  | (Cost $393,054,056) | (Cost $393,054,056) | (Cost $393,054,056) |  |
| **U.S. GOVERNMENT BONDS AND NOTES — 4.8%** | **U.S. GOVERNMENT BONDS AND NOTES — 4.8%** | **U.S. GOVERNMENT BONDS AND NOTES — 4.8%** | **U.S. GOVERNMENT BONDS AND NOTES — 4.8%** | **U.S. GOVERNMENT BONDS AND NOTES — 4.8%** |
| 12443300 | U.S. Treasury Inflation Indexed Bonds (l) | 0.13% | 07/15/30 | 11691392 |
| 45000000 | U.S. Treasury Note (m) | 4.63% | 10/15/26 | 45572168 |
| 41000000 | U.S. Treasury Note (m) | 4.13% | 02/15/27 | 41333125 |
| 34000000 | U.S. Treasury Note  | 4.50% | 04/15/27 | 34566445 |
| 10000000 | U.S. Treasury Note  | 4.13% | 11/15/27 | 10129102 |
| 15000000 | U.S. Treasury Note  | 4.25% | 01/15/28 | 15252832 |
| 18000000 | U.S. Treasury Note  | 2.88% | 05/15/28 | 17628750 |
| 58600000 | U.S. Treasury Note (m) | 4.13% | 07/31/28 | 59530504 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 235704318 |
|  | (Cost $231,830,629) | (Cost $231,830,629) | (Cost $231,830,629) |  |
| **ASSET-BACKED SECURITIES — 1.6%** | **ASSET-BACKED SECURITIES — 1.6%** | **ASSET-BACKED SECURITIES — 1.6%** | **ASSET-BACKED SECURITIES — 1.6%** | **ASSET-BACKED SECURITIES — 1.6%** |
|  | AMSR Trust | AMSR Trust | AMSR Trust | AMSR Trust |
| 4219437 | Series 2020-SFR4, Class A (g) | 1.36% | 11/17/37 | 4145541 |
|  | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
| 5000000 | Series 2024-1, Class A, 30 Day Average SOFR + 1.35% (c) (g) | 5.70% | 10/16/28 | 5001155 |
|  | CoreVest American Finance Trust | CoreVest American Finance Trust | CoreVest American Finance Trust | CoreVest American Finance Trust |
| 4707521 | Series 2020-3, Class A (g) | 1.36% | 08/15/53 | 4615309 |
| 3711738 | Series 2020-4, Class A (g) | 1.17% | 12/15/52 | 3658912 |
| 6027442 | Series 2021-1, Class A (g) | 1.57% | 04/15/53 | 5866009 |
| 1065816 | Series 2021-2, Class A (g) | 1.41% | 07/15/54 | 1024377 |
| 751013 | Series 2021-3, Class A (g) | 1.90% | 10/15/54 | 730243 |
|  | CWABS, Inc. Asset-Backed Certificates Trust | CWABS, Inc. Asset-Backed Certificates Trust | CWABS, Inc. Asset-Backed Certificates Trust | CWABS, Inc. Asset-Backed Certificates Trust |
| 122584 | Series 2004-5, Class M1, 1 Mo. CME Term SOFR + CSA + <br> 0.86% (c) | 5.30% | 08/25/34 | 122453 |
|  | Diamond Resorts Owner Trust | Diamond Resorts Owner Trust | Diamond Resorts Owner Trust | Diamond Resorts Owner Trust |
| 2007100 | Series 2021-1A, Class A (g) | 1.51% | 11/21/33 | 1983287 |
|  | FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
| 4062624 | Series 2020-SFR1, Class A (g) | 1.34% | 08/17/37 | 4007789 |
|  | FNA VI LLC | FNA VI LLC | FNA VI LLC | FNA VI LLC |
| 3069693 | Series 2021-1A, Class A (g) | 1.35% | 01/10/32 | 2848932 |
|  | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
| 1493127 | Series 2006-SEA1, Class M2, 1 Mo. CME Term SOFR + CSA + <br> 1.65% (c) (g) | 6.09% | 05/25/36 | 1723458 |
|  | Island Finance Trust | Island Finance Trust | Island Finance Trust | Island Finance Trust |
| 3000000 | Series 2025-1A, Class A (g) | 6.54% | 03/19/35 | 3050711 |
|  | M360 Ltd. | M360 Ltd. | M360 Ltd. | M360 Ltd. |
| 944713 | Series 2021-CRE3, Class A, 1 Mo. CME Term SOFR + CSA + <br> 1.50% (c) (g) | 5.93% | 11/22/38 | 930346 |
|  | Oscar US Funding XVII LLC | Oscar US Funding XVII LLC | Oscar US Funding XVII LLC | Oscar US Funding XVII LLC |
| 4900000 | Series 2024-2A, Class A3 (g) | 4.47% | 03/12/29 | 4869587 |
|  | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
| 5773464 | Series 2024-10, Class A (g) | 5.18% | 06/15/32 | 5795227 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  | Pagaya AI Debt Grantor Trust (Continued) | Pagaya AI Debt Grantor Trust (Continued) | Pagaya AI Debt Grantor Trust (Continued) | Pagaya AI Debt Grantor Trust (Continued) |
| $7937051 | Series 2024-11, Class A (g) | 5.09% | 07/15/32 | $7932844 |
| 5000000 | Series 2025-1, Class A2 (g) | 5.16% | 07/15/32 | 5005875 |
| 5000000 | Series 2025-2, Class A (b) (g) | 0.00% | 10/15/32 | 5000388 |
|  | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| 5500000 | Series 2025-SFR1, Class A (g) | 3.40% | 02/17/42 | 5169598 |
|  | Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC |
| 1370368 | Series 2020-2A, Class A (g) | 1.33% | 07/20/37 | 1363226 |
|  | VCAT LLC | VCAT LLC | VCAT LLC | VCAT LLC |
| 4332175 | Series 2025-NPL2, Class A1, steps up to 8.98% <br> on 01/25/2028 (g) (k) | 5.98% | 01/25/55 | 4325367 |
|  | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | 79170634 |
|  | (Cost $78,194,874) | (Cost $78,194,874) | (Cost $78,194,874) |  |
| **U.S. GOVERNMENT AGENCY SECURITIES — 0.2%** | **U.S. GOVERNMENT AGENCY SECURITIES — 0.2%** | **U.S. GOVERNMENT AGENCY SECURITIES — 0.2%** | **U.S. GOVERNMENT AGENCY SECURITIES — 0.2%** | **U.S. GOVERNMENT AGENCY SECURITIES — 0.2%** |
| 10225000 | Tennessee Valley Authority  | 5.25% | 02/01/55 | 9992262 |
|  | (Cost $9,869,477) |  |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS — 0.1%** | **EXCHANGE-TRADED FUNDS — 0.1%** | **EXCHANGE-TRADED FUNDS — 0.1%** |
|  | **Capital Markets — 0.1%** |  |
| 11808 | First Trust Commercial Mortgage Opportunities ETF (n) | 240647 |
| 35147 | First Trust Intermediate Government Opportunities ETF (n) | 712040 |
| 73956 | First Trust Long Duration Opportunities ETF (n) | 1596710 |
| 14956 | First Trust Structured Credit Income Opportunities ETF (n) | 305645 |
|  | **Total Exchange-Traded Funds** | 2855042 |
|  | (Cost $3,007,206) |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 10.0%** | **U.S. TREASURY BILLS — 10.0%** | **U.S. TREASURY BILLS — 10.0%** | **U.S. TREASURY BILLS — 10.0%** |
| $100000000 | U.S. Treasury Bill <br> (e) | 05/27/25 | 99695092 |
| 100000000 | U.S. Treasury Bill <br> (e) | 06/05/25 | 99589236 |
| 100000000 | U.S. Treasury Bill <br> (e) | 06/24/25 | 99367000 |
| 100000000 | U.S. Treasury Bill <br> (e) | 07/31/25 | 98942631 |
| 100000000 | U.S. Treasury Bill <br> (e) | 08/26/25 | 98641947 |
|  | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | 496235906 |
|  | (Cost $496,228,301) | (Cost $496,228,301) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 5.7%** | **MONEY MARKET FUNDS — 5.7%** | **MONEY MARKET FUNDS — 5.7%** |
| 284460974 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.18% (o) | 284460974 |
|  | (Cost $284,460,974) |  |
|  | **Total Investments — 112.9%** | 5589161409 |
|  | (Cost $5,744,471,690) |  |

---

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

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (3.8)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (3.8)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (3.8)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (3.8)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (3.8)%** |
|  | **Pass-Through Securities — (3.8)%** | **Pass-Through Securities — (3.8)%** | **Pass-Through Securities — (3.8)%** |  |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |  |
| $(20375000) | Pool TBA  | 4.50% | 05/15/55 | $(19488375)<br>|
| (2000000) | Pool TBA  | 4.50% | 06/15/55 | (1912032)<br>|
| (166060000) | Pool TBA (j) | 6.00% | 07/15/55 | (168226085)<br>|
|  | **Total Investments Sold Short — (3.8)%** | **Total Investments Sold Short — (3.8)%** | **Total Investments Sold Short — (3.8)%** | (189626492)<br>|
|  | (Proceeds $189,028,031) | (Proceeds $189,028,031) | (Proceeds $189,028,031) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** |
|  | **Call Options Written — (0.4)%** | **Call Options Written — (0.4)%** | **Call Options Written — (0.4)%** | **Call Options Written — (0.4)%** |  |
| (1000) | 3 Month SOFR Futures Call  | $(241737500)<br>| $97.50 | 12/12/25 | (356250)<br>|
| (50) | U.S. 2-Year Treasury Futures Call  | (10407422)<br>| 103.00 | 05/23/25 | (107813)<br>|
| (450) | U.S. 2-Year Treasury Futures Call  | (93666797)<br>| 103.50 | 05/23/25 | (555469)<br>|
| (50) | U.S. 2-Year Treasury Futures Call  | (10407422)<br>| 103.75 | 05/23/25 | (42188)<br>|
| (596) | U.S. 2-Year Treasury Futures Call  | (124410344)<br>| 104.25 | 08/22/25 | (707750)<br>|
| (75) | U.S. 2-Year Treasury Futures Call  | (15655664)<br>| 104.50 | 08/22/25 | (73828)<br>|
| (50) | U.S. 5-Year Treasury Futures Call  | (5459766)<br>| 107.50 | 05/23/25 | (87500)<br>|
| (112) | U.S. 5-Year Treasury Futures Call  | (12229875)<br>| 108.50 | 05/23/25 | (106750)<br>|
| (200) | U.S. 5-Year Treasury Futures Call  | (21864063)<br>| 109.00 | 08/22/25 | (265625)<br>|
| (100) | U.S. 5-Year Treasury Futures Call  | (10932031)<br>| 110.00 | 08/22/25 | (89063)<br>|
| (401) | U.S. 5-Year Treasury Futures Call  | (43837445)<br>| 110.50 | 08/22/25 | (291352)<br>|
| (171) | U.S. 5-Year Treasury Futures Call  | (18693773)<br>| 112.00 | 08/22/25 | (64125)<br>|
| (170) | U.S. 10-Year Treasury Futures Call  | (19077188)<br>| 111.50 | 05/23/25 | (204531)<br>|
| (104) | U.S. 10-Year Treasury Futures Call  | (11670750)<br>| 112.00 | 05/23/25 | (95875)<br>|
| (1966) | U.S. 10-Year Treasury Futures Call  | (220867813)<br>| 114.00 | 08/22/25 | (2150312)<br>|
| (460) | U.S. 10-Year Treasury Futures Call  | (51678125)<br>| 114.50 | 08/22/25 | (431250)<br>|
| (25) | U.S. 10-Year Treasury Futures Call  | (2808594)<br>| 115.00 | 08/22/25 | (20313)<br>|
| (100) | U.S. Treasury Long Bond Futures Call  | (11662500)<br>| 118.00 | 05/23/25 | (101563)<br>|
| (926) | U.S. Treasury Long Bond Futures Call  | (107676438)<br>| 116.00 | 08/22/25 | (3327812)<br>|
| (2282) | U.S. Treasury Long Bond Futures Call  | (265353813)<br>| 120.00 | 08/22/25 | (4421375)<br>|
| (1389) | U.S. Treasury Long Bond Futures Call  | (161514656)<br>| 122.00 | 08/22/25 | (1953281)<br>|
| (86) | U.S. Treasury Long Bond Futures Call  | (10000188)<br>| 123.00 | 08/22/25 | (103469)<br>|
| (1663) | U.S. Treasury Long Bond Futures Call  | (193375719)<br>| 124.00 | 08/22/25 | (1688984)<br>|
| (89) | U.S. Treasury Long Bond Futures Call  | (10349031)<br>| 128.00 | 08/22/25 | (47281)<br>|
| (200) | U.S. Treasury Long Bond Futures Call  | (23181250)<br>| 130.00 | 11/21/25 | (190625)<br>|
| (57) | Ultra U.S. Treasury Long Bond Futures Call  | (6898781)<br>| 124.00 | 05/23/25 | (52547)<br>|
| (25) | Ultra U.S. Treasury Long Bond Futures Call  | (3025781)<br>| 128.00 | 05/23/25 | (7031)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (17543962)<br>|
|  | (Premiums received $16,761,941) | (Premiums received $16,761,941) | (Premiums received $16,761,941) | (Premiums received $16,761,941) |  |
|  | **Put Options Written — (0.2)%** | **Put Options Written — (0.2)%** | **Put Options Written — (0.2)%** | **Put Options Written — (0.2)%** |  |
| (50) | U.S. 2-Year Treasury Futures Put  | (10437109)<br>| 102.50 | 08/22/25 | (4688)<br>|
| (50) | U.S. 2-Year Treasury Futures Put  | (10437109)<br>| 103.00 | 08/22/25 | (8594)<br>|
| (200) | U.S. 2-Year Treasury Futures Put  | (41748438)<br>| 103.50 | 08/22/25 | (75000)<br>|
| (680) | U.S. 5-Year Treasury Futures Put  | (74337813)<br>| 106.50 | 08/22/25 | (170000)<br>|
| (524) | U.S. 5-Year Treasury Futures Put  | (57283844)<br>| 106.75 | 08/22/25 | (155562)<br>|
| (100) | U.S. 5-Year Treasury Futures Put (h) | (10919531)<br>| 102.00 | 05/23/25 | (0)<br>|
| (50) | U.S. 5-Year Treasury Futures Put  | (5466016)<br>| 105.00 | 08/22/25 | (4688)<br>|
| (900) | U.S. 5-Year Treasury Futures Put  | (98388281)<br>| 106.00 | 08/22/25 | (168750)<br>|

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of**<br> **Contracts**<br>| **Description** | **Notional**<br> **Amount**<br>| **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** |
|  | **Put Options Written (Continued)** | **Put Options Written (Continued)** | **Put Options Written (Continued)** | **Put Options Written (Continued)** |  |
| (100) | U.S. 10-Year Treasury Futures Put  | $(11221875)<br>| $105.00 | 05/23/25 | $(0)<br>|
| (268) | U.S. 10-Year Treasury Futures Put  | (30108125)<br>| 107.00 | 08/22/25 | (75375)<br>|
| (248) | U.S. 10-Year Treasury Futures Put  | (27861250)<br>| 108.00 | 08/22/25 | (104625)<br>|
| (174) | U.S. 10-Year Treasury Futures Put  | (19547813)<br>| 110.00 | 08/22/25 | (144094)<br>|
| (25) | U.S. Treasury Long Bond Futures Put  | (2915625)<br>| 104.00 | 05/23/25 | (781)<br>|
| (50) | U.S. Treasury Long Bond Futures Put  | (5831250)<br>| 105.00 | 05/23/25 | (1563)<br>|
| (321) | U.S. Treasury Long Bond Futures Put  | (37436625)<br>| 114.00 | 05/23/25 | (210656)<br>|
| (185) | U.S. Treasury Long Bond Futures Put  | (21575625)<br>| 117.00 | 05/23/25 | (332422)<br>|
| (561) | U.S. Treasury Long Bond Futures Put  | (65233781)<br>| 108.00 | 08/22/25 | (534703)<br>|
| (1259) | U.S. Treasury Long Bond Futures Put  | (146398094)<br>| 110.00 | 08/22/25 | (1672109)<br>|
| (1710) | U.S. Treasury Long Bond Futures Put  | (198840938)<br>| 116.00 | 08/22/25 | (5664375)<br>|
| (228) | U.S. Treasury Long Bond Futures Put  | (26426625)<br>| 107.00 | 11/21/25 | (356250)<br>|
| (200) | U.S. Treasury Long Bond Futures Put  | (23181250)<br>| 112.00 | 11/21/25 | (593750)<br>|
| (57) | Ultra U.S. Treasury Long Bond Futures Put  | (6898781)<br>| 115.00 | 05/23/25 | (27609)<br>|
| (31) | Ultra U.S. Treasury Long Bond Futures Put  | (3751969)<br>| 119.00 | 05/23/25 | (39234)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (10344828)<br>|
|  | (Premiums received $9,472,783) | (Premiums received $9,472,783) | (Premiums received $9,472,783) | (Premiums received $9,472,783) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (27888790)<br>|
|  | (Premiums received $26,234,724) | (Premiums received $26,234,724) | (Premiums received $26,234,724) | (Premiums received $26,234,724) |  |
|  | **Net Other Assets and Liabilities — (8.5)%** | **Net Other Assets and Liabilities — (8.5)%** | **Net Other Assets and Liabilities — (8.5)%** | **Net Other Assets and Liabilities — (8.5)%** | (420371567)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4951274560 |

---

**Futures Contracts at April 30, 2025** (See Note 2D - Futures Contracts in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Long** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| U.S. 2-Year Treasury Notes | 3040 | Jun-2025 | &nbsp;&nbsp; $632771252 | &nbsp;&nbsp; $4281567 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** |  |  |  |  |
| U.S. 5-Year Treasury Notes | 12 | Jun-2025 | &nbsp;&nbsp; $(1310344)<br>| &nbsp;&nbsp; $(10248)<br>|
| U.S. 10-Year Treasury Notes | 3264 | Jun-2025 | &nbsp;&nbsp; (366282000)<br>| &nbsp;&nbsp; (7701657)<br>|
| U.S. Treasury Long Bond Futures | 622 | Jun-2025 | &nbsp;&nbsp; (72540750)<br>| &nbsp;&nbsp; 616358 |
| Ultra 10-Year U.S. Treasury Notes | 6492 | Jun-2025 | &nbsp;&nbsp; (744855563)<br>| &nbsp;&nbsp; (12838544)<br>|
| Ultra U.S. Treasury Bond Futures | 2137 | Jun-2025 | &nbsp;&nbsp; (258643781)<br>| &nbsp;&nbsp; (3382737)<br>|
|  |  |  | &nbsp;&nbsp; $(1443632438)<br>| &nbsp;&nbsp; $(23316828)<br>|
|  |  | &nbsp;&nbsp; Total | &nbsp;&nbsp; $(810861186)<br>| &nbsp;&nbsp; $(19035261)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inverse
 floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Weighted
 Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have different
 coupons. The coupon may change in any period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating
 or variable rate security.

&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 First Trust Advisors
 L.P. (the "Advisor").

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Collateral
 Strip Rate security. Coupon is based on the weighted net interest rate of the investment's underlying collateral. The interest
 rate resets periodically.

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 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 $465,740,770 or 9.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) This
 security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees,
 and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April
 30, 2025, securities noted as such are valued at $21,940,483 or 0.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;(j) All
 or a portion of this security is part of a mortgage dollar roll agreement (see Note 2I - Mortgage Dollar Rolls and TBA Transactions
 in the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(k) Step-up
 security. A security where the coupon increases or steps up at a predetermined date.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Security
 whose principal value is adjusted in accordance with changes to the country's Consumer Price Index. Interest is calculated
 on the basis of the current adjusted principal value.

&nbsp;&nbsp;&nbsp;&nbsp;(m) All
 or a portion of this security is segregated as collateral for open futures and options contracts. At April 30, 2025, the segregated
 value of these securities amounts to $117,381,660.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Investment
 in an affiliated fund.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Rate
 shown reflects yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| IO | – Interest-Only Security - Principal amount shown represents par value on which interest payments are based |
| MS | – Morgan Stanley |
| PO | – Principal-Only Security |
| REMIC | – Real Estate Mortgage Investment Conduit |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |
| STRIPS | – Separate Trading of Registered Interest and Principal of Securities |
| TBA | – To-Be-Announced Security |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| U.S. Government Agency Mortgage-Backed <br> Securities<br>| $4092591199 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4092591199 | &nbsp;&nbsp; $— |
| Mortgage-Backed Securities | 388151074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 388151074 | &nbsp;&nbsp; — |
| U.S. Government Bonds and Notes | 235704318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235704318 | &nbsp;&nbsp; — |
| Asset-Backed Securities | 79170634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79170634 | &nbsp;&nbsp; — |
| U.S. Government Agency Securities | 9992262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9992262 | &nbsp;&nbsp; — |
| Exchange-Traded Funds\* | 2855042 | &nbsp;&nbsp; 2855042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Bills | 496235906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 496235906 | &nbsp;&nbsp; — |
| Money Market Funds | 284460974 | &nbsp;&nbsp; 284460974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 5589161409 | &nbsp;&nbsp; 287316016 | &nbsp;&nbsp; 5301845393 | &nbsp;&nbsp; — |
| Futures Contracts\*\* | 4897925 | &nbsp;&nbsp; 4897925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $5594059334 | &nbsp;&nbsp; $292213941 | &nbsp;&nbsp; $5301845393 | &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>|
| U.S. Government Agency Mortgage-Backed <br> Securities Sold Short<br>| $(189626492)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(189626492)<br>| &nbsp;&nbsp; $— |
| Written Options | (27888790)<br>| &nbsp;&nbsp; (27888790)<br>| &nbsp;&nbsp; —<br> \*\*\*<br>| &nbsp;&nbsp; — |
| Futures Contracts\*\* | (23933186)<br>| &nbsp;&nbsp; (23933186)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $(241448468)<br>| &nbsp;&nbsp; $(51821976)<br>| &nbsp;&nbsp; $(189626492)<br>| &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities. 

\*\*\* Investments are valued at $0.

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value - Unaffiliated | $5586306367 |
| Investments, at value - Affiliated | 2855042 |
| Total investments, at value | 5589161409 |
| Cash segregated as collateral | 639143 |
| Receivables: |  |
| Investment securities sold | 2007420555 |
| Interest | 19344439 |
| Dividends | 2592780 |
| Variation margin | 2233253 |
| Total Assets | 7621391579 |
| **LIABILITIES:** |  |
| Investments sold short, at value | 189626492 |
| Options contracts written, at value | 27888790 |
| Payables: |  |
| Investment securities purchased | 2450019507 |
| Investment advisory fees | 2582230 |
| Total Liabilities | 2670117019 |
| **NET ASSETS** | $4951274560 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $5205019859 |
| Par value | 1008500 |
| Accumulated distributable earnings (loss) | (254753799)<br>|
| **NET ASSETS** | $4951274560 |
| **NET ASSET VALUE,** per share | $49.10 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 100850002 |
| Investments, at cost - Unaffiliated | $5741464484 |
| Investments, at cost - Affiliated | $3007206 |
| Total investments, at cost | $5744471690 |
| Investments sold short, proceeds | $189028031 |
| Premiums received on options contracts written | $26234724 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $102282510 |
| Dividends - Unaffiliated | 14416486 |
| Dividends - Affiliated | 68184 |
| Total investment income | 116767180 |
| **EXPENSES:** |  |
| Investment advisory fees | 15115134<br>|
| Total expenses | 15115134 |
| Less fees waived by the investment advisor | (9126)<br>|
| Net expenses | 15106008 |
| **NET INVESTMENT INCOME (LOSS)** | 101661172 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments - Unaffiliated | (7334436)<br>|
| Investments - Affiliated | (187)<br>|
| Investments sold short | 1747914 |
| Purchased options contracts | (1298145)<br>|
| Written options contracts | 8845140 |
| Futures contracts | 63201407 |
| Net realized gain (loss) | 65161693 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments - Unaffiliated | 52170259 |
| Investments - Affiliated | 28429 |
| Investments sold short | (855124)<br>|
| Purchased options contracts | 11605 |
| Written options contracts | 7110219 |
| Futures contracts | (75223497)<br>|
| Net change in unrealized appreciation (depreciation) | (16758109)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 48403584 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $150064756 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $101661172 | &nbsp;&nbsp; $174184477 |
| Net realized gain (loss) | 65161693 | &nbsp;&nbsp; (28277529)<br>|
| Net change in unrealized appreciation (depreciation) | (16758109)<br>| &nbsp;&nbsp; 180379089 |
| Net increase (decrease) in net assets resulting from operations | 150064756 | &nbsp;&nbsp; 326286037 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (99492502)<br>| &nbsp;&nbsp; (177073308)<br>|
| Return of capital |  | &nbsp;&nbsp; (5490696)<br>|
| Total distributions to shareholders | (99492502)<br>| &nbsp;&nbsp; (182564004)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 390863727<br>| &nbsp;&nbsp; 687580786<br>|
| Cost of shares redeemed | (36639953) <br>| &nbsp;&nbsp; (112449763) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 354223774 | &nbsp;&nbsp; 575131023 |
| Total increase (decrease) in net assets | 404796028 | &nbsp;&nbsp; 718853056 |
| **NET ASSETS:** |  |  |
| Beginning of period | 4546478532 | &nbsp;&nbsp; 3827625476 |
| End of period | $4951274560 | &nbsp;&nbsp; $4546478532 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 93600002 | &nbsp;&nbsp; 81850002 |
| Shares sold | 8000000 | &nbsp;&nbsp; 14100000 |
| Shares redeemed | (750000)<br>| &nbsp;&nbsp; (2350000)<br>|
| Shares outstanding, end of period | 100850002 | &nbsp;&nbsp; 93600002 |

---

See Notes to Financial Statements

------

**First Trust Low Duration Opportunities ETF (LMBS)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $48.57 | &nbsp;&nbsp;&nbsp;&nbsp; $46.76 | &nbsp;&nbsp;&nbsp;&nbsp; $46.97 | &nbsp;&nbsp;&nbsp;&nbsp; $50.40 | &nbsp;&nbsp;&nbsp;&nbsp; $51.45 | &nbsp;&nbsp;&nbsp;&nbsp; $51.87 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br>|
| Net realized and unrealized gain <br> (loss)<br>| 0.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10) <br>|
| Total from investment operations | 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.09) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20) <br>|
| Total distributions | (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>|
| Net asset value, end of period | $49.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51.45<br>|
| **Total return** (b) | 3.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.96)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $4951275<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4546479<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3827625<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4863247<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6780968<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6389742<br>|
| Ratio of total expenses to average <br> net assets (c)<br>| 0.64<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>|
| Ratio of net expenses to average <br> net assets (c)<br>| 0.64<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Ratio of net investment income <br> (loss) to average net assets (c)<br>| 4.32<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> % <br>|
| Portfolio turnover rate (e) | 137<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 413<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 646<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 831<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 495<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 434<br> % (f)<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 portfolio turnover rate not including mortgage dollar rolls was 556%, 641%, 368% and 245% for the years ended October 31, 2023, 2022, 2021,
 and 2020, respectively.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Low Duration Opportunities ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "LMBS" on Nasdaq, Inc. ("Nasdaq"). The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's primary investment objective is to generate current income. The Fund's secondary investment objective is to provide capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 60% of its net assets (including investment borrowings) in mortgage-related debt securities and other mortgage-related instruments (collectively, "Mortgage-Related Investments"). The Fund normally expects to invest in Mortgage-Related Investments tied to residential and commercial mortgages. Mortgage-Related Investments consist of: (1) residential mortgage-backed securities (RMBS); (2) commercial mortgage-backed securities (CMBS); (3) stripped mortgage-backed securities (SMBS), which are mortgage-backed securities where mortgage payments are divided up between paying the loan's principal and paying the loan's interest; and (4) collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits (REMICs) where they are divided into multiple classes with each class being entitled to a different share of the principal and/or interest payments received from the pool of underlying assets. The Fund may also invest in securities of other investment companies, including ETFs, that invest primarily in Mortgage-Related Investments. The Fund will limit its investments in Mortgage-Related Investments that are neither issued nor guaranteed by Government Entities<sup>(1)</sup> to 20% of its net assets (including investment borrowings). The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"). The Fund may also invest in to-be-announced transactions ("TBA Transactions"). Further, the Fund may enter into short sales as part of its overall portfolio management strategies or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets (including investment borrowings). Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets (including investment borrowings) in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as "junk" bonds, or unrated securities that have not been judged by the Advisor to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations, the Fund will consider the highest rating. The Fund targets an estimated effective duration of three years or less.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

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

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

------

<sup>(1)</sup>

"Government Entities" means the U.S. government, its agencies and instrumentalities, and U.S. government-sponsored entities.

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

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

U.S. government securities, mortgage-backed securities, asset-backed securities, and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

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

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

Exchange-traded futures contracts are valued at the end of the day settlement price.

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

The Fund invests in interest-only securities. For these securities, if there is a change in the estimated cash flows, based on an evaluation of current information, then the estimated yield is adjusted. Additionally, if the evaluation of current information indicates a permanent impairment of the security, the cost basis of the security is written down and a loss is recognized. Debt obligations may be

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

placed on non-accrual status and the related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held $21,940,483 of when-issued or delayed-delivery securities. At April 30, 2025, the Fund held $270,309,472 of forward purchase commitments and $168,226,085 of forward purchase commitments sold short.

**C. Short Sales**

Short sales are utilized to manage interest rate and spread risk, and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund's portfolio. When a Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund's portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

**D. Futures Contracts**

The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in "Net realized gain (loss) on futures contracts" on the Statement of Operations.

Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of "Net change in unrealized appreciation (depreciation) on futures contracts" on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in "Variation margin" payable or receivable on the Statement of Assets and Liabilities.

If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.

**E. Options Contracts**

The Fund may invest in exchange-listed options on U.S. Treasury securities, exchange-listed options on U.S. Treasury futures contracts and exchange-listed U.S. Treasury futures contracts. The Fund may also invest up to 20% of its net assets in over-the-counter derivatives. The Fund uses derivative instruments primarily to hedge interest rate risk and actively manage interest rate exposure. The primary risk exposure is interest rate risk.

The Fund may purchase (buy) or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures option contract may be closed out by an offsetting purchase or sale of a futures option of the same series. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in "Options contracts written, at value" on the Statement of Assets and Liabilities. When the Fund purchases (buys) an option, the premium paid represents the cost of the option, which is included in "Premiums paid on options contracts purchased" on the Statement of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option's expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.

The Fund uses options on futures contracts in connection with hedging strategies. Generally, these strategies are applied under the same market and market sector conditions in which the Fund uses put and call options on securities. The purchase of put options on futures contracts is analogous to the purchase of puts on securities so as to hedge the Fund's securities holdings against the risk of declining market prices. The writing of a call option or the purchasing of a put option on a futures contract constitutes a partial hedge against declining prices of securities which are deliverable upon exercise of the futures contract. If the price at expiration of a written call option is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund's holdings of securities. If the price when the option is exercised is above the exercise price, however, the Fund will incur a loss, which may be offset, in whole or in part, by the increase in the value of the securities held by the Fund that were being hedged. Writing a put option or purchasing a call option on a futures contract serves as a partial hedge against an increase in the value of the securities the Fund intends to acquire. Realized gains and losses on written options are included in "Net realized gain (loss) on written options contracts" on the Statement of Operations. Realized gains and losses on purchased options are included in "Net realized gain (loss) on purchased options contracts" on the Statement of Operations.

The Fund is required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. The Fund will pledge in a segregated account at the Fund's custodian, liquid assets, such as cash, U.S. government securities or other high-grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be pledged in the segregated account whenever the total value of the pledged assets falls below the amount due on the underlying obligation.

The risks associated with the use of options on future contracts include the risk that the Fund may close out its position as a writer of an option only if a liquid secondary market exists for such options, which cannot be assured. The Fund's successful use of options on futures contracts depends on the Advisor's ability to correctly predict the movement in prices on futures contracts and the underlying instruments, which may prove to be incorrect. In addition, there may be imperfect correlation between the instruments being hedged and the futures contract subject to option.

**F. Interest-Only Securities**

An interest-only security ("IO Security") is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.

**G. Principal-Only Securities**

A principal-only security ("PO Security") is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

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

**H. Stripped Mortgage-Backed Securities**

**I. Mortgage Dollar Rolls and TBA Transactions**

The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund's investment advisor. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in the Fund. The Fund may also invest in TBA Transactions. A TBA Transaction is a method of trading mortgage-backed securities. TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price.

**J. Affiliated Transactions**

The Fund invests in securities of affiliated funds. The Fund's investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds' financial statements may be found at SEC.gov. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statement of Operations.

Amounts relating to investments in affiliated funds at April 30, 2025, and for the six months then ended are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Shares at <br>4/30/2025<br>| Value at <br>10/31/2024<br>| Purchases | Sales | Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Realized <br>Gain <br>(Loss)<br>| Value at <br>4/30/2025<br>| Dividend <br>Income<br>|
| First Trust Commercial Mortgage <br> Opportunities ETF<br>| 11808 | $151525 | $88212 | $— | $910 | $— | $240647 | $5796 |
| First Trust Intermediate Government <br> Opportunities ETF<br>| 35147 | 657054 | 50598 |  | 4388 |  | 712040 | 17402 |
| First Trust Long Duration Opportunities <br> ETF<br>| 73956 | 1576002 |  |  | 20708 |  | 1596710 | 31246 |
| First Trust Structured Credit Income <br> Opportunities ETF<br>| 14956 | 319611 |  | (16202)<br>| 2423 | (187)<br>| 305645 | 13740 |
|  |  | $2704192 | $138810 | $(16202)<br>| $28429 | $(187)<br>| $2855042 | $68184 |

---

**K. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences,

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $178321308 |
| Capital gains |  |
| Return of capital | 5490696 |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $(15869500)<br>|
| Accumulated capital and other gain (loss) | (66923382)<br>|
| Net unrealized appreciation (depreciation) | (222533171)<br>|

---

**L. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $66,923,382 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $5529208935 | &nbsp;&nbsp; $58422913 | &nbsp;&nbsp; $(235020982)<br>| &nbsp;&nbsp; $(176598069)<br>|

---

**M. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**N. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.65000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125<br> %<br>|
| Fund net assets greater than $10 billion | 0.58500<br> %<br>|

---

In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund's total annual operating expenses.

Pursuant to a contractual agreement between the Trust, on behalf of LMBS, and First Trust, the management fees paid to First Trust will be reduced by the proportional amount of the Fund's acquired fund fees and expenses that are attributed to the Fund's investment in the shares of investment companies advised by First Trust. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust's Board of Trustees or (ii) the termination of LMBS's investment management agreement with First Trust; however, it is expected to remain in place at least until June 30, 2026. First Trust does not have the right to recover the waived fees. For the six months ended April 30, 2025, First Trust waived $9,126 of management fees.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs,

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2025, were $4,195,098,826 and $197,718,387, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2025 were $3,593,411,603 and $190,180,238, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $1,905,577,926 and $2,227,756,753, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Interest Rate Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $27888790 |
| Futures contracts | Interest Rate Risk | &nbsp;&nbsp; Unrealized appreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; 4897925 | &nbsp;&nbsp; Unrealized depreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; 23933186 |

---

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

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund's Portfolio of Investments. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| **Interest Rate Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $(1298145)<br>|
| Written options contracts | 8845140 |
| Futures contracts | 63201407 |
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Purchased options contracts | 11605 |
| Written options contracts | 7110219 |
| Futures contracts | (75223497)<br>|

---

During the six months ended April 30, 2025, the premiums for purchased options contracts opened were $1,351,496 and the premiums for purchased options contracts closed, exercised and expired were $1,422,867.

During the six months ended April 30, 2025, the premiums for written options contracts opened were $45,872,907 and the premiums for written options contracts closed, exercised and expired were $37,609,938.

The average notional value of futures contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $2,119,279,750.

The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Statement of Assets and Liabilities.

------

**Notes to Financial Statements (Continued)**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

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

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Low Duration Opportunities ETF (LMBS)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

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

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

![](img264471281.gif)

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

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

First Trust SSI Strategic Convertible Securities ETF (FCVT)<br>

------

**Table of Contents** 

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_SOI-TOC-ScheduleofInvestments-4458_1) | 1 |
| [Statement of Assets and Liabilities](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_SAL1-TOC-StatementofAssetsandLiabilities-4458_1) | 7 |
| [Statement of Operations](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_SOP1-TOC-StatementofOperations-4458_1) | 8 |
| [Statements of Changes in Net Assets](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_SOC1-TOC-StatementofChanges-4458_1) | 9 |
| [Financial Highlights](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_FIHI-TOC-FinancialHighlights-4458_1) | 10 |
| [Notes to Financial Statements](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_NTF-TOC-NotestoFinancialStatements-4458_1) | 11 |
| [Other Information](#xx_93e085fe-b9f7-4948-bd69-547807d8800c_AI-TOC-AdditionalInformation-4458_1) | 18 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust SSI Strategic Convertible Securities ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**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** |
| **CONVERTIBLE CORPORATE BONDS AND NOTES — 86.1%** | **CONVERTIBLE CORPORATE BONDS AND NOTES — 86.1%** | **CONVERTIBLE CORPORATE BONDS AND NOTES — 86.1%** | **CONVERTIBLE CORPORATE BONDS AND NOTES — 86.1%** | **CONVERTIBLE CORPORATE BONDS AND NOTES — 86.1%** |
|  | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |  |
| $130000 | Axon Enterprise, Inc. | 0.50% | 12/15/27 | $352814 |
| 81000 | Rocket Lab U.S.A., Inc. (a) | 4.25% | 02/01/29 | 353030 |
|  |  |  |  | 705844 |
|  | **Automobiles — 1.3%** | **Automobiles — 1.3%** | **Automobiles — 1.3%** |  |
| 985000 | Rivian Automotive, Inc. | 3.63% | 10/15/30 | 895488 |
|  | **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |  |
| 246000 | Morgan Stanley Finance LLC | 1.00% | 11/23/27 | 384279 |
|  | **Biotechnology — 6.8%** | **Biotechnology — 6.8%** | **Biotechnology — 6.8%** |  |
| 420000 | Alnylam Pharmaceuticals, Inc. | 1.00% | 09/15/27 | 482564 |
| 690000 | Ascendis Pharma A/S | 2.25% | 04/01/28 | 860195 |
| 318000 | Bridgebio Pharma, Inc. (a) | 1.75% | 03/01/31 | 348877 |
| 270000 | Cytokinetics, Inc. | 3.50% | 07/01/27 | 315999 |
| 457000 | Exact Sciences Corp. (a) | 2.00% | 03/01/30 | 435521 |
| 484000 | Halozyme Therapeutics, Inc. | 1.00% | 08/15/28 | 605856 |
| 234000 | Insmed, Inc. | 0.75% | 06/01/28 | 527345 |
| 245000 | Mirum Pharmaceuticals, Inc. | 4.00% | 05/01/29 | 388754 |
| 483000 | PTC Therapeutics, Inc. | 1.50% | 09/15/26 | 563508 |
|  |  |  |  | 4528619 |
|  | **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** |  |
| 523000 | Alibaba Group Holding Ltd. (a) | 0.50% | 06/01/31 | 687876 |
|  | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** |  |
| 492000 | Coinbase Global, Inc. | 0.25% | 04/01/30 | 491262 |
| 618000 | Galaxy Digital Holdings, L.P. (a) | 2.50% | 12/01/29 | 601314 |
| 1176000 | Morgan Stanley Finance LLC (b) (c) | 0.13% | 04/26/30 | 1271785 |
|  |  |  |  | 2364361 |
|  | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |  |
| 400000 | Lumentum Holdings, Inc. | 0.50% | 12/15/26 | 414073 |
| 415000 | Lumentum Holdings, Inc. | 1.50% | 12/15/29 | 473106 |
|  |  |  |  | 887179 |
|  | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |  |
| 451000 | Granite Construction, Inc. (a) | 3.25% | 06/15/30 | 569726 |
|  | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |  |
| 325000 | SoFi Technologies, Inc. (a) | 1.25% | 03/15/29 | 494000 |
| 473000 | Upstart Holdings, Inc. (a) | 1.00% | 11/15/30 | 398502 |
|  |  |  |  | 892502 |
|  | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |  |
| 225000 | Chefs' (The) Warehouse, Inc. | 2.38% | 12/15/28 | 324090 |
|  | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |  |
| 208000 | Stride, Inc. | 1.13% | 09/01/27 | 568568 |
|  | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |  |
| 225000 | AST SpaceMobile, Inc. (a) | 4.25% | 03/01/32 | 264544 |
|  | **Electric Utilities — 8.1%** | **Electric Utilities — 8.1%** | **Electric Utilities — 8.1%** |  |
| 251000 | Alliant Energy Corp. | 3.88% | 03/15/26 | 264056 |
| 470000 | Duke Energy Corp. | 4.13% | 04/15/26 | 512887 |
| 1362000 | NextEra Energy Capital Holdings, Inc. | 3.00% | 03/01/27 | 1526802 |
| 190000 | NRG Energy, Inc. | 2.75% | 06/01/48 | 506825 |
| 1187000 | PG&E Corp. | 4.25% | 12/01/27 | 1236142 |

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** |
|  | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |  |
| $303000 | PPL Capital Funding, Inc. | 2.88% | 03/15/28 | $345875 |
| 755000 | Southern (The) Co. | 3.88% | 12/15/25 | 848054 |
| 155000 | TXNM Energy, Inc. (a) | 5.75% | 06/01/54 | 193564 |
|  |  |  |  | 5434205 |
|  | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |  |
| 286000 | Bloom Energy Corp. | 3.00% | 06/01/28 | 361218 |
|  | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |  |
| 255000 | Advanced Energy Industries, Inc. | 2.50% | 09/15/28 | 268883 |
| 409000 | OSI Systems, Inc. (a) | 2.25% | 08/01/29 | 520454 |
| 240000 | PAR Technology Corp. | 1.50% | 10/15/27 | 253744 |
|  |  |  |  | 1043081 |
|  | **Entertainment — 5.4%** | **Entertainment — 5.4%** | **Entertainment — 5.4%** |  |
| 108000 | Cinemark Holdings, Inc. | 4.50% | 08/15/25 | 226719 |
| 296000 | IMAX Corp. | 0.50% | 04/01/26 | 315240 |
| 535000 | Liberty Media Corp. | 2.25% | 08/15/27 | 651046 |
| 440000 | Liberty Media Corp. (a) | 2.38% | 09/30/53 | 616983 |
| 1175000 | Live Nation Entertainment, Inc. (a) | 2.88% | 01/15/30 | 1217887 |
| 477000 | Spotify USA, Inc. | (d) | 03/15/26 | 615378 |
|  |  |  |  | 3643253 |
|  | **Financial Services — 2.8%** | **Financial Services — 2.8%** | **Financial Services — 2.8%** |  |
| 645000 | Affirm Holdings, Inc. | (d) | 11/15/26 | 599068 |
| 316000 | Affirm Holdings, Inc. (a) | 0.75% | 12/15/29 | 285781 |
| 395000 | Global Payments, Inc. | 1.50% | 03/01/31 | 351945 |
| 649000 | Shift4 Payments, Inc. | 0.50% | 08/01/27 | 660033 |
|  |  |  |  | 1896827 |
|  | **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |  |
| 265000 | Post Holdings, Inc. | 2.50% | 08/15/27 | 312718 |
|  | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |  |
| 215000 | UGI Corp. (a) | 5.00% | 06/01/28 | 275372 |
|  | **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** |  |
| 270000 | Lyft, Inc. | 0.63% | 03/01/29 | 263925 |
| 711000 | Uber Technologies, Inc. | 0.88% | 12/01/28 | 935320 |
|  |  |  |  | 1199245 |
|  | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** |  |
| 416000 | Insulet Corp. | 0.38% | 09/01/26 | 516089 |
| 685000 | Integer Holdings Corp. (a) | 1.88% | 03/15/30 | 726785 |
| 186000 | iRhythm Technologies, Inc. | 1.50% | 09/01/29 | 194697 |
| 349000 | Lantheus Holdings, Inc. | 2.63% | 12/15/27 | 518812 |
| 358000 | Merit Medical Systems, Inc. (a) | 3.00% | 02/01/29 | 456629 |
|  |  |  |  | 2413012 |
|  | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |  |
| 301000 | Guardant Health, Inc. | 1.25% | 02/15/31 | 324598 |
|  | **Health Care REITs — 1.9%** | **Health Care REITs — 1.9%** | **Health Care REITs — 1.9%** |  |
| 354000 | Ventas Realty, L.P. | 3.75% | 06/01/26 | 466749 |
| 505000 | Welltower OP LLC (a) | 2.75% | 05/15/28 | 823655 |
|  |  |  |  | 1290404 |

