# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001445546-23-000093
**Filing Date:** 2023-1
**Character Count:** 1341210
**Document Hash:** cea2441f649d9cb590585185d9b1ca4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-23-000093.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0001445546-23-000093

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230106

**EFFECTIVENESS DATE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND III
- **CENTRAL INDEX KEY:** 0001424212
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 23514663

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

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

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

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

## Series and Classes Contracts Data

### First Trust Preferred Securities and Income ETF (Series ID: S000034980)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000107588 | First Trust Preferred Securities and Income ETF | FPE             |

### First Trust Managed Municipal ETF (Series ID: S000044373)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000138174 | First Trust Managed Municipal ETF | FMB             |

### First Trust Long/Short Equity ETF (Series ID: S000045700)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000142474 | First Trust Long/Short Equity ETF | FTLS            |

### First Trust Emerging Markets Local Currency Bond ETF (Series ID: S000046751)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000146034 | First Trust Emerging Markets Local Currency Bond ETF | FEMB            |

### First Trust RiverFront Dynamic Developed International ETF (Series ID: S000052736)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000165608 | First Trust RiverFront Dynamic Developed International ETF | RFDI            |

### First Trust RiverFront Dynamic Emerging Markets ETF (Series ID: S000052737)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000165609 | First Trust RiverFront Dynamic Emerging Markets ETF | RFEM            |

### First Trust RiverFront Dynamic Europe ETF (Series ID: S000052738)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000165610 | First Trust RiverFront Dynamic Europe ETF | RFEU            |

### First Trust Institutional Preferred Securities and Income ETF (Series ID: S000058182)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000190801 | First Trust Institutional Preferred Securities and Income ETF | FPEI            |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR/A**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22245</u> 

 <u>First Trust Exchange-Traded Fund III</u> <br> (Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400<br> <u>Wheaton, IL 60187</u> <br> (Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.<br> First Trust Portfolios L.P.<br> 120 East Liberty Drive, Suite 400<br> <u>Wheaton, IL 60187</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(630) 765-8000</u>

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>October 31, 2022</u>

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Report to Stockholders.**

(a) The Report to Shareholders is attached herewith.

![](imgca47f84b1.jpg)

## First Trust Exchange-Traded Fund III
First Trust Preferred Securities and Income ETF (FPE)<br>First Trust Institutional Preferred Securities and Income <br> ETF (FPEI)

 *Annual Report<br> For the Year Ended<br> October 31, 2022* 

------

**Table of Contents**

#### Annual Report

#### October 31, 2022

---

| | |
|:---|:---|
| [Shareholder Letter](#xx_34fd765e-25e3-420a-9921-e44ae7a6431a_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Fund Performance Overview](#xx_e7eee6c6-655d-496e-bc8a-a4cf9576c736_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust Preferred Securities and Income ETF (FPE)](#xx_e7eee6c6-655d-496e-bc8a-a4cf9576c736_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust Institutional Preferred Securities and Income ETF (FPEI)](#xx_e7eee6c6-655d-496e-bc8a-a4cf9576c736_4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Notes to Fund Performance Overview](#xx_c9f61b05-0dc3-4268-acc6-729985c33eac_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9 |
| [Portfolio Commentary](#xx_49e8f1d6-20ab-4379-8402-0e9939d0e08d_1)<br>| &nbsp;&nbsp;10 |
| [Understanding Your Fund Expenses](#xx_7b544f78-aa0c-421f-b9fc-391919c4fd60_1)<br>| &nbsp;&nbsp;13 |
| [Portfolio of Investments](#xx_00f72a75-81c8-42e7-bfe5-14cdd934d791_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust Preferred Securities and Income ETF (FPE)](#xx_00f72a75-81c8-42e7-bfe5-14cdd934d791_1)<br>| &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust Institutional Preferred Securities and Income ETF (FPEI)](#xx_00f72a75-81c8-42e7-bfe5-14cdd934d791_11)<br>| &nbsp;&nbsp;24 |
| [Statements of Assets and Liabilities](#xx_66923002-1ec0-45a9-9201-e2c24986646c_1)<br>| &nbsp;&nbsp;30 |
| [Statements of Operations](#xx_30641a60-2deb-4d15-8093-8f821c63c583_1)<br>| &nbsp;&nbsp;31 |
| [Statements of Changes in Net Assets](#xx_dd042a2d-ba09-43e4-a781-3d61e2bd0dc2_1)<br>| &nbsp;&nbsp;32 |
| [Financial Highlights](#xx_20642eb0-2316-4234-be4d-addea9acfcb5_1)<br>| &nbsp;&nbsp;33 |
| [Notes to Financial Statements](#xx_15b633f7-de55-4d1c-8df0-34a14d9078fb_1)<br>| &nbsp;&nbsp;35 |
| [Report of Independent Registered Public Accounting Firm](#xx_d40a0347-cafe-4718-a447-3510b5773217_1)<br>| &nbsp;&nbsp;43 |
| [Additional Information](#xx_d1d7f78f-8131-4b18-b61d-fb8e6dc8fcff_1)<br>| &nbsp;&nbsp;44 |
| [Board of Trustees and Officers](#xx_7425331a-d8b8-45c5-bfe5-a1e0d930e951_1)<br>| &nbsp;&nbsp;52 |
| [Privacy Policy](#xx_66f83805-d0a7-44b2-820e-4d490752e965_1)<br>| &nbsp;&nbsp;54 |

---

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and/or Stonebridge Advisors LLC ("Stonebridge" or the "Sub-Advisor") and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded Fund III (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, the "Funds") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

#### Performance and Risk Disclosure
There is no assurance that any Fund described in this report 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. See "Risk Considerations" in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.

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 <u>www.ftportfolios.com</u> 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.

The Advisor may also periodically provide additional information on Fund performance on each Fund's web page at <u>www.ftportfolios.com</u>.

#### 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 and analysis that provide insight into each Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of each Fund, you may obtain an understanding of how the market environment affected each Fund's performance. The statistical information that follows may help you understand each Fund's performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of the Advisor and/or Sub-Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Shareholder Letter

#### First Trust Exchange-Traded Fund III

#### Annual Letter from the Chairman and CEO

#### October 31, 2022
Dear Shareholders,

First Trust is pleased to provide you with the annual report for certain series of First Trust Exchange-Traded Fund III (the "Funds"), which contains detailed information about the Funds for the twelve months ended October 31, 2022.

As I'm writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no "red wave" (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there's been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.

The Federal Reserve (the "Fed") has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed's actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index ("CPI") is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!

Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500<sup>®</sup> Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500<sup>®</sup> Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.

Sincerely,

![](imgba60eca82.jpg)

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Fund Performance Overview (Unaudited)

First Trust Preferred Securities and Income ETF (FPE)<br>

The First Trust Preferred Securities and Income ETF's (the "Fund") investment objective is to seek total return and to provide current income. Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in preferred securities ("Preferred Securities") and income-producing debt securities ("Income Securities"). The Fund invests in securities that are traded over-the-counter or listed on an exchange. For purposes of the 80% test set forth above, securities of open-end funds, closed-end funds or other exchange-traded funds ("ETFs") registered under the Investment Company Act of 1940, as amended, that invest primarily in Preferred Securities or Income Securities are deemed to be Preferred Securities or Income Securities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | &nbsp;&nbsp;1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (2/11/13)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | &nbsp;&nbsp;Inception<br> (2/11/13)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-14.65% | 1.37% | 3.54% | 7.06% | &nbsp;&nbsp;40.26% |
| Market Price | &nbsp;&nbsp;-15.24% | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;3.48% | &nbsp;&nbsp;6.47% | &nbsp;&nbsp;39.47% |
| **Index Performance** |  |  |  |  |  |
| ICE BofA US Investment Grade Institutional Capital Securities Index | &nbsp;&nbsp;-13.64% | 1.61% | 3.84% | 8.33% | &nbsp;&nbsp;44.28% |
| Blended Index<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | &nbsp;&nbsp;-16.71% | &nbsp;&nbsp;1.06% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| ICE BofA Fixed Rate Preferred Securities Index | &nbsp;&nbsp;-16.32% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;3.31% | &nbsp;&nbsp;3.05% | &nbsp;&nbsp;37.23% |
| Prior Blended Index<sup>(4)</sup> | &nbsp;&nbsp;-15.84% | 0.99% | 3.48% | 5.05% | &nbsp;&nbsp;39.37% |

---

(See Notes to Fund Performance Overview Page 9.)

------

<sup>(1)</sup> On July 6, 2021, the Fund's benchmark changed from the Prior Blended Index to the Blended Index because the Advisor believes that the Blended Index better reflects the investment strategies of the Fund.