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** |
|  | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |  |
| $294000 | Carnival Corp. | 5.75% | 12/01/27 | $470841 |
| 425000 | Cheesecake Factory, Inc. (The) (a) | 2.00% | 03/15/30 | 417484 |
| 601000 | DraftKings Holdings, Inc. | (d) | 03/15/28 | 530286 |
| 248000 | NCL Corp. Ltd. | 1.13% | 02/15/27 | 234913 |
| 666000 | NCL Corp. Ltd. (a) | 0.88% | 04/15/30 | 632700 |
|  |  |  |  | 2286224 |
|  | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** |  |
| 757000 | Morgan Stanley Finance LLC | 0.13% | 02/07/28 | 1399632 |
|  | **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |  |
| 329000 | Applied Digital Corp. (a) | 2.75% | 06/01/30 | 229506 |
| 862000 | Cloudflare, Inc. | (d) | 08/15/26 | 877301 |
| 425000 | Core Scientific, Inc. (a) | (d) | 06/15/31 | 362210 |
| 947000 | Snowflake, Inc. (a) | (d) | 10/01/27 | 1163389 |
| 214000 | Snowflake, Inc. (a) | (d) | 10/01/29 | 265868 |
|  |  |  |  | 2898274 |
|  | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |  |
| 97000 | Peloton Interactive, Inc. (a) | 5.50% | 12/01/29 | 174077 |
|  | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |  |
| 330000 | Repligen Corp. | 1.00% | 12/15/28 | 338535 |
|  | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |  |
| 198000 | Equinox Gold Corp. | 4.75% | 10/15/28 | 258984 |
| 294000 | MP Materials Corp. (a) | 3.00% | 03/01/30 | 410571 |
| 101000 | United States Steel Corp. | 5.00% | 11/01/26 | 330522 |
|  |  |  |  | 1000077 |
|  | **Mortgage REITs — 0.4%** | **Mortgage REITs — 0.4%** | **Mortgage REITs — 0.4%** |  |
| 271000 | Two Harbors Investment Corp. | 6.25% | 01/15/26 | 267613 |
|  | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |  |
| 453000 | WEC Energy Group, Inc. (a) | 4.38% | 06/01/27 | 534110 |
|  | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |  |
| 260000 | Northern Oil & Gas, Inc. | 3.63% | 04/15/29 | 250029 |
|  | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |  |
| 410000 | Jazz Investments I Ltd. (a) | 3.13% | 09/15/30 | 447296 |
|  | **Professional Services — 0.9%** | **Professional Services — 0.9%** | **Professional Services — 0.9%** |  |
| 590000 | Parsons Corp. | 2.63% | 03/01/29 | 624810 |
|  | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |  |
| 274000 | Federal Realty OP, L.P. (a) | 3.25% | 01/15/29 | 273589 |
|  | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |  |
| 703000 | MACOM Technology Solutions Holdings, Inc. (a) | (d) | 12/15/29 | 660046 |
| 823000 | MKS Instruments, Inc. (a) | 1.25% | 06/01/30 | 709781 |
| 376000 | ON Semiconductor Corp. | (d) | 05/01/27 | 402753 |
| 583000 | ON Semiconductor Corp. | 0.50% | 03/01/29 | 505315 |
| 270000 | Synaptics, Inc. (a) | 0.75% | 12/01/31 | 238680 |
|  |  |  |  | 2516575 |
|  | **Software — 15.2%** | **Software — 15.2%** | **Software — 15.2%** |  |
| 600000 | BILL Holdings, Inc. (a) | (d) | 04/01/30 | 511800 |
| 310000 | Box, Inc. (a) | 1.50% | 09/15/29 | 304575 |
| 765000 | Datadog, Inc. (a) | (d) | 12/01/29 | 691547 |

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** | **CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)** |
|  | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |  |
| $790000 | Guidewire Software, Inc. (a) | 1.25% | 11/01/29 | $870580 |
| 152000 | HubSpot, Inc. | 0.38% | 06/01/25 | 324900 |
| 109000 | InterDigital, Inc. | 3.50% | 06/01/27 | 284902 |
| 1479000 | MicroStrategy, Inc. (a) | (d) | 12/01/29 | 1352398 |
| 971000 | MicroStrategy, Inc. (a) | (d) | 03/01/30 | 1091210 |
| 424000 | MicroStrategy, Inc. | 0.88% | 03/15/31 | 747724 |
| 405000 | Nutanix, Inc. | 0.25% | 10/01/27 | 539662 |
| 230000 | Nutanix, Inc. (a) | 0.50% | 12/15/29 | 248828 |
| 213000 | Pagaya Technologies Ltd. (a) | 6.13% | 10/01/29 | 235493 |
| 112000 | Palo Alto Networks, Inc. | 0.38% | 06/01/25 | 418466 |
| 267000 | Progress Software Corp. | 3.50% | 03/01/30 | 304135 |
| 258000 | Q2 Holdings, Inc. | 0.75% | 06/01/26 | 286070 |
| 280000 | Riot Platforms, Inc. (a) | 0.75% | 01/15/30 | 214732 |
| 250000 | Unity Software, Inc. (a) | (d) | 03/15/30 | 236125 |
| 494000 | Varonis Systems, Inc. (a) | 1.00% | 09/15/29 | 462933 |
| 425000 | Workiva, Inc. | 1.25% | 08/15/28 | 401306 |
| 448000 | Zscaler, Inc. | 0.13% | 07/01/25 | 674453 |
|  |  |  |  | 10201839 |
|  | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** |  |
| 960000 | Digital Realty Trust, L.P. (a) | 1.88% | 11/15/29 | 999936 |
|  | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |  |
| 287000 | Burlington Stores, Inc. | 1.25% | 12/15/27 | 369082 |
| 577000 | Wayfair, Inc. | 3.25% | 09/15/27 | 537764 |
|  |  |  |  | 906846 |
|  | **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** |  |
| 589000 | Seagate HDD Cayman | 3.50% | 06/01/28 | 746189 |
| 428000 | Western Digital Corp. | 3.00% | 11/15/28 | 581866 |
|  |  |  |  | 1328055 |
|  | **Total Convertible Corporate Bonds and Notes** | **Total Convertible Corporate Bonds and Notes** | **Total Convertible Corporate Bonds and Notes** | 57714526 |
|  | (Cost $52,719,594) | (Cost $52,719,594) | (Cost $52,719,594) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CONVERTIBLE PREFERRED SECURITIES — 11.6%** | **CONVERTIBLE PREFERRED SECURITIES — 11.6%** | **CONVERTIBLE PREFERRED SECURITIES — 11.6%** | **CONVERTIBLE PREFERRED SECURITIES — 11.6%** | **CONVERTIBLE PREFERRED SECURITIES — 11.6%** |
|  | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |  |
| 31125 | Boeing (The) Co. | 6.00% | 10/15/27 | 1910452 |
|  | **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |  |
| 930 | Bank of America Corp., Series L | 7.25% | (e) | 1088174 |
| 1030 | Wells Fargo & Co., Series L | 7.50% | (e) | 1196860 |
|  |  |  |  | 2285034 |
|  | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |  |
| 8600 | Ares Management Corp., Series B | 6.75% | 10/01/27 | 424582 |
| 13105 | KKR & Co., Inc., Series D | 6.25% | 03/01/28 | 628123 |
|  |  |  |  | 1052705 |
|  | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |  |
| 10000 | Albemarle Corp. | 7.25% | 03/01/27 | 306300 |
|  | **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |  |
| 13230 | Apollo Global Management, Inc. | 6.75% | 07/31/26 | 954148 |

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CONVERTIBLE PREFERRED SECURITIES (Continued)** | **CONVERTIBLE PREFERRED SECURITIES (Continued)** | **CONVERTIBLE PREFERRED SECURITIES (Continued)** | **CONVERTIBLE PREFERRED SECURITIES (Continued)** | **CONVERTIBLE PREFERRED SECURITIES (Continued)** |
|  | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |  |
| 5025 | BrightSpring Health Services, Inc. | 6.75% | 02/01/27 | $315068 |
|  | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |  |
| 8185 | Microchip Technology, Inc. | 7.50% | 03/15/28 | 388460 |
|  | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |  |
| 11490 | Hewlett Packard Enterprise Co. | 7.63% | 09/01/27 | 576798 |
|  | **Total Convertible Preferred Securities** | **Total Convertible Preferred Securities** | **Total Convertible Preferred Securities** | 7788965 |
|  | (Cost $7,553,229) | (Cost $7,553,229) | (Cost $7,553,229) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.7%** | **MONEY MARKET FUNDS — 1.7%** | **MONEY MARKET FUNDS — 1.7%** |
| 1124929 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (f) | 1124929 |
|  | (Cost $1,124,929) |  |
|  | **Total Investments — 99.4%** | 66628420 |
|  | (Cost $61,397,752) |  |
|  | **Net Other Assets and Liabilities — 0.6%** | 385012 |
|  | **Net Assets — 100.0%** | $67013432 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 "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 $23,009,964 or 34.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees,
 and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April
 30, 2025, securities noted as such are valued at $1,271,785 or 1.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security's value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial
 Statements).

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual
 maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of April 30, 2025.

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

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

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&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>|
| Convertible Corporate Bonds and Notes: |  |  |  |  |
| Capital Markets | $2364361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1092576 | &nbsp;&nbsp; $1271785 |
| Other Industry Categories\* | 55350165 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55350165 | &nbsp;&nbsp; — |
| Convertible Preferred Securities\* | 7788965 | &nbsp;&nbsp; 7788965 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 1124929 | &nbsp;&nbsp; 1124929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $66628420 | &nbsp;&nbsp; $8913894 | &nbsp;&nbsp; $56442741 | &nbsp;&nbsp; $1271785 |

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $66628420 |
| Receivables: |  |
| Interest | 232164 |
| Investment securities sold | 194926 |
| Dividends | 10575 |
| Total Assets | 67066085 |
| **LIABILITIES:** |  |
| Investment advisory fees payable | 52653 |
| Total Liabilities | 52653 |
| **NET ASSETS** | $67013432 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $86601419 |
| Par value | 19000 |
| Accumulated distributable earnings (loss) | (19606987)<br>|
| **NET ASSETS** | $67013432 |
| **NET ASSET VALUE,** per share | $35.27 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 1900002 |
| Investments, at cost | $61397752 |

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $304229 |
| Interest | (509275)<br>|
| Total investment income | (205046)<br>|
| **EXPENSES:** |  |
| Investment advisory fees | 395091<br>|
| Total expenses | 395091 |
| **NET INVESTMENT INCOME (LOSS)** | (600137)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | 3230011 |
| In-kind redemptions | 172498 |
| Net realized gain (loss) | 3402509 |
| Net change in unrealized appreciation (depreciation) on investments | (4305143)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (902634)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1502771)<br>|

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(600137)<br>| &nbsp;&nbsp; $(415708)<br>|
| Net realized gain (loss) | 3402509 | &nbsp;&nbsp; 6240836 |
| Net change in unrealized appreciation (depreciation) | (4305143)<br>| &nbsp;&nbsp; 11356359 |
| Net increase (decrease) in net assets resulting from operations | (1502771)<br>| &nbsp;&nbsp; 17181487 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (975501)<br>| &nbsp;&nbsp; (1502941)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 25924598<br>| &nbsp;&nbsp; 34891381<br>|
| Cost of shares redeemed | (26131191) <br>| &nbsp;&nbsp; (62561618) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | (206593)<br>| &nbsp;&nbsp; (27670237)<br>|
| Total increase (decrease) in net assets | (2684865)<br>| &nbsp;&nbsp; (11991691)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 69698297 | &nbsp;&nbsp; 81689988 |
| End of period | $67013432 | &nbsp;&nbsp; $69698297 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 1950002 | &nbsp;&nbsp; 2750002 |
| Shares sold | 700000 | &nbsp;&nbsp; 1050000 |
| Shares redeemed | (750000)<br>| &nbsp;&nbsp; (1850000)<br>|
| Shares outstanding, end of period | 1900002 | &nbsp;&nbsp; 1950002 |

---

See Notes to Financial Statements

------

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $35.74 | &nbsp;&nbsp;&nbsp;&nbsp; $29.71 | &nbsp;&nbsp;&nbsp;&nbsp; $32.12 | &nbsp;&nbsp;&nbsp;&nbsp; $52.22 | &nbsp;&nbsp;&nbsp;&nbsp; $40.14 | &nbsp;&nbsp;&nbsp;&nbsp; $31.57 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | (0.26) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55) <br>|
| Net realized and unrealized gain (loss) | 0.21<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.65<br>|
| Total from investment operations | (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>|
| Net asset value, end of period | $35.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.14<br>|
| **Total return** (c) | (0.17)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.08)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.76)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.10<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $67013<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69698<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81690<br>| &nbsp;&nbsp;&nbsp;&nbsp; $173454<br>| &nbsp;&nbsp;&nbsp;&nbsp; $305460<br>| &nbsp;&nbsp;&nbsp;&nbsp; $236802<br>|
| Ratio of total expenses to average net assets | 0.95<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (1.44)% (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.32)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.44)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.60)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.36)% <br>|
| Portfolio turnover rate (e) | 67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 100<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 135<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 119<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust SSI Strategic Convertible Securities ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "FCVT" on Nasdaq, Inc. ("Nasdaq"). The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The investment objective of the Fund is to seek total return. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of U.S. and non-U.S. convertible securities. There can be no assurances that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

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

Convertible corporate bonds, notes and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

------

**Notes to Financial Statements (Continued)**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

6)

bids and offers; and

7)

reference data including market research publications.

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

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

Fair valuation of a debt security will be based on the consideration of all available information, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of the security;

6)

the financial statements of the issuer;

7)

the credit quality and cash flow of the issuer, based on the sub-advisor's or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer's management;

13)

the prospects for the issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry; and

14)

other relevant factors.

Fair valuation of an equity security will be based on the consideration of all available information, including, but not limited to, the following:

1)

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

------

**Notes to Financial Statements (Continued)**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

The Fund invests in convertible securities that are acquired at a price significantly above the principal value. Consequently, the amortization of premium may exceed the interest income earned on the securities.

**C. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

------

**Notes to Financial Statements (Continued)**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $1502941 |
| Capital gains |  |
| Return of capital |  |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $726335 |
| Accumulated capital and other gain (loss) | (26292938)<br>|
| Net unrealized appreciation (depreciation) | 8437888 |

---

**D. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $26,292,938 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

During the fiscal year ended October 31, 2024, the Fund utilized $2,044,046 of non-expiring capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $61397752 | &nbsp;&nbsp; $6656819 | &nbsp;&nbsp; $(1426151)<br>| &nbsp;&nbsp; $5230668 |

---

**E. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**F. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the

------

**Notes to Financial Statements (Continued)**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for supervising the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

The Fund and First Trust have retained SSI Investment Management LLC ("SSI" or the "Sub-Advisor") to serve as its investment sub-advisor. In this capacity, SSI is responsible for the selection and on-going monitoring of the securities in the Fund's investment portfolio. Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust will supervise SSI and its management of the investment of the Fund's assets and will pay SSI for its services as the Fund's sub-advisor. SSI receives a sub-advisory fee from First Trust equal to 50% of any remaining monthly investment management fee paid to First Trust after the average Fund expenses accrued during the most recent twelve months are subtracted from the investment management fee in a given month. During any period in which the Advisor's management fee is reduced in accordance with the breakpoints described below, the investment sub-advisory fee (which is based on the Advisor's management fee) paid to SSI will be reduced to reflect the reduction in the Advisor's management fee.

First Trust will also be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.95000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.92625<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.90250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.87875<br> %<br>|
| Fund net assets greater than $10 billion | 0.85500<br> %<br>|

---

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

------

**Notes to Financial Statements (Continued)**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

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

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $51,851,315 and $57,715,415, respectively.

For the six months ended April 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were $7,295,540 and $3,535,594, respectively.

**5. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**7. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

------

**Notes to Financial Statements (Continued)**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

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

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust SSI Strategic Convertible Securities ETF (FCVT)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

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

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

![](imgc35bf20f1.gif)

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

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

First Trust Long Duration Opportunities ETF (LGOV)<br>

------

**Table of Contents** 

**First Trust Long Duration Opportunities ETF (LGOV)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_SOI-TOC-ScheduleofInvestments-4205_1) | 1 |
| [Statement of Assets and Liabilities](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_SAL1-TOC-StatementofAssetsandLiabilities-4205_1) | 8 |
| [Statement of Operations](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_SOP1-TOC-StatementofOperations-4205_1) | 9 |
| [Statements of Changes in Net Assets](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_SOC1-TOC-StatementofChanges-4205_1) | 10 |
| [Financial Highlights](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_FIHI-TOC-FinancialHighlights-4205_1) | 11 |
| [Notes to Financial Statements](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_NTF-TOC-NotestoFinancialStatements-4205_1) | 12 |
| [Other Information](#xx_c7cfd15b-8f8a-495a-add5-adf215f6d6a5_AI-TOC-AdditionalInformation-4205_1) | 22 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Long Duration Opportunities ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**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** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 76.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 76.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 76.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 76.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 76.1%** |
|  | **Collateralized Mortgage Obligations — 48.6%** | **Collateralized Mortgage Obligations — 48.6%** | **Collateralized Mortgage Obligations — 48.6%** |  |
|  | FARM Mortgage Trust |  |  |  |
| $3750000 | Series 2024-1, Class A2 (a) (b) | 4.70% | 10/01/53 | $3209154 |
| 3250000 | Series 2024-2, Class A2 (a) (b) | 5.19% | 08/01/54 | 3020308 |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| 3932064 | Series 2015-4471, Class JB | 3.50% | 09/15/43 | 3334077 |
| 6168437 | Series 2015-4499, Class CZ | 3.50% | 08/15/45 | 5339594 |
| 4744578 | Series 2017-4680, Class YZ | 3.50% | 05/15/47 | 4225729 |
| 4442000 | Series 2017-4738, Class TY | 3.00% | 12/15/47 | 3554204 |
| 3294935 | Series 2017-4745, Class CZ | 3.50% | 01/15/48 | 2997713 |
| 4752762 | Series 2019-4924, Class XB | 3.00% | 10/25/49 | 3510706 |
| 7727386 | Series 2021-5135, Class BZ | 2.50% | 08/25/51 | 4670723 |
| 3707660 | Series 2021-5140, Class ZD | 2.00% | 08/25/51 | 2210597 |
| 12954961 | Series 2021-5179, Class GZ | 2.00% | 01/25/52 | 7174124 |
| 17592456 | Series 2022-5202, Class ZN | 3.00% | 05/25/51 | 12070469 |
| 6368621 | Series 2022-5204, Class HZ | 2.50% | 03/25/52 | 3939466 |
| 13338822 | Series 2022-5213, Class DB | 3.00% | 04/25/52 | 11444808 |
| 7420000 | Series 2022-5224, Class HL | 4.00% | 04/25/52 | 6842897 |
| 6127213 | Series 2022-5243, Class ZB | 3.50% | 06/15/43 | 4988622 |
| 22208979 | Series 2023-5299, Class ZA | 3.00% | 03/25/52 | 16027696 |
|  | Federal Home Loan Mortgage Corporation Seasoned Loans <br> Structured Transaction Trust |  |  |  |
| 10000000 | Series 2024-2, Class A2 (a) | 3.25% | 10/25/34 | 8617806 |
|  | Federal National Mortgage Association |  |  |  |
| 1095175 | Series 2005-74, Class NZ | 6.00% | 09/25/35 | 1167736 |
| 24422597 | Series 2012-134, Class ZC | 2.50% | 12/25/42 | 18948440 |
| 1529917 | Series 2013-19, Class ZD | 3.50% | 03/25/43 | 1355989 |
| 6203000 | Series 2013-95, Class PY | 3.00% | 09/25/43 | 4901086 |
| 4562468 | Series 2015-89, Class CZ | 4.00% | 08/25/45 | 4231893 |
| 7449788 | Series 2016-44, Class ZD | 3.00% | 07/25/46 | 6023225 |
| 7208539 | Series 2016-94, Class MB | 2.50% | 12/25/46 | 5581608 |
| 3121658 | Series 2018-76, Class ZL | 4.00% | 10/25/58 | 2859862 |
| 2301056 | Series 2018-84, Class ZM | 4.00% | 11/25/48 | 2143860 |
| 8454264 | Series 2022-22, Class HZ | 2.50% | 05/25/52 | 5819840 |
| 1979241 | Series 2023-44, Class PO, PO | (c) | 10/25/53 | 1524772 |
| 10694733 | Series 2023-59, Class CZ | 2.50% | 11/25/49 | 7193698 |
| 15500000 | Series 2024-6, Class AL | 2.00% | 03/25/44 | 11724992 |
| 10849731 | Series 2024-20, Class QZ | 4.00% | 10/25/45 | 9715292 |
| 10659398 | Series 2024-20, Class ZA | 4.00% | 10/25/45 | 9549334 |
| 4836722 | Series 2024-20, Class ZQ | 4.00% | 10/25/45 | 4245669 |
| 12877110 | Series 2024-26, Class PO, PO | (c) | 05/25/54 | 10091751 |
|  | Government National Mortgage Association |  |  |  |
| 1292000 | Series 2010-61, Class KE | 5.00% | 05/16/40 | 1288511 |
| 10469280 | Series 2014-26, Class MZ | 3.00% | 02/20/44 | 9250591 |
| 7216045 | Series 2014-94, Class Z | 4.50% | 01/20/44 | 6992356 |
| 2280676 | Series 2015-164, Class MZ | 3.00% | 09/20/45 | 1762371 |
| 6000000 | Series 2016-83, Class BP | 3.00% | 06/20/46 | 4995772 |
| 4777122 | Series 2016-111, Class PB | 2.50% | 08/20/46 | 3488560 |
| 11105382 | Series 2018-53, Class BZ | 3.50% | 04/20/48 | 9784115 |
| 3510000 | Series 2022-30, Class AL | 3.00% | 02/20/52 | 2512463 |
| 13475374 | Series 2022-124, Class MY | 3.50% | 07/20/52 | 11572999 |

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** | **Collateralized Mortgage Obligations (Continued)** |  |
|  | Government National Mortgage Association (Continued) |  |  |  |
| $10147137 | Series 2022-128, Class PN | 4.00% | 07/20/52 | $9034181 |
| 4775400 | Series 2022-137, Class JY | 4.00% | 08/20/52 | 4265237 |
| 3200000 | Series 2022-139, Class AL | 4.00% | 07/20/51 | 2896289 |
| 13700000 | Series 2023-81, Class YD | 4.00% | 06/20/53 | 12240216 |
| 16933517 | Series 2023-164, Class AZ | 3.00% | 01/20/52 | 12109978 |
| 5135646 | Series 2024-1, Class ZE | 4.00% | 01/20/44 | 4666509 |
| 7674980 | Series 2024-1, Class ZH | 5.00% | 05/20/46 | 7747507 |
| 10157159 | Series 2024-43, Class EZ | 3.50% | 04/20/52 | 7825001 |
| 19436635 | Series 2024-59, Class Z | 1.25% | 07/20/50 | 10758298 |
| 3280000 | Series 2025-JP7382, Class SB (d) (e) (f) | 0.00% | 01/01/55 | 3079100 |
|  |  |  |  | 340527794 |
|  | **Commercial Mortgage-Backed Securities — 12.4%** | **Commercial Mortgage-Backed Securities — 12.4%** | **Commercial Mortgage-Backed Securities — 12.4%** |  |
|  | Federal Home Loan Mortgage Corporation Multiclass Certificates |  |  |  |
| 4722428 | Series 2020-RR14, Class X, IO (b) | 2.13% | 03/27/34 | 658449 |
|  | Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass Through Certificates |  |  |  |
| 3727000 | Series 2018-K155, Class A3 | 3.75% | 04/25/33 | 3540182 |
| 13065000 | Series 2018-K157, Class A3 | 3.99% | 08/25/33 | 12591438 |
| 1936000 | Series 2019-K095, Class XAM, IO (b) | 1.38% | 06/25/29 | 90935 |
| 2050000 | Series 2019-K1510, Class A3 | 3.79% | 01/25/34 | 1942885 |
| 17143868 | Series 2019-K1511, Class X1, IO (b) | 0.93% | 03/25/34 | 810495 |
| 485000 | Series 2019-K1512, Class A3 | 3.06% | 04/25/34 | 431649 |
| 1800000 | Series 2019-K1514, Class A2 | 2.86% | 10/25/34 | 1562401 |
| 9960382 | Series 2020-K111, Class XAM, IO (b) | 1.91% | 05/25/30 | 792303 |
| 7550000 | Series 2020-K120, Class XAM, IO (b) | 1.31% | 10/25/30 | 433171 |
| 7606523 | Series 2020-K1515, Class X1, IO (b) | 1.63% | 02/25/35 | 766796 |
| 18297919 | Series 2020-K1516, Class X1, IO (b) | 1.63% | 05/25/35 | 1994841 |
| 2142000 | Series 2020-K1517, Class A2 | 1.72% | 07/25/35 | 1661499 |
| 45358557 | Series 2021-K129, Class X1, IO (b) | 1.14% | 05/25/31 | 2132678 |
| 25500000 | Series 2021-K131, Class XAM, IO (b) | 1.04% | 07/25/31 | 1303540 |
| 2570000 | Series 2021-K1519, Class A2 | 2.01% | 12/25/35 | 2003146 |
| 186944000 | Series 2022-K140, Class XAM, IO (b) | 0.40% | 01/25/32 | 3447363 |
| 30502250 | Series 2022-K143, Class XAM, IO (b) | 0.50% | 04/25/55 | 731118 |
| 1450000 | Series 2022-K145, Class A2 | 2.58% | 05/25/32 | 1293542 |
| 6000000 | Series 2022-K146, Class A2 | 2.92% | 06/25/32 | 5469169 |
| 120819351 | Series 2023-K153, Class X1, IO (b) | 0.60% | 12/25/32 | 3763257 |
| 5000000 | Series 2023-KG08, Class A2 | 4.13% | 05/25/33 | 4889254 |
| 6000000 | Series 2024-K164, Class A2 | 5.00% | 05/25/34 | 6193062 |
| 37000000 | Series 2024-K165, Class XAM, IO (b) | 1.09% | 09/25/34 | 2622360 |
| 116051000 | Series 2024-K167, Class XAM, IO (b) | 0.55% | 11/25/34 | 3861342 |
| 10000000 | Series 2024-KJ52, Class A2 | 4.76% | 01/25/32 | 10152434 |
|  | Federal National Mortgage Association Alternative Credit <br> Enhancement Securities |  |  |  |
| 13081573 | Series 2024-M3, Class Z (b) | 4.66% | 04/25/53 | 10904048 |
|  | Government National Mortgage Association |  |  |  |
| 929178 | Series 2020-159, Class Z (g) | 2.50% | 10/16/62 | 341910 |
| 510769 | Series 2020-197, Class Z (b) | 2.25% | 10/16/62 | 160840 |

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Government National Mortgage Association (Continued) |  |  |  |
| $220162 | Series 2021-4, Class Z (b) | 2.00% | 09/16/62 | $60880 |
| 947075 | Series 2021-28, Class Z (b) | 2.00% | 10/16/62 | 293084 |
|  |  |  |  | 86900071 |
|  | **Pass-Through Securities — 15.1%** | **Pass-Through Securities — 15.1%** | **Pass-Through Securities — 15.1%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 12444882 | Pool SD7509  | 3.00% | 11/01/49 | 11009629 |
| 17052935 | Pool SD7550  | 3.00% | 02/01/52 | 15069287 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 5030043 | Pool BM7421  | 2.00% | 03/01/51 | 3930433 |
| 14099819 | Pool FM9712  | 3.50% | 11/01/50 | 12982347 |
| 7365410 | Pool FS2459  | 3.00% | 02/01/52 | 6537196 |
| 10000000 | Pool TBA  | 3.00% | 05/15/55 | 8680147 |
| 7000000 | Pool TBA  | 3.50% | 05/15/55 | 6318354 |
| 5000000 | Pool TBA (h) | 4.00% | 05/15/55 | 4660392 |
| 10000000 | Pool TBA (h) | 5.50% | 05/15/55 | 9979975 |
| 10000000 | Pool TBA  | 3.00% | 06/15/55 | 8680928 |
| 4000000 | Pool TBA (h) | 3.50% | 06/15/55 | 3609551 |
| 10000000 | Pool TBA (h) | 4.00% | 06/15/55 | 9318439 |
| 5000000 | Pool TBA (h) | 5.50% | 06/15/55 | 4986276 |
|  |  |  |  | 105762954 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 533190819 |
|  | (Cost $534,534,761) | (Cost $534,534,761) | (Cost $534,534,761) |  |
| **U.S. GOVERNMENT BONDS AND NOTES — 24.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.9%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.9%** |
| 10000000 | U.S. Treasury Bond  | 4.38% | 08/15/43 | 9645312 |
| 13200000 | U.S. Treasury Bond  | 4.75% | 11/15/43 | 13340508 |
| 12500000 | U.S. Treasury Bond  | 4.50% | 02/15/44 | 12218018 |
| 10300000 | U.S. Treasury Bond  | 4.75% | 02/15/45 | 10373227 |
| 3000000 | U.S. Treasury Bond  | 2.50% | 05/15/46 | 2093906 |
| 13100000 | U.S. Treasury Bond  | 2.25% | 08/15/46 | 8670818 |
| 7400000 | U.S. Treasury Bond  | 3.00% | 02/15/47 | 5614027 |
| 7000000 | U.S. Treasury Bond  | 2.75% | 08/15/47 | 5044238 |
| 10000000 | U.S. Treasury Bond  | 2.75% | 11/15/47 | 7188477 |
| 8000000 | U.S. Treasury Bond  | 3.00% | 02/15/48 | 6007812 |
| 10000000 | U.S. Treasury Bond  | 3.13% | 05/15/48 | 7670508 |
| 5300000 | U.S. Treasury Bond  | 3.00% | 08/15/48 | 3961543 |
| 18500000 | U.S. Treasury Bond  | 3.38% | 11/15/48 | 14784463 |
| 5500000 | U.S. Treasury Bond  | 3.00% | 02/15/49 | 4095244 |
| 10650000 | U.S. Treasury Bond  | 2.25% | 08/15/49 | 6750061 |
| 7500000 | U.S. Treasury Bond  | 4.63% | 02/15/55 | 7422656 |
| 13000000 | U.S. Treasury Note  | 4.25% | 01/15/28 | 13219121 |
| 2000000 | U.S. Treasury Note  | 3.88% | 03/15/28 | 2016641 |
| 5000000 | U.S. Treasury Note  | 4.00% | 03/31/30 | 5062891 |
| 6000000 | U.S. Treasury Note  | 4.13% | 03/31/32 | 6072188 |
| 7000000 | U.S. Treasury Note  | 4.25% | 11/15/34 | 7054688 |
| 15400000 | U.S. Treasury Note  | 4.63% | 02/15/35 | 15978703 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 174285050 |
|  | (Cost $171,659,917) | (Cost $171,659,917) | (Cost $171,659,917) |  |

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 4.6%** | **U.S. GOVERNMENT AGENCY SECURITIES — 4.6%** | **U.S. GOVERNMENT AGENCY SECURITIES — 4.6%** | **U.S. GOVERNMENT AGENCY SECURITIES — 4.6%** | **U.S. GOVERNMENT AGENCY SECURITIES — 4.6%** |
| $11329000 | Tennessee Valley Authority  | 4.25% | 09/15/52 | $9467480 |
| 13160000 | Tennessee Valley Authority  | 5.25% | 02/01/55 | 12860456 |
| 10000000 | Tennessee Valley Authority  | 5.38% | 04/01/56 | 10031748 |
|  | **Total U.S. Government Agency Securities** | **Total U.S. Government Agency Securities** | **Total U.S. Government Agency Securities** | 32359684 |
|  | (Cost $34,015,251) | (Cost $34,015,251) | (Cost $34,015,251) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS — 0.1%** | **EXCHANGE-TRADED FUNDS — 0.1%** | **EXCHANGE-TRADED FUNDS — 0.1%** |
|  | **Capital Markets — 0.1%** |  |
| 30783 | First Trust Intermediate Government Opportunities ETF (i) | 623630 |
|  | (Cost $602,205) |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** |
| 5000000 | U.S. Treasury Bill <br> (c) | 05/27/25 | 4984755 |
|  | (Cost $4,984,736) |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.7%** | **MONEY MARKET FUNDS — 1.7%** | **MONEY MARKET FUNDS — 1.7%** |
| 11800462 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.18% (j) | 11800462 |
|  | (Cost $11,800,462) |  |
|  | **Total Investments — 108.1%** | 757244400 |
|  | (Cost $757,597,332) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (1.5)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (1.5)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (1.5)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (1.5)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (1.5)%** |
|  | **Pass-Through Securities — (1.5)%** | **Pass-Through Securities — (1.5)%** | **Pass-Through Securities — (1.5)%** |  |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |  |
| $(10000000) | Pool TBA (h) | 6.00% | 06/15/55 | (10138252)<br>|
|  | **Total Investments Sold Short — (1.5)%** | **Total Investments Sold Short — (1.5)%** | **Total Investments Sold Short — (1.5)%** | (10138252)<br>|
|  | (Proceeds $10,112,695) | (Proceeds $10,112,695) | (Proceeds $10,112,695) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** |
|  | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** |  |
| (100) | U.S. 5-Year Treasury Futures Call  | $(10932031)<br>| $110.50 | 08/22/25 | (72656)<br>|
| (50) | U.S. 10-Year Treasury Futures Call  | (5617188)<br>| 113.50 | 08/22/25 | (62500)<br>|
| (100) | U.S. 10-Year Treasury Futures Call  | (11234375)<br>| 114.00 | 08/22/25 | (109375)<br>|
| (100) | U.S. 10-Year Treasury Futures Call  | (11234375)<br>| 116.00 | 08/22/25 | (59375)<br>|
| (100) | U.S. 10-Year Treasury Futures Call  | (11234375)<br>| 116.50 | 08/22/25 | (50000)<br>|
| (50) | U.S. 10-Year Treasury Futures Call  | (5617188)<br>| 117.00 | 08/22/25 | (21094)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (5831250)<br>| 123.00 | 05/23/25 | (9375)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (92188)<br>| 122.00 | 06/20/25 | (30469)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (92188)<br>| 126.00 | 06/20/25 | (13281)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (96875)<br>| 126.00 | 07/25/25 | (25000)<br>|

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of**<br> **Contracts**<br>| **Description** | **Notional**<br> **Amount**<br>| **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** |
|  | **Call Options Written (Continued)** | **Call Options Written (Continued)** | **Call Options Written (Continued)** | **Call Options Written (Continued)** |  |
| (50) | U.S. Treasury Long Bond Futures Call  | $(5814063)<br>| $121.00 | 08/22/25 | $(82812)<br>|
| (65) | U.S. Treasury Long Bond Futures Call  | (7558281)<br>| 125.00 | 08/22/25 | (55859)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (5814063)<br>| 127.00 | 08/22/25 | (30469)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (5814063)<br>| 128.00 | 08/22/25 | (26563)<br>|
| (50) | U.S. Treasury Long Bond Futures Call  | (5814063)<br>| 129.00 | 08/22/25 | (22656)<br>|
| (93) | U.S. Treasury Long Bond Futures Call  | (10814156)<br>| 131.00 | 08/22/25 | (31969)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (703453)<br>|
|  | (Premiums received $702,462) | (Premiums received $702,462) | (Premiums received $702,462) | (Premiums received $702,462) |  |
|  | **Put Options Written — (0.0)%** | **Put Options Written — (0.0)%** | **Put Options Written — (0.0)%** | **Put Options Written — (0.0)%** |  |
| (250) | 3 Month SOFR Futures Put  | (59781250)<br>| 96.00 | 03/13/26 | (65625)<br>|
| (100) | 3 Month SOFR Futures Put  | (24173750)<br>| 95.00 | 12/11/26 | (24375)<br>|
| (100) | 3 Month SOFR Futures Put  | (24173750)<br>| 95.75 | 12/11/26 | (46875)<br>|
| (100) | U.S. 5-Year Treasury Futures Put  | (10932031)<br>| 104.50 | 08/22/25 | (7031)<br>|
| (50) | U.S. 5-Year Treasury Futures Put  | (5466016)<br>| 105.75 | 08/22/25 | (7813)<br>|
| (100) | U.S. 5-Year Treasury Futures Put  | (10932031)<br>| 106.00 | 08/22/25 | (18750)<br>|
| (50) | U.S. 10-Year Treasury Futures Put  | (48438)<br>| 108.50 | 06/20/25 | (7813)<br>|
| (50) | U.S. 10-Year Treasury Futures Put  | (5617188)<br>| 107.00 | 08/22/25 | (14062)<br>|
| (50) | U.S. Treasury Long Bond Futures Put  | (5814063)<br>| 104.00 | 08/22/25 | (24219)<br>|
| (50) | U.S. Treasury Long Bond Futures Put  | (5814063)<br>| 108.00 | 08/22/25 | (47656)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (264219)<br>|
|  | (Premiums received $725,537) | (Premiums received $725,537) | (Premiums received $725,537) | (Premiums received $725,537) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (967672)<br>|
|  | (Premiums received $1,427,999) | (Premiums received $1,427,999) | (Premiums received $1,427,999) | (Premiums received $1,427,999) |  |
|  | **Net Other Assets and Liabilities — (6.5)%** | **Net Other Assets and Liabilities — (6.5)%** | **Net Other Assets and Liabilities — (6.5)%** | **Net Other Assets and Liabilities — (6.5)%** | (45590419)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $700548057 |

---

**Futures Contracts at April 30, 2025** (See Note 2D - Futures Contracts in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Long** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| U.S. 2-Year Treasury Notes | 298 | Jun-2025 | &nbsp;&nbsp; $62028235 | &nbsp;&nbsp; $132263 |
| U.S. 5-Year Treasury Notes | 1282 | Jun-2025 | &nbsp;&nbsp; 139988391 | &nbsp;&nbsp; 2089820 |
| U.S. 10-Year Treasury Notes | 1222 | Jun-2025 | &nbsp;&nbsp; 137131312 | &nbsp;&nbsp; 2112624 |
| Ultra U.S. Treasury Bond Futures | 389 | Jun-2025 | &nbsp;&nbsp; 47081156 | &nbsp;&nbsp; (755611)<br>|
|  |  |  | &nbsp;&nbsp; $386229094 | &nbsp;&nbsp; $3579096 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** |  |  |  |  |
| U.S. Treasury Long Bond Futures | 1488 | Jun-2025 | &nbsp;&nbsp; $(173538000)<br>| &nbsp;&nbsp; $(720415)<br>|
| Ultra 10-Year U.S. Treasury Notes | 526 | Jun-2025 | &nbsp;&nbsp; (60350281)<br>| &nbsp;&nbsp; (739526)<br>|
|  |  |  | &nbsp;&nbsp; $(233888281)<br>| &nbsp;&nbsp; $(1459941)<br>|
|  |  | &nbsp;&nbsp; Total | &nbsp;&nbsp; $152340813 | &nbsp;&nbsp; $2119155 |

---

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

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 $14,847,268 or 2.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral
 Strip Rate security. Coupon is based on the weighted net interest rate of the investment's underlying collateral. The interest
 rate resets periodically.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Inverse
 floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees,
 and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April
 30, 2025, securities noted as such are valued at $3,079,100 or 0.4% of net assets.

&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;(g) Weighted
 Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have different
 coupons. The coupon may change in any period.

&nbsp;&nbsp;&nbsp;&nbsp;(h) All
 or a portion of this security is part of a mortgage dollar roll agreement (see Note 2I - Mortgage Dollar Rolls and TBA Transactions
 in the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Investment
 in an affiliated fund.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate
 shown reflects yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| IO | – Interest-Only Security - Principal amount shown represents par value on which interest payments are based |
| PO | – Principal-Only Security |
| SOFR | – Secured Overnight Financing Rate |
| TBA | – To-Be-Announced Security |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| U.S. Government Agency Mortgage-Backed <br> Securities<br>| $533190819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $533190819 | &nbsp;&nbsp; $— |
| U.S. Government Bonds and Notes | 174285050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174285050 | &nbsp;&nbsp; — |
| U.S. Government Agency Securities | 32359684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32359684 | &nbsp;&nbsp; — |
| Exchange-Traded Funds\* | 623630 | &nbsp;&nbsp; 623630 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Bills | 4984755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4984755 | &nbsp;&nbsp; — |
| Money Market Funds | 11800462 | &nbsp;&nbsp; 11800462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 757244400 | &nbsp;&nbsp; 12424092 | &nbsp;&nbsp; 744820308 | &nbsp;&nbsp; — |
| Futures Contracts\*\* | 4334707 | &nbsp;&nbsp; 4334707 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $761579107 | &nbsp;&nbsp; $16758799 | &nbsp;&nbsp; $744820308 | &nbsp;&nbsp; $— |

---

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

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| U.S. Government Agency Mortgage-Backed <br> Securities Sold Short<br>| $(10138252)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10138252)<br>| &nbsp;&nbsp; $— |
| Written Options | (967672)<br>| &nbsp;&nbsp; (967672)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures Contracts\*\* | (2215552)<br>| &nbsp;&nbsp; (2215552)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $(13321476)<br>| &nbsp;&nbsp; $(3183224)<br>| &nbsp;&nbsp; $(10138252)<br>| &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities. 

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value - Unaffiliated | $756620770 |
| Investments, at value - Affiliated | 623630 |
| Total investments, at value | 757244400 |
| Due from broker | 190000 |
| Cash segregated as collateral | 5829894 |
| Receivables: |  |
| Investment securities sold | 70027699 |
| Interest | 4190260 |
| Variation margin | 642684 |
| Dividends | 53429 |
| Total Assets | 838178366 |
| **LIABILITIES:** |  |
| Investments sold short, at value | 10138252 |
| Options contracts written, at value | 967672 |
| Payables: |  |
| Investment securities purchased | 126161490 |
| Investment advisory fees | 362895 |
| Total Liabilities | 137630309 |
| **NET ASSETS** | $700548057 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $710530684 |
| Par value | 325000 |
| Accumulated distributable earnings (loss) | (10307627)<br>|
| **NET ASSETS** | $700548057 |
| **NET ASSET VALUE,** per share | $21.56 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 32500002 |
| Investments, at cost - Unaffiliated | $756995127 |
| Investments, at cost - Affiliated | $602205 |
| Total investments, at cost | $757597332 |
| Investments sold short, proceeds | $10112695 |
| Premiums received on options contracts written | $1427999 |

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $15019557 |
| Dividends - Unaffiliated | 304537 |
| Dividends - Affiliated | 11675 |
| Total investment income | 15335769 |
| **EXPENSES:** |  |
| Investment advisory fees | 2066319<br>|
| Total expenses | 2066319 |
| **NET INVESTMENT INCOME (LOSS)** | 13269450 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments - Unaffiliated | (1307266)<br>|
| Investments sold short | 83789 |
| Purchased options contracts | (76258)<br>|
| Written options contracts | 329639 |
| Futures contracts | 4118932 |
| Net realized gain (loss) | 3148836 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments - Unaffiliated | 5090765 |
| Investments - Affiliated | 3885 |
| Investments sold short | (25557)<br>|
| Purchased options contracts | 14324 |
| Written options contracts | 952220 |
| Futures contracts | 623383 |
| Net change in unrealized appreciation (depreciation) | 6659020 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 9807856 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23077306 |

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $13269450 | &nbsp;&nbsp; $17154274 |
| Net realized gain (loss) | 3148836 | &nbsp;&nbsp; (905094)<br>|
| Net increase from payment by the advisor |  | &nbsp;&nbsp; 7880 |
| Net change in unrealized appreciation (depreciation) | 6659020 | &nbsp;&nbsp; 12363375 |
| Net increase (decrease) in net assets resulting from operations | 23077306 | &nbsp;&nbsp; 28620435 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (12824751)<br>| &nbsp;&nbsp; (16213229)<br>|
| Return of capital |  | &nbsp;&nbsp; (775773)<br>|
| Total distributions to shareholders | (12824751)<br>| &nbsp;&nbsp; (16989002)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 108372078<br>| &nbsp;&nbsp; 429113368<br>|
| Cost of shares redeemed | (39325853) <br>| &nbsp;&nbsp; (5490307) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 69046225 | &nbsp;&nbsp; 423623061 |
| Total increase (decrease) in net assets | 79298780 | &nbsp;&nbsp; 435254494 |
| **NET ASSETS:** |  |  |
| Beginning of period | 621249277 | &nbsp;&nbsp; 185994783 |
| End of period | $700548057 | &nbsp;&nbsp; $621249277 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 29200002 | &nbsp;&nbsp; 9550002 |
| Shares sold | 5150000 | &nbsp;&nbsp; 19900000 |
| Shares redeemed | (1850000)<br>| &nbsp;&nbsp; (250000)<br>|
| Shares outstanding, end of period | 32500002 | &nbsp;&nbsp; 29200002 |

---

See Notes to Financial Statements

------

**First Trust Long Duration Opportunities ETF (LGOV)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $21.28 | &nbsp;&nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $27.71 | &nbsp;&nbsp;&nbsp;&nbsp; $28.97 | &nbsp;&nbsp;&nbsp;&nbsp; $28.04 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br>|
| Net realized and unrealized gain (loss) | 0.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br>|
| Total from investment operations | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13) <br>|
| Net asset value, end of period | $21.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28.97<br>|
| **Total return** (c) | 3.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> % (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.97)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.37)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.46<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $700548<br>| &nbsp;&nbsp;&nbsp;&nbsp; $621249<br>| &nbsp;&nbsp;&nbsp;&nbsp; $185995<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18214<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33251<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21725<br>|
| Ratio of total expenses to average net assets (d) | 0.65<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % (f)<br>|
| Ratio of net investment income (loss) to average <br> net assets (d)<br>| 4.17<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> % <br>|
| Portfolio turnover rate (g) | 61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 182<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 218<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142<br> % (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174<br> % (h)<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund received a payment from the advisor in the amount of $7,880, which represents less than $0.01 per share. Since the advisor reimbursed the
 Fund, there was no effect on the Fund's total return.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 excise tax. If this excise tax expense was not included, the expense ratio would have been 0.65%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 portfolio turnover rate not including mortgage dollar rolls was 69%, 69% and 118% for the years ended October 31, 2022, October 31, 2021 and
 October 31, 2020, respectively.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Long Duration Opportunities ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "LGOV" on NYSE Arca, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's primary investment objective is to generate current income with a focus on preservation of capital. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in a portfolio of investment-grade debt securities issued or guaranteed by the U.S. government, its agencies or government-sponsored entities, including publicly-issued U.S. Treasury securities and mortgage-related securities. The Fund may also invest in ETFs that principally invest in such securities. The Fund's investments in mortgage-related securities may include investments in fixed or adjustable-rate securities structured as "pass-through" securities and collateralized mortgage obligations, including residential and commercial mortgage-backed securities, stripped mortgage-backed securities and real estate mortgage investment conduits. The Fund will invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). The Fund may purchase government-sponsored mortgage-related securities in "to-be-announced" transactions ("TBA Transactions"), including mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund's portfolio managers. In addition to its investment in securities issued or guaranteed by the U.S. government, its agencies and government-sponsored entities, the Fund may invest up to 20% of its net assets in other types of debt securities, including privately-issued, non-agency sponsored asset-backed and mortgage-related securities, futures contracts, options, swap agreements, cash and cash equivalents, and ETFs that invest principally in fixed income securities. Further, the Fund may enter into short sales as part of its overall portfolio management strategy, or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets. Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as "junk" bonds, or unrated securities that have not been judged by the portfolio managers to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations, the Fund will consider the highest rating. Under normal market conditions, the portfolio managers will manage the Fund's portfolio to have a weighted average effective duration of eight or more years.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

U.S. government securities, mortgage-backed securities, asset-backed securities, and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

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

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

Exchange-traded futures contracts are valued at the end of the day settlement price.

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only); and

14)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

The Fund invests in interest-only securities. For these securities, if there is a change in the estimated cash flows, based on an evaluation of current information, then the estimated yield is adjusted. Additionally, if the evaluation of current information indicates a permanent impairment of the security, the cost basis of the security is written down and a loss is recognized. Debt obligations may be placed on non-accrual status and the related interest income may be reduced by ceasing current accruals and writing off interest

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held $3,079,100 when-issued or delayed-delivery securities. At April 30, 2025, the Fund held $32,554,633 of forward purchase commitments and $10,138,252 of forward purchase commitments sold short.

**C. Short Sales**

Short sales are utilized to manage interest rate and spread risk, and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund's portfolio. When a Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund's portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

**D. Futures Contracts**

The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in "Net realized gain (loss) on futures contracts" on the Statement of Operations.

Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of "Net change in unrealized appreciation (depreciation) on futures contracts" on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in "Variation margin" payable or receivable on the Statement of Assets and Liabilities.

If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.

**E. Options Contracts**

In the normal course of pursuing its investment objective, the Fund may invest up to 20% of its net assets in derivative instruments in connection with hedging strategies. The Fund may invest in exchange-listed options on U.S. Treasury securities, exchange-listed options on U.S. Treasury futures contracts, exchange-listed U.S. Treasury futures contracts and exchange-listed options on secured overnight financing rate futures contracts. The Fund uses derivative instruments primarily to hedge interest rate risk and actively manage interest rate exposure. The primary risk exposure is interest rate risk.

The Fund may purchase (buy) or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures option contract may be closed out by an offsetting purchase or sale of a futures option of the same series. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in "Options contracts written, at value" on the Statement of Assets and Liabilities. When the Fund purchases (buys) an option, the premium paid represents the cost of the option, which is included in "Premiums paid on options contracts purchased" on the Statement of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option's expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.

The Fund uses options on futures contracts in connection with hedging strategies. Generally, these strategies are applied under the same market and market sector conditions in which the Fund uses put and call options on securities. The purchase of put options on futures contracts is analogous to the purchase of puts on securities so as to hedge the Fund's securities holdings against the risk of declining market prices. The writing of a call option or the purchasing of a put option on a futures contract constitutes a partial hedge against declining prices of securities which are deliverable upon exercise of the futures contract. If the price at expiration of a written call option is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund's holdings of securities. If the price when the option is exercised is above the exercise price, however, the Fund will incur a loss, which may be offset, in whole or in part, by the increase in the value of the securities held by the Fund that were being hedged. Writing a put option or purchasing a call option on a futures contract serves as a partial hedge against an increase in the value of the securities the Fund intends to acquire. Realized gains and losses on written options are included in "Net realized gain (loss) on written options contracts" on the Statement of Operations. Realized gains and losses on purchased options are included in "Net realized gain (loss) on purchased options contracts" on the Statement of Operations.

The Fund is required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. The Fund will pledge in a segregated account at the Fund's custodian, liquid assets, such as cash, U.S. government securities or other high-grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be pledged in the segregated account whenever the total value of the pledged assets falls below the amount due on the underlying obligation.

The risks associated with the use of options on future contracts include the risk that the Fund may close out its position as a writer of an option only if a liquid secondary market exists for such options, which cannot be assured. The Fund's successful use of options on futures contracts depends on the Advisor's ability to correctly predict the movement in prices on futures contracts and the underlying instruments, which may prove to be incorrect. In addition, there may be imperfect correlation between the instruments being hedged and the futures contract subject to option.

**F. Interest-Only Securities**

An interest-only security ("IO Security") is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.

**G. Principal-Only Securities**

A principal-only security ("PO Security") is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

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

**H. Stripped Mortgage-Backed Securities**

**I. Mortgage Dollar Rolls and TBA Transactions**

The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund's investment advisor. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in the Fund. The Fund may also invest in TBA Transactions. A TBA Transaction is a method of trading mortgage-backed securities. TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price.

**J. Affiliated Transactions**

The Fund invests in securities of affiliated funds. The Fund's investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds' financial statements may be found at SEC.gov. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statement of Operations.

Amounts relating to investments in affiliated funds at April 30, 2025, and for the six months then ended are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Shares at <br>4/30/2025<br>| Value at <br>10/31/2024<br>| Purchases | Sales | Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Realized <br>Gain <br>(Loss)<br>| Value at <br>4/30/2025<br>| Dividend <br>Income<br>|
| First Trust Intermediate Government <br> Opportunities ETF<br>| 30783 | $396100 | $223645 | $— | $3885 | $— | $623630 | $11675 |

---

**K. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $16213229 |
| Capital gains |  |
| Return of capital | 775773 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (13067815)<br>|
| Net unrealized appreciation (depreciation) | (7492367)<br>|

---

**L. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $13,067,815 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

During the fiscal year ended October 31, 2024, the Fund utilized $2,890,557 of non-expiring capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $746056638 | &nbsp;&nbsp; $14405242 | &nbsp;&nbsp; $(12204249)<br>| &nbsp;&nbsp; $2200993 |

---

**M. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**N. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

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

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, pro rata share of fees and expenses attributable to investments in other investment companies ("acquired fund fees and expenses"), brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.65000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125<br> %<br>|
| Fund net assets greater than $10 billion | 0.58500<br> %<br>|

---

In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund's total annual operating expenses.

During the year ended October 31, 2024, the Fund received a payment from the Advisor in the amount of $7,880 in connection with a trade error.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2025, were $402,620,354 and $223,645, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2025 were $305,468,236 and $0, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $78,444,537 and $88,649,420, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

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

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Interest Rate Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $967672 |
| Futures contracts | Interest Rate Risk | &nbsp;&nbsp; Unrealized appreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; 4334707 | &nbsp;&nbsp; Unrealized depreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; 2215552 |

---

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

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund's Portfolio of Investments. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| **Interest Rate Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $(76258)<br>|
| Written options contracts | 329639 |
| Futures contracts | 4118932 |
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Purchased options contracts | 14324 |
| Written options contracts | 952220 |
| Futures contracts | 623383 |

---

The average notional value of futures contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $625,010,589.

During the six months ended April 30, 2025, the premiums for purchased options contracts opened were $1,406,467 and the premiums for purchased options contracts closed, exercised and expired were $1,547,354.

During the six months ended April 30, 2025, the premiums for written options contracts opened were $4,126,432 and the premiums for written options contracts closed, exercised and expired were $3,557,517.

The Fund does not have the right to offset financial assets and financial liabilities related to futures and options contracts on the Statement of Assets and Liabilities.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market

------

**Notes to Financial Statements (Continued)**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Long Duration Opportunities ETF (LGOV)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

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

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

![](imgb354268d1.gif)

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

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

First Trust Limited Duration Investment Grade Corporate <br> ETF (FSIG)<br>

------

**Table of Contents** 

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_SOI-TOC-ScheduleofInvestments-4313_1) | 1 |
| [Statement of Assets and Liabilities](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_SAL1-TOC-StatementofAssetsandLiabilities-4313_1) | 10 |
| [Statement of Operations](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_SOP1-TOC-StatementofOperations-4313_1) | 11 |
| [Statements of Changes in Net Assets](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_SOC1-TOC-StatementofChanges-4313_1) | 12 |
| [Financial Highlights](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_FIHI-TOC-FinancialHighlights-4313_1) | 13 |
| [Notes to Financial Statements](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_NTF-TOC-NotestoFinancialStatements-4313_1) | 14 |
| [Other Information](#xx_57fb1424-e23c-4dc7-8183-a8d0a56bdd82_AI-TOC-AdditionalInformation-4313_1) | 21 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Limited Duration Investment Grade Corporate ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**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** |
| **CORPORATE BONDS AND NOTES — 81.7%** | **CORPORATE BONDS AND NOTES — 81.7%** | **CORPORATE BONDS AND NOTES — 81.7%** | **CORPORATE BONDS AND NOTES — 81.7%** | **CORPORATE BONDS AND NOTES — 81.7%** |
|  | **Aerospace/Defense — 1.9%** |  |  |  |
| $2000000 | Howmet Aerospace, Inc. | 5.90% | 02/01/27 | $2049400 |
| 1000000 | Howmet Aerospace, Inc. | 6.75% | 01/15/28 | 1058463 |
| 6000000 | Howmet Aerospace, Inc. | 3.00% | 01/15/29 | 5706616 |
| 3000000 | Howmet Aerospace, Inc. | 4.85% | 10/15/31 | 3016485 |
| 5000000 | Northrop Grumman Corp. | 4.60% | 02/01/29 | 5055542 |
| 3500000 | Northrop Grumman Corp. | 4.40% | 05/01/30 | 3484017 |
| 3500000 | RTX Corp. | 5.75% | 01/15/29 | 3659817 |
|  |  |  |  | 24030340 |
|  | **Banking — 14.8%** |  |  |  |
| 1044000 | American Express Co. (a) | 6.34% | 10/30/26 | 1053465 |
| 3500000 | American Express Co. (a) | 5.39% | 07/28/27 | 3536908 |
| 889000 | American Express Co. (a) | 5.10% | 02/16/28 | 900520 |
| 3000000 | American Express Co. (a) | 4.73% | 04/25/29 | 3028312 |
| 1500000 | American Express Co. (a) | 5.28% | 07/27/29 | 1540369 |
| 1263000 | American Express Co. (a) | 5.09% | 01/30/31 | 1286430 |
| 5250000 | Bank of America Corp. | 3.50% | 04/19/26 | 5208249 |
| 6750000 | Bank of America Corp. (a) | 5.08% | 01/20/27 | 6777790 |
| 10000000 | Bank of America Corp. (a) | 4.95% | 07/22/28 | 10108532 |
| 5395000 | Bank of America Corp. (a) | 5.20% | 04/25/29 | 5512142 |
| 1500000 | Bank of New York Mellon (The) (a) | 5.15% | 05/22/26 | 1500541 |
| 5150000 | Bank of New York Mellon (The) Corp. (a) | 4.41% | 07/24/26 | 5147103 |
| 1000000 | Bank of New York Mellon (The) Corp. (a) | 4.95% | 04/26/27 | 1005689 |
| 2000000 | Bank of New York Mellon (The) Corp. (a) | 5.80% | 10/25/28 | 2073173 |
| 2000000 | Bank of New York Mellon (The) Corp. (a) | 6.32% | 10/25/29 | 2124648 |
| 3000000 | Bank of New York Mellon (The) Corp. (a) | 4.94% | 02/11/31 | 3052948 |
| 600000 | Fifth Third Bancorp (a) | 6.34% | 07/27/29 | 629351 |
| 1400000 | Fifth Third Bancorp (a) | 4.90% | 09/06/30 | 1397099 |
| 600000 | Fifth Third Bank N.A. (a) | 4.97% | 01/28/28 | 603799 |
| 5000000 | Goldman Sachs Bank USA (a) | 5.28% | 03/18/27 | 5034289 |
| 2000000 | Goldman Sachs Group (The), Inc. (a) | 5.80% | 08/10/26 | 2004765 |
| 3000000 | Goldman Sachs Group (The), Inc. (a) | 4.94% | 04/23/28 | 3028186 |
| 3500000 | Goldman Sachs Group (The), Inc. (a) | 6.48% | 10/24/29 | 3714384 |
| 1500000 | Goldman Sachs Group (The), Inc. (a) | 4.69% | 10/23/30 | 1496807 |
| 1500000 | Huntington Bancshares, Inc. (a) | 5.27% | 01/15/31 | 1511757 |
| 913000 | Huntington National Bank (The) (a) | 4.87% | 04/12/28 | 917669 |
| 5000000 | JPMorgan Chase & Co. (a) | 5.04% | 01/23/28 | 5049712 |
| 10500000 | JPMorgan Chase & Co. (a) | 4.85% | 07/25/28 | 10614974 |
| 1000000 | JPMorgan Chase & Co. (a) | 4.51% | 10/22/28 | 1003034 |
| 2500000 | JPMorgan Chase & Co. (a) | 4.92% | 01/24/29 | 2535880 |
| 7500000 | JPMorgan Chase & Co. (a) | 4.01% | 04/23/29 | 7432108 |
| 3500000 | JPMorgan Chase & Co. (a) | 5.30% | 07/24/29 | 3587508 |
| 2500000 | JPMorgan Chase & Co. (a) | 5.01% | 01/23/30 | 2542503 |
| 1000000 | JPMorgan Chase & Co. (a) | 4.60% | 10/22/30 | 999685 |
| 3250000 | Morgan Stanley | 4.00% | 07/23/25 | 3245486 |
| 7500000 | Morgan Stanley (a) | 5.05% | 01/28/27 | 7529816 |
| 10500000 | Morgan Stanley (a) | 5.45% | 07/20/29 | 10781323 |
| 2000000 | Morgan Stanley (a) | 5.66% | 04/18/30 | 2069216 |
| 2000000 | Morgan Stanley Bank N.A. | 4.75% | 04/21/26 | 2007555 |
| 2500000 | Morgan Stanley Bank N.A. (a) | 4.95% | 01/14/28 | 2520970 |
| 3333000 | Morgan Stanley Bank N.A. (a) | 5.02% | 01/12/29 | 3383831 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banking (Continued)** |  |  |  |
| $5000000 | PNC Financial Services Group (The), Inc. (a) | 4.76% | 01/26/27 | $5004354 |
| 1000000 | PNC Financial Services Group (The), Inc. | 3.15% | 05/19/27 | 976990 |
| 2000000 | PNC Financial Services Group (The), Inc. (a) | 6.62% | 10/20/27 | 2060400 |
| 135000 | PNC Financial Services Group (The), Inc. (a) | 5.30% | 01/21/28 | 137002 |
| 1000000 | PNC Financial Services Group (The), Inc. (a) | 5.58% | 06/12/29 | 1031242 |
| 3000000 | Santander Holdings USA, Inc. (a) | 5.47% | 03/20/29 | 3011641 |
| 1000000 | State Street Corp. (a) | 5.10% | 05/18/26 | 1000161 |
| 4250000 | State Street Corp. (a) | 5.82% | 11/04/28 | 4410930 |
| 1750000 | Truist Financial Corp. (a) | 6.05% | 06/08/27 | 1779062 |
| 4000000 | Truist Financial Corp. (a) | 4.87% | 01/26/29 | 4031555 |
| 3000000 | US Bancorp (a) | 5.73% | 10/21/26 | 3014976 |
| 2000000 | US Bancorp (a) | 6.79% | 10/26/27 | 2067749 |
| 2750000 | Wells Fargo & Co. | 3.55% | 09/29/25 | 2740908 |
| 4000000 | Wells Fargo & Co. | 3.00% | 10/23/26 | 3925941 |
| 5000000 | Wells Fargo & Co. (a) | 5.71% | 04/22/28 | 5112731 |
| 500000 | Wells Fargo & Co. (a) | 4.97% | 04/23/29 | 506388 |
| 2500000 | Wells Fargo & Co. (a) | 5.20% | 01/23/30 | 2550856 |
| 1250000 | Wells Fargo & Co., Series W (a) | 4.90% | 01/24/28 | 1258709 |
|  |  |  |  | 184120121 |
|  | **Brokerage/Asset Managers/Exchanges — 2.8%** |  |  |  |
| 9000000 | Intercontinental Exchange, Inc. | 4.00% | 09/15/27 | 8964207 |
| 10000000 | Intercontinental Exchange, Inc. | 3.63% | 09/01/28 | 9809630 |
| 2000000 | LPL Holdings, Inc. | 4.90% | 04/03/28 | 2009507 |
| 1368000 | Nasdaq, Inc. | 5.65% | 06/28/25 | 1369738 |
| 9500000 | Nasdaq, Inc. | 5.35% | 06/28/28 | 9767204 |
| 3000000 | Nasdaq, Inc. | 5.55% | 02/15/34 | 3081738 |
|  |  |  |  | 35002024 |
|  | **Building Materials — 2.4%** |  |  |  |
| 10945000 | American Builders & Contractors Supply Co., Inc. (b) | 4.00% | 01/15/28 | 10574064 |
| 3500000 | CRH America Finance, Inc. (b) | 3.95% | 04/04/28 | 3459718 |
| 7674000 | CRH America, Inc. (b) | 3.88% | 05/18/25 | 7668552 |
| 3001000 | Holcim Finance U.S. LLC (b) | 4.70% | 04/07/28 | 3024180 |
| 3000000 | Holcim Finance U.S. LLC (b) | 4.95% | 04/07/30 | 3032211 |
| 2000000 | Vulcan Materials Co. | 4.95% | 12/01/29 | 2021614 |
|  |  |  |  | 29780339 |
|  | **Cable Satellite — 0.3%** |  |  |  |
| 231000 | Charter Communications Operating LLC / Charter Communications <br> Operating Capital | 4.91% | 07/23/25 | 230706 |
| 3000000 | Charter Communications Operating LLC / Charter Communications <br> Operating Capital | 6.15% | 11/10/26 | 3059011 |
|  |  |  |  | 3289717 |
|  | **Construction Machinery — 1.5%** |  |  |  |
| 1004000 | Ashtead Capital, Inc. (b) | 4.38% | 08/15/27 | 996201 |
| 3500000 | Ashtead Capital, Inc. (b) | 4.00% | 05/01/28 | 3427499 |
| 14300000 | United Rentals North America, Inc. (b) | 6.00% | 12/15/29 | 14495867 |
|  |  |  |  | 18919567 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Consumer Cyclical Services — 0.8%** |  |  |  |
| $6500000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b) | 5.25% | 12/01/27 | $6449463 |
| 4000000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b) | 3.50% | 03/01/29 | 3731452 |
|  |  |  |  | 10180915 |
|  | **Consumer Products — 0.2%** |  |  |  |
| 2000000 | Mead Johnson Nutrition Co. | 4.13% | 11/15/25 | 1993222 |
|  | **Diversified Manufacturing — 0.8%** |  |  |  |
| 1342000 | Veralto Corp. | 5.50% | 09/18/26 | 1361489 |
| 5000000 | Veralto Corp. | 5.35% | 09/18/28 | 5161935 |
| 3000000 | Veralto Corp. | 5.45% | 09/18/33 | 3062131 |
|  |  |  |  | 9585555 |
|  | **Electric — 3.3%** |  |  |  |
| 3800000 | AEP Transmission Co. LLC | 3.10% | 12/01/26 | 3728881 |
| 5000000 | CenterPoint Energy Houston Electric LLC | 5.20% | 10/01/28 | 5156114 |
| 3500000 | Duke Energy Carolinas LLC | 4.85% | 03/15/30 | 3572176 |
| 3000000 | Duke Energy Carolinas LLC | 4.95% | 01/15/33 | 3018589 |
| 3250000 | Florida Power & Light Co. | 5.05% | 04/01/28 | 3335660 |
| 3000000 | Oncor Electric Delivery Co. LLC | 4.65% | 11/01/29 | 3028857 |
| 7371000 | Trans-Allegheny Interstate Line Co. (b) | 3.85% | 06/01/25 | 7355745 |
| 4000000 | Trans-Allegheny Interstate Line Co. (b) | 5.00% | 01/15/31 | 4070176 |
| 1550000 | Virginia Electric and Power Co., Series B | 3.75% | 05/15/27 | 1538584 |
| 6000000 | Vistra Operations Co. LLC (b) | 5.05% | 12/30/26 | 6030900 |
|  |  |  |  | 40835682 |
|  | **Environmental — 1.8%** |  |  |  |
| 7850000 | Republic Services, Inc. | 4.88% | 04/01/29 | 7993102 |
| 10000000 | Waste Management, Inc. | 4.88% | 02/15/29 | 10242153 |
| 3500000 | Waste Management, Inc. | 4.63% | 02/15/30 | 3552789 |
|  |  |  |  | 21788044 |
|  | **Food and Beverage — 8.3%** |  |  |  |
| 5000000 | Campbell's (The) Co. | 5.20% | 03/19/27 | 5083613 |
| 5000000 | Campbell's (The) Co. | 5.20% | 03/21/29 | 5109804 |
| 3995000 | Conagra Brands, Inc. | 5.30% | 10/01/26 | 4029843 |
| 6500000 | Constellation Brands, Inc. | 4.75% | 12/01/25 | 6506670 |
| 4000000 | Constellation Brands, Inc. | 4.35% | 05/09/27 | 3995526 |
| 2500000 | Constellation Brands, Inc. | 4.80% | 01/15/29 | 2517134 |
| 2118000 | Constellation Brands, Inc. (c) | 4.80% | 05/01/30 | 2122510 |
| 5000000 | General Mills, Inc. | 4.70% | 01/30/27 | 5030346 |
| 5500000 | General Mills, Inc. | 2.88% | 04/15/30 | 5081094 |
| 2500000 | J.M. Smucker (The) Co. | 5.90% | 11/15/28 | 2625401 |
| 2975000 | Keurig Dr Pepper, Inc. | 2.55% | 09/15/26 | 2907475 |
| 5000000 | Keurig Dr Pepper, Inc. | 5.10% | 03/15/27 | 5063311 |
| 5500000 | Keurig Dr Pepper, Inc. | 3.43% | 06/15/27 | 5405668 |
| 2000000 | Keurig Dr Pepper, Inc. | 4.60% | 05/25/28 | 2010469 |
| 6000000 | Lamb Weston Holdings, Inc. (b) | 4.88% | 05/15/28 | 5920936 |
| 3000000 | Lamb Weston Holdings, Inc. (b) | 4.13% | 01/31/30 | 2817811 |
| 13000000 | Mars, Inc. (b) | 4.60% | 03/01/28 | 13143731 |
| 3854000 | McCormick & Co., Inc. | 3.40% | 08/15/27 | 3783968 |
| 6825000 | Molson Coors Beverage Co. | 3.00% | 07/15/26 | 6714406 |
| 4500000 | Post Holdings, Inc. (b) | 6.25% | 02/15/32 | 4540497 |
| 4000000 | Sysco Corp. | 3.75% | 10/01/25 | 3984380 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Food and Beverage (Continued)** |  |  |  |
| $2000000 | Sysco Corp. | 3.25% | 07/15/27 | $1955395 |
| 400000 | Sysco Corp. | 5.75% | 01/17/29 | 416400 |
| 3000000 | US Foods, Inc. (b) | 4.75% | 02/15/29 | 2917775 |
|  |  |  |  | 103684163 |
|  | **Gaming — 0.6%** |  |  |  |
| 722000 | VICI Properties, L.P. | 4.75% | 04/01/28 | 722567 |
| 3000000 | VICI Properties, L.P. | 5.75% | 04/01/34 | 3018891 |
| 3500000 | VICI Properties, L.P. / VICI Note Co., Inc. (b) | 3.75% | 02/15/27 | 3438554 |
|  |  |  |  | 7180012 |
|  | **Health Insurance — 3.9%** |  |  |  |
| 11670000 | Centene Corp. | 4.25% | 12/15/27 | 11412451 |
| 2000000 | Centene Corp. | 4.63% | 12/15/29 | 1930091 |
| 7066000 | Elevance Health, Inc. | 5.35% | 10/15/25 | 7083193 |
| 2000000 | Elevance Health, Inc. | 3.65% | 12/01/27 | 1968174 |
| 6000000 | Elevance Health, Inc. | 4.10% | 03/01/28 | 5967084 |
| 400000 | Elevance Health, Inc. | 4.75% | 02/15/30 | 403517 |
| 4000000 | Molina Healthcare, Inc. (b) | 4.38% | 06/15/28 | 3848476 |
| 7050000 | UnitedHealth Group, Inc. | 5.25% | 02/15/28 | 7259895 |
| 2500000 | UnitedHealth Group, Inc. | 4.70% | 04/15/29 | 2541978 |
| 3500000 | UnitedHealth Group, Inc. | 5.30% | 02/15/30 | 3634484 |
| 2500000 | UnitedHealth Group, Inc. | 4.90% | 04/15/31 | 2545576 |
|  |  |  |  | 48594919 |
|  | **Healthcare — 10.6%** |  |  |  |
| 4000000 | 180 Medical, Inc. (b) | 3.88% | 10/15/29 | 3750434 |
| 10238000 | Alcon Finance Corp. (b) | 2.75% | 09/23/26 | 9969099 |
| 4240000 | Alcon Finance Corp. (b) | 3.00% | 09/23/29 | 3951516 |
| 3000000 | Alcon Finance Corp. (b) | 2.60% | 05/27/30 | 2702643 |
| 3000000 | Alcon Finance Corp. (b) | 5.38% | 12/06/32 | 3038548 |
| 3000000 | Avantor Funding, Inc. (b) | 4.63% | 07/15/28 | 2887553 |
| 5000000 | Becton Dickinson & Co. | 3.70% | 06/06/27 | 4944198 |
| 2500000 | Becton Dickinson & Co. | 4.87% | 02/08/29 | 2525474 |
| 3000000 | Cencora, Inc. | 4.85% | 12/15/29 | 3035336 |
| 2500000 | Charles River Laboratories International, Inc. (b) | 4.25% | 05/01/28 | 2379428 |
| 2500000 | Charles River Laboratories International, Inc. (b) | 3.75% | 03/15/29 | 2291169 |
| 1631000 | Cigna Group (The) | 4.50% | 02/25/26 | 1629796 |
| 3000000 | Cigna Group (The) | 4.38% | 10/15/28 | 2995539 |
| 4345000 | Cigna Group (The) | 2.40% | 03/15/30 | 3937060 |
| 3000000 | Cigna Group (The) | 5.13% | 05/15/31 | 3065218 |
| 3000000 | Cigna Group (The) | 5.40% | 03/15/33 | 3071469 |
| 6000000 | GE HealthCare Technologies, Inc. | 5.60% | 11/15/25 | 6028166 |
| 6170000 | HCA, Inc. | 5.88% | 02/15/26 | 6186220 |
| 2000000 | HCA, Inc. | 4.50% | 02/15/27 | 1996407 |
| 5000000 | HCA, Inc. | 5.20% | 06/01/28 | 5081622 |
| 3000000 | HCA, Inc. | 5.50% | 06/01/33 | 3020257 |
| 5000000 | IQVIA, Inc. (b) | 5.00% | 05/15/27 | 4964258 |
| 11000000 | IQVIA, Inc. | 5.70% | 05/15/28 | 11209495 |
| 250000 | IQVIA, Inc. | 6.25% | 02/01/29 | 260010 |
| 4659000 | PRA Health Sciences, Inc. (b) | 2.88% | 07/15/26 | 4533929 |
| 2000000 | Quest Diagnostics, Inc. | 4.63% | 12/15/29 | 2009880 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Healthcare (Continued)** |  |  |  |
| $8000000 | Solventum Corp. | 5.40% | 03/01/29 | $8161982 |
| 2500000 | Solventum Corp. | 5.45% | 03/13/31 | 2553994 |
| 2500000 | Solventum Corp. | 5.60% | 03/23/34 | 2529048 |
| 6000000 | Stryker Corp. | 4.85% | 12/08/28 | 6114510 |
| 2000000 | Stryker Corp. | 4.25% | 09/11/29 | 1989549 |
| 3500000 | Thermo Fisher Scientific, Inc. | 4.98% | 08/10/30 | 3590378 |
| 557000 | Zimmer Biomet Holdings, Inc. | 5.35% | 12/01/28 | 571575 |
| 5000000 | Zimmer Biomet Holdings, Inc. | 5.05% | 02/19/30 | 5082556 |
|  |  |  |  | 132058316 |
|  | **Lodging — 0.6%** |  |  |  |
| 3500000 | Hyatt Hotels Corp. | 5.75% | 01/30/27 | 3561225 |
| 3000000 | Hyatt Hotels Corp. | 5.05% | 03/30/28 | 3015095 |
| 1000000 | Hyatt Hotels Corp. | 5.25% | 06/30/29 | 1003699 |
|  |  |  |  | 7580019 |
|  | **Media Entertainment — 0.5%** |  |  |  |
| 6000000 | AppLovin Corp. | 5.13% | 12/01/29 | 6052102 |
|  | **Other Industrial — 0.3%** |  |  |  |
| 3500000 | Quanta Services, Inc. | 2.90% | 10/01/30 | 3170520 |
|  | **Other Utility — 0.5%** |  |  |  |
| 4000000 | American Water Capital Corp. | 2.95% | 09/01/27 | 3889400 |
| 2893000 | American Water Capital Corp. | 3.75% | 09/01/28 | 2848141 |
|  |  |  |  | 6737541 |
|  | **Packaging — 1.6%** |  |  |  |
| 897000 | Berry Global, Inc. (b) | 4.88% | 07/15/26 | 895754 |
| 3700000 | Berry Global, Inc. (b) | 5.63% | 07/15/27 | 3699001 |
| 11500000 | Berry Global, Inc. | 5.50% | 04/15/28 | 11762617 |
| 3000000 | Crown Americas LLC | 5.25% | 04/01/30 | 2996519 |
|  |  |  |  | 19353891 |
|  | **Paper — 0.3%** |  |  |  |
| 1000000 | Packaging Corp. of America | 3.40% | 12/15/27 | 980223 |
| 3000000 | Packaging Corp. of America | 5.70% | 12/01/33 | 3092487 |
|  |  |  |  | 4072710 |
|  | **Pharmaceuticals — 0.8%** |  |  |  |
| 3000000 | Amgen, Inc. | 4.05% | 08/18/29 | 2953235 |
| 2500000 | Zoetis, Inc. | 3.00% | 09/12/27 | 2432824 |
| 1522000 | Zoetis, Inc. | 2.00% | 05/15/30 | 1352164 |
| 3000000 | Zoetis, Inc. | 5.60% | 11/16/32 | 3143485 |
|  |  |  |  | 9881708 |
|  | **Property & Casualty Insurance — 5.2%** |  |  |  |
| 1818000 | Aon North America, Inc. | 5.15% | 03/01/29 | 1856463 |
| 2000000 | Aon North America, Inc. | 5.30% | 03/01/31 | 2059253 |
| 2500000 | Aon North America, Inc. | 5.45% | 03/01/34 | 2544914 |
| 6000000 | Arthur J. Gallagher & Co. | 4.85% | 12/15/29 | 6077937 |
| 5500000 | Arthur J. Gallagher & Co. | 5.50% | 03/02/33 | 5602448 |
| 994000 | Arthur J. Gallagher & Co. | 5.45% | 07/15/34 | 1010664 |
| 6031000 | Brown & Brown, Inc. | 4.50% | 03/15/29 | 6016329 |
| 4500000 | Brown & Brown, Inc. | 2.38% | 03/15/31 | 3888348 |
| 5500000 | Brown & Brown, Inc. | 4.20% | 03/17/32 | 5127404 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Property & Casualty Insurance (Continued)** |  |  |  |
| $1650000 | Marsh & McLennan Cos., Inc. | 3.75% | 03/14/26 | $1640722 |
| 6392000 | Marsh & McLennan Cos., Inc. | 4.38% | 03/15/29 | 6408900 |
| 1000000 | Marsh & McLennan Cos., Inc. | 4.65% | 03/15/30 | 1009229 |
| 4500000 | Marsh & McLennan Cos., Inc. | 4.85% | 11/15/31 | 4552778 |
| 9480000 | Ryan Specialty LLC (b) | 5.88% | 08/01/32 | 9371709 |
| 3750000 | Willis North America, Inc. | 4.65% | 06/15/27 | 3765794 |
| 3000000 | Willis North America, Inc. | 5.35% | 05/15/33 | 3027376 |
|  |  |  |  | 63960268 |
|  | **Retailers — 0.8%** |  |  |  |
| 3000000 | AutoZone, Inc. | 3.75% | 06/01/27 | 2962339 |
| 4000000 | O'Reilly Automotive, Inc. | 5.75% | 11/20/26 | 4078031 |
| 3500000 | O'Reilly Automotive, Inc. | 3.60% | 09/01/27 | 3444487 |
|  |  |  |  | 10484857 |
|  | **Technology — 14.6%** |  |  |  |
| 7500000 | Atlassian Corp. | 5.25% | 05/15/29 | 7630173 |
| 5000000 | Autodesk, Inc. | 4.38% | 06/15/25 | 4996236 |
| 5485000 | Autodesk, Inc. | 3.50% | 06/15/27 | 5405929 |
| 1485000 | Autodesk, Inc. | 2.85% | 01/15/30 | 1384991 |
| 5950000 | Cadence Design Systems, Inc. | 4.30% | 09/10/29 | 5940304 |
| 5000000 | CoStar Group, Inc. (b) | 2.80% | 07/15/30 | 4433936 |
| 15656000 | Crowdstrike Holdings, Inc. | 3.00% | 02/15/29 | 14537643 |
| 9670000 | FactSet Research Systems, Inc. | 2.90% | 03/01/27 | 9349337 |
| 3500000 | Fidelity National Information Services, Inc. | 4.70% | 07/15/27 | 3519008 |
| 3000000 | Fidelity National Information Services, Inc. | 5.10% | 07/15/32 | 3006322 |
| 7000000 | Gartner, Inc. (b) | 4.50% | 07/01/28 | 6905767 |
| 2500000 | Gartner, Inc. (b) | 3.63% | 06/15/29 | 2347332 |
| 6250000 | Gartner, Inc. (b) | 3.75% | 10/01/30 | 5759218 |
| 7250000 | Infor, Inc. (b) | 1.75% | 07/15/25 | 7198208 |
| 3000000 | Molex Electronic Technologies LLC (b) | 4.75% | 04/30/28 | 3026405 |
| 18500000 | MSCI, Inc. (b) | 4.00% | 11/15/29 | 17718203 |
| 3025000 | Oracle Corp. | 3.25% | 11/15/27 | 2946320 |
| 2250000 | Oracle Corp. | 2.30% | 03/25/28 | 2128538 |
| 3000000 | Oracle Corp. | 4.50% | 05/06/28 | 3016708 |
| 4000000 | Oracle Corp. | 6.15% | 11/09/29 | 4252506 |
| 667000 | Oracle Corp. | 5.25% | 02/03/32 | 676544 |
| 3000000 | Oracle Corp. | 6.25% | 11/09/32 | 3200372 |
| 3000000 | Oracle Corp. | 4.70% | 09/27/34 | 2856025 |
| 6500000 | PTC, Inc. (b) | 4.00% | 02/15/28 | 6285078 |
| 3000000 | Roper Technologies, Inc. | 3.80% | 12/15/26 | 2973592 |
| 455000 | Roper Technologies, Inc. | 4.50% | 10/15/29 | 453204 |
| 2682000 | Roper Technologies, Inc. | 2.00% | 06/30/30 | 2347874 |
| 3000000 | Roper Technologies, Inc. | 4.75% | 02/15/32 | 2971009 |
| 6000000 | SS&C Technologies, Inc. (b) | 5.50% | 09/30/27 | 5976236 |
| 2857000 | Synopsys, Inc. | 4.55% | 04/01/27 | 2873416 |
| 3333000 | Synopsys, Inc. | 4.65% | 04/01/28 | 3371989 |
| 2000000 | Synopsys, Inc. | 4.85% | 04/01/30 | 2022582 |
| 2500000 | Synopsys, Inc. | 5.00% | 04/01/32 | 2518656 |
| 5000000 | TR Finance LLC | 3.35% | 05/15/26 | 4929030 |
| 3813000 | VMware LLC | 4.50% | 05/15/25 | 3811566 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Technology (Continued)** |  |  |  |
| $2500000 | VMware LLC | 4.65% | 05/15/27 | $2504765 |
| 3500000 | VMware LLC | 2.20% | 08/15/31 | 2977363 |
| 10925000 | Workday, Inc. | 3.50% | 04/01/27 | 10734509 |
| 3000000 | Workday, Inc. | 3.80% | 04/01/32 | 2777144 |
|  |  |  |  | 181764038 |
|  | **Wireless — 2.2%** |  |  |  |
| 4583000 | Crown Castle, Inc. | 4.45% | 02/15/26 | 4567291 |
| 2500000 | Crown Castle, Inc. | 3.65% | 09/01/27 | 2445507 |
| 1500000 | Crown Castle, Inc. | 5.00% | 01/11/28 | 1513336 |
| 1000000 | Crown Castle, Inc. | 4.80% | 09/01/28 | 1003344 |
| 3000000 | Crown Castle, Inc. | 5.10% | 05/01/33 | 2935421 |
| 5000000 | T-Mobile USA, Inc. | 5.38% | 04/15/27 | 5004510 |
| 8000000 | T-Mobile USA, Inc. | 4.75% | 02/01/28 | 8010288 |
| 2000000 | T-Mobile USA, Inc. | 4.95% | 03/15/28 | 2032786 |
|  |  |  |  | 27512483 |
|  | **Wirelines — 0.3%** |  |  |  |
| 3500000 | Frontier Communications Holdings LLC (b) | 5.00% | 05/01/28 | 3466903 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 1015079976 |
|  | (Cost $1,002,437,974) | (Cost $1,002,437,974) | (Cost $1,002,437,974) |  |
| **FOREIGN CORPORATE BONDS AND NOTES — 14.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 14.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 14.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 14.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 14.3%** |
|  | **Banking — 4.4%** | **Banking — 4.4%** | **Banking — 4.4%** |  |
| 2000000 | Barclays PLC (a) | 5.83% | 05/09/27 | 2021114 |
| 2000000 | Barclays PLC (a) | 6.50% | 09/13/27 | 2045578 |
| 1000000 | Barclays PLC (a) | 4.84% | 09/10/28 | 1001738 |
| 588000 | Barclays PLC (a) | 5.09% | 02/25/29 | 592395 |
| 727000 | Barclays PLC (a) | 4.94% | 09/10/30 | 726241 |
| 6000000 | Canadian Imperial Bank of Commerce (a) | 4.86% | 01/13/28 | 6047265 |
| 6500000 | Canadian Imperial Bank of Commerce (a) | 4.86% | 03/30/29 | 6560345 |
| 2500000 | Lloyds Banking Group PLC | 4.38% | 03/22/28 | 2494517 |
| 3750000 | Lloyds Banking Group PLC (a) | 5.09% | 11/26/28 | 3796529 |
| 6500000 | Royal Bank of Canada | 4.88% | 01/12/26 | 6532825 |
| 2250000 | Royal Bank of Canada | 4.88% | 01/19/27 | 2278229 |
| 3000000 | Royal Bank of Canada (a) | 4.97% | 01/24/29 | 3043060 |
| 4500000 | Toronto-Dominion Bank (The) | 3.77% | 06/06/25 | 4495848 |
| 2000000 | Toronto-Dominion Bank (The) | 5.53% | 07/17/26 | 2027610 |
| 1615000 | Toronto-Dominion Bank (The) | 4.86% | 01/31/28 | 1637860 |
| 3500000 | UBS AG | 5.65% | 09/11/28 | 3639088 |
| 5500000 | UBS Group AG (a) (b) | 5.43% | 02/08/30 | 5634317 |
|  |  |  |  | 54574559 |
|  | **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |  |
| 5000000 | CRH SMW Finance DAC  | 5.20% | 05/21/29 | 5112664 |
|  | **Environmental — 0.8%** | **Environmental — 0.8%** | **Environmental — 0.8%** |  |
| 10000000 | Waste Connections, Inc.  | 4.25% | 12/01/28 | 9998907 |
|  | **Food and Beverage — 0.9%** | **Food and Beverage — 0.9%** | **Food and Beverage — 0.9%** |  |
| 6000000 | Bacardi Ltd. / Bacardi-Martini B.V. (b) | 5.25% | 01/15/29 | 6079899 |
| 5000000 | Mondelez International Holdings Netherlands B.V. (b) | 4.25% | 09/15/25 | 4987694 |
|  |  |  |  | 11067593 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Gaming — 0.0%** | **Gaming — 0.0%** | **Gaming — 0.0%** |  |
| $100000 | Flutter Treasury Designated Activity Co. (b) | 6.38% | 04/29/29 | $102274 |
|  | **Healthcare — 0.9%** | **Healthcare — 0.9%** | **Healthcare — 0.9%** |  |
| 8000000 | Icon Investments Six Designated Activity Co. | 5.85% | 05/08/29 | 8195818 |
| 3000000 | Icon Investments Six Designated Activity Co. | 6.00% | 05/08/34 | 2997698 |
|  |  |  |  | 11193516 |
|  | **Midstream — 0.1%** | **Midstream — 0.1%** | **Midstream — 0.1%** |  |
| 923000 | Enbridge, Inc.  | 5.90% | 11/15/26 | 940916 |
|  | **Packaging — 0.9%** | **Packaging — 0.9%** | **Packaging — 0.9%** |  |
| 5000000 | CCL Industries, Inc. (b) | 3.25% | 10/01/26 | 4922832 |
| 6550000 | CCL Industries, Inc. (b) | 3.05% | 06/01/30 | 5963631 |
|  |  |  |  | 10886463 |
|  | **Paper — 1.1%** | **Paper — 1.1%** | **Paper — 1.1%** |  |
| 13000000 | Smurfit Kappa Treasury ULC (b) | 5.20% | 01/15/30 | 13186774 |
|  | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |  |
| 3881000 | CSL Finance PLC (b) | 3.85% | 04/27/27 | 3844053 |
|  | **Property & Casualty Insurance — 0.6%** | **Property & Casualty Insurance — 0.6%** | **Property & Casualty Insurance — 0.6%** |  |
| 8250000 | Aon Corp. / Aon Global Holdings PLC  | 2.85% | 05/28/27 | 8023973 |
|  | **Restaurants — 0.6%** | **Restaurants — 0.6%** | **Restaurants — 0.6%** |  |
| 7000000 | 1011778 BC ULC / New Red Finance, Inc. (b) | 5.63% | 09/15/29 | 6985581 |
|  | **Retailers — 0.8%** | **Retailers — 0.8%** | **Retailers — 0.8%** |  |
| 5000000 | Alimentation Couche-Tard, Inc. (b) | 2.95% | 01/25/30 | 4624096 |
| 6000000 | Belron UK Finance PLC (b) | 5.75% | 10/15/29 | 5998329 |
|  |  |  |  | 10622425 |
|  | **Technology — 2.5%** | **Technology — 2.5%** | **Technology — 2.5%** |  |
| 10000000 | Constellation Software, Inc. (b) | 5.16% | 02/16/29 | 10179256 |
| 2500000 | Constellation Software, Inc. (b) | 5.46% | 02/16/34 | 2514246 |
| 3000000 | Elastic N.V. (b) | 4.13% | 07/15/29 | 2835163 |
| 15000000 | Open Text Corp. (b) | 6.90% | 12/01/27 | 15441516 |
|  |  |  |  | 30970181 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 177509879 |
|  | (Cost $175,349,082) | (Cost $175,349,082) | (Cost $175,349,082) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Annualized** <br>**Yield on Date** <br> **of** <br>**Purchase**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **COMMERCIAL PAPER — 2.6%** | **COMMERCIAL PAPER — 2.6%** | **COMMERCIAL PAPER — 2.6%** | **COMMERCIAL PAPER — 2.6%** | **COMMERCIAL PAPER — 2.6%** |
|  | **Food and Beverage — 0.6%** |  |  |  |
| 7400000 | Constellation Brands, Inc.  | 4.67% | 05/01/25 | 7400000 |
|  | **Midstream — 1.0%** |  |  |  |
| 12200000 | Energy Transfer, L.P.  | 4.59% | 05/01/25 | 12200000 |
|  | **Technology — 1.0%** |  |  |  |
| 12200000 | Global Payments, Inc.  | 4.97% | 05/01/25 | 12200000 |
|  | **Total Commercial Paper** | **Total Commercial Paper** | **Total Commercial Paper** | 31800000 |
|  | (Cost $31,800,000) | (Cost $31,800,000) | (Cost $31,800,000) |  |

---

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

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (d)** | **Stated** <br>**Maturity (e)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 0.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.5%** |
|  | **Electric — 0.5%** |  |  |  |
| $6300000 | Calpine Construction Finance Co., L.P., Term Loan B, 1 Mo. CME <br> Term SOFR + 2.00%, 0.00% Floor  | 6.32% | 07/31/30 | $6289479 |
|  | (Cost $6,302,448) |  |  |  |
|  | **Total Investments — 99.1%** | **Total Investments — 99.1%** | **Total Investments — 99.1%** | 1230679334 |
|  | (Cost $1,215,889,504) | (Cost $1,215,889,504) | (Cost $1,215,889,504) |  |
|  | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | 11623798 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1242303132 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fixed-to-floating
 or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2025. At a predetermined
 date, the fixed rate will change to a floating rate or a variable rate.