<sup>(2)</sup> The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Index is intended to reflect the proportional market cap of each segment of the preferred and hybrid securities market. The indices do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indices are unmanaged and an investor cannot invest directly in an index. The Blended Index returns are calculated by using the monthly returns of the four indices during each period shown above. At the beginning of each month the four indices are rebalanced to a 30/30/30/10 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Index for each period shown above.

<sup>(3)</sup> Since the ICE USD Contingent Capital Index had an inception date of December 31, 2013, the performance of the Blended Index is not available for all of the periods disclosed.

<sup>(4)</sup> The Prior Blended Index consists of a 50/50 blend of the ICE BofA Fixed Rate Preferred Securities Index and the ICE BofA U.S. Capital Securities Index. The indices do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indices are unmanaged and an investor cannot invest directly in an index. The Prior Blended Index returns are calculated by using the monthly returns of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 50/50 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Index for each period shown above.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Preferred Securities and Income ETF (FPE) (Continued)<br>

---

| | |
|:---|:---|
| **Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;72.7% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Credit Rating<sup>(5)</sup>** | &nbsp;&nbsp;**% of Total<br> Fixed-Income<br> Investments** |
| A | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| BBB | &nbsp;&nbsp;&nbsp;&nbsp;21.8 |
| BBB- | &nbsp;&nbsp;&nbsp;&nbsp;30.3 |
| BB+ | &nbsp;&nbsp;&nbsp;&nbsp;17.0 |
| BB | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| BB- | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| B+ | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| B | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Wells Fargo & Co., Series L | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Wells Fargo & Co., Series BB | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Global Atlantic Fin Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Societe Generale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Deutsche Bank AG, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Bank of America Corp., Series L | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;13.8% |

---

---

| | |
|:---|:---|
| **Country Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Multinational | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

------

<sup>(5)</sup> The credit quality and ratings information presented above reflect the ratings assigned 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. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. 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.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Fund Performance Overview (Unaudited) (Continued)

![](imgb2f687833.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

#### Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

The First Trust Institutional Preferred Securities and Income ETF's (the "Fund") investment objective is to seek total return and to provide current income. Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in institutional preferred securities ("Preferred Securities") and income-producing debt securities ("Income Securities"). Preferred Securities are a type of equity security that have preference over common stock in the payment of distributions and the liquidation of a company's assets, but are generally junior to all forms of the company's debt, including both senior and subordinated debt. The Fund's investments in Preferred Securities will primarily be in institutional preferred securities. Institutional preferred securities are targeted to institutional, rather than retail, investors, are generally traded over-the-counter and may also be known as "$1,000 par preferred securities." They are typically issued in large, institutional lot sized by U.S. and non-U.S. financial services companies and other companies. While all income-producing debt securities will be categorized as "Income Securities" for purposes of the 80% test above, the Income Securities in which the Fund intends to invest as part of its principal investment strategy include hybrid capital securities, contingent capital securities, U.S. and non-U.S. corporate bonds and convertible securities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | &nbsp;&nbsp;1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (8/22/17)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | &nbsp;&nbsp;Inception<br> (8/22/17)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-11.68% | 1.88% | 2.20% | 9.77% | &nbsp;&nbsp;11.97% |
| Market Price | &nbsp;&nbsp;-11.70% | &nbsp;&nbsp;1.91% | &nbsp;&nbsp;2.24% | &nbsp;&nbsp;9.91% | &nbsp;&nbsp;12.17% |
| **Index Performance** |  |  |  |  |  |
| Blended Benchmark<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp;-14.90% | 1.50% | 1.85% | 7.75% | &nbsp;&nbsp;&nbsp;&nbsp;9.96% |
| ICE BofA US Investment Grade Institutional Capital Securities Index | &nbsp;&nbsp;-13.64% | 1.61% | 1.80% | 8.33% | &nbsp;&nbsp;&nbsp;&nbsp;9.69% |

---

(See Notes to Fund Performance Overview Page 9.)

------

<sup>(1)</sup> On July 6, 2021, the Fund's benchmark changed from the ICE BofA US Investment Grade Institutional Capital Securities Index to the Blended Benchmark because the Advisor believes that the Blended Benchmark better reflects the investment strategies of the Fund.