&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 $321,795,796 or 25.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Senior
 Floating-Rate Loan Interests ("Senior Loans") in which the Fund invests pay interest at rates which are periodically predetermined
 by reference to a base lending rate plus a premium. These base lending rates are generally (i) the SOFR obtained from
 the U.S. Department of the Treasury's Office of Financial Research or another major financial institution, (ii) the lending rate
 offered by one or more major European banks, (iii) the prime rate offered by one or more United States banks or (iv) the certificate
 of deposit rate. Certain Senior Loans are subject to a SOFR floor that establishes a minimum SOFR rate. When a range of
 rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and floor, but
 different SOFR reset dates.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Senior
 Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans
 may be substantially less than the stated maturities shown.

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

Abbreviations throughout the Portfolio of Investments: <br> CME – Chicago Mercantile Exchange <br> SOFR – Secured Overnight Financing Rate

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**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>|
| Corporate Bonds and Notes\* | $1015079976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1015079976 | &nbsp;&nbsp; $— |
| Foreign Corporate Bonds and Notes\* | 177509879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177509879 | &nbsp;&nbsp; — |
| Commercial Paper\* | 31800000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31800000 | &nbsp;&nbsp; — |
| Senior Floating-Rate Loan Interests\* | 6289479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6289479 | &nbsp;&nbsp; — |
| Total Investments | $1230679334 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1230679334 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $1230679334 |
| Cash | 333107 |
| Interest receivable | 13966128 |
| Total Assets | 1244978569 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 2114273 |
| Investment advisory fees | 561164 |
| Total Liabilities | 2675437 |
| **NET ASSETS** | $1242303132 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $1226701089 |
| Par value | 653500 |
| Accumulated distributable earnings (loss) | 14948543 |
| **NET ASSETS** | $1242303132 |
| **NET ASSET VALUE,** per share | $19.01 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 65350002 |
| Investments, at cost | $1215889504 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $32012781 |
| Total investment income | 32012781 |
| **EXPENSES:** |  |
| Investment advisory fees | 3449934<br>|
| Total expenses | 3449934 |
| **NET INVESTMENT INCOME (LOSS)** | 28562847 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | 1590590 |
| Net change in unrealized appreciation (depreciation) on investments | 4687086 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6277676 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $34840523 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $28562847 | &nbsp;&nbsp; $48606353 |
| Net realized gain (loss) | 1590590 | &nbsp;&nbsp; 896577 |
| Net change in unrealized appreciation (depreciation) | 4687086 | &nbsp;&nbsp; 28632220 |
| Net increase (decrease) in net assets resulting from operations | 34840523 | &nbsp;&nbsp; 78135150 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (29119626)<br>| &nbsp;&nbsp; (48608992)<br>|
| Return of capital |  | &nbsp;&nbsp; (444385)<br>|
| Total distributions to shareholders | (29119626)<br>| &nbsp;&nbsp; (49053377)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 89076231<br>| &nbsp;&nbsp; 441389170<br>|
| Cost of shares redeemed | (88980236) <br>| &nbsp;&nbsp; (15996674) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 95995 | &nbsp;&nbsp; 425392496 |
| Total increase (decrease) in net assets | 5816892 | &nbsp;&nbsp; 454474269 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1236486240 | &nbsp;&nbsp; 782011971 |
| End of period | $1242303132 | &nbsp;&nbsp; $1236486240 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 65350002 | &nbsp;&nbsp; 42850002 |
| Shares sold | 4700000 | &nbsp;&nbsp; 23350000 |
| Shares redeemed | (4700000)<br>| &nbsp;&nbsp; (850000)<br>|
| Shares outstanding, end of period | 65350002 | &nbsp;&nbsp; 65350002 |

---

See Notes to Financial Statements

------

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Period** <br>**Ended** <br>**10/31/2022 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **Period** <br>**Ended** <br>**10/31/2022 (a)** |
| Net asset value, beginning of period | $18.92 | &nbsp;&nbsp;&nbsp;&nbsp; $18.25 | &nbsp;&nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)  | 0.43<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br>|
| Net realized and unrealized gain (loss) | 0.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64) <br>|
| Total from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (0.44) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.44) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>|
| Net asset value, end of period | $19.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.38<br>|
| **Total return** (c) | 2.81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.28)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $1242303<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1236486<br>| &nbsp;&nbsp;&nbsp;&nbsp; $782012<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16542<br>|
| Ratio of total expenses to average net assets | 0.55<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % (d)<br>|
| Ratio of net expenses to average net assets | 0.55<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 4.55<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> % (d)<br>|
| Portfolio turnover rate (e) | 16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 113<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is November 17, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units
 were established.

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

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Limited Duration Investment Grade Corporate ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "FSIG" on NYSE Arca, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The primary investment objective of the Fund is to deliver current income. Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. At least 80% of the Fund's net assets will be invested in corporate debt securities that are, at the time of purchase, investment grade (i.e. rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization ("NRSRO") rating such securities, or if unrated, debt securities determined by the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), to be of comparable quality. In the case of a split rating between one or more of the NRSROs, the Fund will consider the highest rating. For an unrated security to be considered investment grade, the Advisor will consider, at the time of purchase, whether such security is of comparable quality based on fundamental credit analysis of the unrated security and comparable securities that are rated by an NRSRO.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Advisor's Pricing Committee in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

------

**Notes to Financial Statements (Continued)**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

6)

bids and offers; and

7)

reference data including market research publications.

Senior Floating-Rate Loan Interests ("Senior Loans")<sup>(1)</sup> are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.

Commercial paper and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

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

------

<sup>(1)</sup>

The terms "security" and "securities" used throughout the Notes to Financial Statements include Senior Loans.

------

**Notes to Financial Statements (Continued)**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower's/issuer's competitive position within the industry;

15)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held $2,122,510 of when-issued or delayed-delivery securities. At April 30, 2025, the Fund had no forward purchase commitments.

**C. Unfunded Loan Commitments**

The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower's discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees are included in "Interest" on the Statement of Operations. As of April 30, 2025, the Fund had no unfunded loan commitments.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

------

**Notes to Financial Statements (Continued)**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $48608992 |
| Capital gains |  |
| Return of capital | 444385 |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (781365)<br>|
| Net unrealized appreciation (depreciation) | 10009011 |

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $781,365 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

During the fiscal year ended October 31, 2024, the Fund utilized $852,143 of non-expiring capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

------

**Notes to Financial Statements (Continued)**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $1215889504 | &nbsp;&nbsp; $16214357 | &nbsp;&nbsp; $(1424527)<br>| &nbsp;&nbsp; $14789830 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule, provided that the Fund was not eligible for any breakpoints until the termination of the fee waiver described below:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.55000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.53625<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.52250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.50875<br> %<br>|
| Fund net assets greater than $10 billion | 0.49500<br> %<br>|

---

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

------

**Notes to Financial Statements (Continued)**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $203,728,488 and $190,698,405, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

**5. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale

------

**Notes to Financial Statements (Continued)**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**7. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Limited Duration Investment Grade Corporate ETF (FSIG)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

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

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

![](imgbbaeae2a1.gif)

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

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

---

| |
|:---|
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> <br> (KNG)<br>|
| FT Vest SMID Rising Dividend Achievers Target Income ETF <br> (SDVD)<br>|
| FT Vest Technology Dividend Target Income ETF (TDVI) |
| FT Vest Dow Jones Internet & Target Income ETF (FDND) |

---

------

**Table of Contents** 

**First Trust Exchange-Traded Fund IV**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4288_1) |  |
| [FT Vest S&P 500](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4288_1)<sup>®</sup>[Dividend Aristocrats Target Income ETF](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4288_1)<sup>®</sup>[(KNG)](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4288_1) | 1 |
| [FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4606_1) | 6 |
| [FT Vest Technology Dividend Target Income ETF (TDVI)](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4607_1) | 13 |
| [FT Vest Dow Jones Internet & Target Income ETF (FDND)](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOI-TOC-ScheduleofInvestments-4662_1) | 17 |
| [Statements of Assets and Liabilities](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SAL1-TOC-StatementofAssetsandLiabilities-4606_1) | 20 |
| [Statements of Operations](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOP1-TOC-StatementofOperations-4606_1) | 21 |
| [Statements of Changes in Net Assets](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_SOC1-TOC-StatementofChanges-4606_1) | 22 |
| [Financial Highlights](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_FIHI-TOC-FinancialHighlights-4606_1) | 24 |
| [Notes to Financial Statements](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_NTF-TOC-NotestoFinancialStatements-4662_1) | 28 |
| [Other Information](#xx_4faafeda-2fa5-46cd-998b-724424b1d1a4_AI-TOC-AdditionalInformation-4662_1) | 37 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup> **(KNG)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.5%** | **COMMON STOCKS — 100.5%** | **COMMON STOCKS — 100.5%** |
|  | **Aerospace & Defense — 1.5%**  |  |
| 196538 | General Dynamics Corp. (a) | $53481920 |
|  | **Air Freight & Logistics — 2.9%**  |  |
| 576382 | C.H. Robinson Worldwide, Inc. (a) | 51424802 |
| 487684 | Expeditors International of Washington, Inc. (a) | 53601348 |
|  |  | 105026150 |
|  | **Beverages — 4.2%**  |  |
| 1510298 | Brown-Forman Corp., Class B (a) | 52618782 |
| 712498 | Coca-Cola (The) Co. (a) | 51691730 |
| 367118 | PepsiCo, Inc. (a) | 49773859 |
|  |  | 154084371 |
|  | **Biotechnology — 1.6%**  |  |
| 294980 | AbbVie, Inc. (a) | 57550598 |
|  | **Building Products — 1.5%**  |  |
| 818460 | A.O. Smith Corp. (a) | 55540696 |
|  | **Capital Markets — 5.9%**  |  |
| 122735 | FactSet Research Systems, Inc. (a) | 53048522 |
| 2839917 | Franklin Resources, Inc. (a) | 53276843 |
| 111065 | S&P Global, Inc. (a) | 55538053 |
| 602656 | T. Rowe Price Group, Inc. (a) | 53365189 |
|  |  | 215228607 |
|  | **Chemicals — 9.0%**  |  |
| 197272 | Air Products and Chemicals, Inc. (a) | 53478466 |
| 938643 | Albemarle Corp. (a) | 54957548 |
| 219482 | Ecolab, Inc. (a) | 55184359 |
| 116522 | Linde PLC (a) | 52811266 |
| 512875 | PPG Industries, Inc. (a) | 55831573 |
| 157663 | Sherwin-Williams (The) Co. (a) | 55642426 |
|  |  | 327905638 |
|  | **Commercial Services & Supplies — 1.5%**  |  |
| 251463 | Cintas Corp. (a) | 53229688 |
|  | **Consumer Staples Distribution & Retail — 4.4%**  |  |
| 716506 | Sysco Corp. (a) | 51158528 |
| 566751 | Target Corp. (a) | 54804822 |
| 549981 | Walmart, Inc. (a) | 53485652 |
|  |  | 159449002 |
|  | **Containers & Packaging — 1.4%**  |  |
| 5485929 | Amcor PLC (a) | 50470547 |
|  | **Distributors — 1.5%**  |  |
| 449683 | Genuine Parts Co. (a) | 52860237 |
|  | **Electric Utilities — 2.9%**  |  |
| 901072 | Eversource Energy (a) | 53595763 |
| 776363 | NextEra Energy, Inc. (a) | 51923157 |
|  |  | 105518920 |
|  | **Electrical Equipment — 1.5%**  |  |
| 516730 | Emerson Electric Co. (a) | 54313490 |
|  | **Food Products — 5.7%**  |  |
| 1085328 | Archer-Daniels-Midland Co. (a) | 51824412 |

---

See Notes to Financial Statements

------

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup> **(KNG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)**  |  |
| 1695101 | Hormel Foods Corp. (a) | $50683520 |
| 444099 | J.M. Smucker (The) Co. (a) | 51635391 |
| 681801 | McCormick & Co., Inc. (a) | 52266864 |
|  |  | 206410187 |
|  | **Gas Utilities — 1.5%**  |  |
| 327251 | Atmos Energy Corp. (a) | 52566328 |
|  | **Health Care Equipment & Supplies — 4.4%**  |  |
| 402234 | Abbott Laboratories (a) | 52592096 |
| 258136 | Becton Dickinson & Co. (a) | 53457384 |
| 623596 | Medtronic PLC (a) | 52855997 |
|  |  | 158905477 |
|  | **Health Care Providers & Services — 1.5%**  |  |
| 388500 | Cardinal Health, Inc. (a) | 54891165 |
|  | **Hotels, Restaurants & Leisure — 1.4%**  |  |
| 163984 | McDonald's Corp. (a) | 52417486 |
|  | **Household Products — 7.1%**  |  |
| 511369 | Church & Dwight Co., Inc. (a) | 50799397 |
| 375429 | Clorox (The) Co. (a) | 53423547 |
| 556248 | Colgate-Palmolive Co. (a) | 51280503 |
| 391500 | Kimberly-Clark Corp. (a) | 51591870 |
| 315127 | Procter & Gamble (The) Co. (a) | 51230196 |
|  |  | 258325513 |
|  | **Insurance — 7.0%**  |  |
| 481657 | Aflac, Inc. (a) | 52346483 |
| 441843 | Brown & Brown, Inc. (a) | 48867836 |
| 183577 | Chubb Ltd. (a) | 52517708 |
| 389602 | Cincinnati Financial Corp. (a) | 54236494 |
| 126868 | Erie Indemnity Co., Class A (a) | 45497402 |
|  |  | 253465923 |
|  | **IT Services — 1.4%**  |  |
| 212751 | International Business Machines Corp. (a) | 51447447 |
|  | **Life Sciences Tools & Services — 1.4%**  |  |
| 239373 | West Pharmaceutical Services, Inc. (a) | 50577121 |
|  | **Machinery — 8.9%**  |  |
| 176578 | Caterpillar, Inc. (a) | 54610278 |
| 313952 | Dover Corp. (a) | 53575909 |
| 220642 | Illinois Tool Works, Inc. (a) | 52934222 |
| 282714 | Nordson Corp. (a) | 53594093 |
| 595170 | Pentair PLC (a) | 53999774 |
| 883093 | Stanley Black & Decker, Inc. (a) | 53003242 |
|  |  | 321717518 |
|  | **Metals & Mining — 1.5%**  |  |
| 466596 | Nucor Corp. (a) | 55697564 |
|  | **Multi-Utilities — 1.4%**  |  |
| 464148 | Consolidated Edison, Inc. (a) | 52332687 |

---

See Notes to Financial Statements

------

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup> **(KNG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels — 2.8%**  |  |
| 382106 | Chevron Corp. (a) | $51989342 |
| 486411 | Exxon Mobil Corp. (a) | 51379594 |
|  |  | 103368936 |
|  | **Personal Care Products — 1.5%**  |  |
| 2276636 | Kenvue, Inc. (a) | 53728610 |
|  | **Pharmaceuticals — 1.4%**  |  |
| 336118 | Johnson & Johnson (a) | 52538605 |
|  | **Professional Services — 1.5%**  |  |
| 177919 | Automatic Data Processing, Inc. (a) | 53482451 |
|  | **Residential REITs — 1.5%**  |  |
| 188482 | Essex Property Trust, Inc. (a) | 52614750 |
|  | **Retail REITs — 2.9%**  |  |
| 551665 | Federal Realty Investment Trust (a) | 51867543 |
| 899675 | Realty Income Corp. (a) | 52055196 |
|  |  | 103922739 |
|  | **Software — 1.5%**  |  |
| 94770 | Roper Technologies, Inc. (a) | 53078782 |
|  | **Specialty Retail — 1.5%**  |  |
| 239834 | Lowe's Cos., Inc. (a) | 53617289 |
|  | **Trading Companies & Distributors — 2.9%**  |  |
| 651279 | Fastenal Co. (a) | 52734061 |
| 52630 | W.W. Grainger, Inc. (a) | 53909435 |
|  |  | 106643496 |
|  | **Total Common Stocks** | 3646409938 |
|  | (Cost $3,711,437,054) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 3621957 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (b) | 3621957 |
|  | (Cost $3,621,957) |  |
|  | **Total Investments — 100.6%** | 3650031895 |
|  | (Cost $3,715,059,011) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** | **WRITTEN OPTIONS — (0.6)%** |
|  | **Call Options Written — (0.6)%** | **Call Options Written — (0.6)%** | **Call Options Written — (0.6)%** | **Call Options Written — (0.6)%** |  |
| (1288) | A.O. Smith Corp.  | $(8740368)<br>| $65.00 | 05/16/25 | (386400)<br>|
| (727) | Abbott Laboratories  | (9505525)<br>| 130.00 | 05/16/25 | (218100)<br>|
| (534) | AbbVie, Inc.  | (10418340)<br>| 175.00 | 05/16/25 | (1014600)<br>|
| (866) | Aflac, Inc.  | (9411688)<br>| 110.00 | 05/16/25 | (173200)<br>|
| (276) | Air Products and Chemicals, Inc.  | (7482084)<br>| 260.00 | 05/16/25 | (466440)<br>|
| (1024) | Albemarle Corp.  | (5995520)<br>| 55.00 | 05/16/25 | (549888)<br>|
| (9313) | Amcor PLC  | (8567960)<br>| 9.00 | 05/16/25 | (409772)<br>|
| (1800) | Archer-Daniels-Midland Co.  | (8595000)<br>| 47.50 | 05/16/25 | (229500)<br>|
| (652) | Atmos Energy Corp.  | (10473076)<br>| 160.00 | 05/16/25 | (176040)<br>|
| (306) | Automatic Data Processing, Inc.  | (9198360)<br>| 290.00 | 05/16/25 | (350370)<br>|
| (373) | Becton Dickinson & Co.  | (7724457)<br>| 200.00 | 05/16/25 | (406570)<br>|
| (858) | Brown & Brown, Inc.  | (9489480)<br>| 120.00 | 05/16/25 | (21450)<br>|

---

See Notes to Financial Statements

------

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup> **(KNG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of**<br> **Contracts**<br>| **Description** | **Notional**<br> **Amount**<br>| **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** |
|  | **Call Options Written (Continued)** | **Call Options Written (Continued)** | **Call Options Written (Continued)** | **Call Options Written (Continued)** |  |
| (2680) | Brown-Forman Corp.  | $(9337120)<br>| $35.00 | 05/16/25 | $(227800)<br>|
| (840) | C.H. Robinson Worldwide, Inc.  | (7494480)<br>| 90.00 | 05/16/25 | (268800)<br>|
| (706) | Cardinal Health, Inc.  | (9975074)<br>| 135.00 | 05/16/25 | (628340)<br>|
| (223) | Caterpillar, Inc.  | (6896721)<br>| 300.00 | 05/16/25 | (249760)<br>|
| (584) | Chevron Corp.  | (7945904)<br>| 140.00 | 05/16/25 | (130816)<br>|
| (341) | Chubb Ltd.  | (9755328)<br>| 285.00 | 05/16/25 | (160270)<br>|
| (856) | Church & Dwight Co., Inc.  | (8503504)<br>| 105.00 | 05/16/25 | (45368)<br>|
| (662) | Cincinnati Financial Corp.  | (9215702)<br>| 135.00 | 05/16/25 | (334972)<br>|
| (460) | Cintas Corp.  | (9737280)<br>| 210.00 | 05/16/25 | (249780)<br>|
| (571) | Clorox (The) Co.  | (8125330)<br>| 140.00 | 05/16/25 | (325470)<br>|
| (1468) | Coca-Cola (The) Co.  | (10650340)<br>| 72.50 | 05/16/25 | (199648)<br>|
| (1034) | Colgate-Palmolive Co.  | (9532446)<br>| 95.00 | 05/16/25 | (51700)<br>|
| (1003) | Consolidated Edison, Inc.  | (11308825)<br>| 110.00 | 05/16/25 | (391170)<br>|
| (457) | Dover Corp.  | (7798705)<br>| 160.00 | 05/16/25 | (571250)<br>|
| (376) | Ecolab, Inc.  | (9453768)<br>| 240.00 | 05/16/25 | (385400)<br>|
| (696) | Emerson Electric Co.  | (7315656)<br>| 100.00 | 05/16/25 | (532440)<br>|
| (235) | Erie Indemnity Co. (c) (d) | (8427570)<br>| 410.00 | 05/16/25 | (5405)<br>|
| (327) | Essex Property Trust, Inc.  | (9128205)<br>| 280.00 | 05/16/25 | (181485)<br>|
| (1614) | Eversource Energy  | (9600072)<br>| 60.00 | 05/16/25 | (169470)<br>|
| (804) | Expeditors International of Washington, Inc.  | (8836764)<br>| 105.00 | 05/16/25 | (546720)<br>|
| (837) | Exxon Mobil Corp.  | (8841231)<br>| 110.00 | 05/16/25 | (87885)<br>|
| (195) | FactSet Research Systems, Inc.  | (8428290)<br>| 430.00 | 05/16/25 | (213525)<br>|
| (1203) | Fastenal Co.  | (9740691)<br>| 82.50 | 05/16/25 | (128721)<br>|
| (853) | Federal Realty Investment Trust  | (8019906)<br>| 95.00 | 05/16/25 | (89565)<br>|
| (4524) | Franklin Resources, Inc.  | (8487024)<br>| 17.50 | 05/16/25 | (655980)<br>|
| (341) | General Dynamics Corp.  | (9279292)<br>| 280.00 | 05/16/25 | (80135)<br>|
| (775) | Genuine Parts Co.  | (9110125)<br>| 115.00 | 05/16/25 | (292563)<br>|
| (2944) | Hormel Foods Corp.  | (8802560)<br>| 30.00 | 05/16/25 | (161920)<br>|
| (350) | Illinois Tool Works, Inc.  | (8396850)<br>| 230.00 | 05/16/25 | (404250)<br>|
| (404) | International Business Machines Corp.  | (9769528)<br>| 240.00 | 05/16/25 | (242400)<br>|
| (876) | J.M. Smucker (The) Co.  | (10185252)<br>| 115.00 | 05/16/25 | (262800)<br>|
| (619) | Johnson & Johnson  | (9675589)<br>| 160.00 | 05/16/25 | (61900)<br>|
| (4374) | Kenvue, Inc.  | (10322640)<br>| 23.00 | 05/16/25 | (524880)<br>|
| (708) | Kimberly-Clark Corp.  | (9330024)<br>| 145.00 | 05/16/25 | (3540)<br>|
| (207) | Linde PLC  | (9381861)<br>| 455.00 | 05/16/25 | (200790)<br>|
| (347) | Lowe's Cos., Inc.  | (7757532)<br>| 220.00 | 05/16/25 | (242900)<br>|
| (1214) | McCormick & Co., Inc.  | (9306524)<br>| 75.00 | 05/16/25 | (309570)<br>|
| (318) | McDonald's Corp.  | (10164870)<br>| 310.00 | 05/16/25 | (456330)<br>|
| (1008) | Medtronic PLC  | (8543808)<br>| 82.50 | 05/16/25 | (271152)<br>|
| (1248) | NextEra Energy, Inc.  | (8346624)<br>| 67.50 | 05/16/25 | (169728)<br>|
| (417) | Nordson Corp.  | (7905069)<br>| 180.00 | 05/16/25 | (462870)<br>|
| (744) | Nucor Corp.  | (8881128)<br>| 110.00 | 05/16/25 | (803520)<br>|
| (882) | Pentair PLC  | (8002386)<br>| 80.00 | 05/16/25 | (970200)<br>|
| (610) | PepsiCo, Inc.  | (8270380)<br>| 145.00 | 05/16/25 | (9150)<br>|
| (740) | PPG Industries, Inc.  | (8055640)<br>| 100.00 | 05/16/25 | (606800)<br>|
| (554) | Procter & Gamble (The) Co.  | (9006378)<br>| 170.00 | 05/16/25 | (22160)<br>|
| (1673) | Realty Income Corp.  | (9679978)<br>| 57.50 | 05/16/25 | (200760)<br>|
| (171) | Roper Technologies, Inc.  | (9577368)<br>| 560.00 | 05/16/25 | (143640)<br>|
| (177) | S&P Global, Inc.  | (8850885)<br>| 460.00 | 05/16/25 | (763755)<br>|
| (252) | Sherwin-Williams (The) Co.  | (8893584)<br>| 330.00 | 05/16/25 | (614880)<br>|

---

See Notes to Financial Statements

------

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup> **(KNG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of**<br> **Contracts**<br>| **Description** | **Notional**<br> **Amount**<br>| **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** |
|  | **Call Options Written (Continued)** | **Call Options Written (Continued)** | **Call Options Written (Continued)** | **Call Options Written (Continued)** |  |
| (1031) | Stanley Black & Decker, Inc.  | $(6373704)<br>| $57.50 | 05/16/25 | $(391780)<br>|
| (1216) | Sysco Corp.  | (8682240)<br>| 72.50 | 05/16/25 | (119168)<br>|
| (796) | T. Rowe Price Group, Inc.  | (7048580)<br>| 85.00 | 05/16/25 | (358200)<br>|
| (659) | Target Corp.  | (6436255)<br>| 95.00 | 05/16/25 | (247125)<br>|
| (81) | W.W. Grainger, Inc.  | (8296911)<br>| 1010.00 | 05/16/25 | (238950)<br>|
| (959) | Walmart, Inc.  | (9326275)<br>| 92.50 | 05/16/25 | (623350)<br>|
| (263) | West Pharmaceutical Services, Inc.  | (5668066)<br>| 200.00 | 05/16/25 | (389240)<br>|
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (21884476)<br>|
|  | (Premiums received $20,487,242) | (Premiums received $20,487,242) | (Premiums received $20,487,242) | (Premiums received $20,487,242) |  |
|  | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | 745970 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3628893389 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is held as collateral for the options written. At April 30, 2025, the value of these securities amounts
 to $605,125,194.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 investment is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of
 Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April
 30, 2025, investments noted as such are valued at $(5,405) or (0.0)% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security's value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial
 Statements).

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

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $3646409938 | &nbsp;&nbsp; $3646409938 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 3621957 | &nbsp;&nbsp; 3621957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $3650031895 | &nbsp;&nbsp; $3650031895 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Written Options | $(21884476)<br>| &nbsp;&nbsp; $(15991801)<br>| &nbsp;&nbsp; $(5887270)<br>| &nbsp;&nbsp; $(5405)<br>|

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 1.6%**  |  |
| 8469 | Curtiss-Wright Corp. | $2920874 |
| 20262 | Woodward, Inc. | 3800543 |
|  |  | 6721417 |
|  | **Air Freight & Logistics — 0.4%**  |  |
| 57696 | Hub Group, Inc., Class A | 1822617 |
|  | **Automobile Components — 0.9%**  |  |
| 16456 | Lear Corp. (a) | 1411102 |
| 55134 | Phinia, Inc. (a) | 2213630 |
|  |  | 3624732 |
|  | **Banks — 14.7%**  |  |
| 14177 | 1st Source Corp. | 849911 |
| 79749 | Bank OZK (a) | 3397308 |
| 110895 | Cadence Bank (a) | 3244788 |
| 42914 | Cathay General Bancorp | 1789085 |
| 29919 | Commerce Bancshares, Inc. | 1817280 |
| 30007 | Cullen/Frost Bankers, Inc. | 3494915 |
| 40757 | East West Bancorp, Inc. (a) | 3486761 |
| 167323 | Eastern Bankshares, Inc. (a) | 2496459 |
| 70581 | Enterprise Financial Services Corp. | 3671624 |
| 184600 | First BanCorp (a) | 3625544 |
| 923 | First Citizens BancShares, Inc., Class A | 1642146 |
| 105014 | First Commonwealth Financial Corp. | 1608815 |
| 25272 | First Merchants Corp. | 900694 |
| 92537 | Fulton Financial Corp. | 1543517 |
| 16128 | Hancock Whitney Corp. | 840108 |
| 66257 | Home BancShares, Inc. | 1838632 |
| 171136 | Huntington Bancshares, Inc. (a) | 2486606 |
| 14065 | Independent Bank Corp. | 831101 |
| 56254 | International Bancshares Corp. (a) | 3433744 |
| 21027 | National Bank Holdings Corp., Class A | 760336 |
| 16692 | Nicolet Bankshares, Inc. | 1949793 |
| 85621 | OFG Bancorp | 3369186 |
| 10525 | Pinnacle Financial Partners, Inc. | 1055026 |
| 43174 | Regions Financial Corp. (a) | 881181 |
| 38185 | SouthState Corp. | 3313694 |
| 8367 | UMB Financial Corp. | 791267 |
| 27444 | WaFd, Inc. | 782977 |
| 13254 | Western Alliance Bancorp | 923936 |
| 31314 | Wintrust Financial Corp. (a) | 3481178 |
|  |  | 60307612 |
|  | **Beverages — 1.0%**  |  |
| 2941 | Coca-Cola Consolidated, Inc. | 3987437 |
|  | **Broadline Retail — 1.3%**  |  |
| 9110 | Dillard's, Inc., Class A | 3158073 |
| 30458 | eBay, Inc. | 2076017 |
|  |  | 5234090 |
|  | **Building Products — 5.1%**  |  |
| 47955 | A.O. Smith Corp. (a) | 3254226 |
| 26171 | Advanced Drainage Systems, Inc. (a) | 2970147 |

---

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Building Products (Continued)**  |  |
| 13556 | Allegion PLC | $1886995 |
| 6984 | Carlisle Cos., Inc. | 2650288 |
| 3006 | CSW Industrials, Inc. | 939315 |
| 1550 | Lennox International, Inc. | 847463 |
| 4624 | Owens Corning (a) | 672376 |
| 15795 | Simpson Manufacturing Co., Inc. | 2427534 |
| 55134 | Tecnoglass, Inc. | 3929400 |
| 14305 | UFP Industries, Inc. (a) | 1414049 |
|  |  | 20991793 |
|  | **Capital Markets — 3.1%**  |  |
| 18202 | Cboe Global Markets, Inc. | 4037204 |
| 9767 | Interactive Brokers Group, Inc., Class A | 1678459 |
| 27142 | Northern Trust Corp. | 2550805 |
| 11893 | Raymond James Financial, Inc. | 1629817 |
| 36812 | SEI Investments Co. | 2882011 |
|  |  | 12778296 |
|  | **Chemicals — 2.0%**  |  |
| 8361 | Ashland, Inc. | 454755 |
| 5561 | Balchem Corp. | 870575 |
| 43758 | CF Industries Holdings, Inc. (a) | 3429314 |
| 22586 | Innospec, Inc. | 2020995 |
| 25699 | Minerals Technologies, Inc. | 1325811 |
|  |  | 8101450 |
|  | **Commercial Services & Supplies — 1.4%**  |  |
| 12717 | Brady Corp., Class A | 893878 |
| 9794 | Brink's (The) Co. | 874017 |
| 11417 | MSA Safety, Inc. | 1797264 |
| 4282 | UniFirst Corp. | 764208 |
| 16377 | Veralto Corp. | 1570554 |
|  |  | 5899921 |
|  | **Construction & Engineering — 2.4%**  |  |
| 26677 | AECOM | 2631686 |
| 9659 | Comfort Systems USA, Inc. (a) | 3839936 |
| 8626 | EMCOR Group, Inc. (a) | 3456438 |
|  |  | 9928060 |
|  | **Consumer Finance — 1.1%**  |  |
| 38927 | SLM Corp. (a) | 1125380 |
| 66834 | Synchrony Financial (a) | 3472026 |
|  |  | 4597406 |
|  | **Consumer Staples Distribution & Retail — 2.0%**  |  |
| 75992 | Andersons (The), Inc. | 2865658 |
| 41364 | PriceSmart, Inc. | 4198032 |
| 12440 | Weis Markets, Inc. | 1069716 |
|  |  | 8133406 |
|  | **Containers & Packaging — 0.8%**  |  |
| 17151 | Packaging Corp. of America | 3183397 |
|  | **Diversified Consumer Services — 2.0%**  |  |
| 928 | Graham Holdings Co., Class B | 853806 |

---

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Diversified Consumer Services (Continued)**  |  |
| 30879 | H&R Block, Inc. | $1864165 |
| 101127 | OneSpaWorld Holdings Ltd. | 1688821 |
| 149347 | Perdoceo Education Corp. (a) | 3751597 |
|  |  | 8158389 |
|  | **Electric Utilities — 0.6%**  |  |
| 33245 | Otter Tail Corp. | 2638988 |
|  | **Electrical Equipment — 1.4%**  |  |
| 25674 | Atkore, Inc. | 1639798 |
| 35984 | EnerSys | 3116214 |
| 5297 | Powell Industries, Inc. | 969934 |
|  |  | 5725946 |
|  | **Electronic Equipment, Instruments & Components — 0.8%**  |  |
| 64694 | Benchmark Electronics, Inc. | 2104496 |
| 3273 | Littelfuse, Inc. | 596701 |
| 35366 | Vishay Intertechnology, Inc. (a) | 459404 |
|  |  | 3160601 |
|  | **Energy Equipment & Services — 1.5%**  |  |
| 34506 | Atlas Energy Solutions, Inc. (a) | 466866 |
| 63381 | Cactus, Inc., Class A (a) | 2404675 |
| 174496 | NOV, Inc. | 2025899 |
| 27070 | Weatherford International PLC | 1120698 |
|  |  | 6018138 |
|  | **Financial Services — 4.1%**  |  |
| 58752 | Corebridge Financial, Inc. (a) | 1740822 |
| 57812 | Equitable Holdings, Inc. (a) | 2858803 |
| 61942 | Essent Group Ltd. (a) | 3526358 |
| 20891 | Jackson Financial, Inc., Class A (a) | 1627618 |
| 150459 | MGIC Investment Corp. (a) | 3747934 |
| 107406 | Radian Group, Inc. (a) | 3430547 |
|  |  | 16932082 |
|  | **Food Products — 2.3%**  |  |
| 46374 | Cal-Maine Foods, Inc. (a) | 4329940 |
| 20495 | Ingredion, Inc. | 2722146 |
| 15428 | Lancaster Colony Corp. | 2511370 |
|  |  | 9563456 |
|  | **Ground Transportation — 0.1%**  |  |
| 4602 | Landstar System, Inc. (a) | 617358 |
|  | **Health Care Equipment & Supplies — 0.4%**  |  |
| 19410 | LeMaitre Vascular, Inc. | 1761263 |
|  | **Health Care Providers & Services — 1.8%**  |  |
| 15332 | Cardinal Health, Inc. | 2166258 |
| 4795 | Chemed Corp. | 2788341 |
| 19875 | Ensign Group (The), Inc. | 2563676 |
|  |  | 7518275 |
|  | **Hotels, Restaurants & Leisure — 0.6%**  |  |
| 9839 | Texas Roadhouse, Inc. | 1632880 |
| 3913 | Wingstop, Inc. | 1032602 |
|  |  | 2665482 |

---

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Household Durables — 3.4%**  |  |
| 17709 | Installed Building Products, Inc. (a) | $2936683 |
| 37565 | KB Home (a) | 2029637 |
| 86754 | La-Z-Boy, Inc. | 3426783 |
| 41675 | Meritage Homes Corp. (a) | 2839735 |
| 27371 | Toll Brothers, Inc. (a) | 2760913 |
|  |  | 13993751 |
|  | **Household Products — 0.2%**  |  |
| 11897 | Spectrum Brands Holdings, Inc. | 750701 |
|  | **Insurance — 9.9%**  |  |
| 18217 | Assurant, Inc. | 3511145 |
| 43173 | Assured Guaranty Ltd. | 3787567 |
| 42749 | Axis Capital Holdings Ltd. | 4117584 |
| 17816 | Brown & Brown, Inc. | 1970450 |
| 6298 | Cincinnati Financial Corp. (a) | 876745 |
| 76694 | CNO Financial Group, Inc. | 2909770 |
| 18820 | Employers Holdings, Inc. | 914464 |
| 6981 | Everest Group Ltd. (a) | 2504992 |
| 5415 | Hanover Insurance Group (The), Inc. | 899431 |
| 14054 | Kemper Corp. | 830872 |
| 76665 | Lincoln National Corp. | 2443314 |
| 13583 | Primerica, Inc. | 3559697 |
| 10332 | Principal Financial Group, Inc. | 766118 |
| 16968 | Reinsurance Group of America, Inc. (a) | 3178276 |
| 3500 | RenaissanceRe Holdings Ltd. | 846755 |
| 55796 | Unum Group (a) | 4333117 |
| 45063 | W.R. Berkley Corp. | 3230566 |
|  |  | 40680863 |
|  | **Machinery — 10.0%**  |  |
| 7775 | AGCO Corp. (a) | 659553 |
| 15072 | Alamo Group, Inc. | 2516723 |
| 27118 | Allison Transmission Holdings, Inc. | 2501364 |
| 23126 | Atmus Filtration Technologies, Inc. | 801778 |
| 49769 | Donaldson Co., Inc. | 3271316 |
| 4640 | Dover Corp. | 791816 |
| 21651 | Federal Signal Corp. | 1763041 |
| 35252 | Franklin Electric Co., Inc. | 2995010 |
| 42636 | Graco, Inc. (a) | 3479524 |
| 17419 | IDEX Corp. (a) | 3030384 |
| 25633 | ITT, Inc. (a) | 3512234 |
| 13299 | Lincoln Electric Holdings, Inc. (a) | 2343284 |
| 50348 | Mueller Industries, Inc. (a) | 3703599 |
| 11607 | Snap-on, Inc. (a) | 3642393 |
| 11383 | Tennant Co. | 821397 |
| 48015 | Terex Corp. (a) | 1690128 |
| 17651 | Watts Water Technologies, Inc., Class A | 3666995 |
|  |  | 41190539 |
|  | **Marine Transportation — 0.2%**  |  |
| 6434 | Matson, Inc. (a) | 701885 |

---

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Media — 2.2%**  |  |
| 37296 | Fox Corp., Class A | $1856968 |
| 53933 | Interpublic Group of (The) Cos., Inc. (a) | 1354797 |
| 70185 | New York Times (The) Co., Class A | 3653831 |
| 27423 | Omnicom Group, Inc. (a) | 2088536 |
|  |  | 8954132 |
|  | **Metals & Mining — 2.3%**  |  |
| 47737 | Commercial Metals Co. (a) | 2126206 |
| 5894 | Reliance, Inc. (a) | 1698828 |
| 6279 | Royal Gold, Inc. | 1147236 |
| 13689 | Steel Dynamics, Inc. (a) | 1775600 |
| 60146 | Warrior Met Coal, Inc. | 2876182 |
|  |  | 9624052 |
|  | **Oil, Gas & Consumable Fuels — 3.1%**  |  |
| 103479 | Coterra Energy, Inc. | 2541444 |
| 9184 | Expand Energy Corp. (a) | 954217 |
| 33252 | HF Sinclair Corp. (a) | 999888 |
| 12954 | International Seaways, Inc. | 439918 |
| 103159 | Magnolia Oil & Gas Corp., Class A (a) | 2117854 |
| 58300 | SM Energy Co. (a) | 1328657 |
| 2018 | Texas Pacific Land Corp. (a) | 2600940 |
| 65607 | World Kinect Corp. | 1646080 |
|  |  | 12628998 |
|  | **Paper & Forest Products — 0.2%**  |  |
| 10880 | Sylvamo Corp. (a) | 648666 |
|  | **Personal Care Products — 0.7%**  |  |
| 27804 | Interparfums, Inc. | 3036197 |
|  | **Professional Services — 4.9%**  |  |
| 14313 | CSG Systems International, Inc. | 860641 |
| 87009 | Genpact Ltd. (a) | 4373072 |
| 18300 | Insperity, Inc. (a) | 1189683 |
| 26181 | Jacobs Solutions, Inc. (a) | 3241208 |
| 24848 | Korn Ferry | 1533122 |
| 6063 | Leidos Holdings, Inc. | 892352 |
| 19734 | Paycom Software, Inc. | 4467580 |
| 12998 | Robert Half, Inc. (a) | 575811 |
| 27432 | TriNet Group, Inc. | 2148749 |
| 17306 | UL Solutions, Inc., Class A | 989730 |
|  |  | 20271948 |
|  | **Semiconductors & Semiconductor Equipment — 0.7%**  |  |
| 21441 | Universal Display Corp. | 2693633 |
|  | **Software — 2.0%**  |  |
| 106936 | Clear Secure, Inc., Class A | 2639180 |
| 11263 | Dolby Laboratories, Inc., Class A | 864886 |
| 23184 | InterDigital, Inc. | 4659984 |
|  |  | 8164050 |
|  | **Specialty Retail — 2.0%**  |  |
| 42923 | Buckle (The), Inc. (a) | 1492003 |

---

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialty Retail (Continued)**  |  |
| 16350 | Dick's Sporting Goods, Inc. (a) | $3069549 |
| 22912 | Williams-Sonoma, Inc. (a) | 3539217 |
|  |  | 8100769 |
|  | **Technology Hardware, Storage & Peripherals — 0.8%**  |  |
| 5986 | Dell Technologies, Inc., Class C (a) | 549275 |
| 93295 | Hewlett Packard Enterprise Co. | 1513245 |
| 14307 | NetApp, Inc. (a) | 1284053 |
|  |  | 3346573 |
|  | **Textiles, Apparel & Luxury Goods — 2.9%**  |  |
| 9765 | Columbia Sportswear Co. | 607090 |
| 48385 | Kontoor Brands, Inc. (a) | 2910358 |
| 17416 | Ralph Lauren Corp. (a) | 3917729 |
| 88643 | Steven Madden Ltd. (a) | 1861503 |
| 37847 | Tapestry, Inc. | 2673891 |
|  |  | 11970571 |
|  | **Trading Companies & Distributors — 1.1%**  |  |
| 15998 | Applied Industrial Technologies, Inc. | 3891993 |
| 6075 | Boise Cascade Co. (a) | 566676 |
|  |  | 4458669 |
|  | **Total Common Stocks** | 411287609 |
|  | (Cost $426,865,309) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 489342 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (b) | 489342 |
|  | (Cost $489,342) |  |
|  | **Total Investments — 100.1%** | 411776951 |
|  | (Cost $427,354,651) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** |
|  | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** |  |
| (185) | Russell 2000<sup>®</sup> Index  | $(36336202)<br>| $1950.00 | 05/02/25 | (592740)<br>|
|  | (Premiums received $612,046) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.1%** | **Net Other Assets and Liabilities — 0.1%** | **Net Other Assets and Liabilities — 0.1%** | **Net Other Assets and Liabilities — 0.1%** | 231309 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $411415520 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is held as collateral for the options written. At April 30, 2025, the value of these securities amounts
 to $13,463,493.

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

See Notes to Financial Statements

------

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $411287609 | &nbsp;&nbsp; $411287609 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 489342 | &nbsp;&nbsp; 489342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $411776951 | &nbsp;&nbsp; $411776951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Written Options | $(592740)<br>| &nbsp;&nbsp; $(592740)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**FT Vest Technology Dividend Target Income ETF (TDVI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Communications Equipment — 4.9%**  |  |
| 25674 | Cisco Systems, Inc. (a) | $1482160 |
| 1661 | Ituran Location and Control Ltd. | 59697 |
| 3426 | Motorola Solutions, Inc. (a) | 1508776 |
| 33980 | Nokia Oyj, ADR (a) | 169560 |
| 21097 | Telefonaktiebolaget LM Ericsson, ADR | 173839 |
| 953 | Ubiquiti, Inc. (a) | 311107 |
|  |  | 3705139 |
|  | **Diversified Telecommunication Services — 9.3%**  |  |
| 60056 | AT&T, Inc. (a) | 1663551 |
| 71197 | BCE, Inc. (a) | 1584133 |
| 5928 | Cogent Communications Holdings, Inc. (a) | 322187 |
| 4252 | Iridium Communications, Inc. | 102601 |
| 1138 | Shenandoah Telecommunications Co. | 12677 |
| 12170 | Telefonica Brasil S.A., ADR | 118171 |
| 106402 | TELUS Corp. (a) | 1636463 |
| 38194 | Verizon Communications, Inc. (a) | 1682828 |
|  |  | 7122611 |
|  | **Electronic Equipment, Instruments & Components — 5.1%**  |  |
| 13463 | Amphenol Corp., Class A (a) | 1035978 |
| 2950 | Avnet, Inc. (a) | 138621 |
| 814 | Benchmark Electronics, Inc. (a) | 26479 |
| 2485 | CDW Corp. (a) | 398992 |
| 40 | Climb Global Solutions, Inc. | 4216 |
| 25751 | Corning, Inc. (a) | 1142829 |
| 219 | PC Connection, Inc. | 13587 |
| 1357 | TD SYNNEX Corp. (a) | 150356 |
| 6627 | TE Connectivity PLC (a) | 970060 |
| 3882 | Vishay Intertechnology, Inc. (a) | 50427 |
|  |  | 3931545 |
|  | **Interactive Media & Services — 0.1%**  |  |
| 2017 | Match Group, Inc. | 59824 |
|  | **IT Services — 10.0%**  |  |
| 3336 | Amdocs Ltd. (a) | 295503 |
| 9592 | Cognizant Technology Solutions Corp., Class A (a) | 705684 |
| 543 | Hackett Group (The), Inc. (a) | 13868 |
| 17874 | Infosys Ltd., ADR (a) | 314582 |
| 26081 | International Business Machines Corp. (a) | 6306907 |
| 7414 | Wipro Ltd., ADR | 21204 |
|  |  | 7657748 |
|  | **Media — 2.3%**  |  |
| 570 | Cable One, Inc. (a) | 152344 |
| 45878 | Comcast Corp., Class A (a) | 1569028 |
|  |  | 1721372 |
|  | **Professional Services — 1.6%**  |  |
| 3018 | Concentrix Corp. | 154099 |
| 728 | CSG Systems International, Inc. (a) | 43775 |
| 13107 | Dun & Bradstreet Holdings, Inc. (a) | 117570 |
| 2185 | KBR, Inc. (a) | 115390 |
| 2097 | Leidos Holdings, Inc. (a) | 308636 |

---

See Notes to Financial Statements

------

**FT Vest Technology Dividend Target Income ETF (TDVI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services (Continued)**  |  |
| 521 | Paycom Software, Inc. | $117949 |
| 983 | Science Applications International Corp. (a) | 118973 |
| 3674 | SS&C Technologies Holdings, Inc. (a) | 277754 |
|  |  | 1254146 |
|  | **Semiconductors & Semiconductor Equipment — 37.4%**  |  |
| 5020 | Amkor Technology, Inc. (a) | 87599 |
| 10684 | Analog Devices, Inc. (a) | 2082525 |
| 10516 | Applied Materials, Inc. (a) | 1584866 |
| 1154 | ASML Holding N.V. | 770964 |
| 33012 | Broadcom, Inc. (a) | 6353820 |
| 1091 | Camtek Ltd. (b) | 71286 |
| 1525 | KLA Corp. (a) | 1071602 |
| 1511 | Kulicke & Soffa Industries, Inc. (a) | 48700 |
| 19366 | Lam Research Corp. (a) | 1387961 |
| 22282 | Microchip Technology, Inc. (a) | 1026755 |
| 7367 | Micron Technology, Inc. | 566891 |
| 539 | Monolithic Power Systems, Inc. (a) | 319681 |
| 6427 | NXP Semiconductors N.V. (a) | 1184560 |
| 1022 | Power Integrations, Inc. (a) | 50201 |
| 20943 | QUALCOMM, Inc. (a) | 3109198 |
| 1619 | Silicon Motion Technology Corp., ADR | 80140 |
| 8964 | Skyworks Solutions, Inc. (a) | 576206 |
| 1700 | STMicroelectronics N.V. | 38607 |
| 18237 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (a) | 3039925 |
| 31673 | Texas Instruments, Inc. (a) | 5069264 |
| 667 | Universal Display Corp. (a) | 83795 |
|  |  | 28604546 |
|  | **Software — 19.4%**  |  |
| 1153 | A10 Networks, Inc. (a) | 19001 |
| 1843 | Adeia, Inc. (a) | 22687 |
| 2145 | Bentley Systems, Inc., Class B | 92214 |
| 2264 | Clear Secure, Inc., Class A | 55876 |
| 1242 | Dolby Laboratories, Inc., Class A (a) | 95373 |
| 15178 | Gen Digital, Inc. (a) | 392655 |
| 460 | InterDigital, Inc. (a) | 92460 |
| 2380 | Intuit, Inc. (a) | 1493379 |
| 989 | Karooooo Ltd. | 42141 |
| 16587 | Microsoft Corp. (a) | 6556178 |
| 388 | OneSpan, Inc. | 5770 |
| 14114 | Open Text Corp. (a) | 382489 |
| 2104 | Opera Ltd., ADR | 35915 |
| 34547 | Oracle Corp. (a) | 4861454 |
| 760 | Roper Technologies, Inc. (a) | 425661 |
| 733 | SAP SE, ADR (a) | 214175 |
| 1557 | Sapiens International Corp. N.V. | 42646 |
|  |  | 14830074 |
|  | **Technology Hardware, Storage & Peripherals — 5.5%**  |  |
| 8338 | Dell Technologies, Inc., Class C (a) | 765095 |
| 46421 | Hewlett Packard Enterprise Co. (a) | 752949 |

---

See Notes to Financial Statements

------

**FT Vest Technology Dividend Target Income ETF (TDVI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage & Peripherals (Continued)**  |  |
| 45894 | HP, Inc. (a) | $1173509 |
| 2787 | Logitech International S.A. (a) | 210112 |
| 5650 | NetApp, Inc. (a) | 507087 |
| 7886 | Seagate Technology Holdings PLC (a) | 717863 |
| 25442 | Xerox Holdings Corp. (a) | 112199 |
|  |  | 4238814 |
|  | **Wireless Telecommunication Services — 4.3%**  |  |
| 14608 | Millicom International Cellular S.A. | 504560 |
| 50013 | Rogers Communications, Inc., Class B (a) | 1304839 |
| 6103 | T-Mobile US, Inc. | 1507136 |
|  |  | 3316535 |
|  | **Total Common Stocks** | 76442354 |
|  | (Cost $81,523,053) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 80617 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (c) | 80617 |
|  | (Cost $80,617) |  |
|  | **Total Investments — 100.0%** | 76522971 |
|  | (Cost $81,603,670) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** |
|  | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** |  |
| (126) | S&P 500<sup>®</sup> Mini Index  | $(7017066)<br>| $551.00 | 05/02/25 | (86058)<br>|
|  | (Premiums received $101,231) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.1%** | **Net Other Assets and Liabilities — 0.1%** | **Net Other Assets and Liabilities — 0.1%** | **Net Other Assets and Liabilities — 0.1%** | 92772 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $76529685 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is held as collateral for the options written. At April 30, 2025, the value of these securities amounts
 to $2,131,385.

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

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

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

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $76442354 | &nbsp;&nbsp; $76442354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 80617 | &nbsp;&nbsp; 80617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $76522971 | &nbsp;&nbsp; $76522971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Technology Dividend Target Income ETF (TDVI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

&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>|
| Written Options | $(86058)<br>| &nbsp;&nbsp; $(86058)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**FT Vest Dow Jones Internet & Target Income ETF (FDND)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Broadline Retail — 10.7%**  |  |
| 3085 | Amazon.com, Inc. (a) (b) | $568936 |
| 1453 | eBay, Inc. (b) | 99036 |
|  |  | 667972 |
|  | **Commercial Services & Supplies — 2.6%**  |  |
| 2659 | Copart, Inc. (a) | 162279 |
|  | **Communications Equipment — 10.2%**  |  |
| 3135 | Arista Networks, Inc. (a) (b) | 257916 |
| 432 | Ciena Corp. (a) (b) | 29013 |
| 4568 | Cisco Systems, Inc. (b) | 263711 |
| 174 | F5, Inc. (a) | 46065 |
| 1005 | Juniper Networks, Inc. (b) | 36501 |
|  |  | 633206 |
|  | **Entertainment — 12.5%**  |  |
| 592 | Netflix, Inc. (a) (b) | 669978 |
| 1650 | ROBLOX Corp., Class A (a) (b) | 110633 |
|  |  | 780611 |
|  | **Financial Services — 3.2%**  |  |
| 3001 | PayPal Holdings, Inc. (a) (b) | 197586 |
|  | **Health Care Technology — 1.7%**  |  |
| 453 | Veeva Systems, Inc., Class A (a) (b) | 105861 |
|  | **Hotels, Restaurants & Leisure — 13.8%**  |  |
| 1314 | Airbnb, Inc., Class A (a) (b) | 160203 |
| 63 | Booking Holdings, Inc. | 321255 |
| 1030 | DoorDash, Inc., Class A (a) (b) | 198677 |
| 1486 | DraftKings, Inc., Class A (a) (b) | 49469 |
| 540 | Flutter Entertainment PLC (a) | 130134 |
|  |  | 859738 |
|  | **Interactive Media & Services — 18.2%**  |  |
| 2019 | Alphabet, Inc., Class A (b) | 320617 |
| 1635 | Alphabet, Inc., Class C (b) | 263055 |
| 991 | Meta Platforms, Inc., Class A (b) | 544059 |
| 824 | ZoomInfo Technologies, Inc. (a) (b) | 7054 |
|  |  | 1134785 |
|  | **IT Services — 8.3%**  |  |
| 457 | Akamai Technologies, Inc. (a) (b) | 36825 |
| 934 | Cloudflare, Inc., Class A (a) (b) | 112808 |
| 429 | GoDaddy, Inc., Class A (a) (b) | 80794 |
| 495 | Okta, Inc. (a) (b) | 55519 |
| 1002 | Snowflake, Inc., Class A (a) (b) | 159809 |
| 248 | VeriSign, Inc. (a) | 69966 |
|  |  | 515721 |
|  | **Professional Services — 0.5%**  |  |
| 143 | Paycom Software, Inc. | 32374 |
|  | **Software — 16.9%**  |  |
| 497 | Atlassian Corp., Class A (a) (b) | 113470 |
| 436 | Box, Inc., Class A (a) (b) | 13612 |
| 783 | Confluent, Inc., Class A (a) (b) | 18643 |
| 951 | Datadog, Inc., Class A (a) (b) | 97154 |

---

See Notes to Financial Statements

------

**FT Vest Dow Jones Internet & Target Income ETF (FDND)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 612 | Docusign, Inc. (a) (b) | $50031 |
| 657 | Dropbox, Inc., Class A (a) (b) | 18757 |
| 159 | HubSpot, Inc. (a) | 97229 |
| 1030 | MARA Holdings, Inc. (a) (b) | 13771 |
| 755 | Nutanix, Inc., Class A (a) (b) | 51869 |
| 1324 | Salesforce, Inc. (b) | 355772 |
| 649 | Workday, Inc., Class A (a) (b) | 159005 |
| 795 | Zoom Communications, Inc. (a) (b) | 61644 |
|  |  | 1050957 |
|  | **Specialty Retail — 1.4%**  |  |
| 359 | Carvana Co. (a) (b) | 87722 |
|  | **Total Common Stocks** | 6228812 |
|  | (Cost $6,086,232) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 13518 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (c) | 13518 |
|  | (Cost $13,518) |  |
|  | **Total Investments — 100.2%** | 6242330 |
|  | (Cost $6,099,750) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** |
|  | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** |  |
| (36) | Nasdaq-100 Micro Index  | $(704556)<br>| $194.00 | 05/02/25 | (9756)<br>|
|  | (Premiums received $11,284) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | 734 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6233308 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is held as collateral for the options written. At April 30, 2025, the value of these securities amounts
 to $909,349.

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $6228812 | &nbsp;&nbsp; $6228812 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 13518 | &nbsp;&nbsp; 13518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $6242330 | &nbsp;&nbsp; $6242330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

See Notes to Financial Statements

------

**FT Vest Dow Jones Internet & Target Income ETF (FDND)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| Written Options | $(9756)<br>| &nbsp;&nbsp; $(9756)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Vest S&P** <br> **500**<sup>®</sup> **Dividend** <br> **Aristocrats** <br> **Target Income** <br> **ETF**<sup>®</sup> <br>**(KNG)** <br>| **FT Vest SMID** <br> **Rising Dividend** <br> **Achievers** <br> **Target Income** <br> **ETF** <br>**(SDVD)** <br>| **FT Vest** <br> **Technology** <br> **Dividend Target** <br> **Income ETF** <br>**(TDVI)** <br>| **FT Vest Dow** <br> **Jones Internet** <br> **& Target** <br> **Income ETF** <br>**(FDND)** <br>|
| **ASSETS:** |  |  |  |  |
| Investments, at value | $3650031895 | &nbsp;&nbsp; $411776951 | &nbsp;&nbsp; $76522971 | &nbsp;&nbsp; $6242330 |
| Due from broker | 4000 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| Cash segregated as collateral |  | &nbsp;&nbsp; 207877 | &nbsp;&nbsp; 43007 | &nbsp;&nbsp; 3526 |
| Due from authorized participant | 17315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | 301820258 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | 175883676 | &nbsp;&nbsp; 1918097 | &nbsp;&nbsp; 1109147 | &nbsp;&nbsp; — |
| Dividends | 4388254 | &nbsp;&nbsp; 284938 | &nbsp;&nbsp; 90344 | &nbsp;&nbsp; 49 |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 585 | &nbsp;&nbsp; — |
| Total Assets | 4132145398 | &nbsp;&nbsp; 414187963 | &nbsp;&nbsp; 77766154 | &nbsp;&nbsp; 6246005 |
| **LIABILITIES:** |  |  |  |  |
| Options contracts written, at value | 21884476 | &nbsp;&nbsp; 592740 | &nbsp;&nbsp; 86058 | &nbsp;&nbsp; 9756 |
| Payables: |  |  |  |  |
| Investment securities purchased | 309789364 | &nbsp;&nbsp; 1918874 | &nbsp;&nbsp; 1107945 | &nbsp;&nbsp; — |
| Capital shares redeemed | 169402682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees | 2175487 | &nbsp;&nbsp; 260829 | &nbsp;&nbsp; 42466 | &nbsp;&nbsp; 2941 |
| Total Liabilities | 503252009 | &nbsp;&nbsp; 2772443 | &nbsp;&nbsp; 1236469 | &nbsp;&nbsp; 12697 |
| **NET ASSETS** | $3628893389 | &nbsp;&nbsp; $411415520 | &nbsp;&nbsp; $76529685 | &nbsp;&nbsp; $6233308 |
| **NET ASSETS consist of:** |  |  |  |  |
| Paid-in capital | $3944369543 | &nbsp;&nbsp; $462392336 | &nbsp;&nbsp; $82556743 | &nbsp;&nbsp; $6071686 |
| Par value | 749750 | &nbsp;&nbsp; 214500 | &nbsp;&nbsp; 34500 | &nbsp;&nbsp; 3000 |
| Accumulated distributable earnings (loss) | (316225904)<br>| &nbsp;&nbsp; (51191316)<br>| &nbsp;&nbsp; (6061558)<br>| &nbsp;&nbsp; 158622 |
| **NET ASSETS** | $3628893389 | &nbsp;&nbsp; $411415520 | &nbsp;&nbsp; $76529685 | &nbsp;&nbsp; $6233308 |
| **NET ASSET VALUE,** per share | $48.40 | &nbsp;&nbsp; $19.18 | &nbsp;&nbsp; $22.18 | &nbsp;&nbsp; $20.78 |
| Number of shares outstanding (unlimited number of <br> shares authorized, par value $0.01 per share)<br>| 74975000 | &nbsp;&nbsp; 21450002 | &nbsp;&nbsp; 3450002 | &nbsp;&nbsp; 300002 |
| Investments, at cost | $3715059011 | &nbsp;&nbsp; $427354651 | &nbsp;&nbsp; $81603670 | &nbsp;&nbsp; $6099750 |
| Premiums received on options contracts written | $20487242 | &nbsp;&nbsp; $612046 | &nbsp;&nbsp; $101231 | &nbsp;&nbsp; $11284 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Operations**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Vest S&P** <br> **500**<sup>®</sup> **Dividend** <br> **Aristocrats** <br> **Target Income** <br> **ETF**<sup>®</sup> <br>**(KNG)** <br>| **FT Vest SMID** <br> **Rising Dividend** <br> **Achievers** <br> **Target Income** <br> **ETF** <br>**(SDVD)** <br>| **FT Vest** <br> **Technology** <br> **Dividend Target** <br> **Income ETF** <br>**(TDVI)** <br>| **FT Vest Dow** <br> **Jones Internet** <br> **& Target** <br> **Income ETF** <br>**(FDND)** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends | $44261269 | &nbsp;&nbsp; $3611347 | &nbsp;&nbsp; $732314 | &nbsp;&nbsp; $4693 |
| Foreign withholding tax |  | &nbsp;&nbsp; (17451)<br>| &nbsp;&nbsp; (27952)<br>| &nbsp;&nbsp; — |
| Total investment income | 44261269 | &nbsp;&nbsp; 3593896 | &nbsp;&nbsp; 704362 | &nbsp;&nbsp; 4693 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 13216843<br>| &nbsp;&nbsp; 1212005<br>| &nbsp;&nbsp; 224640<br>| &nbsp;&nbsp; 11219<br>|
| Total expenses | 13216843 | &nbsp;&nbsp; 1212005 | &nbsp;&nbsp; 224640 | &nbsp;&nbsp; 11219 |
| **NET INVESTMENT INCOME (LOSS)** | 31044426 | &nbsp;&nbsp; 2381891 | &nbsp;&nbsp; 479722 | &nbsp;&nbsp; (6526)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | (127457503)<br>| &nbsp;&nbsp; (36270746)<br>| &nbsp;&nbsp; (1075838)<br>| &nbsp;&nbsp; (16408)<br>|
| In-kind redemptions | 80887145 | &nbsp;&nbsp; 7961083 | &nbsp;&nbsp; 1658293 | &nbsp;&nbsp; 200179 |
| Written options contracts | 69948191 | &nbsp;&nbsp; 3786832 | &nbsp;&nbsp; 430390 | &nbsp;&nbsp; 4317 |
| Foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 858 | &nbsp;&nbsp; — |
| Net realized gain (loss) | 23377833 | &nbsp;&nbsp; (24522831)<br>| &nbsp;&nbsp; 1013703 | &nbsp;&nbsp; 188088 |
| Net change in unrealized appreciation (depreciation) <br> on:<br>|  |  |  |  |
| Investments | (179812935)<br>| &nbsp;&nbsp; (16488459)<br>| &nbsp;&nbsp; (5649183)<br>| &nbsp;&nbsp; 167080 |
| Written options contracts | (12239819)<br>| &nbsp;&nbsp; (97358)<br>| &nbsp;&nbsp; (34698)<br>| &nbsp;&nbsp; (70)<br>|
| Net change in unrealized appreciation (depreciation) | (192052754)<br>| &nbsp;&nbsp; (16585817)<br>| &nbsp;&nbsp; (5683881)<br>| &nbsp;&nbsp; 167010 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS)**<br>| (168674921)<br>| &nbsp;&nbsp; (41108648)<br>| &nbsp;&nbsp; (4670178)<br>| &nbsp;&nbsp; 355098 |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $(137630495)<br>| &nbsp;&nbsp; $(38726757)<br>| &nbsp;&nbsp; $(4190456)<br>| &nbsp;&nbsp; $348572 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Vest S&P 500**<sup>®</sup> **Dividend** <br> **Aristocrats Target Income ETF**<sup>®</sup> <br> **(KNG)** | **FT Vest S&P 500**<sup>®</sup> **Dividend** <br> **Aristocrats Target Income ETF**<sup>®</sup> <br> **(KNG)** | **FT Vest SMID Rising Dividend** <br> **Achievers Target Income ETF** <br> **(SDVD)** | **FT Vest SMID Rising Dividend** <br> **Achievers Target Income ETF** <br> **(SDVD)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $31044426 | &nbsp;&nbsp; $41219302 | &nbsp;&nbsp; $2381891 | &nbsp;&nbsp; $1310743 |
| Net realized gain (loss) | 23377833 | &nbsp;&nbsp; 134353741 | &nbsp;&nbsp; (24522831)<br>| &nbsp;&nbsp; 11767143 |
| Net change in unrealized appreciation (depreciation) | (192052754)<br>| &nbsp;&nbsp; 231839663 | &nbsp;&nbsp; (16585817)<br>| &nbsp;&nbsp; 1307274 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (137630495)<br>| &nbsp;&nbsp; 407412706 | &nbsp;&nbsp; (38726757)<br>| &nbsp;&nbsp; 14385160 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (154993190)<br>| &nbsp;&nbsp; (229355100)<br>| &nbsp;&nbsp; (12972417)<br>| &nbsp;&nbsp; (7449615)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 970305135<br>| &nbsp;&nbsp; 2175553946<br>| &nbsp;&nbsp; 389888340<br>| &nbsp;&nbsp; 197526645<br>|
| Cost of shares redeemed | (468960783) <br>| &nbsp;&nbsp; (393395137) <br>| &nbsp;&nbsp; (80420876) <br>| &nbsp;&nbsp; (54337262) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 501344352 | &nbsp;&nbsp; 1782158809 | &nbsp;&nbsp; 309467464 | &nbsp;&nbsp; 143189383 |
| Total increase (decrease) in net assets | 208720667 | &nbsp;&nbsp; 1960216415 | &nbsp;&nbsp; 257768290 | &nbsp;&nbsp; 150124928 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 3420172722 | &nbsp;&nbsp; 1459956307 | &nbsp;&nbsp; 153647230 | &nbsp;&nbsp; 3522302 |
| End of period | $3628893389 | &nbsp;&nbsp; $3420172722 | &nbsp;&nbsp; $411415520 | &nbsp;&nbsp; $153647230 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 65225000 | &nbsp;&nbsp; 30825000 | &nbsp;&nbsp; 7050002 | &nbsp;&nbsp; 200002 |
| Shares sold | 19150000 | &nbsp;&nbsp; 42000000 | &nbsp;&nbsp; 18400000 | &nbsp;&nbsp; 9400000 |
| Shares redeemed | (9400000)<br>| &nbsp;&nbsp; (7600000)<br>| &nbsp;&nbsp; (4000000)<br>| &nbsp;&nbsp; (2550000)<br>|
| Shares outstanding, end of period | 74975000 | &nbsp;&nbsp; 65225000 | &nbsp;&nbsp; 21450002 | &nbsp;&nbsp; 7050002 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is March 20, 2024, which is consistent with the commencement of investment operations and is the date the initial creation
 units were established.

See Notes to Financial Statements

------

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

---

| | | | |
|:---|:---|:---|:---|
| **FT Vest Technology Dividend** <br> **Target Income ETF (TDVI)** | **FT Vest Technology Dividend** <br> **Target Income ETF (TDVI)** | **FT Vest Dow Jones Internet &** <br> **Target Income ETF (FDND)** | **FT Vest Dow Jones Internet &** <br> **Target Income ETF (FDND)** |
| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Period** <br>**Ended** <br>**10/31/2024 (a)**<br>|
| $479722 | &nbsp;&nbsp; $311369 | &nbsp;&nbsp; $(6526)<br>| &nbsp;&nbsp; $(3469)<br>|
| 1013703 | &nbsp;&nbsp; 3165032 | &nbsp;&nbsp; 188088 | &nbsp;&nbsp; 156148 |
| (5683881)<br>| &nbsp;&nbsp; 765058 | &nbsp;&nbsp; 167010 | &nbsp;&nbsp; (22902)<br>|
| (4190456)<br>| &nbsp;&nbsp; 4241459 | &nbsp;&nbsp; 348572 | &nbsp;&nbsp; 129777 |
| (2469287)<br>| &nbsp;&nbsp; (1791454)<br>| &nbsp;&nbsp; (130367)<br>| &nbsp;&nbsp; (79167)<br>|
| 56493611<br>| &nbsp;&nbsp; 48547933<br>| &nbsp;&nbsp; 5168011<br>| &nbsp;&nbsp; 2982023<br>|
| (15703493) <br>| &nbsp;&nbsp; (10452311) <br>| &nbsp;&nbsp; (1196950) <br>| &nbsp;&nbsp; (988591) <br>|
| 40790118 | &nbsp;&nbsp; 38095622 | &nbsp;&nbsp; 3971061 | &nbsp;&nbsp; 1993432 |
| 34130375 | &nbsp;&nbsp; 40545627 | &nbsp;&nbsp; 4189266 | &nbsp;&nbsp; 2044042 |
| 42399310 | &nbsp;&nbsp; 1853683 | &nbsp;&nbsp; 2044042 | &nbsp;&nbsp; — |
| $76529685 | &nbsp;&nbsp; $42399310 | &nbsp;&nbsp; $6233308 | &nbsp;&nbsp; $2044042 |
| 1750002 | &nbsp;&nbsp; 100002 | &nbsp;&nbsp; 100002 | &nbsp;&nbsp; — |
| 2400000 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 150002 |
| (700000)<br>| &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (50000)<br>|
| 3450002 | &nbsp;&nbsp; 1750002 | &nbsp;&nbsp; 300002 | &nbsp;&nbsp; 100002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights**

**For a share outstanding throughout each period**

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup> **(KNG)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $52.44 | &nbsp;&nbsp;&nbsp;&nbsp; $47.36 | &nbsp;&nbsp;&nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp;&nbsp; $54.77 | &nbsp;&nbsp;&nbsp;&nbsp; $42.40 | &nbsp;&nbsp;&nbsp;&nbsp; $44.69 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (a)<br>|
| Net realized and unrealized gain (loss) | (2.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.35) (b)<br>|
| Total from investment operations | (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (2.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (2.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.84) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75) <br>|
| Transaction fees(Note 7)  | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (a) (c)<br>|
| Net asset value, end of period | $48.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.40<br>|
| **Total return** (d) | (3.66)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.52)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $3628893<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3420173<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1459956<br>| &nbsp;&nbsp;&nbsp;&nbsp; $506568<br>| &nbsp;&nbsp;&nbsp;&nbsp; $294415<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66778<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.74<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.75<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> % <br>|
| Portfolio turnover rate (f) | 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 206<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized
 and unrealized gains (losses) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period
 and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
| Net asset value, beginning of period | $21.79 | &nbsp;&nbsp;&nbsp;&nbsp; $17.61 | &nbsp;&nbsp;&nbsp;&nbsp; $19.88 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br>|
| Net realized and unrealized gain (loss) | (1.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.96) <br>|
| Total from investment operations | (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp; (1.89)<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) <br>|
| Total distributions | (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.83) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38) <br>|
| Net asset value, end of period | $19.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.61<br>|
| **Total return** (c) | (8.09)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.56)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $411416<br>| &nbsp;&nbsp;&nbsp;&nbsp; $153647<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3522<br>|
| Ratio of total expenses to average net assets | 0.85<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 1.67<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> % (d)<br>|
| Portfolio turnover rate (e) | 77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**FT Vest Technology Dividend Target Income ETF (TDVI)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
| Net asset value, beginning of period | $24.23 | &nbsp;&nbsp;&nbsp;&nbsp; $18.54 | &nbsp;&nbsp;&nbsp;&nbsp; $19.78 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br>|
| Net realized and unrealized gain (loss) | (1.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>|
| Total from investment operations | (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11) <br>|
| Total distributions | (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>|
| Net asset value, end of period | $22.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.54<br>|
| **Total return** (c) | (4.68)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.45)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $76530<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42399<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1854<br>|
| Ratio of total expenses to average net assets | 0.75<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 1.60<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> % (d)<br>|
| Portfolio turnover rate (e) | 12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

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

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

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**FT Vest Dow Jones Internet & Target Income ETF (FDND)**

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Period** <br>**Ended** <br>**10/31/2024 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Period** <br>**Ended** <br>**10/31/2024 (a)** |
| Net asset value, beginning of period | $20.44 | &nbsp;&nbsp;&nbsp;&nbsp; $20.35 |
| **Income from investment operations:** |  |  |
| Net investment income (loss) (b) | (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net realized and unrealized gain (loss) | 1.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br>|
| Total from investment operations | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| **Distributions paid to shareholders from:** |  |  |
| Net investment income | (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>|
| Total distributions | (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>|
| Net asset value, end of period | $20.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.44<br>|
| **Total return** (c) | 5.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |
| Net assets, end of period (in 000's) | $6233<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2044<br>|
| Ratio of total expenses to average net assets | 0.75<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.44)% (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% (d)<br>|
| Portfolio turnover rate (e) | 7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 194<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is March 20, 2024, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the four funds (each a "Fund" and collectively, the "Funds") listed below, each listed and traded on the Cboe BZX Exchange, Inc.

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

---

| |
|:---|
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> – KNG |
| FT Vest SMID Rising Dividend Achievers Target Income ETF – SDVD |
| FT Vest Technology Dividend Target Income ETF – TDVI |
| FT Vest Dow Jones Internet & Target Income ETF – FDND |

---

Each of SDVD, TDVI and FDND operates as a non-diversified series of the Trust. KNG operates as a diversified series of the Trust. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

Each Fund, with the exception of KNG, is an actively managed exchange-traded fund ("ETF").

KNG's investment objective seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Cboe S&P 500<sup>®</sup> Dividend Aristocrats Target Income Index Monthly Series (the "Index"). KNG will normally invest at least 80% of its total assets (including investment borrowings) in the securities that comprise the Index. The Index is designed with the primary goal of generating an annualized level of income that is approximately 8% over the annual dividend yield of the S&P 500<sup>®</sup> Index and a secondary goal of generating limited capital appreciation based on the returns of the equity components of the Index.

SDVD's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, SDVD will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Small-Mid Cap Rising Dividend Achievers<sup>TM</sup> Index and by utilizing an "option strategy" consisting of writing (selling) U.S. exchange-traded call options on the Russell 2000<sup>®</sup> Index or ETFs that track the Russell 2000<sup>®</sup> Index. Under normal market conditions, SDVD will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of small- and/or mid-capitalization companies.

TDVI's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, TDVI will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq Technology Dividend<sup>TM</sup> Index and by utilizing an "option strategy" consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100<sup>®</sup> Index and/or the S&P 500<sup>®</sup> Index, or ETFs that track the Nasdaq-100<sup>®</sup> Index or the S&P 500<sup>®</sup> Index. Under normal market conditions, TDVI will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of technology companies (i.e., securities classified under the Technology Industry or Telecommunications Industry as defined by the Industry Classification Benchmark (ICB)).

FDND's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, FDND will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities intended to track the Dow Jones Internet Composite Index and by utilizing an "option strategy" consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100<sup>®</sup> Index or ETFs that track the Nasdaq-100<sup>®</sup> Index. Under normal market conditions, FDND will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities and/or investments that provide exposure to securities of Internet Companies and securities intended to provide income to FDND in the form of option premiums. "Internet Companies" are companies that generate at least 50% of sales or revenue from the Internet, and belong to either the "Internet Commerce" sector (i.e., online retail, search, financial services, investment products, social media, advertising, and travel platforms, and internet radio) or the "Internet Services" sector (i.e., various services performed via the internet, cloud computing, enterprise software, networking capabilities, website creation tools, and digital marketing platforms).

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

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

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

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

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

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

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

1)

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

2)

the type of security;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of April 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

**C. Options Contracts** 

Each Fund is subject to equity price risk in the normal course of pursuing their investment objectives. KNG will employ a "partial covered call strategy," meaning that covered calls will be typically written on a notional value less than the total value of each underlying stock contained in the S&P 500<sup>®</sup> Dividend Aristocrats Index (the "Aristocrat Stocks"), such that the short position in each call option is "covered" by a portion of the corresponding Aristocrat Stock held by the Fund, however, the notional value of the covered calls will not exceed 100% of the value of each underlying Aristocrat Stock. SDVD will utilize an "option strategy" consisting of writing (selling) U.S. exchanged-traded call options on the Russell 2000<sup>®</sup> Index or exchange-traded funds that track the Russell 2000<sup>®</sup> Index. TDVI will utilize an "option strategy" consisting of writing (selling) U.S. exchanged-traded call options on the Nasdaq-100<sup>®</sup> Index and/or the S&P 500<sup>®</sup> Index, or exchange-traded funds that track the Nasdaq-100<sup>®</sup> Index or the S&P 500<sup>®</sup> Index. FDND will utilize an "option strategy" consisting of writing (selling) U.S. exchanged-traded call options on the Nasdaq-100<sup>®</sup> Index or exchange-traded funds that track the Nasdaq-100<sup>®</sup> Index. A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price ("strike price") at a specified date ("expiration date"). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.

When a Fund writes (sells) an option, an amount equal to the premium received by a Fund is included in "Options contracts written, at value" on the Statements of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option's expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. Any gain or loss on written options would be included in "Net realized gain (loss) on written options contracts" on the Statements of Operations. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal period ended October 31, 2024 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> <br>| $177363727 | &nbsp;&nbsp; $51991373 | &nbsp;&nbsp; $— |
| FT Vest SMID Rising Dividend Achievers Target Income ETF | 7449615 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Vest Technology Dividend Target Income ETF | 1791454 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FT Vest Dow Jones Internet & Target Income ETF | 79167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> <br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(23602219)<br>|
| FT Vest SMID Rising Dividend Achievers Target Income ETF | 359723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 148135 |
| FT Vest Technology Dividend Target Income ETF | 207164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 391021 |
| FT Vest Dow Jones Internet & Target Income ETF | 13139 | &nbsp;&nbsp; — | &nbsp;&nbsp; (72722)<br>|

---

**E. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For KNG, the taxable periods ended 2021, 2022, 2023 and 2024 remain open to federal and state audit. For SDVD and TDVI, the taxable periods ended 2023 and 2024 remain open to federal and state audit. For FDND, the taxable period ended 2024 remains open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Funds had no non-expiring capital loss carryforwards for federal income tax purposes.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income <br> ETF<sup>®</sup> <br>| $3694571769 | &nbsp;&nbsp; $141573945 | &nbsp;&nbsp; $(207998295)<br>| &nbsp;&nbsp; $(66424350)<br>|
| FT Vest SMID Rising Dividend Achievers Target Income <br> ETF<br>| 426742605 | &nbsp;&nbsp; 6452113 | &nbsp;&nbsp; (22010507)<br>| &nbsp;&nbsp; (15558394)<br>|
| FT Vest Technology Dividend Target Income ETF | 81502439 | &nbsp;&nbsp; 1338644 | &nbsp;&nbsp; (6404170)<br>| &nbsp;&nbsp; (5065526)<br>|
| FT Vest Dow Jones Internet & Target Income ETF | 6088466 | &nbsp;&nbsp; 306536 | &nbsp;&nbsp; (162428)<br>| &nbsp;&nbsp; 144108 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

First Trust is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees (if any), but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedules:

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

---

| | | | |
|:---|:---|:---|:---|
| Breakpoints | KNG | TDVI | FDND |
| Fund net assets up to and including $2.5 billion | 0.75000<br> %<br>| 0.75000<br> %<br>| 0.75000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.73125<br> %<br>| 0.73125<br> %<br>| 0.73125<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.71250<br> %<br>| 0.71250<br> %<br>| 0.71250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.69375<br> %<br>| 0.69375<br> %<br>| 0.69375<br> %<br>|
| Fund net assets greater than $10 billion | 0.67500<br> %<br>| 0.67500<br> %<br>| 0.67500<br> %<br>|

---

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

---

| | |
|:---|:---|
| Breakpoints | SDVD |
| Fund net assets up to and including $2.5 billion | 0.85000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625<br> %<br>|
| Fund net assets greater than $10 billion | 0.76500<br> %<br>|

---

Vest Financial LLC ("Vest"), an affiliate of First Trust, serves as each Fund's sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of each Fund's assets and will pay Vest for its services as the Funds' sub-advisor. Vest receives a sub-advisory fee equal to 0.20% of the average daily net assets of each Fund. Vest's fee is paid by the Advisor out of its management fee.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> <br>| $2295828614 | &nbsp;&nbsp; $2302233949 |
| FT Vest SMID Rising Dividend Achievers Target Income ETF | 226281076 | &nbsp;&nbsp; 232546141 |
| FT Vest Technology Dividend Target Income ETF | 7197996 | &nbsp;&nbsp; 7454662 |
| FT Vest Dow Jones Internet & Target Income ETF | 215702 | &nbsp;&nbsp; 339288 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

For the six months ended April 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FT Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income ETF<sup>®</sup> <br>| $974031565 | &nbsp;&nbsp; $468292834 |
| FT Vest SMID Rising Dividend Achievers Target Income ETF | 389274672 | &nbsp;&nbsp; 80135724 |
| FT Vest Technology Dividend Target Income ETF | 55228486 | &nbsp;&nbsp; 15670305 |
| FT Vest Dow Jones Internet & Target Income ETF | 5157055 | &nbsp;&nbsp; 1196054 |

---

**5. Derivative Transactions** 

The following table presents the types of derivatives held by each Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** |
| **KNG** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $21884476 |
| **SDVD** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 592740 |
| **TDVI** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 86058 |
| **FDND** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 9756 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on each Fund's derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statements of Operations Location** | **KNG**  | **SDVD**  | **TDVI**  | **FDND**  |
| **Equity Risk Exposure** |  |  |  |  |
| Net realized gain (loss) on written options <br> contracts<br>| $69948191 | &nbsp;&nbsp; $3786832 | &nbsp;&nbsp; $430390 | &nbsp;&nbsp; $4317 |
| Net change in unrealized appreciation <br> (depreciation) on written options contracts<br>| (12239819)<br>| &nbsp;&nbsp; (97358)<br>| &nbsp;&nbsp; (34698)<br>| &nbsp;&nbsp; (70)<br>|

---

The Funds, except KNG, do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.

The following table presents the premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the six months ended April 30, 2025, on each Fund's options contracts.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Premiums for** <br>**written options** <br>**contracts opened**<br>| **Premiums for** <br>**written options** <br>**contracts closed,** <br>**exercised and** <br>**expired**<br>|
| KNG | &nbsp;&nbsp;&nbsp;&nbsp; $121879196 | &nbsp;&nbsp; $122487909 |
| SDVD | &nbsp;&nbsp;&nbsp;&nbsp; 10369769 | &nbsp;&nbsp; 9949577 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Premiums for**<br> **written options**<br> **contracts opened**<br>| **Premiums for**<br> **written options**<br> **contracts closed,**<br> **exercised and**<br> **expired**<br>|
| TDVI | &nbsp;&nbsp;&nbsp;&nbsp; $2009313 | &nbsp;&nbsp; $1959292 |
| FDND | &nbsp;&nbsp;&nbsp;&nbsp; 142175 | &nbsp;&nbsp; 132789 |

---

**6. Offsetting on the Statements of Assets and Liabilities**

KNG is subject to a Master Netting Arrangement, which governs the terms of certain transactions with select counterparties. The Master Netting Arrangement allows the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangement also specifies collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangement, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of Master Netting Arrangement.

The following is a summary of the Statement of Assets and Liabilities subject to offsetting in the Fund as of the end of the reporting period:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description/** <br>**Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities** | **Gross** <br> **Amount** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amount** <br>**of Liabilities** <br>**Presented in** <br> **the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Gross Amount Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | **Gross Amount Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | **Net** <br>**Amount** |
| **Description/** <br>**Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities** | **Gross** <br> **Amount** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amount** <br>**of Liabilities** <br>**Presented in** <br> **the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments**<br>| **Cash** <br> **Collateral** <br>**Pledged**<br>| **Net** <br>**Amount** |
| Written Options |  |  |  |  |  |  |
| Societe Generale | $21884476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21884476 | &nbsp;&nbsp; $(21884476)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

**7. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**8. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**9. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**10. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

**Disclaimer**

**FT Vest S&P 500**<sup>®</sup> **Dividend Aristocrats Target Income ETF**<sup>®</sup>

The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC.S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"), a division of S&P Global; Cboe<sup>®</sup> is a registered trademark of Cboe. The Index, S&P, and Cboe trademarks have been licensed for use by the Sub-Advisor, and in turn, sub-licensed by the Advisor, including for use by the Fund. The Fund is not sponsored, endorsed, sold, or promoted by Cboe and/or its affiliates (the "Cboe Group"), or S&P and/or its affiliates (together, the "S&P Group"). Neither the Cboe Group nor the S&P Group make any representation regarding the advisability of investing in the Fund and shall have no liability whatsoever in connection with the Fund.