<sup>(2)</sup> The Blended Benchmark consists of a 45/40/15 blend of the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Benchmark is intended to reflect the proportional market cap of each segment within the institutional market. The Blended Benchmark returns are calculated by using the monthly returns of the three indices during each period shown above. At the beginning of each month the three indices are rebalanced to a 45/40/15 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Institutional Preferred Securities and Income ETF (FPEI) (Continued)<br>

---

| | |
|:---|:---|
| **Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;77.8% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Credit Quality<sup>(3)</sup>** | &nbsp;&nbsp;**% of Total<br> Investments** |
| A | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| BBB | &nbsp;&nbsp;&nbsp;&nbsp;27.2 |
| BBB- | &nbsp;&nbsp;&nbsp;&nbsp;31.7 |
| BB+ | &nbsp;&nbsp;&nbsp;&nbsp;11.7 |
| BB | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| BB- | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| B+ | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Charles Schwab (The) Corp., Series I | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| Wells Fargo & Co., Series BB | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Enstar Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| PNC Financial Services Group (The), Inc., Series V | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Deutsche Bank AG, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;17.0% |

---

---

| | |
|:---|:---|
| **Country Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;56.3% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Multinational | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

------

<sup>(3)</sup> The credit quality and ratings information presented above reflect the ratings assigned 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. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. 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.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Institutional Preferred Securities and Income ETF (FPEI) (Continued)<br>

![](img2673670e4.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

Notes to Fund Performance Overview (Unaudited)<br>

Total returns for the periods since inception are calculated from the inception date of each Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated.

Each Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed 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 outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint of the national best bid and offer price ("NBBO") as of the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund's NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund's NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. 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. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund's past performance is no guarantee of future performance.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Portfolio Commentary

#### First Trust Exchange-Traded Fund III

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Advisor
First Trust Advisors L.P. ("First Trust") serves as the investment advisor to the First Trust Preferred Securities and Income ETF and the First Trust Institutional Preferred Securities and Income ETF (each a "Fund" and collectively the "Funds"). First Trust is responsible for the ongoing monitoring of each Fund's investment portfolio, managing each Fund's business affairs and providing certain administrative services necessary for the management of each Fund.

#### Sub-Advisor

#### Stonebridge Advisors LLC
Stonebridge Advisors LLC ("Stonebridge" or the "Sub-Advisor") is the sub-advisor to the Funds and is a registered investment advisor based in Wilton, Connecticut. Stonebridge specializes in the management of preferred and hybrid securities.

#### Stonebridge Advisors LLC Portfolio Management Team

#### Scott T. Fleming - Chief Executive Officer and President

#### Robert Wolf - Chief Investment Officer, Executive Vice President and Senior Portfolio Manager

#### Eric Weaver - Executive Vice President, Chief Strategist and Portfolio Manager

#### Angelo Graci, CFA - Executive Vice President, Head of Credit Research and Portfolio Manager

#### Commentary

#### Market Recap
The 12-month period ended October 31, 2022 was negative for all segments of the preferred and hybrid securities market as interest rates moved sharply higher across the Treasury curve. In the face of stubbornly high inflation throughout 2021, the Federal Reserve (the "Fed") pivoted to a hawkish monetary policy stance in early 2022. The Fed proceeded to increase the Federal Funds target rate to 3.00-3.25% by the end of the period, including an unprecedented series of three separate 75 basis points ("bps") hikes with the market expecting a fourth in early November 2022. In response to the Fed's pivot, 2-Year Treasury yields moved higher by around 400 bps and 10-Year Treasury yields moved higher by about 250 bps during the period. Meanwhile, the Treasury 2-Year/10-Year yield curve inverted by nearly 50 bps, reflecting the market's expectation for a potential economic slowdown in response to tighter monetary policy. Long duration and fixed rate securities suffered the deepest losses during the period, while variable rate and floating rate securities outperformed. During the 12-month period ended October 31, 2022, investment grade ("IG") $1000 par institutional securities were the top performing segment of the preferred and hybrid securities market, returning -13.64% (the ICE BofA US Investment Grade Institutional Capital Securities Index ("CIPS")), non-IG $1000 par institutional securities returned -16.00% (the ICE BofA US High Yield Institutional Capital Securities Index ("HIPS")), while non-U.S. bank contingent convertible capital securities ("CoCos") returned -15.94% (the ICE USD Contingent Capital Index ("CDLR")). Finally, the exchange-traded $25 par exchange traded market was by far the worst performer due to its longer duration profile and heavy outflows from passive exchange-traded funds ("ETFs") that focus on the $25 par exchange traded market. The $25 par exchange traded securities returned -20.94% (the ICE BofA Core Plus Fixed Rate Preferred Securities Index ("P0P4")) during the period.