**FT Vest SMID Rising Dividend Achievers Target Income ETF**

**FT Vest Technology Dividend Target Income ETF**

Nasdaq<sup>®</sup>, Nasdaq US Small-Mid Cap Rising Dividend Achievers<sup>TM</sup> Index and Nasdaq Technology Dividend<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. The Funds have not been passed on by the Corporations as to its legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

**FT Vest Dow Jones Internet & Target Income ETF**

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

------

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

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

![](imgeb1c1e7a1.gif)

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

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

FT Vest Rising Dividend Achievers Target Income ETF (RDVI) <br> FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF (DOGG)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund IV**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SOI-TOC-ScheduleofInvestments-4265_1) |  |
| [FT Vest Rising Dividend Achievers Target Income ETF (RDVI)](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SOI-TOC-ScheduleofInvestments-4265_1) | 1 |
| [FT Vest DJIA](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SOI-TOC-ScheduleofInvestments-4490_1)<sup>®</sup>[Dogs 10 Target Income ETF (DOGG)](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SOI-TOC-ScheduleofInvestments-4490_1) | 5 |
| [Statements of Assets and Liabilities](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SAL1-TOC-StatementofAssetsandLiabilities-4490_1) | 8 |
| [Statements of Operations](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SOP1-TOC-StatementofOperations-4490_1) | 9 |
| [Statements of Changes in Net Assets](#xx_87595dcc-2624-400f-a366-b78ade1a1460_SOC1-TOC-StatementofChanges-4490_1) | 10 |
| [Financial Highlights](#xx_87595dcc-2624-400f-a366-b78ade1a1460_FIHI-TOC-FinancialHighlights-4490_1) | 11 |
| [Notes to Financial Statements](#xx_87595dcc-2624-400f-a366-b78ade1a1460_NTF-TOC-NotestoFinancialStatements-4490_1) | 13 |
| [Other Information](#xx_87595dcc-2624-400f-a366-b78ade1a1460_AI-TOC-AdditionalInformation-4490_1) | 21 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

**FT Vest Rising Dividend Achievers Target Income ETF (RDVI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.1%** | **COMMON STOCKS — 100.1%** | **COMMON STOCKS — 100.1%** |
|  | **Aerospace & Defense — 0.5%**  |  |
| 45798 | General Electric Co. | $9230129 |
|  | **Banks — 8.1%**  |  |
| 215653 | Bank of America Corp. (a) | 8600242 |
| 414057 | East West Bancorp, Inc. (a) | 35422576 |
| 230457 | Fifth Third Bancorp (a) | 8282625 |
| 158077 | JPMorgan Chase & Co. (a) | 38668796 |
| 158773 | M&T Bank Corp. (a) | 26953304 |
| 49381 | PNC Financial Services Group (The), Inc. | 7935033 |
| 445665 | Regions Financial Corp. (a) | 9096023 |
| 71585 | Wintrust Financial Corp. | 7958104 |
|  |  | 142916703 |
|  | **Broadline Retail — 2.4%**  |  |
| 614284 | eBay, Inc. | 41869597 |
|  | **Building Products — 0.9%**  |  |
| 42927 | Carlisle Cos., Inc. | 16289938 |
|  | **Capital Markets — 8.4%**  |  |
| 57037 | Ameriprise Financial, Inc. | 26865568 |
| 504202 | Bank of New York Mellon (The) Corp. | 40542883 |
| 40518 | Blackrock, Inc. | 37043987 |
| 88873 | Northern Trust Corp. | 8352284 |
| 195129 | Raymond James Financial, Inc. | 26740478 |
| 95511 | State Street Corp. | 8414519 |
|  |  | 147959719 |
|  | **Chemicals — 1.5%**  |  |
| 326964 | CF Industries Holdings, Inc. (a) | 25624169 |
|  | **Communications Equipment — 1.7%**  |  |
| 530883 | Cisco Systems, Inc. (a) | 30647876 |
|  | **Consumer Finance — 4.0%**  |  |
| 134740 | American Express Co. (a) | 35896083 |
| 678991 | Synchrony Financial (a) | 35273583 |
|  |  | 71169666 |
|  | **Consumer Staples Distribution & Retail — 1.1%**  |  |
| 19157 | Costco Wholesale Corp. | 19051636 |
|  | **Energy Equipment & Services — 0.9%**  |  |
| 437365 | Baker Hughes Co. | 15482721 |
|  | **Entertainment — 2.1%**  |  |
| 258113 | Electronic Arts, Inc. | 37449615 |
|  | **Financial Services — 4.9%**  |  |
| 600955 | Corebridge Financial, Inc. | 17806297 |
| 172280 | Equitable Holdings, Inc. (a) | 8519246 |
| 100317 | Jackson Financial, Inc., Class A (a) | 7815697 |
| 18533 | Mastercard, Inc., Class A (a) | 10157196 |
| 121798 | Visa, Inc., Class A (a) | 42081209 |
|  |  | 86379645 |
|  | **Food Products — 0.8%**  |  |
| 286096 | Archer-Daniels-Midland Co. | 13661084 |

---

See Notes to Financial Statements

------

**FT Vest Rising Dividend Achievers Target Income ETF (RDVI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Ground Transportation — 0.9%**  |  |
| 100526 | Old Dominion Freight Line, Inc. (a) | $15408625 |
|  | **Health Care Equipment & Supplies — 0.5%**  |  |
| 68685 | Abbott Laboratories | 8980564 |
|  | **Health Care Providers & Services — 2.5%**  |  |
| 80384 | Elevance Health, Inc. (a) | 33807903 |
| 15143 | McKesson Corp. | 10793779 |
|  |  | 44601682 |
|  | **Hotels, Restaurants & Leisure — 2.4%**  |  |
| 8366 | Booking Holdings, Inc. | 42660576 |
|  | **Household Durables — 5.5%**  |  |
| 239442 | D.R. Horton, Inc. (a) | 30251102 |
| 52621 | Garmin Ltd. (a) | 9833286 |
| 239223 | Lennar Corp., Class A (a) | 25982010 |
| 306872 | PulteGroup, Inc. | 31478930 |
|  |  | 97545328 |
|  | **Insurance — 13.0%**  |  |
| 350985 | Aflac, Inc. (a) | 38145050 |
| 131022 | Chubb Ltd. (a) | 37482774 |
| 61800 | Cincinnati Financial Corp. | 8603178 |
| 70557 | Everest Group Ltd. | 25317968 |
| 321351 | Hartford Insurance Group (The), Inc. (a) | 39420127 |
| 243040 | Lincoln National Corp. | 7745685 |
| 113375 | Travelers (The) Cos., Inc. | 29945739 |
| 566408 | Unum Group | 43987245 |
|  |  | 230647766 |
|  | **Interactive Media & Services — 3.6%**  |  |
| 169381 | Alphabet, Inc., Class A | 26897703 |
| 67176 | Meta Platforms, Inc., Class A | 36879624 |
|  |  | 63777327 |
|  | **IT Services — 3.9%**  |  |
| 111418 | Accenture PLC, Class A (a) | 33330695 |
| 482907 | Cognizant Technology Solutions Corp., Class A (a) | 35527468 |
|  |  | 68858163 |
|  | **Machinery — 6.0%**  |  |
| 511043 | Mueller Industries, Inc. (a) | 37592323 |
| 346880 | PACCAR, Inc. (a) | 31292045 |
| 117912 | Snap-on, Inc. (a) | 37001965 |
|  |  | 105886333 |
|  | **Metals & Mining — 1.7%**  |  |
| 110480 | Nucor Corp. (a) | 13187998 |
| 28679 | Reliance, Inc. (a) | 8266148 |
| 64417 | Steel Dynamics, Inc. (a) | 8355529 |
|  |  | 29809675 |
|  | **Oil, Gas & Consumable Fuels — 4.1%**  |  |
| 302374 | Coterra Energy, Inc. | 7426305 |
| 46250 | Diamondback Energy, Inc. | 6105462 |
| 213435 | EOG Resources, Inc. (a) | 23548284 |

---

See Notes to Financial Statements

------

**FT Vest Rising Dividend Achievers Target Income ETF (RDVI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)**  |  |
| 94842 | Expand Energy Corp. (a) | $9854084 |
| 233816 | Exxon Mobil Corp. (a) | 24697984 |
|  |  | 71632119 |
|  | **Professional Services — 4.0%**  |  |
| 130176 | Automatic Data Processing, Inc. | 39130906 |
| 141224 | Paycom Software, Inc. | 31971701 |
|  |  | 71102607 |
|  | **Semiconductors & Semiconductor Equipment — 6.2%**  |  |
| 202350 | Applied Materials, Inc. (a) | 30496168 |
| 28650 | KLA Corp. (a) | 20132069 |
| 123526 | Lam Research Corp. (a) | 8853108 |
| 15509 | Monolithic Power Systems, Inc. | 9198388 |
| 147331 | NVIDIA Corp. | 16047293 |
| 164898 | QUALCOMM, Inc. (a) | 24480757 |
|  |  | 109207783 |
|  | **Software — 3.5%**  |  |
| 89618 | Microsoft Corp. (a) | 35422410 |
| 97459 | Salesforce, Inc. | 26188208 |
|  |  | 61610618 |
|  | **Specialty Retail — 2.4%**  |  |
| 191275 | Ross Stores, Inc. | 26587225 |
| 106136 | Williams-Sonoma, Inc. (a) | 16394828 |
|  |  | 42982053 |
|  | **Technology Hardware, Storage & Peripherals — 2.0%**  |  |
| 165094 | Apple, Inc. (a) | 35082475 |
|  | **Textiles, Apparel & Luxury Goods — 0.6%**  |  |
| 199055 | NIKE, Inc., Class B (a) | 11226702 |
|  | **Total Common Stocks** | 1768752894 |
|  | (Cost $1,791,657,600) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 2183197 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (b) | 2183197 |
|  | (Cost $2,183,197) |  |
|  | **Total Investments — 100.2%** | 1770936091 |
|  | (Cost $1,793,840,797) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** |
|  | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** |  |
| (341) | S&P 500 Weeklys  | $(189904946)<br>| $5510.00 | 05/02/25 | (3386130)<br>|
|  | (Premiums received $2,727,395) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | **Net Other Assets and Liabilities — 0.0%** | 226737 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1767776698 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is held as collateral for the options written. At April 30, 2025, the value of these securities amounts
 to $52,938,813.

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

See Notes to Financial Statements

------

**FT Vest Rising Dividend Achievers Target Income ETF (RDVI)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $1768752894 | &nbsp;&nbsp; $1768752894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 2183197 | &nbsp;&nbsp; 2183197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1770936091 | &nbsp;&nbsp; $1770936091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Written Options | $(3386130)<br>| &nbsp;&nbsp; $(3386130)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**FT Vest DJIA**<sup>®</sup> **Dogs 10 Target Income ETF (DOGG)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 49.8%** | **COMMON STOCKS — 49.8%** | **COMMON STOCKS — 49.8%** |
|  | **Beverages — 5.0%**  |  |
| 24345 | Coca-Cola (The) Co. (a) | $1766230 |
|  | **Biotechnology — 5.0%**  |  |
| 6064 | Amgen, Inc. (a) | 1764139 |
|  | **Communications Equipment — 5.0%**  |  |
| 30715 | Cisco Systems, Inc. (a) | 1773177 |
|  | **Diversified Telecommunication Services — 5.0%**  |  |
| 40066 | Verizon Communications, Inc. (a) | 1765308 |
|  | **Hotels, Restaurants & Leisure — 4.9%**  |  |
| 5504 | McDonald's Corp. (a) | 1759354 |
|  | **Household Products — 5.0%**  |  |
| 10862 | Procter & Gamble (The) Co. (a) | 1765835 |
|  | **IT Services — 5.0%**  |  |
| 7325 | International Business Machines Corp. (a) | 1771331 |
|  | **Oil, Gas & Consumable Fuels — 5.0%**  |  |
| 13048 | Chevron Corp. (a) | 1775311 |
|  | **Pharmaceuticals — 9.9%**  |  |
| 11305 | Johnson & Johnson (a) | 1767084 |
| 20774 | Merck & Co., Inc. (a) | 1769945 |
|  |  | 3537029 |
|  | **Total Common Stocks** | 17677714 |
|  | (Cost $16,996,030) |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 56.6%** | **U.S. TREASURY BILLS — 56.6%** | **U.S. TREASURY BILLS — 56.6%** | **U.S. TREASURY BILLS — 56.6%** |
| $20692000 | U.S. Treasury Bill (a)<br> (b) | 01/22/26 | 20111879 |
|  | (Cost $20,083,383) |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 75170 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (c) | 75170 |
|  | (Cost $75,170) |  |
|  | **Total Investments — 106.6%** | 37864763 |
|  | (Cost $37,154,583) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 0.2%** | **PURCHASED OPTIONS — 0.2%** | **PURCHASED OPTIONS — 0.2%** | **PURCHASED OPTIONS — 0.2%** | **PURCHASED OPTIONS — 0.2%** | **PURCHASED OPTIONS — 0.2%** |
|  | **Call Options Purchased — 0.2%** | **Call Options Purchased — 0.2%** | **Call Options Purchased — 0.2%** | **Call Options Purchased — 0.2%** |  |
| 61 | Amgen, Inc.  | $1774612 | $429.05 | 01/26/26 | 9638 |
| 130 | Chevron Corp.  | 1768780 | 225.72 | 01/26/26 | 1430 |
| 307 | Cisco Systems, Inc.  | 1772311 | 91.75 | 01/26/26 | 4912 |
| 243 | Coca-Cola (The) Co.  | 1762965 | 95.47 | 01/26/26 | 6318 |
| 73 | International Business Machines Corp.  | 1765286 | 383.15 | 01/26/26 | 6059 |
| 113 | Johnson & Johnson  | 1766303 | 228.15 | 01/26/26 | 2373 |
| 56 | McDonald's Corp.  | 1790040 | 434.28 | 01/26/26 | 3248 |
| 207 | Merck & Co., Inc.  | 1763640 | 149.17 | 01/26/26 | 6210 |

---

See Notes to Financial Statements

------

**FT Vest DJIA**<sup>®</sup> **Dogs 10 Target Income ETF (DOGG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of**<br> **Contracts**<br>| **Description** | **Notional**<br> **Amount**<br>| **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| **PURCHASED OPTIONS (Continued)** | **PURCHASED OPTIONS (Continued)** | **PURCHASED OPTIONS (Continued)** | **PURCHASED OPTIONS (Continued)** | **PURCHASED OPTIONS (Continued)** | **PURCHASED OPTIONS (Continued)** |
|  | **Call Options Purchased (Continued)** | **Call Options Purchased (Continued)** | **Call Options Purchased (Continued)** | **Call Options Purchased (Continued)** |  |
| 109 | Procter & Gamble (The) Co.  | $1772013 | $248.99 | 01/26/26 | $1199 |
| 401 | Verizon Communications, Inc.  | 1766806 | 59.48 | 01/26/26 | 10025 |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 51412 |
|  | (Cost $54,320) | (Cost $54,320) | (Cost $54,320) | (Cost $54,320) |  |
| **WRITTEN OPTIONS — (24.4)%** | **WRITTEN OPTIONS — (24.4)%** | **WRITTEN OPTIONS — (24.4)%** | **WRITTEN OPTIONS — (24.4)%** | **WRITTEN OPTIONS — (24.4)%** | **WRITTEN OPTIONS — (24.4)%** |
|  | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** |  |
| (10) | Amgen, Inc.  | (290920)<br>| 280.00 | 05/02/25 | (14250)<br>|
| (20) | Chevron Corp.  | (272120)<br>| 138.00 | 05/02/25 | (2400)<br>|
| (48) | Cisco Systems, Inc.  | (277104)<br>| 57.00 | 05/02/25 | (4944)<br>|
| (46) | Coca-Cola (The) Co.  | (333730)<br>| 72.00 | 05/02/25 | (4140)<br>|
| (11) | International Business Machines Corp.  | (266002)<br>| 232.50 | 05/02/25 | (11000)<br>|
| (19) | Johnson & Johnson  | (296989)<br>| 155.00 | 05/02/25 | (3534)<br>|
| (10) | McDonald's Corp.  | (319650)<br>| 317.50 | 05/02/25 | (6970)<br>|
| (29) | Merck & Co., Inc.  | (247080)<br>| 83.00 | 05/02/25 | (7250)<br>|
| (18) | Procter & Gamble (The) Co.  | (292626)<br>| 160.00 | 05/02/25 | (5112)<br>|
| (74) | Verizon Communications, Inc.  | (326044)<br>| 42.00 | 05/02/25 | (15392)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (74992)<br>|
|  | (Premiums received $43,268) | (Premiums received $43,268) | (Premiums received $43,268) | (Premiums received $43,268) |  |
|  | **Put Options Written — (24.2)%** | **Put Options Written — (24.2)%** | **Put Options Written — (24.2)%** | **Put Options Written — (24.2)%** |  |
| (61) | Amgen, Inc.  | (1774612)<br>| 429.05 | 01/26/26 | (808006)<br>|
| (130) | Chevron Corp.  | (1768780)<br>| 225.72 | 01/26/26 | (1136200)<br>|
| (307) | Cisco Systems, Inc.  | (1772311)<br>| 91.75 | 01/26/26 | (988233)<br>|
| (243) | Coca-Cola (The) Co.  | (1762965)<br>| 95.47 | 01/26/26 | (519048)<br>|
| (73) | International Business Machines Corp.  | (1765286)<br>| 383.15 | 01/26/26 | (981631)<br>|
| (113) | Johnson & Johnson  | (1766303)<br>| 228.15 | 01/26/26 | (770660)<br>|
| (56) | McDonald's Corp.  | (1790040)<br>| 434.28 | 01/26/26 | (595504)<br>|
| (207) | Merck & Co., Inc.  | (1763640)<br>| 149.17 | 01/26/26 | (1271187)<br>|
| (109) | Procter & Gamble (The) Co.  | (1772013)<br>| 248.99 | 01/26/26 | (885407)<br>|
| (401) | Verizon Communications, Inc.  | (1766806)<br>| 59.48 | 01/26/26 | (618743)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (8574619)<br>|
|  | (Premiums received $8,510,483) | (Premiums received $8,510,483) | (Premiums received $8,510,483) | (Premiums received $8,510,483) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (8649611)<br>|
|  | (Premiums received $8,553,751) | (Premiums received $8,553,751) | (Premiums received $8,553,751) | (Premiums received $8,553,751) |  |
|  | **Net Other Assets and Liabilities — 17.6%** | **Net Other Assets and Liabilities — 17.6%** | **Net Other Assets and Liabilities — 17.6%** | **Net Other Assets and Liabilities — 17.6%** | 6244068 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $35510632 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is pledged as collateral for the options written. At April 30, 2025, the value of these securities amounts
 to $23,034,144.

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

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

See Notes to Financial Statements

------

**FT Vest DJIA**<sup>®</sup> **Dogs 10 Target Income ETF (DOGG)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| Common Stocks\* | $17677714 | &nbsp;&nbsp; $17677714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| U.S. Treasury Bills | 20111879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20111879 | &nbsp;&nbsp; — |
| Money Market Funds | 75170 | &nbsp;&nbsp; 75170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 37864763 | &nbsp;&nbsp; 17752884 | &nbsp;&nbsp; 20111879 | &nbsp;&nbsp; — |
| Purchased Options | 51412 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51412 | &nbsp;&nbsp; — |
| Total | $37916175 | &nbsp;&nbsp; $17752884 | &nbsp;&nbsp; $20163291 | &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>|
| Written Options: |  |  |  |  |
| Call Options Written | $(74992)<br>| &nbsp;&nbsp; $(74992)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Put Options Written | (8574619)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8574619)<br>| &nbsp;&nbsp; — |
| Total | $(8649611)<br>| &nbsp;&nbsp; $(74992)<br>| &nbsp;&nbsp; $(8574619)<br>| &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **FT Vest Rising** <br> **Dividend** <br> **Achievers** <br> **Target Income** <br> **ETF** <br>**(RDVI)** <br>| **FT Vest DJIA**<sup>®</sup> <br> **Dogs 10 Target** <br> **Income ETF** <br>**(DOGG)** <br>|
| **ASSETS:** |  |  |
| Investments, at value | $1770936091 | &nbsp;&nbsp; $37864763 |
| Options contracts purchased, at value |  | &nbsp;&nbsp; 51412 |
| Due from broker | 100 | &nbsp;&nbsp; 33581 |
| Cash segregated as collateral | 18575 | &nbsp;&nbsp; 1429 |
| Receivables: |  |  |
| Capital shares sold | 2292859 | &nbsp;&nbsp; 3917016 |
| Dividends | 1262971 | &nbsp;&nbsp; 49171 |
| Investment securities sold |  | &nbsp;&nbsp; 10233963 |
| Total Assets | 1774510596 | &nbsp;&nbsp; 52151335 |
| **LIABILITIES:** |  |  |
| Options contracts written, at value | 3386130 | &nbsp;&nbsp; 8649611 |
| Payables: |  |  |
| Investment securities purchased | 2289937 | &nbsp;&nbsp; 4025086 |
| Investment advisory fees | 1057831 | &nbsp;&nbsp; 20385 |
| Capital shares redeemed |  | &nbsp;&nbsp; 3945621 |
| Total Liabilities | 6733898 | &nbsp;&nbsp; 16640703 |
| **NET ASSETS** | $1767776698 | &nbsp;&nbsp; $35510632 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital | $1842327371 | &nbsp;&nbsp; $37860585 |
| Par value | 771000 | &nbsp;&nbsp; 18000 |
| Accumulated distributable earnings (loss) | (75321673)<br>| &nbsp;&nbsp; (2367953)<br>|
| **NET ASSETS** | $1767776698 | &nbsp;&nbsp; $35510632 |
| **NET ASSET VALUE,** per share | $22.93 | &nbsp;&nbsp; $19.73 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per <br> share)<br>| 77100002 | &nbsp;&nbsp; 1800002 |
| Investments, at cost | $1793840797 | &nbsp;&nbsp; $37154583 |
| Premiums paid on options contracts purchased | $— | &nbsp;&nbsp; $54320 |
| Premiums received on options contracts written | $2727395 | &nbsp;&nbsp; $8553751 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Operations**

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

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

---

| | | |
|:---|:---|:---|
|  | **FT Vest Rising** <br> **Dividend** <br> **Achievers** <br> **Target Income** <br> **ETF** <br>**(RDVI)** <br>| **FT Vest DJIA**<sup>®</sup> <br> **Dogs 10 Target** <br> **Income ETF** <br>**(DOGG)** <br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $18948183 | &nbsp;&nbsp; $308727 |
| Interest |  | &nbsp;&nbsp; 501118 |
| Total investment income | 18948183 | &nbsp;&nbsp; 809845 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 6208397<br>| &nbsp;&nbsp; 113736<br>|
| Total expenses | 6208397 | &nbsp;&nbsp; 113736 |
| **NET INVESTMENT INCOME (LOSS)** | 12739786 | &nbsp;&nbsp; 696109 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments | (71009691)<br>| &nbsp;&nbsp; (2468442)<br>|
| In-kind redemptions | 79594242 | &nbsp;&nbsp; 1096030 |
| Purchased options contracts |  | &nbsp;&nbsp; (79670)<br>|
| Written options contracts | 9788453 | &nbsp;&nbsp; 964602 |
| Net realized gain (loss) | 18373004 | &nbsp;&nbsp; (487480)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | (81391265)<br>| &nbsp;&nbsp; (67546)<br>|
| Purchased options contracts |  | &nbsp;&nbsp; 47981 |
| Written options contracts | (2423537)<br>| &nbsp;&nbsp; 404086 |
| Net change in unrealized appreciation (depreciation) | (83814802)<br>| &nbsp;&nbsp; 384521 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (65441798)<br>| &nbsp;&nbsp; (102959)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(52702012)<br>| &nbsp;&nbsp; $593150 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Vest Rising Dividend** <br> **Achievers Target Income ETF** <br> **(RDVI)** | **FT Vest Rising Dividend** <br> **Achievers Target Income ETF** <br> **(RDVI)** | **FT Vest DJIA**<sup>®</sup> **Dogs 10 Target** <br> **Income ETF (DOGG)** | **FT Vest DJIA**<sup>®</sup> **Dogs 10 Target** <br> **Income ETF (DOGG)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $12739786 | &nbsp;&nbsp; $13612682 | &nbsp;&nbsp; $696109 | &nbsp;&nbsp; $1196727 |
| Net realized gain (loss) | 18373004 | &nbsp;&nbsp; 110153260 | &nbsp;&nbsp; (487480)<br>| &nbsp;&nbsp; 383499 |
| Net change in unrealized appreciation (depreciation) | (83814802)<br>| &nbsp;&nbsp; 96516296 | &nbsp;&nbsp; 384521 | &nbsp;&nbsp; 397541 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (52702012)<br>| &nbsp;&nbsp; 220282238 | &nbsp;&nbsp; 593150 | &nbsp;&nbsp; 1977767 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (73198562)<br>| &nbsp;&nbsp; (85013414)<br>| &nbsp;&nbsp; (1413902)<br>| &nbsp;&nbsp; (2458693)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 1021541487<br>| &nbsp;&nbsp; 1217722669<br>| &nbsp;&nbsp; 15741600<br>| &nbsp;&nbsp; 43712053<br>|
| Cost of shares redeemed | (556079367) <br>| &nbsp;&nbsp; (400821484) <br>| &nbsp;&nbsp; (13604964) <br>| &nbsp;&nbsp; (16615567) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 465462120 | &nbsp;&nbsp; 816901185 | &nbsp;&nbsp; 2136636 | &nbsp;&nbsp; 27096486 |
| Total increase (decrease) in net assets | 339561546 | &nbsp;&nbsp; 952170009 | &nbsp;&nbsp; 1315884 | &nbsp;&nbsp; 26615560 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1428215152 | &nbsp;&nbsp; 476045143 | &nbsp;&nbsp; 34194748 | &nbsp;&nbsp; 7579188 |
| End of period | $1767776698 | &nbsp;&nbsp; $1428215152 | &nbsp;&nbsp; $35510632 | &nbsp;&nbsp; $34194748 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 58450002 | &nbsp;&nbsp; 23600002 | &nbsp;&nbsp; 1700002 | &nbsp;&nbsp; 400002 |
| Shares sold | 42000000 | &nbsp;&nbsp; 51800000 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 2100000 |
| Shares redeemed | (23350000)<br>| &nbsp;&nbsp; (16950000)<br>| &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp; (800000)<br>|
| Shares outstanding, end of period | 77100002 | &nbsp;&nbsp; 58450002 | &nbsp;&nbsp; 1800002 | &nbsp;&nbsp; 1700002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights**

**For a share outstanding throughout each period**

**FT Vest Rising Dividend Achievers Target Income ETF (RDVI)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended**  | **Year** <br>**Ended**  | **Period** <br>**Ended** <br>**10/31/2022 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **10/31/2024** | **10/31/2023** | **Period** <br>**Ended** <br>**10/31/2022 (a)** |
| Net asset value, beginning of period | $24.43 | &nbsp;&nbsp;&nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp;&nbsp; $21.21 | &nbsp;&nbsp;&nbsp;&nbsp; $19.79 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)  | 0.19<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (c)<br>|
| Net realized and unrealized gain (loss) | (0.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br>|
| Total from investment operations | (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (1.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (1.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $22.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.21<br>|
| **Total return** (e) | (2.00)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.18<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $1767777<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1428215<br>| &nbsp;&nbsp;&nbsp;&nbsp; $476045<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2121<br>|
| Ratio of total expenses to average net assets | 0.75<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % (f)<br>|
| Ratio of net investment income (loss) to average net assets | 1.54<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> % (f)<br>|
| Portfolio turnover rate (g) | 54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is October 19, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Realized
 and unrealized gains (losses) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period
 and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**FT Vest DJIA**<sup>®</sup> **Dogs 10 Target Income ETF (DOGG)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
| Net asset value, beginning of period | $20.11 | &nbsp;&nbsp;&nbsp;&nbsp; $18.95 | &nbsp;&nbsp;&nbsp;&nbsp; $19.91 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br>|
| Net realized and unrealized gain (loss) | 0.07<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43) <br>|
| Total from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.90) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94) <br>|
| Net asset value, end of period | $19.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.95<br>|
| **Total return** (d) | 2.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $35511<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34195<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7579<br>|
| Ratio of total expenses to average net assets | 0.75<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 4.59<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> % (e)<br>|
| Portfolio turnover rate (f) | 393<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 570<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 198<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is April 26, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains (losses) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period
 and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the two funds (each a "Fund" and collectively, the "Funds") listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the Cboe BZX Exchange, Inc.

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

FT Vest Rising Dividend Achievers Target Income ETF – RDVI <br> FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF – DOGG

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

Each Fund is an actively managed exchange-traded fund ("ETF").

RDVI's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, RDVI will pursue its investment objectives by investing primarily in U.S. exchange traded equity securities contained in the Nasdaq US Rising Dividend Achievers<sup>TM</sup> Index and by utilizing an "option strategy" consisting of writing (selling) U.S. exchange-traded call options on the S&P 500<sup>®</sup> Index or ETFs that track the S&P 500<sup>®</sup> Index. Under normal market conditions, RDVI will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities.

DOGG's investment objective seeks to provide current income with a secondary objective of providing capital appreciation. Under normal market conditions, DOGG will pursue its investment objectives by investing primarily in common stocks, exchange-traded options (including FLexible EXchange options ("FLEX Options")) and short-term U.S. Treasury securities. DOGG seeks to provide exposure to the "Dogs of the Dow," the ten highest dividend-yielding stocks in the Dow Jones Industrial Average ("DJIA") on an annual basis. DOGG will purchase securities comprising the Dogs of the Dow and gain synthetic exposure to the price movements of the securities comprising the Dogs of the Dow through the use of a combination of puts, calls and U.S. Treasury securities (the "Synthetic Replication"). DOGG will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities comprising the Dogs of the Dow or in options contracts that utilize Dogs of the Dow constituents as the reference asset.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

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

U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust's Board of Trustees.

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

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

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of April 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

**C. Options Contracts and FLEX Options**

RDVI is subject to equity price risk in the normal course of pursuing their investment objectives. RDVI will utilize an "option strategy" consisting of writing (selling) U.S. exchanged-traded call options on the S&P 500<sup>®</sup> Index or exchange-traded funds that track the S&P 500<sup>®</sup> Index. A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price ("strike price") at a specified date ("expiration date"). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.

When DOGG sells call options as a means to generate income to achieve the Target Income Level, DOGG will employ a covered call strategy that seeks to sell call options having a strike price roughly equal to the value of each equity security held by DOGG (such options are said to be "at-the-money") on some or all of the equity securities purchased by DOGG. When utilizing Synthetic Replication, DOGG may utilize FLEX Options. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates that are otherwise standardized in typical listed options contract. The Synthetic Replication is achieved through the combination of a purchasing a call and selling a put generally at the same strike price which synthetically creates the upside and downside participation in the price returns of the Dogs of the Dow.

When a Fund purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in "Options contracts purchased, at value" on the Statements of Assets and Liabilities. When a Fund writes (sells) an option, an amount equal to the premium received by a Fund is included in "Options contracts written, at value" on the Statements of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option's expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes. Gain or loss on purchased options, if any, is included in "Net realized gain (loss) on purchased options contracts" on the Statements of Operations. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether a Fund has realized a gain or loss. Gain or loss on written options, if any, is presented separately as "Net realized gain (loss) on written options contracts" on the Statements of Operations.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended October 31, 2024 were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| FT Vest Rising Dividend Achievers Target Income ETF | $68355405 | &nbsp;&nbsp; $16658009 | &nbsp;&nbsp; $— |
| FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF | 2458693 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest Rising Dividend Achievers Target Income ETF | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50578901 |
| FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF | 227687 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1774888)<br>|

---

**E. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For RDVI, the taxable periods ended 2022, 2023 and 2024 remain open to federal and state audit. For DOGG, the taxable periods ended 2023 and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Funds had no non-expiring capital loss carryforwards for federal income tax purposes.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Funds had no net late year ordinary or capital losses.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest Rising Dividend Achievers Target Income ETF | $1791113402 | &nbsp;&nbsp; $45754945 | &nbsp;&nbsp; $(69318386)<br>| &nbsp;&nbsp; $(23563441)<br>|
| FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF | 28655152 | &nbsp;&nbsp; 1330375 | &nbsp;&nbsp; (718963)<br>| &nbsp;&nbsp; 611412 |

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

First Trust is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees (if any), but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.75000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.73125<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.71250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.69375<br> %<br>|
| Fund net assets greater than $10 billion | 0.67500<br> %<br>|

---

Vest Financial LLC ("Vest"), an affiliate of First Trust, serves as each Fund's sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of each Fund's assets and will pay Vest for its services as the Funds' sub-advisor. Vest receives a sub-advisory fee equal to 0.20% of the average daily net assets of each Fund. Vest's fee is paid by the Advisor out of its management fee.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FT Vest Rising Dividend Achievers Target Income ETF | $909510790 | &nbsp;&nbsp; $953888680 |
| FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF | 70037175 | &nbsp;&nbsp; 59893654 |

---

For the six months ended April 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FT Vest Rising Dividend Achievers Target Income ETF | $1019609364 | &nbsp;&nbsp; $558576259 |
| FT Vest DJIA<sup>®</sup> Dogs 10 Target Income ETF | 15811794 | &nbsp;&nbsp; 13616866 |

---

**5. Derivative Transactions** 

The following table presents the types of derivatives held by each Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** |
| **RDVI** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $3386130 |
| **DOGG** |  |  |  |  |  |
| Options contracts | Equity Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 51412 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 8649611 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on each Fund's derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | | |
|:---|:---|:---|
| **Statements of Operations Location** | **RDVI**  | **DOGG**  |
| **Equity Risk Exposure** |  |  |
| Net realized gain (loss) on: |  |  |
| Purchased options contracts | $— | &nbsp;&nbsp; $(79670)<br>|
| Written options contracts | 9788453 | &nbsp;&nbsp; 964602 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statements of Operations Location** | **RDVI**  | **DOGG**  |
| Net change in unrealized appreciation <br>(depreciation) on:<br>|  |  |
| Purchased options contracts | $— | &nbsp;&nbsp; $47981 |
| Written options contracts | (2423537)<br>| &nbsp;&nbsp; 404086 |

---

The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.

The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the six months ended April 30, 2025, on each Fund's options contracts.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums for** <br>**purchased** <br>**options contracts** <br>**opened**<br>| **Premiums for** <br>**purchased** <br>**options contracts** <br>**closed, exercised** <br>**and expired**<br>| **Premiums for** <br>**written options** <br>**contracts opened**<br>| **Premiums for** <br>**written options** <br>**contracts closed,** <br>**exercised and** <br>**expired**<br>|
| RDVI | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60788470 | &nbsp;&nbsp; $59865787 |
| DOGG | 54320 | &nbsp;&nbsp; 88322 | &nbsp;&nbsp; 9372325 | &nbsp;&nbsp; 11239066 |

---

**6. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

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

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**8. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

**Disclaimer**

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

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

------

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

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

![](img5b05b5c21.gif)

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

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

First Trust Intermediate Duration Investment Grade <br> Corporate ETF (FIIG)<br>

------

**Table of Contents** 

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_SOI-TOC-ScheduleofInvestments-4604_1) | 1 |
| [Statement of Assets and Liabilities](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_SAL1-TOC-StatementofAssetsandLiabilities-4604_1) | 10 |
| [Statement of Operations](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_SOP1-TOC-StatementofOperations-4604_1) | 11 |
| [Statements of Changes in Net Assets](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_SOC1-TOC-StatementofChanges-4604_1) | 12 |
| [Financial Highlights](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_FIHI-TOC-FinancialHighlights-4604_1) | 13 |
| [Notes to Financial Statements](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_NTF-TOC-NotestoFinancialStatements-4604_1) | 14 |
| [Other Information](#xx_c23a411f-8b22-4884-bd6a-9072606db95f_AI-TOC-AdditionalInformation-4604_1) | 20 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Intermediate Duration Investment Grade Corporate ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

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

**How to Read This Report**

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

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

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**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** |
| **CORPORATE BONDS AND NOTES — 84.4%** | **CORPORATE BONDS AND NOTES — 84.4%** | **CORPORATE BONDS AND NOTES — 84.4%** | **CORPORATE BONDS AND NOTES — 84.4%** | **CORPORATE BONDS AND NOTES — 84.4%** |
|  | **Aerospace/Defense — 1.7%** |  |  |  |
| $750000 | HEICO Corp. | 5.35% | 08/01/33 | $759073 |
| 650000 | Howmet Aerospace, Inc. | 4.85% | 10/15/31 | 653572 |
| 1600000 | Howmet Aerospace, Inc. | 5.95% | 02/01/37 | 1666970 |
| 2375000 | Lockheed Martin Corp. | 4.07% | 12/15/42 | 1968024 |
| 350000 | Northrop Grumman Corp. | 4.40% | 05/01/30 | 348402 |
| 1300000 | Northrop Grumman Corp. | 4.70% | 03/15/33 | 1285163 |
| 1000000 | Northrop Grumman Corp. | 4.75% | 06/01/43 | 888339 |
| 500000 | RTX Corp. | 6.00% | 03/15/31 | 534520 |
|  |  |  |  | 8104063 |
|  | **Banking — 10.8%** |  |  |  |
| 650000 | American Express Co. (a) | 6.49% | 10/30/31 | 705462 |
| 1000000 | American Express Co. (a) | 5.67% | 04/25/36 | 1026867 |
| 2155000 | Bank of America Corp. (a) | 3.97% | 02/07/30 | 2109932 |
| 6850000 | Bank of America Corp. (a) | 4.57% | 04/27/33 | 6639877 |
| 1500000 | Bank of America Corp. (a) | 5.47% | 01/23/35 | 1521994 |
| 1350000 | Bank of New York Mellon (The) Corp. (a) | 4.29% | 06/13/33 | 1298844 |
| 260000 | Fifth Third Bancorp (a) | 4.77% | 07/28/30 | 259233 |
| 350000 | Fifth Third Bancorp (a) | 4.90% | 09/06/30 | 349275 |
| 1160000 | Goldman Sachs Group (The), Inc. | 3.80% | 03/15/30 | 1117834 |
| 3500000 | Goldman Sachs Group (The), Inc. (a) | 3.10% | 02/24/33 | 3087762 |
| 1500000 | Goldman Sachs Group (The), Inc. (a) | 5.33% | 07/23/35 | 1491286 |
| 500000 | Huntington Bancshares, Inc. (a) | 5.27% | 01/15/31 | 503919 |
| 1850000 | JPMorgan Chase & Co. (a) | 4.49% | 03/24/31 | 1838007 |
| 333000 | JPMorgan Chase & Co. (a) | 5.10% | 04/22/31 | 339116 |
| 4050000 | JPMorgan Chase & Co. (a) | 4.91% | 07/25/33 | 4030302 |
| 3050000 | JPMorgan Chase & Co. (a) | 5.77% | 04/22/35 | 3162431 |
| 990000 | Morgan Stanley (a) | 4.43% | 01/23/30 | 982839 |
| 4795000 | Morgan Stanley (a) | 5.25% | 04/21/34 | 4796535 |
| 1875000 | Morgan Stanley (a) | 5.83% | 04/19/35 | 1936687 |
| 800000 | Morgan Stanley (a) | 5.32% | 07/19/35 | 796674 |
| 1000000 | PNC Financial Services Group (The), Inc. (a) | 4.81% | 10/21/32 | 991660 |
| 1500000 | PNC Financial Services Group (The), Inc. (a) | 6.04% | 10/28/33 | 1567892 |
| 2000000 | Santander Holdings U.S.A., Inc. (a) | 5.74% | 03/20/31 | 2022185 |
| 1000000 | State Street Corp. (a) | 4.68% | 10/22/32 | 996316 |
| 700000 | State Street Corp. (a) | 4.16% | 08/04/33 | 666076 |
| 1100000 | Truist Financial Corp., Medium-Term Note (a) | 5.15% | 08/05/32 | 1106491 |
| 750000 | US Bancorp (a) | 5.10% | 07/23/30 | 762348 |
| 200000 | US Bancorp (a) | 5.85% | 10/21/33 | 207301 |
| 1450000 | Wells Fargo & Co. (a) | 4.48% | 04/04/31 | 1430465 |
| 2000000 | Wells Fargo & Co. (a) | 4.90% | 07/25/33 | 1965482 |
| 1000000 | Wells Fargo & Co. (a) | 5.21% | 12/03/35 | 987402 |
|  |  |  |  | 50698494 |
|  | **Brokerage/Asset Managers/Exchanges — 2.6%** |  |  |  |
| 1000000 | Blackstone Reg Finance Co. LLC | 5.00% | 12/06/34 | 980576 |
| 2000000 | Charles Schwab (The) Corp. (a) | 5.85% | 05/19/34 | 2090884 |
| 1485000 | Intercontinental Exchange, Inc. | 2.10% | 06/15/30 | 1327724 |
| 500000 | Intercontinental Exchange, Inc. | 5.25% | 06/15/31 | 518160 |
| 450000 | Intercontinental Exchange, Inc. | 4.60% | 03/15/33 | 442929 |
| 2750000 | Intercontinental Exchange, Inc. | 2.65% | 09/15/40 | 1973174 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Brokerage/Asset Managers/Exchanges** <br> **(Continued)**<br>|  |  |  |
| $1000000 | Jane Street Group / JSG Finance, Inc. (b) | 6.75% | 05/01/33 | $1005461 |
| 1000000 | LPL Holdings, Inc. | 5.15% | 06/15/30 | 1003660 |
| 2700000 | Nasdaq, Inc. | 5.55% | 02/15/34 | 2773564 |
|  |  |  |  | 12116132 |
|  | **Building Materials — 2.9%** |  |  |  |
| 2500000 | American Builders & Contractors Supply Co., Inc. (b) | 4.00% | 01/15/28 | 2415273 |
| 2250000 | Builders FirstSource, Inc. (b) | 6.38% | 03/01/34 | 2236015 |
| 2050000 | CRH America Finance, Inc. | 5.40% | 05/21/34 | 2078727 |
| 825000 | CRH America, Inc. (b) | 5.13% | 05/18/45 | 749544 |
| 1250000 | Holcim Finance U.S. LLC (b) | 4.95% | 04/07/30 | 1263421 |
| 1250000 | Holcim Finance U.S. LLC (b) | 5.40% | 04/07/35 | 1250077 |
| 500000 | Martin Marietta Materials, Inc. | 5.15% | 12/01/34 | 497560 |
| 1200000 | Vulcan Materials Co. | 3.50% | 06/01/30 | 1137938 |
| 2000000 | Vulcan Materials Co. | 5.35% | 12/01/34 | 2015782 |
|  |  |  |  | 13644337 |
|  | **Cable Satellite — 0.1%** |  |  |  |
| 26000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.75% | 03/01/30 | 24572 |
| 700000 | Comcast Corp. | 4.25% | 01/15/33 | 669967 |
|  |  |  |  | 694539 |
|  | **Chemicals — 0.2%** |  |  |  |
| 1100000 | Sherwin-Williams (The) Co. | 4.80% | 09/01/31 | 1101947 |
|  | **Construction Machinery — 1.9%** |  |  |  |
| 3200000 | Ashtead Capital, Inc. (b) | 2.45% | 08/12/31 | 2722488 |
| 1650000 | Ashtead Capital, Inc. (b) | 5.80% | 04/15/34 | 1654329 |
| 1500000 | RB Global Holdings, Inc. (b) | 6.75% | 03/15/28 | 1531285 |
| 3050000 | United Rentals North America, Inc. (b) | 6.00% | 12/15/29 | 3091776 |
|  |  |  |  | 8999878 |
|  | **Consumer Cyclical Services — 0.8%** |  |  |  |
| 400000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b) | 5.25% | 12/01/27 | 396890 |
| 3407000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b) | 3.50% | 03/01/29 | 3178264 |
|  |  |  |  | 3575154 |
|  | **Consumer Products — 0.2%** |  |  |  |
| 800000 | Haleon US Capital LLC | 3.63% | 03/24/32 | 742762 |
|  | **Diversified Manufacturing — 1.3%** |  |  |  |
| 1000000 | Otis Worldwide Corp. | 5.13% | 11/19/31 | 1017894 |
| 5000000 | Veralto Corp. | 5.45% | 09/18/33 | 5103553 |
|  |  |  |  | 6121447 |
|  | **Electric — 2.1%** |  |  |  |
| 275000 | Duke Energy Carolinas LLC | 4.95% | 01/15/33 | 276704 |
| 370000 | Duke Energy Carolinas LLC | 4.85% | 01/15/34 | 366053 |
| 1500000 | Duke Energy Carolinas LLC | 5.30% | 02/15/40 | 1479052 |
| 515000 | Duke Energy Progress LLC | 6.30% | 04/01/38 | 554885 |
| 2000000 | FirstEnergy Transmission LLC | 5.00% | 01/15/35 | 1972758 |
| 540000 | Florida Power & Light Co. | 5.10% | 04/01/33 | 547480 |
| 485000 | Florida Power & Light Co. | 5.69% | 03/01/40 | 502385 |
| 1500000 | Florida Power & Light Co. | 4.13% | 02/01/42 | 1266146 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Electric (Continued)** |  |  |  |
| $200000 | Trans-Allegheny Interstate Line Co. (b) | 5.00% | 01/15/31 | $203509 |
| 2750000 | Vistra Operations Co. LLC (b) | 5.70% | 12/30/34 | 2739334 |
|  |  |  |  | 9908306 |
|  | **Environmental — 1.3%** |  |  |  |
| 1700000 | Republic Services, Inc. | 5.00% | 04/01/34 | 1710329 |
| 1000000 | Republic Services, Inc. | 6.20% | 03/01/40 | 1073113 |
| 2000000 | Waste Management, Inc. | 4.80% | 03/15/32 | 2014333 |
| 2100000 | Waste Management, Inc. | 2.95% | 06/01/41 | 1540419 |
|  |  |  |  | 6338194 |
|  | **Food and Beverage — 9.5%** |  |  |  |
| 2000000 | Anheuser-Busch InBev Worldwide, Inc. | 4.35% | 06/01/40 | 1783573 |
| 3000000 | Campbell's (The) Co. | 5.40% | 03/21/34 | 3026148 |
| 1500000 | Campbell's (The) Co. | 4.75% | 03/23/35 | 1437025 |
| 2250000 | Conagra Brands, Inc. | 5.30% | 11/01/38 | 2130929 |
| 882000 | Constellation Brands, Inc. (c) | 4.80% | 05/01/30 | 883878 |
| 2000000 | Constellation Brands, Inc. | 4.75% | 05/09/32 | 1960729 |
| 2500000 | Constellation Brands, Inc. | 4.50% | 05/09/47 | 2036611 |
| 1000000 | General Mills, Inc. | 4.15% | 02/15/43 | 804015 |
| 2260000 | J.M. Smucker (The) Co. | 6.20% | 11/15/33 | 2412090 |
| 1625000 | J.M. Smucker (The) Co. | 6.50% | 11/15/43 | 1723538 |
| 950000 | Keurig Dr Pepper, Inc. | 5.30% | 03/15/34 | 965259 |
| 900000 | Keurig Dr Pepper, Inc., Series 10 | 5.20% | 03/15/31 | 921634 |
| 950000 | Kraft Heinz Foods Co. | 3.75% | 04/01/30 | 913758 |
| 1500000 | Kraft Heinz Foods Co. | 5.20% | 03/15/32 | 1523157 |
| 450000 | Kraft Heinz Foods Co. | 6.50% | 02/09/40 | 484165 |
| 2050000 | Kraft Heinz Foods Co. | 5.00% | 06/04/42 | 1857140 |
| 2030000 | Lamb Weston Holdings, Inc. (b) | 4.38% | 01/31/32 | 1861769 |
| 4500000 | Mars, Inc. (b) | 5.00% | 03/01/32 | 4538292 |
| 1600000 | McCormick & Co., Inc. | 4.95% | 04/15/33 | 1590790 |
| 1950000 | Molson Coors Beverage Co. | 5.00% | 05/01/42 | 1773436 |
| 1075000 | Mondelez International, Inc. | 3.00% | 03/17/32 | 958848 |
| 2150000 | Mondelez International, Inc. | 4.75% | 08/28/34 | 2118485 |
| 2450000 | Post Holdings, Inc. (b) | 6.25% | 02/15/32 | 2472048 |
| 500000 | Sysco Corp. | 5.95% | 04/01/30 | 526675 |
| 4000000 | US Foods, Inc. (b) | 5.75% | 04/15/33 | 3928031 |
|  |  |  |  | 44632023 |
|  | **Gaming — 1.0%** |  |  |  |
| 1250000 | VICI Properties, L.P. | 4.95% | 02/15/30 | 1242110 |
| 2250000 | VICI Properties, L.P. | 5.13% | 05/15/32 | 2204069 |
| 1075000 | VICI Properties, L.P. | 5.75% | 04/01/34 | 1081769 |
|  |  |  |  | 4527948 |
|  | **Health Insurance — 3.2%** |  |  |  |
| 250000 | Centene Corp. | 4.63% | 12/15/29 | 241261 |
| 4650000 | Centene Corp. | 3.00% | 10/15/30 | 4088070 |
| 790000 | Elevance Health, Inc. | 2.55% | 03/15/31 | 704650 |
| 1150000 | Elevance Health, Inc. | 4.10% | 05/15/32 | 1089899 |
| 1875000 | Elevance Health, Inc. | 5.38% | 06/15/34 | 1900055 |
| 1900000 | Elevance Health, Inc. | 4.63% | 05/15/42 | 1648892 |
| 1500000 | Molina Healthcare, Inc. (b) | 3.88% | 05/15/32 | 1322763 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Health Insurance (Continued)** |  |  |  |
| $1010000 | UnitedHealth Group, Inc. | 4.90% | 04/15/31 | $1028413 |
| 1000000 | UnitedHealth Group, Inc. | 5.35% | 02/15/33 | 1025083 |
| 750000 | UnitedHealth Group, Inc. | 6.88% | 02/15/38 | 852481 |
| 1125000 | UnitedHealth Group, Inc. | 5.50% | 07/15/44 | 1092194 |
|  |  |  |  | 14993761 |
|  | **Healthcare — 12.1%** |  |  |  |
| 1000000 | 180 Medical, Inc. (b) | 3.88% | 10/15/29 | 937608 |
| 3150000 | Agilent Technologies, Inc. | 2.30% | 03/12/31 | 2753126 |
| 5500000 | Alcon Finance Corp. (b) | 5.38% | 12/06/32 | 5570672 |
| 50000 | Avantor Funding, Inc. (b) | 4.63% | 07/15/28 | 48126 |
| 700000 | Becton Dickinson & Co. | 4.30% | 08/22/32 | 668865 |
| 600000 | Becton Dickinson & Co. | 5.11% | 02/08/34 | 597386 |
| 2250000 | Becton Dickinson & Co. | 4.69% | 12/15/44 | 1933847 |
| 1750000 | Charles River Laboratories International, Inc. (b) | 3.75% | 03/15/29 | 1603819 |
| 1150000 | Charles River Laboratories International, Inc. (b) | 4.00% | 03/15/31 | 1012222 |
| 1550000 | Cigna Group (The) | 2.38% | 03/15/31 | 1361625 |
| 3150000 | Cigna Group (The) | 5.40% | 03/15/33 | 3225042 |
| 1700000 | Cigna Group (The) | 4.80% | 08/15/38 | 1579972 |
| 2000000 | Danaher Corp. | 4.38% | 09/15/45 | 1712482 |
| 280000 | GE HealthCare Technologies, Inc. | 5.86% | 03/15/30 | 293641 |
| 3250000 | GE HealthCare Technologies, Inc. | 5.91% | 11/22/32 | 3412282 |
| 555000 | HCA, Inc. | 4.13% | 06/15/29 | 540089 |
| 3775000 | HCA, Inc. | 5.50% | 06/01/33 | 3800490 |
| 2400000 | HCA, Inc. | 5.13% | 06/15/39 | 2215174 |
| 1335000 | IQVIA, Inc. | 5.70% | 05/15/28 | 1360425 |
| 750000 | IQVIA, Inc. | 6.25% | 02/01/29 | 780031 |
| 1050000 | IQVIA, Inc. (b) | 6.50% | 05/15/30 | 1067811 |
| 1000000 | Quest Diagnostics, Inc. | 6.40% | 11/30/33 | 1085896 |
| 3250000 | Quest Diagnostics, Inc. | 5.00% | 12/15/34 | 3213289 |
| 800000 | Solventum Corp. | 5.45% | 03/13/31 | 817278 |
| 4500000 | Solventum Corp. | 5.60% | 03/23/34 | 4552287 |
| 1000000 | Stryker Corp. | 1.95% | 06/15/30 | 884578 |
| 1600000 | Stryker Corp. | 4.63% | 09/11/34 | 1558289 |
| 2150000 | Stryker Corp. | 4.10% | 04/01/43 | 1766030 |
| 500000 | Universal Health Services, Inc. | 4.63% | 10/15/29 | 487394 |
| 1750000 | Universal Health Services, Inc. | 2.65% | 10/15/30 | 1535511 |
| 4500000 | Zimmer Biomet Holdings, Inc. | 5.20% | 09/15/34 | 4484606 |
|  |  |  |  | 56859893 |
|  | **Home Construction — 0.1%** |  |  |  |
| 420000 | PulteGroup, Inc. | 6.38% | 05/15/33 | 443615 |
|  | **Lodging — 1.7%** |  |  |  |
| 3000000 | Hilton Domestic Operating Co., Inc. (b) | 5.88% | 03/15/33 | 3000468 |
| 1000000 | Hyatt Hotels Corp. | 5.38% | 12/15/31 | 994695 |
| 2000000 | Hyatt Hotels Corp. | 5.75% | 03/30/32 | 2005046 |
| 1200000 | Marriott International, Inc. | 5.10% | 04/15/32 | 1199544 |
| 600000 | Marriott International, Inc., Series FF | 4.63% | 06/15/30 | 596562 |
|  |  |  |  | 7796315 |
|  | **Media Entertainment — 0.6%** |  |  |  |
| 2750000 | AppLovin Corp. | 5.38% | 12/01/31 | 2776796 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Other Industrial — 0.4%** |  |  |  |
| $2000000 | Quanta Services, Inc. | 5.25% | 08/09/34 | $1974247 |
|  | **Other Utility — 0.4%** |  |  |  |
| 725000 | American Water Capital Corp. | 4.45% | 06/01/32 | 706617 |
| 1000000 | American Water Capital Corp. | 5.15% | 03/01/34 | 1007420 |
|  |  |  |  | 1714037 |
|  | **Packaging — 2.0%** |  |  |  |
| 500000 | Ball Corp. | 6.00% | 06/15/29 | 510823 |
| 2500000 | Ball Corp. | 3.13% | 09/15/31 | 2185871 |
| 555000 | Berry Global, Inc. | 5.50% | 04/15/28 | 567674 |
| 3500000 | Berry Global, Inc. | 5.65% | 01/15/34 | 3529251 |
| 2750000 | Crown Americas LLC | 5.25% | 04/01/30 | 2746809 |
|  |  |  |  | 9540428 |
|  | **Paper — 1.5%** |  |  |  |
| 650000 | Graphic Packaging International LLC (b) | 3.75% | 02/01/30 | 598047 |
| 1650000 | Graphic Packaging International LLC (b) | 6.38% | 07/15/32 | 1660182 |
| 4700000 | Packaging Corp. of America | 5.70% | 12/01/33 | 4844897 |
|  |  |  |  | 7103126 |
|  | **Pharmaceuticals — 1.1%** |  |  |  |
| 1065000 | Amgen, Inc. | 5.25% | 03/02/30 | 1095617 |
| 1600000 | Zoetis, Inc. | 5.60% | 11/16/32 | 1676525 |
| 2500000 | Zoetis, Inc. | 4.70% | 02/01/43 | 2252497 |
|  |  |  |  | 5024639 |
|  | **Property & Casualty Insurance — 6.6%** |  |  |  |
| 2750000 | Aon North America, Inc. | 5.45% | 03/01/34 | 2799405 |
| 2000000 | Arthur J. Gallagher & Co. | 5.50% | 03/02/33 | 2037254 |
| 2150000 | Arthur J. Gallagher & Co. | 5.45% | 07/15/34 | 2186045 |
| 1050000 | Arthur J. Gallagher & Co. | 5.75% | 03/02/53 | 1007963 |
| 1000000 | Arthur J. Gallagher & Co. | 5.55% | 02/15/55 | 943203 |
| 4750000 | Brown & Brown, Inc. | 4.20% | 03/17/32 | 4428213 |
| 4250000 | Brown & Brown, Inc. | 5.65% | 06/11/34 | 4302116 |
| 500000 | Marsh & McLennan Cos., Inc. | 4.85% | 11/15/31 | 505864 |
| 695000 | Marsh & McLennan Cos., Inc. | 5.75% | 11/01/32 | 736883 |
| 400000 | Marsh & McLennan Cos., Inc. | 5.15% | 03/15/34 | 405453 |
| 1000000 | Marsh & McLennan Cos., Inc. | 5.00% | 03/15/35 | 993595 |
| 1000000 | Marsh & McLennan Cos., Inc. | 4.75% | 03/15/39 | 942575 |
| 1000000 | Marsh & McLennan Cos., Inc. | 5.35% | 11/15/44 | 965084 |
| 2603000 | Ryan Specialty LLC (b) | 4.38% | 02/01/30 | 2472381 |
| 2110000 | Ryan Specialty LLC (b) | 5.88% | 08/01/32 | 2085897 |
| 4050000 | Willis North America, Inc. | 5.35% | 05/15/33 | 4086957 |
|  |  |  |  | 30898888 |
|  | **Retailers — 0.2%** |  |  |  |
| 800000 | O'Reilly Automotive, Inc. | 4.70% | 06/15/32 | 784705 |
|  | **Technology — 16.2%** |  |  |  |
| 1000000 | Atlassian Corp. | 5.25% | 05/15/29 | 1017356 |
| 3200000 | Atlassian Corp. | 5.50% | 05/15/34 | 3221355 |
| 2000000 | Autodesk, Inc. | 2.85% | 01/15/30 | 1865308 |
| 4000000 | Cadence Design Systems, Inc. | 4.70% | 09/10/34 | 3920907 |
| 4650000 | CoStar Group, Inc. (b) | 2.80% | 07/15/30 | 4123560 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Technology (Continued)** |  |  |  |
| $5444000 | Crowdstrike Holdings, Inc. | 3.00% | 02/15/29 | $5055118 |
| 2000000 | Dell International LLC / EMC Corp. | 5.30% | 04/01/32 | 2005453 |
| 4000000 | FactSet Research Systems, Inc. | 3.45% | 03/01/32 | 3576579 |
| 1000000 | Fidelity National Information Services, Inc. | 5.10% | 07/15/32 | 1002107 |
| 2600000 | Fidelity National Information Services, Inc. | 3.10% | 03/01/41 | 1852474 |
| 700000 | Fiserv, Inc. | 2.65% | 06/01/30 | 632513 |
| 55000 | Gartner, Inc. (b) | 4.50% | 07/01/28 | 54260 |
| 265000 | Gartner, Inc. (b) | 3.63% | 06/15/29 | 248817 |
| 4750000 | Gartner, Inc. (b) | 3.75% | 10/01/30 | 4377005 |
| 1000000 | Molex Electronic Technologies LLC (b) | 5.25% | 04/30/32 | 1013916 |
| 705000 | MSCI, Inc. (b) | 4.00% | 11/15/29 | 675207 |
| 6135000 | MSCI, Inc. (b) | 3.88% | 02/15/31 | 5698459 |
| 290000 | Open Text Holdings, Inc. (b) | 4.13% | 02/15/30 | 268376 |
| 670000 | Oracle Corp. | 4.65% | 05/06/30 | 671919 |
| 333000 | Oracle Corp. | 5.25% | 02/03/32 | 337765 |
| 750000 | Oracle Corp. | 6.25% | 11/09/32 | 800093 |
| 1550000 | Oracle Corp. | 4.90% | 02/06/33 | 1524313 |
| 1050000 | Oracle Corp. | 6.50% | 04/15/38 | 1123055 |
| 2150000 | Oracle Corp. | 3.65% | 03/25/41 | 1644354 |
| 2000000 | PTC, Inc. (b) | 4.00% | 02/15/28 | 1933870 |
| 1650000 | Roper Technologies, Inc. | 1.75% | 02/15/31 | 1395055 |
| 4750000 | Roper Technologies, Inc. | 4.90% | 10/15/34 | 4618536 |
| 2000000 | Salesforce, Inc. | 2.70% | 07/15/41 | 1410881 |
| 2800000 | ServiceNow, Inc. | 1.40% | 09/01/30 | 2402756 |
| 50000 | SS&C Technologies, Inc. (b) | 5.50% | 09/30/27 | 49802 |
| 500000 | Synopsys, Inc. | 5.00% | 04/01/32 | 503731 |
| 4000000 | Synopsys, Inc. | 5.15% | 04/01/35 | 4010082 |
| 1000000 | Synopsys, Inc. | 5.70% | 04/01/55 | 967373 |
| 1900000 | TR Finance LLC | 5.85% | 04/15/40 | 1937206 |
| 1200000 | Verisk Analytics, Inc. | 5.75% | 04/01/33 | 1243413 |
| 1750000 | Verisk Analytics, Inc. | 5.25% | 06/05/34 | 1763302 |
| 2000000 | Verisk Analytics, Inc. | 5.50% | 06/15/45 | 1928594 |
| 2750000 | VMware LLC | 4.70% | 05/15/30 | 2726475 |
| 2500000 | Workday, Inc. | 3.80% | 04/01/32 | 2314287 |
|  |  |  |  | 75915632 |
|  | **Wireless — 1.8%** |  |  |  |
| 1350000 | Crown Castle, Inc. | 3.30% | 07/01/30 | 1249889 |
| 2500000 | Crown Castle, Inc. | 5.10% | 05/01/33 | 2446184 |
| 50000 | SBA Communications Corp. | 3.13% | 02/01/29 | 46379 |
| 915000 | T-Mobile USA, Inc. | 2.55% | 02/15/31 | 812188 |
| 1000000 | T-Mobile USA, Inc. | 5.13% | 05/15/32 | 1011370 |
| 900000 | T-Mobile USA, Inc. | 5.20% | 01/15/33 | 905326 |
| 2125000 | T-Mobile USA, Inc. | 4.38% | 04/15/40 | 1856473 |
|  |  |  |  | 8327809 |
|  | **Wirelines — 0.1%** |  |  |  |
| 700000 | AT&T, Inc. | 4.30% | 02/15/30 | 694736 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 396053851 |
|  | (Cost $397,546,335) | (Cost $397,546,335) | (Cost $397,546,335) |  |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES — 11.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 11.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 11.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 11.7%** | **FOREIGN CORPORATE BONDS AND NOTES — 11.7%** |
|  | **Banking — 3.3%** | **Banking — 3.3%** | **Banking — 3.3%** |  |
| $520000 | Barclays PLC (a) | 4.97% | 05/16/29 | $522385 |
| 830000 | Barclays PLC (a) | 4.94% | 09/10/30 | 829134 |
| 1000000 | Barclays PLC (a) | 5.75% | 08/09/33 | 1018163 |
| 2000000 | BNP Paribas S.A. (a) (b) | 5.89% | 12/05/34 | 2093158 |
| 2000000 | Canadian Imperial Bank of Commerce | 6.09% | 10/03/33 | 2124901 |
| 2000000 | Lloyds Banking Group PLC (a) | 5.68% | 01/05/35 | 2026569 |
| 500000 | Royal Bank of Canada | 3.88% | 05/04/32 | 471522 |
| 1000000 | Toronto-Dominion Bank (The) | 5.30% | 01/30/32 | 1019629 |
| 640000 | Toronto-Dominion Bank (The) | 4.46% | 06/08/32 | 622560 |
| 485000 | UBS Group AG (a) (b) | 5.43% | 02/08/30 | 496844 |
| 4250000 | UBS Group AG (a) (b) | 4.19% | 04/01/31 | 4122906 |
|  |  |  |  | 15347771 |
|  | **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |  |
| 2150000 | Cemex S.A.B. de C.V. (b) | 5.45% | 11/19/29 | 2132244 |
|  | **Environmental — 0.3%** | **Environmental — 0.3%** | **Environmental — 0.3%** |  |
| 1400000 | Waste Connections, Inc.  | 5.00% | 03/01/34 | 1405743 |
|  | **Food and Beverage — 0.5%** | **Food and Beverage — 0.5%** | **Food and Beverage — 0.5%** |  |
| 1600000 | Bacardi Ltd. / Bacardi-Martini B.V. (b) | 5.40% | 06/15/33 | 1554906 |
| 1000000 | Bacardi-Martini B.V. (b) | 5.55% | 02/01/30 | 1020501 |
|  |  |  |  | 2575407 |
|  | **Gaming — 0.4%** | **Gaming — 0.4%** | **Gaming — 0.4%** |  |
| 1750000 | Flutter Treasury Designated Activity Co. (b) | 6.38% | 04/29/29 | 1789793 |
|  | **Healthcare — 1.6%** | **Healthcare — 1.6%** | **Healthcare — 1.6%** |  |
| 5850000 | Icon Investments Six Designated Activity Co. | 6.00% | 05/08/34 | 5845511 |
| 1900000 | Smith & Nephew PLC | 5.40% | 03/20/34 | 1897384 |
|  |  |  |  | 7742895 |
|  | **Packaging — 0.9%** | **Packaging — 0.9%** | **Packaging — 0.9%** |  |
| 4500000 | CCL Industries, Inc. (b) | 3.05% | 06/01/30 | 4097151 |
|  | **Paper — 1.0%** | **Paper — 1.0%** | **Paper — 1.0%** |  |
| 4700000 | Smurfit Kappa Treasury ULC (b) | 5.44% | 04/03/34 | 4705795 |
|  | **Property & Casualty Insurance — 0.6%** | **Property & Casualty Insurance — 0.6%** | **Property & Casualty Insurance — 0.6%** |  |
| 1830000 | Aon Corp. / Aon Global Holdings PLC | 5.35% | 02/28/33 | 1862982 |
| 1000000 | Aon Global Ltd. | 4.75% | 05/15/45 | 866324 |
|  |  |  |  | 2729306 |
|  | **Restaurants — 0.7%** | **Restaurants — 0.7%** | **Restaurants — 0.7%** |  |
| 3505000 | 1011778 BC ULC / New Red Finance, Inc. (b) | 4.00% | 10/15/30 | 3194133 |
|  | **Retailers — 0.4%** | **Retailers — 0.4%** | **Retailers — 0.4%** |  |
| 490000 | Alimentation Couche-Tard, Inc. (b) | 2.95% | 01/25/30 | 453161 |
| 750000 | Alimentation Couche-Tard, Inc. (b) | 5.27% | 02/12/34 | 741383 |
| 835000 | Alimentation Couche-Tard, Inc. (b) | 3.44% | 05/13/41 | 616414 |
|  |  |  |  | 1810958 |
|  | **Technology — 1.6%** | **Technology — 1.6%** | **Technology — 1.6%** |  |
| 4500000 | Constellation Software, Inc. (b) | 5.46% | 02/16/34 | 4525643 |
| 1000000 | Elastic N.V. (b) | 4.13% | 07/15/29 | 945054 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Technology (Continued)** | **Technology (Continued)** | **Technology (Continued)** |  |
| $600000 | Open Text Corp. (b) | 6.90% | 12/01/27 | $617661 |
| 1530000 | Open Text Corp. (b) | 3.88% | 02/15/28 | 1463988 |
|  |  |  |  | 7552346 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 55083542 |
|  | (Cost $55,131,834) | (Cost $55,131,834) | (Cost $55,131,834) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Annualized** <br>**Yield on Date** <br> **of** <br>**Purchase**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **COMMERCIAL PAPER — 3.0%** | **COMMERCIAL PAPER — 3.0%** | **COMMERCIAL PAPER — 3.0%** | **COMMERCIAL PAPER — 3.0%** | **COMMERCIAL PAPER — 3.0%** |
|  | **Chemicals — 0.7%** |  |  |  |
| 3500000 | Cabot Corp.  | 4.66% | 05/01/25 | 3500000 |
|  | **Food and Beverage — 0.3%** |  |  |  |
| 1400000 | Constellation Brands, Inc.  | 4.67% | 05/01/25 | 1400000 |
|  | **Midstream — 1.0%** |  |  |  |
| 4500000 | Energy Transfer, L.P.  | 4.59% | 05/01/25 | 4500000 |
|  | **Technology — 1.0%** |  |  |  |
| 4500000 | Global Payments, Inc.  | 4.97% | 05/01/25 | 4500000 |
|  | **Total Commercial Paper** | **Total Commercial Paper** | **Total Commercial Paper** | 13900000 |
|  | (Cost $13,900,000) | (Cost $13,900,000) | (Cost $13,900,000) |  |
|  | **Total Investments — 99.1%** | **Total Investments — 99.1%** | **Total Investments — 99.1%** | 465037393 |
|  | (Cost $466,578,169) | (Cost $466,578,169) | (Cost $466,578,169) |  |
|  | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | **Net Other Assets and Liabilities — 0.9%** | 4407510 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $469444903 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fixed-to-floating
 or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2025. At a predetermined
 date, the fixed rate will change to a floating rate or a variable rate.

&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 $111,656,381 or 23.8% of net assets.

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

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&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>|
| Corporate Bonds and Notes\* | $396053851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $396053851 | &nbsp;&nbsp; $— |
| Foreign Corporate Bonds and Notes\* | 55083542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55083542 | &nbsp;&nbsp; — |
| Commercial Paper\* | 13900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13900000 | &nbsp;&nbsp; — |
| Total Investments | $465037393 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $465037393 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $465037393 |
| Cash | 218296 |
| Interest receivable | 5316810 |
| Total Assets | 470572499 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 880448 |
| Investment advisory fees | 247148 |
| Total Liabilities | 1127596 |
| **NET ASSETS** | $469444903 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $470747317 |
| Par value | 227000 |
| Accumulated distributable earnings (loss) | (1529414)<br>|
| **NET ASSETS** | $469444903 |
| **NET ASSET VALUE,** per share | $20.68 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 22700002 |
| Investments, at cost | $466578169 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $11356279 |
| Total investment income | 11356279 |
| **EXPENSES:** |  |
| Investment advisory fees | 1403316<br>|
| Total expenses | 1403316 |
| **NET INVESTMENT INCOME (LOSS)** | 9952963 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | (11124)<br>|
| Net change in unrealized appreciation (depreciation) on investments | (807246)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (818370)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9134593 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $9952963 | &nbsp;&nbsp; $6827869 |
| Net realized gain (loss) | (11124)<br>| &nbsp;&nbsp; (32786)<br>|
| Net change in unrealized appreciation (depreciation) | (807246)<br>| &nbsp;&nbsp; (225978)<br>|
| Net increase (decrease) in net assets resulting from operations | 9134593 | &nbsp;&nbsp; 6569105 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (9896752)<br>| &nbsp;&nbsp; (6837252)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 100587825<br>| &nbsp;&nbsp; 367612726<br>|
| Cost of shares redeemed | (7246274) <br>| &nbsp;&nbsp; —<br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 93341551 | &nbsp;&nbsp; 367612726 |
| Total increase (decrease) in net assets | 92579392 | &nbsp;&nbsp; 367344579 |
| **NET ASSETS:** |  |  |
| Beginning of period | 376865511 | &nbsp;&nbsp; 9520932 |
| End of period | $469444903 | &nbsp;&nbsp; $376865511 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 18200002 | &nbsp;&nbsp; 500002 |
| Shares sold | 4850000 | &nbsp;&nbsp; 17700000 |
| Shares redeemed | (350000)<br>| &nbsp;&nbsp; — |
| Shares outstanding, end of period | 22700002 | &nbsp;&nbsp; 18200002 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
| Net asset value, beginning of period | $20.71 | &nbsp;&nbsp;&nbsp;&nbsp; $19.04 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br>|
| Net realized and unrealized gain (loss) | (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01) <br>|
| Total from investment operations | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18) <br>|
| Net asset value, end of period | $20.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.04<br>|
| **Total return** (d) | 2.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.91)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $469445<br>| &nbsp;&nbsp;&nbsp;&nbsp; $376866<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9521<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 4.61<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> % (e)<br>|
| Portfolio turnover rate (f) | 8<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7<br> % <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is August 2, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Intermediate Duration Investment Grade Corporate ETF (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "FIIG" on NYSE Arca, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund. The investment objective of the Fund is to deliver current income and long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. Corporate debt securities may have fixed or floating interest rates. The corporate debt securities in which the Fund may invest also include senior loans and covenant-lite loans, substantially all of which are expected to be covenant-lite loans.

**2. Significant Accounting Policies** 

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

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower's/issuer's competitive position within the industry;

15)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

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

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

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

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held $883,878 of when-issued or delayed-delivery securities. At April 30, 2025, the Fund had no forward purchase commitments.

**C. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $6837252 |
| Capital gains |  |
| Return of capital |  |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $15269 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

Accumulated capital and other gain (loss) (39,698) <br> Net unrealized appreciation (depreciation) (742,826)

**D. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2023 and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $39,698 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $466578169 | &nbsp;&nbsp; $2210210 | &nbsp;&nbsp; $(3750986)<br>| &nbsp;&nbsp; $(1540776)<br>|

---

**E. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**F. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen,

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.65000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.58500<br> %<br>|
| Fund net assets greater than $15 billion | 0.55250<br> %<br>|

---

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $124,318,063 and $34,702,965, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

**5. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**7. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

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

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

![](imgb96493341.gif)

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

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

First Trust Intermediate Government Opportunities ETF <br> (MGOV)<br>

------

**Table of Contents** 

**First Trust Intermediate Government Opportunities ETF (MGOV)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_SOI-TOC-ScheduleofInvestments-4605_1) | 1 |
| [Statement of Assets and Liabilities](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_SAL1-TOC-StatementofAssetsandLiabilities-4605_1) | 7 |
| [Statement of Operations](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_SOP1-TOC-StatementofOperations-4605_1) | 8 |
| [Statements of Changes in Net Assets](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_SOC1-TOC-StatementofChanges-4605_1) | 9 |
| [Financial Highlights](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_FIHI-TOC-FinancialHighlights-4605_1) | 10 |
| [Notes to Financial Statements](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_NTF-TOC-NotestoFinancialStatements-4605_1) | 11 |
| [Other Information](#xx_3ea9f76b-64b9-41c4-b27c-5ff95f79753c_AI-TOC-AdditionalInformation-4605_1) | 21 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Intermediate Government Opportunities ETF (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

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

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**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** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.0%** |
|  | **Collateralized Mortgage Obligations — 39.4%** | **Collateralized Mortgage Obligations — 39.4%** | **Collateralized Mortgage Obligations — 39.4%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| $1189933 | Series 2013-4213, Class GZ | 3.50% | 06/15/43 | $1126731 |
| 1254484 | Series 2014-4316, Class BZ | 3.00% | 03/15/44 | 1145471 |
| 826651 | Series 2014-4316, Class XZ | 4.50% | 03/15/44 | 821296 |
| 1250000 | Series 2017-4741, Class GY | 3.00% | 12/15/47 | 1073153 |
| 620223 | Series 2017-4745, Class CZ | 3.50% | 01/15/48 | 564275 |
| 982385 | Series 2018-4798, Class GZ | 4.00% | 06/15/48 | 929078 |
| 929451 | Series 2019-4929, Class FB, 30 Day Average SOFR + CSA + <br> 0.45% (a) | 4.92% | 09/25/49 | 900059 |
| 350000 | Series 2020-4959, Class LB | 3.00% | 03/25/40 | 310416 |
| 932154 | Series 2022-5256, Class FC, 30 Day Average SOFR + 0.75% (a) | 5.10% | 09/25/52 | 919540 |
| 1219775 | Series 2024-413, Class PO, PO, STRIPS | (b) | 05/25/54 | 1053806 |
|  | Federal Home Loan Mortgage Corporation Seasoned Credit Risk <br> Transfer Trust |  |  |  |
| 1044758 | Series 2018-4, Class MA | 3.50% | 03/25/58 | 1005483 |
| 381818 | Series 2019-2, Class MA | 3.50% | 08/26/58 | 364462 |
|  | Federal Home Loan Mortgage Corporation Seasoned Loans <br> Structured Transaction Trust |  |  |  |
| 516934 | Series 2021-1, Class A1D | 2.00% | 05/26/31 | 479636 |
| 971407 | Series 2024-2, Class VF, 30 Day Average SOFR + 1.25% (a) (c) | 5.60% | 10/25/34 | 970314 |
|  | Federal National Mortgage Association |  |  |  |
| 1695598 | Series 2012-118, Class VZ | 3.00% | 11/25/42 | 1547218 |
| 1431731 | Series 2012-134, Class ZC | 2.50% | 12/25/42 | 1110818 |
| 837948 | Series 2013-21, Class EZ | 3.00% | 03/25/43 | 761101 |
| 1061062 | Series 2014-12, Class ZB | 3.00% | 03/25/39 | 1002508 |
| 1853746 | Series 2014-60, Class EZ | 3.00% | 10/25/44 | 1660354 |
| 436952 | Series 2015-89, Class CZ | 4.00% | 08/25/45 | 405292 |
| 1350000 | Series 2016-94, Class MB | 2.50% | 12/25/46 | 1045312 |
| 1500000 | Series 2024-6, Class AL | 2.00% | 03/25/44 | 1134677 |
| 1224309 | Series 2024-26, Class PO, PO | (b) | 05/25/54 | 959487 |
| 294412 | Series 2024-84, Class FD, 30 Day Average SOFR + 1.15% (a) | 5.50% | 11/25/54 | 292267 |
|  | Government National Mortgage Association |  |  |  |
| 1397840 | Series 2015-123, Class ZA | 3.50% | 09/20/45 | 1297405 |
| 300000 | Series 2022-139, Class AL | 4.00% | 07/20/51 | 271527 |
| 1745000 | Series 2022-191, Class BY | 4.00% | 08/20/41 | 1656825 |
| 1200000 | Series 2023-81, Class YD | 4.00% | 06/20/53 | 1072136 |
|  |  |  |  | 25880647 |
|  | **Commercial Mortgage-Backed Securities — 21.7%** | **Commercial Mortgage-Backed Securities — 21.7%** | **Commercial Mortgage-Backed Securities — 21.7%** |  |
|  | Federal Home Loan Mortgage Corporation Multiclass Certificates |  |  |  |
| 3500000 | Series 2020-RR06, Class BX, IO (d) | 1.84% | 05/27/33 | 315583 |
|  | Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass Through Certificates |  |  |  |
| 1268492 | Series 2016-K152, Class A1 | 2.83% | 05/25/30 | 1224122 |
| 2000000 | Series 2016-KW01, Class X3, IO (e) | 4.23% | 03/25/29 | 54060 |
| 1200000 | Series 2018-K157, Class A3 | 3.99% | 08/25/33 | 1156504 |
| 118765 | Series 2018-KSW4, Class A, 30 Day Average SOFR + CSA + <br> 0.43% (a) | 4.88% | 10/25/28 | 118439 |
| 793964 | Series 2019-KJ24, Class A2 | 2.82% | 09/25/27 | 777750 |
| 1200000 | Series 2019-K1510, Class A2 | 3.72% | 01/25/31 | 1170003 |
| 6244117 | Series 2019-K1512, Class X1, IO (e) | 1.05% | 04/25/34 | 333604 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |  |
|  | Federal Home Loan Mortgage Corporation Multifamily Structured <br> Pass Through Certificates (Continued) |  |  |  |
| $3071876 | Series 2020-K110, Class X1, IO (e) | 1.76% | 04/25/30 | $198896 |
| 7700000 | Series 2020-K740, Class XAM, IO (e) | 1.19% | 10/25/27 | 187485 |
| 13202417 | Series 2020-KG04, Class X1, IO (e) | 0.93% | 11/25/30 | 490677 |
| 903067 | Series 2021-K125, Class A1 | 1.10% | 08/25/30 | 825902 |
| 8000000 | Series 2021-K129, Class XAM, IO (e) | 1.32% | 05/25/31 | 500850 |
| 9987485 | Series 2021-K130, Class X1, IO (e) | 1.14% | 06/25/31 | 512731 |
| 22243455 | Series 2021-KG05, Class X1, IO (e) | 0.40% | 01/25/31 | 329804 |
| 1782608 | Series 2022-K142, Class A1 | 2.40% | 12/25/31 | 1640021 |
| 2721250 | Series 2022-K143, Class XAM, IO (e) | 0.50% | 04/25/55 | 65226 |
| 1664187 | Series 2022-K152, Class A1 | 3.78% | 01/25/32 | 1638961 |
| 5180000 | Series 2024-K165, Class XAM, IO (e) | 1.09% | 09/25/34 | 367130 |
| 7058000 | Series 2024-K757, Class XAM, IO (e) | 1.18% | 08/25/31 | 387213 |
| 1200000 | Series 2024-KJ51, Class A2 | 4.70% | 01/25/32 | 1215161 |
|  | FREMF Mortgage Trust |  |  |  |
| 500000 | Series 2019-KL4F, Class BAS (c) (e) | 4.44% | 10/25/25 | 495275 |
|  | Government National Mortgage Association |  |  |  |
| 4923498 | Series 2024-32, Class IO, IO (e) | 0.71% | 06/16/63 | 255550 |
|  |  |  |  | 14260947 |
|  | **Pass-Through Securities — 35.9%** | **Pass-Through Securities — 35.9%** | **Pass-Through Securities — 35.9%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 408716 | Pool SD4005  | 4.00% | 12/01/49 | 388165 |
| 1405067 | Pool SD7509  | 3.00% | 11/01/49 | 1243023 |
| 127843 | Pool U90690  | 3.50% | 06/01/42 | 119404 |
| 418602 | Pool ZL8982  | 3.50% | 01/01/45 | 390432 |
| 425243 | Pool ZS9446  | 3.50% | 08/01/45 | 395201 |
| 997714 | Pool ZS9776  | 3.50% | 08/01/46 | 920871 |
| 1869641 | Pool ZT2264  | 4.00% | 03/01/44 | 1797492 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 643447 | Pool 310208  | 3.00% | 03/01/48 | 558975 |
| 458846 | Pool 310211  | 3.50% | 07/01/48 | 414277 |
| 1376225 | Pool AS7738  | 3.00% | 08/01/46 | 1220634 |
| 977842 | Pool AS7749  | 3.50% | 08/01/46 | 897849 |
| 1260244 | Pool BF0207  | 4.50% | 04/01/47 | 1255763 |
| 869052 | Pool BF0568  | 5.50% | 07/01/61 | 886017 |
| 395832 | Pool BM6732  | 4.00% | 11/01/48 | 382031 |
| 440925 | Pool BM7079  | 4.00% | 10/01/48 | 416017 |
| 440417 | Pool BM7129  | 3.00% | 01/01/47 | 397720 |
| 2773197 | Pool BM7521  | 3.50% | 10/01/48 | 2535428 |
| 434402 | Pool FS0704  | 4.00% | 03/01/47 | 412663 |
| 907062 | Pool FS3541  | 3.50% | 08/01/52 | 820544 |
| 301012 | Pool FS4157  | 4.00% | 05/01/49 | 283753 |
| 1104000 | Pool TBA (f) | 2.50% | 05/15/55 | 917958 |
| 1970000 | Pool TBA (f) | 3.00% | 05/15/55 | 1709989 |
| 900000 | Pool TBA  | 3.50% | 05/15/55 | 812360 |
| 382000 | Pool TBA (f) | 4.00% | 05/15/55 | 356054 |
| 856000 | Pool TBA (f) | 5.00% | 05/15/55 | 838067 |
| 328000 | Pool TBA (f) | 5.50% | 05/15/55 | 327343 |
| 153000 | Pool TBA  | 3.00% | 06/15/55 | 132818 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)** |
|  | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** | **Pass-Through Securities (Continued)** |  |
|  | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) | Federal National Mortgage Association (Continued) |
| $620000 | Pool TBA (f) | 3.50% | 06/15/55 | $559480 |
| 1118000 | Pool TBA (f) | 4.00% | 06/15/55 | 1041802 |
| 609000 | Pool TBA  | 5.00% | 06/15/55 | 595885 |
| 66000 | Pool TBA (f) | 5.50% | 06/15/55 | 65819 |
| 527000 | Pool TBA (f) | 5.50% | 07/15/55 | 525183 |
|  |  |  |  | 23619017 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 63760611 |
|  | (Cost $63,907,154) | (Cost $63,907,154) | (Cost $63,907,154) |  |
| **U.S. GOVERNMENT BONDS AND NOTES — 11.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 11.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 11.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 11.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 11.3%** |
| 200000 | U.S. Treasury Bond  | 4.63% | 11/15/44 | 198063 |
| 200000 | U.S. Treasury Bond  | 4.75% | 02/15/45 | 201422 |
| 860000 | U.S. Treasury Bond  | 2.25% | 08/15/46 | 569229 |
| 295000 | U.S. Treasury Bond  | 3.00% | 02/15/47 | 223802 |
| 650000 | U.S. Treasury Bond  | 3.00% | 08/15/48 | 485850 |
| 330000 | U.S. Treasury Bond  | 3.00% | 02/15/49 | 245715 |
| 200000 | U.S. Treasury Bond  | 4.63% | 02/15/55 | 197938 |
| 1002220 | U.S. Treasury Inflation Indexed Bond (g) | 1.63% | 04/15/30 | 1012567 |
| 1000000 | U.S. Treasury Note  | 4.13% | 10/31/26 | 1005820 |
| 210000 | U.S. Treasury Note  | 4.25% | 12/31/26 | 211928 |
| 1000000 | U.S. Treasury Note  | 4.25% | 02/15/28 | 1017578 |
| 400000 | U.S. Treasury Note  | 4.00% | 02/28/30 | 405250 |
| 440000 | U.S. Treasury Note  | 4.50% | 12/31/31 | 455108 |
| 400000 | U.S. Treasury Note  | 4.13% | 02/29/32 | 404812 |
| 500000 | U.S. Treasury Note  | 4.13% | 03/31/32 | 506016 |
| 300000 | U.S. Treasury Note  | 4.63% | 02/15/35 | 311273 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 7452371 |
|  | (Cost $7,376,676) | (Cost $7,376,676) | (Cost $7,376,676) |  |
| **U.S. GOVERNMENT AGENCY SECURITIES — 1.9%** | **U.S. GOVERNMENT AGENCY SECURITIES — 1.9%** | **U.S. GOVERNMENT AGENCY SECURITIES — 1.9%** | **U.S. GOVERNMENT AGENCY SECURITIES — 1.9%** | **U.S. GOVERNMENT AGENCY SECURITIES — 1.9%** |
| 1290000 | Tennessee Valley Authority  | 5.25% | 02/01/55 | 1260637 |
|  | (Cost $1,285,343) |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| 653402 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.18% (h) | 653402 |
|  | (Cost $653,402) |  |
|  | **Total Investments — 111.2%** | 73127021 |
|  | (Cost $73,222,575) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (2.2)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (2.2)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (2.2)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (2.2)%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (2.2)%** |
|  | **Pass-Through Securities — (2.2)%** | **Pass-Through Securities — (2.2)%** | **Pass-Through Securities — (2.2)%** |  |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |  |
| $(1445000) | Pool TBA (f) | 6.00% | 06/15/55 | (1464977)<br>|
|  | **Total Investments Sold Short — (2.2)%** | **Total Investments Sold Short — (2.2)%** | **Total Investments Sold Short — (2.2)%** | (1464977)<br>|
|  | (Proceeds $1,458,672) | (Proceeds $1,458,672) | (Proceeds $1,458,672) |  |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **WRITTEN OPTIONS — (0.4)%** | **WRITTEN OPTIONS — (0.4)%** | **WRITTEN OPTIONS — (0.4)%** | **WRITTEN OPTIONS — (0.4)%** | **WRITTEN OPTIONS — (0.4)%** | **WRITTEN OPTIONS — (0.4)%** |
|  | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** | **Call Options Written — (0.2)%** |  |
| (2) | U.S. 2-Year Treasury Futures Call  | $(417484)<br>| $104.25 | 08/22/25 | $(2375)<br>|
| (1) | U.S. 5-Year Treasury Futures Call  | (109195)<br>| 108.50 | 05/23/25 | (953)<br>|
| (2) | U.S. 5-Year Treasury Futures Call  | (218641)<br>| 109.00 | 08/22/25 | (2656)<br>|
| (11) | U.S. 5-Year Treasury Futures Call  | (1202523)<br>| 110.50 | 08/22/25 | (7992)<br>|
| (1) | U.S. 10-Year Treasury Futures Call  | (112219)<br>| 111.50 | 05/23/25 | (1203)<br>|
| (1) | U.S. 10-Year Treasury Futures Call  | (112219)<br>| 112.00 | 05/23/25 | (922)<br>|
| (18) | U.S. 10-Year Treasury Futures Call  | (2022188)<br>| 114.00 | 08/22/25 | (19688)<br>|
| (6) | U.S. 10-Year Treasury Futures Call  | (674063)<br>| 114.50 | 08/22/25 | (5625)<br>|
| (20) | U.S. Treasury Long Bond Futures Call  | (2332500)<br>| 120.00 | 05/23/25 | (10000)<br>|
| (2) | U.S. Treasury Long Bond Futures Call  | (232563)<br>| 116.00 | 08/22/25 | (7188)<br>|
| (25) | U.S. Treasury Long Bond Futures Call  | (2907031)<br>| 120.00 | 08/22/25 | (48437)<br>|
| (18) | U.S. Treasury Long Bond Futures Call  | (2093063)<br>| 122.00 | 08/22/25 | (25312)<br>|
| (1) | U.S. Treasury Long Bond Futures Call  | (116281)<br>| 123.00 | 08/22/25 | (1203)<br>|
| (17) | U.S. Treasury Long Bond Futures Call  | (1976781)<br>| 124.00 | 08/22/25 | (17266)<br>|
| (1) | U.S. Treasury Long Bond Futures Call  | (116281)<br>| 128.00 | 08/22/25 | (531)<br>|
| (1) | Ultra U.S. Treasury Long Bond Futures Call  | (121031)<br>| 124.00 | 05/23/25 | (922)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (152273)<br>|
|  | (Premiums received $175,464) | (Premiums received $175,464) | (Premiums received $175,464) | (Premiums received $175,464) |  |
|  | **Put Options Written — (0.2)%** | **Put Options Written — (0.2)%** | **Put Options Written — (0.2)%** | **Put Options Written — (0.2)%** |  |
| (9) | U.S. 5-Year Treasury Futures Put  | (983883)<br>| 106.50 | 08/22/25 | (2250)<br>|
| (6) | U.S. 5-Year Treasury Futures Put  | (655922)<br>| 106.75 | 08/22/25 | (1781)<br>|
| (8) | U.S. 5-Year Treasury Futures Put  | (874563)<br>| 106.00 | 08/22/25 | (1500)<br>|
| (9) | U.S. 10-Year Treasury Futures Put  | (1009969)<br>| 110.00 | 05/23/25 | (1125)<br>|
| (2) | U.S. 10-Year Treasury Futures Put  | (224688)<br>| 107.00 | 08/22/25 | (563)<br>|
| (1) | U.S. 10-Year Treasury Futures Put  | (112344)<br>| 108.00 | 08/22/25 | (422)<br>|
| (2) | U.S. 10-Year Treasury Futures Put  | (224688)<br>| 110.00 | 08/22/25 | (1656)<br>|
| (5) | U.S. Treasury Long Bond Futures Put  | (583125)<br>| 113.00 | 05/23/25 | (2266)<br>|
| (4) | U.S. Treasury Long Bond Futures Put  | (466500)<br>| 114.00 | 05/23/25 | (2625)<br>|
| (4) | U.S. Treasury Long Bond Futures Put  | (466500)<br>| 116.00 | 05/23/25 | (5312)<br>|
| (4) | U.S. Treasury Long Bond Futures Put  | (465125)<br>| 108.00 | 08/22/25 | (3813)<br>|
| (15) | U.S. Treasury Long Bond Futures Put  | (1744219)<br>| 110.00 | 08/22/25 | (19922)<br>|
| (19) | U.S. Treasury Long Bond Futures Put  | (2209344)<br>| 116.00 | 08/22/25 | (62937)<br>|
| (2) | U.S. Treasury Long Bond Futures Put  | (231813)<br>| 107.00 | 11/21/25 | (3125)<br>|
| (1) | Ultra U.S. Treasury Long Bond Futures Put  | (121031)<br>| 119.00 | 05/23/25 | (1266)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (110563)<br>|
|  | (Premiums received $124,053) | (Premiums received $124,053) | (Premiums received $124,053) | (Premiums received $124,053) |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (262836)<br>|
|  | (Premiums received $299,517) | (Premiums received $299,517) | (Premiums received $299,517) | (Premiums received $299,517) |  |
|  | **Net Other Assets and Liabilities — (8.6)%** | **Net Other Assets and Liabilities — (8.6)%** | **Net Other Assets and Liabilities — (8.6)%** | **Net Other Assets and Liabilities — (8.6)%** | (5641246)<br>|
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $65757962 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

**Futures Contracts at April 30, 2025** (See Note 2D - Futures Contracts in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Long** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| U.S. 2-Year Treasury Notes | 41 | Jun-2025 | &nbsp;&nbsp; $8534086 | &nbsp;&nbsp; $84666 |
| U.S. Treasury Long-Term Bonds | 70 | Jun-2025 | &nbsp;&nbsp; 8163750 | &nbsp;&nbsp; (58606)<br>|
| Ultra U.S. Treasury Bond Futures | 2 | Jun-2025 | &nbsp;&nbsp; 242062 | &nbsp;&nbsp; (693)<br>|
|  |  |  | &nbsp;&nbsp; $16939898 | &nbsp;&nbsp; $25367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** |  |  |  |  |
| U.S. 5-Year Treasury Notes | 22 | Jun-2025 | &nbsp;&nbsp; $(2402297)<br>| &nbsp;&nbsp; $(5944)<br>|
| U.S. 10-Year Treasury Notes | 32 | Jun-2025 | &nbsp;&nbsp; (3591000)<br>| &nbsp;&nbsp; (25198)<br>|
| Ultra 10-Year U.S. Treasury Notes | 75 | Jun-2025 | &nbsp;&nbsp; (8605078)<br>| &nbsp;&nbsp; (133061)<br>|
|  |  |  | &nbsp;&nbsp; $(14598375)<br>| &nbsp;&nbsp; $(164203)<br>|
|  |  | &nbsp;&nbsp; Total | &nbsp;&nbsp; $2341523 | &nbsp;&nbsp; $(138836)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating
 or variable rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Zero
 coupon security.