#### Performance Analysis

#### First Trust Preferred Securities and Income ETF (FPE)
For the 12-month period ended October 31, 2022 the net asset value and market price total return for the Fund were -14.65% and -15.24%, respectively. This compares to a total return of -16.71% for the Fund's benchmark (the "Benchmark"), which is a 30/30/30/10 blend of P0P4, CIPS, CDLR and HIPS, respectively. The largest contributors to the Fund's outperformance relative to the Benchmark during the period were the Fund's defensive positioning in regard to rising interest rates, security selection within CoCos, and security selection within IG securities. The Fund also benefited from its security selection within pipelines and $25 par exchange traded holdings.

The Fund began repositioning for potentially higher interest rates as early as the fourth quarter of 2020, which paid off on a relative basis during the fiscal year 2022. Short duration (<3 years) securities significantly outperformed during the period while long duration securities (5+ years) significantly underperformed. The Fund benefited from its significant underweight to longer duration securities and overweight to short duration securities, including floaters, which are not held in the Benchmark. The Fund outperformed versus the Benchmark across every duration segment of the curve.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Portfolio Commentary (Continued)

#### First Trust Exchange-Traded Fund III

#### Annual Report

#### October 31, 2022 (Unaudited)
Another area of outperformance for the Fund was its security selection within non-US bank CoCos, including its security selection within European banks. The Fund also benefited from its underweight allocation to emerging market (EM) banks, which the Fund is comfortable maintaining going forward. Russian bank CoCos, which were not held by the Fund, suffered complete losses during the period.

Within non-IG securities, the Fund benefited from its security selection, particularly within the pipeline sector. The Fund's pipeline holdings outperformed the Benchmark's by over 8% for the period. The Fund continues to maintain an overweight allocation to this sector given its favorable outlook.

Turning to the $25 par exchange traded market, the Fund's relative performance benefited from both its underweight to fixed rate securities and overweight to variable rate structures. The Fund's superior security selection within variable rate holdings was also a positive contributor. This was partially offset by the relative underperformance of the Fund's holdings in Equity Real Investment Trusts and Utilities holdings.

Finally, the Fund added to its relative performance through the new issuance markets. Given the volatility and exchange-traded fund outflows during the period, the Fund was very selective within this market segment.

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)
For the 12-month period ended October 31, 2022, the NAV and market price total return for the Fund were -11.68%, -11.70%, and -14.90%, respectively. This compares to a total return of -14.90% for the Fund's benchmark (the "Benchmark"), which is a 45%/40%/15% blend of CIPS, CDLR and HIPS, respectively. The largest contributors to the Fund's outperformance relative to the Benchmark during the period were the Fund's defensive positioning in regard to rising interest rates, security selection within CoCos, and security selection within IG securities.

The Fund began repositioning for potentially higher interest rates as early as the fourth quarter of 2020, which paid off on a relative basis during the fiscal year 2022. Short duration (<3 years) securities significantly outperformed during the period while long duration securities (5+ years) significantly underperformed. The Fund benefited from its significant underweight to longer duration securities and overweight to short duration securities, including floaters, which are not held in the Benchmark. The Fund outperformed versus the Benchmark across every duration segment of the curve.

Another area of outperformance for the Fund was its security selection within non-US bank CoCos, including its security selection within European banks. The Fund also benefited from its underweight allocation to EM banks, which the Fund is comfortable maintaining going forward. Russian bank CoCos, which were not held by the Fund, suffered complete losses during the period.

Within non-IG securities, the Fund benefited from its security selection, particularly within the pipeline sector. The Fund's pipeline holdings outperformed the Benchmark's by over 9% for the period. The Fund continues to maintain an overweight allocation to this sector given its favorable outlook.

Finally, the Fund added to its relative performance through the new issuance markets. Given the volatility and ETF outflows during the period, the Fund was very selective within this market segment.

#### Market and Funds Outlook
As we look ahead, we believe the risk reward balance has improved in regard to interest rate risk, creating opportunities in the preferred and hybrid securities market. Our base case for the next 12 months is for the market to perform positively with some capital appreciation in addition to income. We believe risks from inflationary pressures, rising rates, and geopolitical conflicts are elevated, but are largely priced into the market. In our view, valuation metrics for preferred securities are at attractive levels with high yields relative to other fixed income asset classes coupled with market prices trading at historically deep discounts to par. We especially favor select longer duration variable rate securities and securities trading at deep discounts. We believe in a "pull to par" effect for many of the deeply discounted securities that have a high likelihood of trading closer to par as they approach their first call dates. The primary driver of this "pull to par" effect are variable rate securities with high resets that project much higher coupons after their first call dates.

In addition, the high quality credit fundamentals and sector concentrations in highly regulated industries could help to insulate the asset class in a recessionary environment and against current geopolitical risks. We believe U.S. and European banks are well capitalized and entering the new fiscal year from a position of strength in the face of economic headwinds, while other major sectors like Insurance, Utilities, and Real Estate Investment Trusts offer lower sensitivity to inflation.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Portfolio Commentary (Continued)

#### First Trust Exchange-Traded Fund III

#### Annual Report

#### October 31, 2022 (Unaudited)
We foresee the risk-reward dynamic progressively improving as we approach 2023 and think that the preferred and hybrid securities market is set up to outperform longer term. As active fund managers, we have the advantage of repositioning the portfolio as market conditions change. As a result, we believe the Funds are positioned for outperformance over the next 12 months due to an overweight in discounted securities that we think have the greatest upside potential, defensive credit exposure and capacity to take advantage of market dislocations as they arise.

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Understanding Your Fund Expenses

#### October 31, 2022 (Unaudited)
As a shareholder of First Trust Preferred Securities and Income ETF or First Trust Institutional Preferred Securities and Income ETF (each a "Fund" and collectively, the "Funds"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2022.

#### Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.

#### Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value<br> May 1, 2022** | &nbsp;&nbsp;**Ending<br> Account Value<br> October 31, 2022** | &nbsp;&nbsp;**Annualized<br> Expense Ratio<br> Based on the<br> Six-Month<br> Period** | &nbsp;&nbsp;**Expenses Paid<br> During the<br> Six-Month<br> Period (a)** |
| **First Trust Preferred Securities and Income ETF (FPE)** | **First Trust Preferred Securities and Income ETF (FPE)** | **First Trust Preferred Securities and Income ETF (FPE)** | **First Trust Preferred Securities and Income ETF (FPE)** | **First Trust Preferred Securities and Income ETF (FPE)** |
| Actual | $1000.00 | &nbsp;&nbsp;$1068.60 | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;$4.43 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1020.92 | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;$4.33 |
| **First Trust Institutional Preferred Securities and Income ETF (FPEI)** | **First Trust Institutional Preferred Securities and Income ETF (FPEI)** | **First Trust Institutional Preferred Securities and Income ETF (FPEI)** | **First Trust Institutional Preferred Securities and Income ETF (FPEI)** | **First Trust Institutional Preferred Securities and Income ETF (FPEI)** |
| Actual | $1000.00 | &nbsp;&nbsp;$941.00 | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;$4.16 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1020.92 | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;$4.33 |

---

(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2022 through October
31, 2022), multiplied by 184/365 (to reflect the six-month period).