&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 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 $1,465,589 or 2.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Weighted
 Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have different
 coupons. The coupon may change in any period.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Collateral
 Strip Rate security. Coupon is based on the weighted net interest rate of the investment's underlying collateral. The interest
 rate resets periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 or a portion of this security is part of a mortgage dollar roll agreement (see Note 2I - Mortgage Dollar Rolls and TBA Transactions
 in the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security
 whose principal value is adjusted in accordance with changes to the country's Consumer Price Index. Interest is calculated
 on the basis of the current adjusted principal value.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Rate
 shown reflects yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CSA | – Credit Spread Adjustment |
| IO | – Interest-Only Security - Principal amount shown represents par value on which interest payments are based |
| PO | – Principal-Only Security |
| SOFR | – Secured Overnight Financing Rate |
| STRIPS | – Separate Trading of Registered Interest and Principal of Securities |
| TBA | – To-Be-Announced Security |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**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 Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| U.S. Government Agency Mortgage-Backed <br> Securities<br>| $63760611 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63760611 | &nbsp;&nbsp; $— |
| U.S. Government Bonds and Notes | 7452371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7452371 | &nbsp;&nbsp; — |
| U.S. Government Agency Securities | 1260637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1260637 | &nbsp;&nbsp; — |
| Money Market Funds | 653402 | &nbsp;&nbsp; 653402 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 73127021 | &nbsp;&nbsp; 653402 | &nbsp;&nbsp; 72473619 | &nbsp;&nbsp; — |
| Futures Contracts\* | 84666 | &nbsp;&nbsp; 84666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $73211687 | &nbsp;&nbsp; $738068 | &nbsp;&nbsp; $72473619 | &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>|
| U.S. Government Agency Mortgage-Backed <br> Securities Sold Short<br>| $(1464977)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1464977)<br>| &nbsp;&nbsp; $— |
| Written Options | (262836)<br>| &nbsp;&nbsp; (262836)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures Contracts\* | (223502)<br>| &nbsp;&nbsp; (223502)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $(1951315)<br>| &nbsp;&nbsp; $(486338)<br>| &nbsp;&nbsp; $(1464977)<br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $73127021 |
| Cash segregated as collateral | 624568 |
| Receivables: |  |
| Investment securities sold | 8884583 |
| Interest | 297643 |
| Dividends | 1806 |
| Total Assets | 82935621 |
| **LIABILITIES:** |  |
| Investments sold short, at value | 1464977 |
| Options contracts written, at value | 262836 |
| Payables: |  |
| Investment securities purchased | 15387342 |
| Investment advisory fees | 34316 |
| Variation margin | 28188 |
| Total Liabilities | 17177659 |
| **NET ASSETS** | $65757962 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $65859275 |
| Par value | 32500 |
| Accumulated distributable earnings (loss) | (133813)<br>|
| **NET ASSETS** | $65757962 |
| **NET ASSET VALUE,** per share | $20.23 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3250002 |
| Investments, at cost | $73222575 |
| Investments sold short, proceeds | $1458672 |
| Premiums received on options contracts written | $299517 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Statement of Operations**

**For the Six Months Ended April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $1755172 |
| Dividends | 25577 |
| Total investment income | 1780749 |
| **EXPENSES:** |  |
| Investment advisory fees | 197032<br>|
| Total expenses | 197032 |
| **NET INVESTMENT INCOME (LOSS)** | 1583717 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (149093)<br>|
| Investments sold short | 2128 |
| Purchased options contracts | (11690)<br>|
| Written options contracts | 346723 |
| Futures contracts | (426043)<br>|
| Net realized gain (loss) | (237975)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | 683292 |
| Investments sold short | (12472)<br>|
| Written options contracts | 137728 |
| Futures contracts | (106517)<br>|
| Net change in unrealized appreciation (depreciation) | 702031 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 464056 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2047773 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1583717 | &nbsp;&nbsp; $1756047 |
| Net realized gain (loss) | (237975)<br>| &nbsp;&nbsp; 342901 |
| Net increase from payment by the advisor |  | &nbsp;&nbsp; 71 |
| Net change in unrealized appreciation (depreciation) | 702031 | &nbsp;&nbsp; (438006)<br>|
| Net increase (decrease) in net assets resulting from operations | 2047773 | &nbsp;&nbsp; 1661013 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (1594001)<br>| &nbsp;&nbsp; (1432379)<br>|
| Return of capital |  | &nbsp;&nbsp; (237123)<br>|
| Total distributions to shareholders | (1594001)<br>| &nbsp;&nbsp; (1669502)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 8016178<br>| &nbsp;&nbsp; 52280131<br>|
| Cost of shares redeemed | (3008129) <br>| &nbsp;&nbsp; (6168952) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 5008049 | &nbsp;&nbsp; 46111179 |
| Total increase (decrease) in net assets | 5461821 | &nbsp;&nbsp; 46102690 |
| **NET ASSETS:** |  |  |
| Beginning of period | 60296141 | &nbsp;&nbsp; 14193451 |
| End of period | $65757962 | &nbsp;&nbsp; $60296141 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 3000002 | &nbsp;&nbsp; 750002 |
| Shares sold | 400000 | &nbsp;&nbsp; 2550000 |
| Shares redeemed | (150000)<br>| &nbsp;&nbsp; (300000)<br>|
| Shares outstanding, end of period | 3250002 | &nbsp;&nbsp; 3000002 |

---

See Notes to Financial Statements

------

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**Financial Highlights**

**For a share outstanding throughout each period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year** <br>**Ended** <br>**10/31/2024** | **Period** <br>**Ended** <br>**10/31/2023 (a)** |
| Net asset value, beginning of period | $20.10 | &nbsp;&nbsp;&nbsp;&nbsp; $18.92 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br>|
| Net realized and unrealized gain (loss) | 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.15) <br>|
| Total from investment operations | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>|
| Net asset value, end of period | $20.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.92<br>|
| **Total return** (e) | 3.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.51<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.66)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $65758<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60296<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14193<br>|
| Ratio of total expenses to average net assets (f) | 0.65<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % (g)<br>|
| Ratio of net investment income (loss) to average net assets (f) | 5.22<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> % (g)<br>|
| Portfolio turnover rate (h) | 92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 344<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 143<br> % (i)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is August 2, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were
 established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Fund received a payment from the advisor in the amount of $71, which represents less than $0.01 per share. Since the advisor reimbursed the
 Fund, there was no effect on the Fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 portfolio turnover rate not including mortgage dollar rolls was 121% for the period ended October 31, 2023.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the First Trust Intermediate Government Opportunities ETF (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "MGOV" on NYSE Arca, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's investment objective is to seek to maximize long-term total return. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of debt securities issued or guaranteed by the U.S. government (including U.S. Treasury bonds, notes and bills), its agencies or government-sponsored entities ("Government Securities"). The Fund's investments in Government Securities include publicly-issued U.S. Treasury securities and mortgage-related securities such as pass-through securities, collateralized mortgage obligations and commercial mortgage-backed securities. The Fund may also invest in exchange-traded funds that principally invest in Government Securities as well as futures contracts, options and swap agreements that utilize Government Securities as their reference asset. The Fund may purchase mortgage-related securities in "to-be-announced" ("TBA") transactions, including mortgage dollar rolls. The Fund may invest in fixed or floating rate securities.

**2. Significant Accounting Policies** 

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

U.S. government securities, mortgage-backed securities, asset-backed securities, and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

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**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

6)

bids and offers; and

7)

reference data including market research publications.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

ETFs and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Shares of open-end funds are valued based on NAV per share.

Exchange-traded futures contracts are valued at the end of the day settlement price.

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of a security;

6)

the financial statements of the borrower/issuer or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

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**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management (for corporate debt only);

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower's/issuer's competitive position within the industry;

15)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of April 30, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

The Fund invests in interest-only securities. For these securities, if there is a change in the estimated cash flows, based on an evaluation of current information, then the estimated yield is adjusted. Additionally, if the evaluation of current information indicates a permanent impairment of the security, the cost basis of the security is written down and a loss is recognized. Debt obligations may be placed on non-accrual status and the related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund had no when-issued or delayed-delivery securities. At April 30, 2025, the Fund held $5,141,234 of forward purchase commitments and $494,747 of forward purchase commitments sold short.

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C. Short Sales**

Short sales are utilized to manage interest rate and spread risk, and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund's portfolio. When a Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund's portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

**D. Futures Contracts**

The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against or gain exposure to changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in "Net realized gain (loss) on futures contracts" on the Statement of Operations.

Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of "Net change in unrealized appreciation (depreciation) on futures contracts" on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in "Variation margin" payable or receivable on the Statement of Assets and Liabilities.

If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.

**E. Options Contracts**

The Fund may invest in exchange-listed options on U.S. Treasury securities, exchange-listed options on U.S. Treasury futures contracts, exchange-listed U.S. Treasury futures contracts and exchange-listed options on secured overnight financing rate futures contracts. The Fund uses derivative instruments primarily to hedge interest rate risk and actively manage interest rate exposure. The primary risk exposure is interest rate risk.

The Fund may purchase (buy) or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures option contract may be closed out by an offsetting purchase or sale of a futures option of the same series. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in "Options contracts written, at value" on the Statement of Assets and Liabilities. When the Fund purchases (buys) an option, the premium paid represents the cost of the option, which is included in "Premiums paid on options contracts purchased" on the Statement of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option's expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

The Fund uses options on futures contracts in connection with hedging strategies. Generally, these strategies are applied under the same market and market sector conditions in which the Fund uses put and call options on securities. The purchase of put options on futures contracts is analogous to the purchase of puts on securities so as to hedge the Fund's securities holdings against the risk of declining market prices. The writing of a call option or the purchasing of a put option on a futures contract constitutes a partial hedge against declining prices of securities which are deliverable upon exercise of the futures contract. If the price at expiration of a written call option is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund's holdings of securities. If the price when the option is exercised is above the exercise price, however, the Fund will incur a loss, which may be offset, in whole or in part, by the increase in the value of the securities held by the Fund that were being hedged. Writing a put option or purchasing a call option on a futures contract serves as a partial hedge against an increase in the value of the securities the Fund intends to acquire. Realized gains and losses on written options are included in "Net realized gain (loss) on written options contracts" on the Statement of Operations. Realized gains and losses on purchased options are included in "Net realized gain (loss) on purchased options contracts" on the Statement of Operations.

The Fund is required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. The Fund will pledge in a segregated account at the Fund's custodian, liquid assets, such as cash, U.S. government securities or other high-grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be pledged in the segregated account whenever the total value of the pledged assets falls below the amount due on the underlying obligation.

The risks associated with the use of options on future contracts include the risk that the Fund may close out its position as a writer of an option only if a liquid secondary market exists for such options, which cannot be assured. The Fund's successful use of options on futures contracts depends on the Advisor's ability to correctly predict the movement in prices on futures contracts and the underlying instruments, which may prove to be incorrect. In addition, there may be imperfect correlation between the instruments being hedged and the futures contract subject to option.

**F. Interest-Only Securities**

An interest-only security ("IO Security") is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.

**G. Principal-Only Securities**

A principal-only security ("PO Security") is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.

**H. Stripped Mortgage-Backed Securities**

**I. Mortgage Dollar Rolls and TBA Transactions**

The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund's investment advisor. In a mortgage dollar roll, the Fund will sell (or

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**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in the Fund. The Fund may also invest in TBA Transactions. A TBA Transaction is a method of trading mortgage-backed securities. TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price.

**J. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $1432379 |
| Capital gains |  |
| Return of capital | 237123 |

---

As of October 31, 2024, the components of distributable earnings on a tax basis for the Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (83862)<br>|
| Net unrealized appreciation (depreciation) | (503723)<br>|

---

**K. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2023 and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $83,862 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

During the fiscal year ended October 31, 2024, the Fund utilized $258,735 of non-expiring capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2024, the Fund had no net late year ordinary or capital losses.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $71464386 | &nbsp;&nbsp; $1085019 | &nbsp;&nbsp; $(1289033)<br>| &nbsp;&nbsp; $(204014)<br>|

---

**L. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**M. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund's assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.65000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.58500<br> %<br>|
| Fund net assets greater than $15 billion | 0.55250<br> %<br>|

---

During the year ended October 31, 2024, the Fund received a payment from the Advisor in the amount of $71 in connection with a trade error.

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2025, were $46,947,885 and $0, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2025 were $38,469,777 and $115,905, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $16,661,153 and $20,061,109, respectively.

For the six months ended April 30, 2025, the Fund had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Options contracts | Interest Rate Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $262836 |
| Futures contracts | Interest Rate Risk | &nbsp;&nbsp; Unrealized appreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; 84666 | &nbsp;&nbsp; Unrealized depreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; 223502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund's Portfolio of Investments. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| **Interest Rate Risk Exposure** |  |
| Net realized gain (loss) on: |  |
| Purchased options contracts | $(11690)<br>|
| Written options contracts | 346723 |
| Futures contracts | (426043)<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |
| Written options contracts | $137728 |
| Futures contracts | (106517)<br>|

---

The average notional value of futures contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $25,047,588.

During the six months ended April 30, 2025, the premiums for purchased options contracts opened were $12,654 and the premiums for purchased options contracts closed, exercised and expired were $12,654.

During the six months ended April 30, 2025, the premiums for written options contracts opened were $697,646 and the premiums for written options contracts closed, exercised and expired were $728,679.

The Fund does not have the right to offset financial assets and financial liabilities related to futures and options contracts on the Statement of Assets and Liabilities.

**6. Creations, Redemptions and Transaction Fees**

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with the Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale

------

**Notes to Financial Statements (Continued)**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before March 31, 2026.

**8. Indemnification**

The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Intermediate Government Opportunities ETF (MGOV)**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the six months ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements and Other Information <br> For the Period Ended April 30, 2025

![](imgd5157d791.gif)

<u>First Trust Exchange-Traded Fund IV</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest 20+ Year Treasury & Target Income ETF (LTTI) <br> FT Vest High Yield & Target Income ETF (HYTI) <br> FT Vest Investment Grade & Target Income ETF (LQTI)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund IV**

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOI-TOC-ScheduleofInvestments-5055_1) |  |
| [FT Vest 20](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOI-TOC-ScheduleofInvestments-5055_1)[+](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOI-TOC-ScheduleofInvestments-5055_1)[Year Treasury & Target Income ETF (LTTI)](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOI-TOC-ScheduleofInvestments-5055_1) | 1 |
| [FT Vest High Yield & Target Income ETF (HYTI)](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOI-TOC-ScheduleofInvestments-5057_1) | 2 |
| [FT Vest Investment Grade & Target Income ETF (LQTI)](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOI-TOC-ScheduleofInvestments-5056_1) | 3 |
| [Statements of Assets and Liabilities](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SAL1-TOC-StatementofAssetsandLiabilities-5055_1) | 5 |
| [Statements of Operations](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOP1-TOC-StatementofOperations-5055_1) | 6 |
| [Statements of Changes in Net Assets](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_SOC1-TOC-StatementofChanges-5055_1) | 7 |
| [Financial Highlights](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_FIHI-TOC-FinancialHighlights-5055_1) | 8 |
| [Notes to Financial Statements](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_NTF-TOC-NotestoFinancialStatements-5055_1) | 11 |
| [Other Information](#xx_bfa95690-0255-4aa7-9439-fd45b57533e3_AI-TOC-AdditionalInformation-5055_1) | 18 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded Fund IV (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") will achieve its investment objectives. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Funds' advisor, may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**FT Vest 20+ Year Treasury & Target Income ETF (LTTI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** | **U.S. TREASURY BILLS — 0.7%** |
| $37100 | U.S. Treasury Bill <br> (a) | 05/29/25 | $36979 |
| 37200 | U.S. Treasury Bill <br> (a) | 06/26/25 | 36955 |
|  | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | 73934 |
|  | (Cost $73,935) | (Cost $73,935) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.4%** | **MONEY MARKET FUNDS — 1.4%** | **MONEY MARKET FUNDS — 1.4%** |
| 160108 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (b) | 160108 |
|  | (Cost $160,108) |  |
|  | **Total Investments — 2.1%** | 234042 |
|  | (Cost $234,043) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 97.3%** | **PURCHASED OPTIONS — 97.3%** | **PURCHASED OPTIONS — 97.3%** | **PURCHASED OPTIONS — 97.3%** | **PURCHASED OPTIONS — 97.3%** | **PURCHASED OPTIONS — 97.3%** |
|  | **Call Options Purchased — 97.3%** | **Call Options Purchased — 97.3%** | **Call Options Purchased — 97.3%** | **Call Options Purchased — 97.3%** |  |
| 1228 | iShares 20+ Year Treasury Bond ETF  | $10986916 | $0.89 | 07/25/25 | 10762192 |
|  | (Cost $10,699,016) |  |  |  |  |
| **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** |
|  | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** |  |
| (134) | iShares 20+ Year Treasury Bond ETF  | (1198898)<br>| 88.56 | 05/02/25 | (13936)<br>|
|  | (Premiums received $10,646) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | 73305 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11055603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of April 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| U.S. Treasury Bills | $73934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73934 | &nbsp;&nbsp; $— |
| Money Market Funds | 160108 | &nbsp;&nbsp; 160108 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 234042 | &nbsp;&nbsp; 160108 | &nbsp;&nbsp; 73934 | &nbsp;&nbsp; — |
| Purchased Options | 10762192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10762192 | &nbsp;&nbsp; — |
| Total | $10996234 | &nbsp;&nbsp; $160108 | &nbsp;&nbsp; $10836126 | &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>|
| Written Options | $(13936)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13936)<br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest High Yield & Target Income ETF (HYTI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 1.2%** | **U.S. TREASURY BILLS — 1.2%** | **U.S. TREASURY BILLS — 1.2%** | **U.S. TREASURY BILLS — 1.2%** |
| $72700 | U.S. Treasury Bill <br> (a) | 05/29/25 | $72461 |
| 72900 | U.S. Treasury Bill <br> (a) | 06/26/25 | 72421 |
|  | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | 144882 |
|  | (Cost $144,885) | (Cost $144,885) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.8%** | **MONEY MARKET FUNDS — 1.8%** | **MONEY MARKET FUNDS — 1.8%** |
| 203409 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (b) | 203409 |
|  | (Cost $203,409) |  |
|  | **Total Investments — 3.0%** | 348291 |
|  | (Cost $348,294) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 96.2%** | **PURCHASED OPTIONS — 96.2%** | **PURCHASED OPTIONS — 96.2%** | **PURCHASED OPTIONS — 96.2%** | **PURCHASED OPTIONS — 96.2%** | **PURCHASED OPTIONS — 96.2%** |
|  | **Call Options Purchased — 96.2%** | **Call Options Purchased — 96.2%** | **Call Options Purchased — 96.2%** | **Call Options Purchased — 96.2%** |  |
| 1494 | iShares iBoxx $ High Yield Corporate Bond ETF  | $11742840 | $0.79 | 07/25/25 | 11184084 |
|  | (Cost $11,437,396) |  |  |  |  |
| **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** |
|  | **Call Options Written — (0.0)%** | **Call Options Written — (0.0)%** | **Call Options Written — (0.0)%** | **Call Options Written — (0.0)%** |  |
| (316) | iShares iBoxx $ High Yield Corporate Bond ETF  | (2483760)<br>| 78.38 | 05/02/25 | (4740)<br>|
|  | (Premiums received $7,409) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.8%** | **Net Other Assets and Liabilities — 0.8%** | **Net Other Assets and Liabilities — 0.8%** | **Net Other Assets and Liabilities — 0.8%** | 92084 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11619719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of April 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| U.S. Treasury Bills | $144882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $144882 | &nbsp;&nbsp; $— |
| Money Market Funds | 203409 | &nbsp;&nbsp; 203409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 348291 | &nbsp;&nbsp; 203409 | &nbsp;&nbsp; 144882 | &nbsp;&nbsp; — |
| Purchased Options | 11184084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11184084 | &nbsp;&nbsp; — |
| Total | $11532375 | &nbsp;&nbsp; $203409 | &nbsp;&nbsp; $11328966 | &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>|
| Written Options | $(4740)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4740)<br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**FT Vest Investment Grade & Target Income ETF (LQTI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Maturity**<br>| **Value** |
| **U.S. TREASURY BILLS — 0.9%** | **U.S. TREASURY BILLS — 0.9%** | **U.S. TREASURY BILLS — 0.9%** | **U.S. TREASURY BILLS — 0.9%** |
| $111400 | U.S. Treasury Bill <br> (a) | 05/29/25 | $111035 |
| 111700 | U.S. Treasury Bill <br> (a) | 06/26/25 | 110964 |
|  | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | 221999 |
|  | (Cost $222,003) | (Cost $222,003) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 1.6%** | **MONEY MARKET FUNDS — 1.6%** | **MONEY MARKET FUNDS — 1.6%** |
| 399314 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (b) | 399314 |
|  | (Cost $399,314) |  |
|  | **Total Investments — 2.5%** | 621313 |
|  | (Cost $621,317) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Description** | **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **PURCHASED OPTIONS — 96.9%** | **PURCHASED OPTIONS — 96.9%** | **PURCHASED OPTIONS — 96.9%** | **PURCHASED OPTIONS — 96.9%** | **PURCHASED OPTIONS — 96.9%** | **PURCHASED OPTIONS — 96.9%** |
|  | **Call Options Purchased — 96.9%** | **Call Options Purchased — 96.9%** | **Call Options Purchased — 96.9%** | **Call Options Purchased — 96.9%** |  |
| 2318 | iShares iBoxx $ Investment Grade Corporate Bond <br> ETF <br>| $25029764 | $1.08 | 07/25/25 | 24396950 |
|  | (Cost $24,453,864) |  |  |  |  |
| **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** |
|  | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** | **Call Options Written — (0.1)%** |  |
| (383) | iShares iBoxx $ Investment Grade Corporate Bond <br> ETF <br>| (4135634)<br>| 107.57 | 05/02/25 | (24512)<br>|
|  | (Premiums received $19,320) |  |  |  |  |
|  | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | **Net Other Assets and Liabilities — 0.7%** | 178469 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $25172220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Zero
 coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of April 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**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>|
| U.S. Treasury Bills | $221999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221999 | &nbsp;&nbsp; $— |
| Money Market Funds | 399314 | &nbsp;&nbsp; 399314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | 621313 | &nbsp;&nbsp; 399314 | &nbsp;&nbsp; 221999 | &nbsp;&nbsp; — |
| Purchased Options | 24396950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24396950 | &nbsp;&nbsp; — |
| Total | $25018263 | &nbsp;&nbsp; $399314 | &nbsp;&nbsp; $24618949 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**FT Vest Investment Grade & Target Income ETF (LQTI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| Written Options | $(24512)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24512)<br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest 20+** <br> **Year Treasury** <br> **& Target** <br> **Income ETF** <br>**(LTTI)** <br>| **FT Vest High** <br> **Yield & Target** <br> **Income ETF** <br>**(HYTI)** <br>| **FT Vest** <br> **Investment** <br> **Grade & Target** <br> **Income ETF** <br>**(LQTI)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $234042 | &nbsp;&nbsp; $348291 | &nbsp;&nbsp; $621313 |
| Options contracts purchased, at value | 10762192 | &nbsp;&nbsp; 11184084 | &nbsp;&nbsp; 24396950 |
| Receivables: |  |  |  |
| Investment securities sold | 78860 | &nbsp;&nbsp; 97295 | &nbsp;&nbsp; 189417 |
| Dividends | 429 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 673 |
| Total Assets | 11075523 | &nbsp;&nbsp; 11629967 | &nbsp;&nbsp; 25208353 |
| **LIABILITIES:** |  |  |  |
| Options contracts written, at value | 13936 | &nbsp;&nbsp; 4740 | &nbsp;&nbsp; 24512 |
| Due to custodian | 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| Payables: |  |  |  |
| Investment advisory fees | 5878 | &nbsp;&nbsp; 5455 | &nbsp;&nbsp; 11421 |
| Investment securities purchased | 105 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 197 |
| Total Liabilities | 19920 | &nbsp;&nbsp; 10248 | &nbsp;&nbsp; 36133 |
| **NET ASSETS** | $11055603 | &nbsp;&nbsp; $11619719 | &nbsp;&nbsp; $25172220 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $11375529 | &nbsp;&nbsp; $11765567 | &nbsp;&nbsp; $25186833 |
| Par value | 5500 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 12500 |
| Accumulated distributable earnings (loss) | (325426)<br>| &nbsp;&nbsp; (151848)<br>| &nbsp;&nbsp; (27113)<br>|
| **NET ASSETS** | $11055603 | &nbsp;&nbsp; $11619719 | &nbsp;&nbsp; $25172220 |
| **NET ASSET VALUE,** per share | $20.10 | &nbsp;&nbsp; $19.37 | &nbsp;&nbsp; $20.14 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 550002 | &nbsp;&nbsp; 600002 | &nbsp;&nbsp; 1250002 |
| Investments, at cost | $234043 | &nbsp;&nbsp; $348294 | &nbsp;&nbsp; $621317 |
| Premiums paid on options contracts purchased | $10699016 | &nbsp;&nbsp; $11437396 | &nbsp;&nbsp; $24453864 |
| Premiums received on options contracts written | $10646 | &nbsp;&nbsp; $7409 | &nbsp;&nbsp; $19320 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Operations**

**For the Period Ended April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest 20+** <br> **Year Treasury** <br> **& Target** <br> **Income ETF** <br>**(LTTI) (a)**<br>| **FT Vest High** <br> **Yield & Target** <br> **Income ETF** <br>**(HYTI) (a)**<br>| **FT Vest** <br> **Investment** <br> **Grade & Target** <br> **Income ETF** <br>**(LQTI) (a)**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $610 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $802 |
| Interest | 211 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 492 |
| Total investment income | 821 | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 1294 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 8432<br>| &nbsp;&nbsp; 8502<br>| &nbsp;&nbsp; 14128<br>|
| Total expenses | 8432 | &nbsp;&nbsp; 8502 | &nbsp;&nbsp; 14128 |
| **NET INVESTMENT INCOME (LOSS)** | (7611)<br>| &nbsp;&nbsp; (7595)<br>| &nbsp;&nbsp; (12834)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Purchased options contracts | (233294)<br>| &nbsp;&nbsp; 194695 | &nbsp;&nbsp; 136019 |
| Written options contracts | (20876)<br>| &nbsp;&nbsp; (9461)<br>| &nbsp;&nbsp; (19038)<br>|
| Net realized gain (loss) | (254170)<br>| &nbsp;&nbsp; 185234 | &nbsp;&nbsp; 116981 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | (1)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (4)<br>|
| Purchased options contracts | 63176 | &nbsp;&nbsp; (253312)<br>| &nbsp;&nbsp; (56914)<br>|
| Written options contracts | (3290)<br>| &nbsp;&nbsp; 2669 | &nbsp;&nbsp; (5192)<br>|
| Net change in unrealized appreciation (depreciation) | 59885 | &nbsp;&nbsp; (250646)<br>| &nbsp;&nbsp; (62110)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (194285)<br>| &nbsp;&nbsp; (65412)<br>| &nbsp;&nbsp; 54871 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(201896)<br>| &nbsp;&nbsp; $(73007)<br>| &nbsp;&nbsp; $42037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is February 12, 2025, which is consistent with the commencement of investment operations and is the date the initial
 creation units were established.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Vest 20+** <br> **Year Treasury** <br> **& Target** <br> **Income ETF** <br> **(LTTI)**<br>| **FT Vest High** <br> **Yield & Target** <br> **Income ETF** <br> **(HYTI)**<br>| **FT Vest** <br> **Investment** <br> **Grade &** <br> **Target Income** <br> **ETF (LQTI)**<br>|
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)**<br>| **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)**<br>| **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)**<br>|
| **OPERATIONS:** |  |  |  |
| Net investment income (loss) | $(7611)<br>| &nbsp;&nbsp; $(7595)<br>| &nbsp;&nbsp; $(12834)<br>|
| Net realized gain (loss) | (254170)<br>| &nbsp;&nbsp; 185234 | &nbsp;&nbsp; 116981 |
| Net change in unrealized appreciation (depreciation) | 59885 | &nbsp;&nbsp; (250646)<br>| &nbsp;&nbsp; (62110)<br>|
| Net increase (decrease) in net assets resulting from operations | (201896)<br>| &nbsp;&nbsp; (73007)<br>| &nbsp;&nbsp; 42037 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |
| Investment operations | (123530)<br>| &nbsp;&nbsp; (78841)<br>| &nbsp;&nbsp; (69150)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |
| Proceeds from shares sold | 11381029<br>| &nbsp;&nbsp; 11771567<br>| &nbsp;&nbsp; 25199333<br>|
| Cost of shares redeemed | —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 11381029 | &nbsp;&nbsp; 11771567 | &nbsp;&nbsp; 25199333 |
| Total increase (decrease) in net assets | 11055603 | &nbsp;&nbsp; 11619719 | &nbsp;&nbsp; 25172220 |
| **NET ASSETS:** |  |  |  |
| Beginning of period |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| End of period | $11055603 | &nbsp;&nbsp; $11619719 | &nbsp;&nbsp; $25172220 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |
| Shares outstanding, beginning of period |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares sold | 550002 | &nbsp;&nbsp; 600002 | &nbsp;&nbsp; 1250002 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares outstanding, end of period | 550002 | &nbsp;&nbsp; 600002 | &nbsp;&nbsp; 1250002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is February 12, 2025, which is consistent with the commencement of investment operations and is the date the initial
 creation units were established.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights**

**For a share outstanding throughout the period**

**FT Vest 20+ Year Treasury & Target Income ETF (LTTI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)** |
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)** |
| Net asset value, beginning of period | $19.89 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.02) <br>|
| Net realized and unrealized gain (loss) | 0.45<br> (c)<br>|
| Total from investment operations | 0.43 |
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.22) <br>|
| Net asset value, end of period | $20.10<br>|
| **Total return** (d) | 2.16<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $11056<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | (0.59)% (e)<br>|
| Portfolio turnover rate (f) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is February 12, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
 were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest High Yield & Target Income ETF (HYTI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)** |
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)** |
| Net asset value, beginning of period | $19.99 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.02) <br>|
| Net realized and unrealized gain (loss) | (0.34) <br>|
| Total from investment operations | (0.36)<br>|
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.26) <br>|
| Net asset value, end of period | $19.37<br>|
| **Total return** (c) | (1.81)% <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $11620<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.58)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is February 12, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
 were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund IV**

**Financial Highlights (Continued)** 

**For a share outstanding throughout the period**

**FT Vest Investment Grade & Target Income ETF (LQTI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)** |
|  | **Period** <br>**Ended** <br>**4/30/2025 (a)** <br>**(Unaudited)** |
| Net asset value, beginning of period | $20.07 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | (0.02) <br>|
| Net realized and unrealized gain (loss) | 0.32<br>|
| Total from investment operations | 0.30 |
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.23) <br>|
| Net asset value, end of period | $20.14<br>|
| **Total return** (c) | 1.48<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $25172<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | (0.59)% (d)<br>|
| Portfolio turnover rate (e) | 0<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date is February 12, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
 were established.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions, derivatives and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the three funds (each a "Fund" and collectively, the "Funds") listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Vest 20+ Year Treasury & Target Income ETF – LTTI<sup>(1)</sup> <br> FT Vest High Yield & Target Income ETF – HYTI<sup>(1)</sup> <br> FT Vest Investment Grade & Target Income ETF – LQTI<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Commenced investment operations on February 12, 2025.

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units."

Each Fund is an actively managed exchange-traded fund ("ETF").

LTTI's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including Flexible Exchange options ("FLEX Options"), on the iShares 20+ Year Treasury Bond ETF (the "Underlying ETF"). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to U.S. Treasury securities.

HYTI's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including FLEX Options, on the iShares iBoxx High Yield Corporate Bond ETF (the "Underlying ETF"). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to high yield securities or income producing securities.

LQTI's investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including FLEX Options, on the iShares iBoxx Investment Grade Corporate Bond ETF (the "Underlying ETF"). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to investment grade securities or income producing securities.

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs, the trade price will be used to value such FLEX Option contracts in lieu of the model price.

Shares of open-end funds are valued based on NAV per share.

U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust's Board of Trustees.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of the security;

6)

the financial statements of the issuer;

7)

the credit quality and cash flow of the issuer, based on the sub-advisor's or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer's management;

13)

the prospects for the issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry; and

14)

other relevant factors.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of April 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

**C. FLEX Options**

FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.

Each Fund purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that each Fund holds that reference the Underlying ETF will give each Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether each Fund purchases or sells the option. The FLEX Options held by each Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. All options held by each Fund at April 30, 2025 are FLEX Options.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

**E. Income Taxes**

Each Fund intends to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. As of April 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership.

As of April 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| FT Vest 20+ Year Treasury & Target Income ETF | $10922413 | &nbsp;&nbsp; $63176 | &nbsp;&nbsp; $(3291)<br>| &nbsp;&nbsp; $59885 |
| FT Vest High Yield & Target Income ETF | 11778281 | &nbsp;&nbsp; 2669 | &nbsp;&nbsp; (253315)<br>| &nbsp;&nbsp; (250646)<br>|
| FT Vest Investment Grade & Target Income ETF | 25055861 | &nbsp;&nbsp; — | &nbsp;&nbsp; (62110)<br>| &nbsp;&nbsp; (62110)<br>|

---

**F. Expenses**

Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).

**G. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

First Trust is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees (if any), but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.65000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125<br> %<br>|
| Fund net assets greater than $10 billion | 0.58500<br> %<br>|

---

Vest Financial LLC ("Vest"), an affiliate of First Trust, serves as each Fund's sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of each Fund's assets and will pay Vest for its services as the Funds' sub-advisor. Vest receives a sub-advisory fee equal to 0.20% of the average daily net assets of each Fund. Vest's fee is paid by the Advisor out of its management fee.

The Trust has multiple service agreements with The Bank of New York Mellon ("BNY"). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the period ended April 30, 2025, the Funds had no purchases or sales of investments, excluding short-term investments and in-kind transactions. For securities transactions purposes, the options are considered short-term investments.

For the period ended April 30, 2025, the Funds had no in-kind transactions.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by each Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** |
| **LTTI** |  |  |  |  |  |
| Options contracts | Interest Rate Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; $10762192 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; $13936 |
| **HYTI** |  |  |  |  |  |
| Options contracts | Interest Rate Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 11184084 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 4740 |
| **LQTI** |  |  |  |  |  |
| Options contracts | Interest Rate Risk | &nbsp;&nbsp; Options contracts <br> purchased, at value<br>| &nbsp;&nbsp; 24396950 | &nbsp;&nbsp; Options contracts written, <br> at value<br>| &nbsp;&nbsp; 24512 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the period ended April 30, 2025, on each Fund's derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Operations Location** | **LTTI**  | **HYTI**  | **LQTI**  |
| **Interest Rate Risk Exposure** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Purchased options contracts | $(233294)<br>| &nbsp;&nbsp; $194695 | &nbsp;&nbsp; $136019 |
| Written options contracts | (20876)<br>| &nbsp;&nbsp; (9461)<br>| &nbsp;&nbsp; (19038)<br>|
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |  |  |
| Purchased options contracts | 63176 | &nbsp;&nbsp; (253312)<br>| &nbsp;&nbsp; (56914)<br>|
| Written options contracts | (3290)<br>| &nbsp;&nbsp; 2669 | &nbsp;&nbsp; (5192)<br>|

---

The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.

The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the period ended April 30, 2025, on each Fund's options contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums for** <br>**purchased** <br>**options contracts** <br>**opened**<br>| **Premiums for** <br>**purchased** <br>**options contracts** <br>**closed, exercised** <br>**and expired**<br>| **Premiums for** <br>**written options** <br>**contracts opened**<br>| **Premiums for** <br>**written options** <br>**contracts closed,** <br>**exercised and** <br>**expired**<br>|
| LTTI | $21979561 | &nbsp;&nbsp; $11280545 | &nbsp;&nbsp; $85834 | &nbsp;&nbsp; $75188 |
| HYTI | 23199879 | &nbsp;&nbsp; 11762483 | &nbsp;&nbsp; 47826 | &nbsp;&nbsp; 40417 |
| LQTI | 49611748 | &nbsp;&nbsp; 25157884 | &nbsp;&nbsp; 104638 | &nbsp;&nbsp; 85318 |

---

**6. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 4, 2027.

**8. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the period ended April 30, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

There were no matters submitted for vote by shareholders of any Fund during the period ended April 30, 2025.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Exchange-Traded Fund IV (the "Trust"), including the Independent Trustees, approved the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, the Advisor and Vest Financial LLC (the "Sub-Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

FT Vest Investment Grade & Target Income ETF (LQTI)

FT Vest High Yield & Target Income ETF (HYTI)

FT Vest 20+ Year Treasury & Target Income ETF (LTTI)

The Board approved the Agreements for each Fund for an initial two-year term at a meeting held on December 9, 2024. The Board determined for each Fund that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Agreements for each Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Board meeting responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services to be provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other exchange-traded funds ("ETFs") managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from each Fund's perspective.

In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of each Fund and reviewed all of the services to be provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that each Fund will be an actively-managed ETF and

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor's day-to-day management of each Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objectives, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the December 9, 2024 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to the Funds, and the Trustees were able to ask questions about the proposed investment strategies for the Funds. The Board noted the background and experience of the Sub-Advisor's portfolio management team and the Sub-Advisor's investment style. The Board also noted that the Sub-Advisor manages a number of other target income ETFs with strategies similar to those of the Funds in the First Trust Fund Complex. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to each Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.

The Board considered the proposed unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Advisor a unitary fee starting at an annual rate of 0.65% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for each Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to an annual rate of 0.20% of the Fund's average daily net assets. The Board noted that the Advisor would be responsible for each Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETFs. Because each Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was below the median total (net) expense ratio of the peer funds in the applicable Expense Group. With respect to the Expense Groups, the Board discussed with representatives of the Advisor how the Expense Groups were assembled and how the Funds compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other clients, the Board considered the Advisor's statement that the Funds will be unique to the First Trust Fund Complex, but will be most similar to two other ETFs in the First Trust Fund Complex that are managed by the Advisor and employ options-based strategies, each of which has a unitary fee rate schedule starting at an annual rate of 0.75% of its average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to each Fund under the Agreements, the Board determined that, for each Fund, the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.

The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Funds and whether the Funds may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds generally would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the proposed unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from each Fund's unitary fee and its understanding that the sub-advisory fee for each Fund was the product of an arm's length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for each Fund under the Advisory Agreement. The Board considered the Advisor's estimate of the asset level for each Fund at which the Advisor expects the Advisory Agreement for the Fund to be profitable to the Advisor and the Advisor's estimate of the profitability of the Advisory Agreement for each Fund if its assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's estimated profitability level for each

------

**Other Information (Continued)**

**First Trust Exchange-Traded Fund IV**

**April 30, 2025 (Unaudited)**

Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement for each Fund to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board noted the Sub-Advisor's statements that it does not foresee any indirect benefits from its relationship with the Funds and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
 of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) Not applicable to semi-annual reports on Form N-CSR.

(a)(2) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_302.htm).

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust Exchange-Traded Fund IV

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> July 9, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> July 9, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u> July 9, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund IV;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund IV;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded Fund IV (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded Fund IV (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---