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES – 23.8%** | **$25 PAR PREFERRED SECURITIES – 23.8%** | **$25 PAR PREFERRED SECURITIES – 23.8%** | **$25 PAR PREFERRED SECURITIES – 23.8%** | **$25 PAR PREFERRED SECURITIES – 23.8%** |
|  | **Automobiles – 0.3%** |  |  |  |
| &nbsp;&nbsp;705603 | Ford Motor Co.<br>| 6.50% | 08/15/62 | &nbsp;&nbsp;&nbsp;$16087748 |
|  | **Banks – 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10915 | Atlantic Union Bankshares Corp., Series A<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259668 |
| &nbsp;&nbsp;360423 | Bank of America Corp., Series KK<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713052 |
| &nbsp;&nbsp;105331 | Bank of America Corp., Series LL<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100300 |
| 1371123 | Bank of America Corp., Series NN<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23871251 |
| &nbsp;&nbsp;&nbsp;&nbsp;88701 | Bank of America Corp., Series SS<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727895 |
| &nbsp;&nbsp;320641 | Citizens Financial Group, Inc., Series D (b)<br>| 6.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519031 |
| &nbsp;&nbsp;&nbsp;&nbsp;48593 | Citizens Financial Group, Inc., Series E<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936873 |
| &nbsp;&nbsp;100000 | Fifth Third Bancorp, Series A<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184000 |
| &nbsp;&nbsp;886828 | First Republic Bank, Series M<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13311288 |
| &nbsp;&nbsp;356061 | Fulton Financial Corp., Series A<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149705 |
| &nbsp;&nbsp;&nbsp;&nbsp;68150 | Huntington Bancshares, Inc., Series H<br>| 4.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | JPMorgan Chase & Co., Series DD<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18351 |
| &nbsp;&nbsp;&nbsp;&nbsp;81943 | JPMorgan Chase & Co., Series JJ<br>| 4.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492182 |
| &nbsp;&nbsp;518075 | JPMorgan Chase & Co., Series LL<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605111 |
| &nbsp;&nbsp;218650 | KeyCorp, Series F<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622261 |
| &nbsp;&nbsp;152538 | Old National Bancorp, Series A<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927854 |
| 1222469 | PacWest Bancorp, Series A (b)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30341681 |
| &nbsp;&nbsp;835910 | Pinnacle Financial Partners, Inc., Series B<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20354409 |
| 1705351 | Signature Bank, Series A<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30048285 |
| &nbsp;&nbsp;116076 | Texas Capital Bancshares, Inc., Series B<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301787 |
| &nbsp;&nbsp;135679 | Truist Financial Corp., Series R<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571117 |
| &nbsp;&nbsp;107837 | Valley National Bancorp, Series B, 3 Mo. LIBOR + 3.58% (c)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601028 |
| &nbsp;&nbsp;194398 | Wells Fargo & Co., Series AA<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489444 |
| &nbsp;&nbsp;&nbsp;&nbsp;83272 | Wells Fargo & Co., Series DD<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336516 |
| &nbsp;&nbsp;567107 | Wells Fargo & Co., Series Q (b)<br>| 5.85% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12901684 |
| &nbsp;&nbsp;746818 | Wells Fargo & Co., Series Y<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15929628 |
| &nbsp;&nbsp;391052 | Wells Fargo & Co., Series Z<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038936 |
| &nbsp;&nbsp;626023 | WesBanco, Inc., Series A (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15688136 |
| &nbsp;&nbsp;620288 | Western Alliance Bancorp, Series A (b)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12405760 |
| &nbsp;&nbsp;875783 | Wintrust Financial Corp., Series E (b)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22183583 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;266817989 |
|  | **Capital Markets – 2.3%** |  |  |  |
| &nbsp;&nbsp;136104 | Affiliated Managers Group, Inc.<br>| 5.88% | 03/30/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813270 |
| &nbsp;&nbsp;288442 | Affiliated Managers Group, Inc.<br>| 4.75% | 09/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929474 |
| &nbsp;&nbsp;980305 | Affiliated Managers Group, Inc.<br>| 4.20% | 09/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;14547726 |
| 1436731 | Carlyle Finance LLC<br>| 4.63% | 05/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;22829656 |
| &nbsp;&nbsp;826758 | Goldman Sachs Group (The), Inc., Series J (b)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20346514 |
| 1126769 | KKR Group Finance Co., IX LLC<br>| 4.63% | 04/01/61 | &nbsp;&nbsp;&nbsp;&nbsp;19639584 |
| &nbsp;&nbsp;920357 | Morgan Stanley, Series P<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22824854 |
| &nbsp;&nbsp;496152 | Oaktree Capital Group LLC, Series A<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11758802 |
| &nbsp;&nbsp;813527 | Oaktree Capital Group LLC, Series B<br>| 6.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18841285 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;138531165 |
|  | **Consumer Finance – 0.1%** |  |  |  |
| &nbsp;&nbsp;349303 | Capital One Financial Corp., Series I<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472585 |
| &nbsp;&nbsp;110166 | Capital One Financial Corp., Series J<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916888 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8389473 |
|  | **Diversified Financial Services – 0.6%** |  |  |  |
| &nbsp;&nbsp;529821 | Apollo Asset Management, Inc., Series B<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11550098 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Diversified Financial Services (Continued)** |  |  |  |
| 1284884 | Equitable Holdings, Inc., Series A<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;$23924540 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35474638 |
|  | **Diversified Telecommunication Services – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;78274 | AT&T, Inc.<br>| 5.35% | 11/01/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681326 |
| &nbsp;&nbsp;249322 | AT&T, Inc., Series C<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318257 |
| &nbsp;&nbsp;969955 | Qwest Corp. <br>| 6.50% | 09/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;16634728 |
| 1039347 | Qwest Corp. <br>| 6.75% | 06/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;18708246 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41342557 |
|  | **Electric Utilities – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14925 | BIP Bermuda Holdings I Ltd.<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260441 |
| &nbsp;&nbsp;891011 | Brookfield BRP Holdings Canada, Inc.<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12905047 |
| &nbsp;&nbsp;648305 | Brookfield Infrastructure Finance ULC<br>| 5.00% | 05/24/81 | &nbsp;&nbsp;&nbsp;&nbsp;10321016 |
| &nbsp;&nbsp;139433 | SCE Trust III, Series H (b)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696634 |
| &nbsp;&nbsp;455006 | SCE Trust IV, Series J (b)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162808 |
| 1000755 | SCE Trust V, Series K (b)<br>| 5.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19194481 |
| &nbsp;&nbsp;627885 | Southern (The) Co., Series 2020A<br>| 4.95% | 01/30/80 | &nbsp;&nbsp;&nbsp;&nbsp;12005161 |
| &nbsp;&nbsp;156295 | Southern (The) Co., Series C<br>| 4.20% | 10/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789866 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68335454 |
|  | **Equity Real Estate Investment Trusts – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | Digital Realty Trust, Inc., Series L<br>| 5.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433 |
| &nbsp;&nbsp;850146 | Global Net Lease, Inc., Series A<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18142116 |
| 1080167 | Hudson Pacific Properties, Inc., Series C<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13728923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | National Storage Affiliates Trust, Series A<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20709 |
| &nbsp;&nbsp;&nbsp;&nbsp;31880 | PS Business Parks, Inc., Series Z<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401688 |
| &nbsp;&nbsp;318431 | Vornado Realty Trust, Series N<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938865 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37238734 |
|  | **Food Products – 0.8%** |  |  |  |
| &nbsp;&nbsp;601882 | CHS, Inc., Series 2 (b)<br>| 7.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15077144 |
| 1393686 | CHS, Inc., Series 3 (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34047749 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49124893 |
|  | **Gas Utilities – 0.3%** |  |  |  |
| &nbsp;&nbsp;815676 | South Jersey Industries, Inc.<br>| 5.63% | 09/16/79 | &nbsp;&nbsp;&nbsp;&nbsp;14282487 |
| &nbsp;&nbsp;&nbsp;&nbsp;54298 | Spire, Inc., Series A<br>| 5.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243424 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15525911 |
|  | **Independent Power & Renewable Electricity Producers – 0.2%** |  |  |  |
| &nbsp;&nbsp;679080 | Brookfield Renewable Partners L.P., Series 17<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11130121 |
|  | **Insurance – 6.0%** |  |  |  |
| 2183916 | Aegon Funding Co., LLC<br>| 5.10% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;42586362 |
| &nbsp;&nbsp;463083 | Allstate (The) Corp. (b)<br>| 5.10% | 01/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;11197347 |
| &nbsp;&nbsp;&nbsp;&nbsp;18254 | Allstate (The) Corp., Series H<br>| 5.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358691 |
| 1896300 | American Equity Investment Life Holding Co., Series A (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;42723639 |
| &nbsp;&nbsp;941232 | American Equity Investment Life Holding Co., Series B (b)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21798933 |
| &nbsp;&nbsp;312756 | AmTrust Financial Services, Inc.<br>| 7.25% | 06/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352819 |
| &nbsp;&nbsp;363925 | AmTrust Financial Services, Inc.<br>| 7.50% | 09/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368687 |
| &nbsp;&nbsp;&nbsp;&nbsp;24872 | Arch Capital Group Ltd., Series F<br>| 5.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503907 |
| &nbsp;&nbsp;598334 | Arch Capital Group Ltd., Series G<br>| 4.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10506745 |
| &nbsp;&nbsp;279359 | Aspen Insurance Holdings Ltd.<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391629 |
| 1711649 | Aspen Insurance Holdings Ltd.<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;32504215 |
| &nbsp;&nbsp;508376 | Aspen Insurance Holdings Ltd. (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11596057 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)** |  |  |  |
| &nbsp;&nbsp;612099 | Assurant, Inc.<br>| &nbsp;&nbsp;&nbsp;5.25% | 01/15/61 | &nbsp;&nbsp;&nbsp;$11525824 |
| &nbsp;&nbsp;826625 | Athene Holding Ltd., Series A (b)<br>| &nbsp;&nbsp;&nbsp;6.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19681941 |
| &nbsp;&nbsp;&nbsp;&nbsp;68990 | Athene Holding Ltd., Series B<br>| &nbsp;&nbsp;&nbsp;5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417744 |
| &nbsp;&nbsp;108391 | Athene Holding Ltd., Series D<br>| &nbsp;&nbsp;&nbsp;4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865409 |
| &nbsp;&nbsp;438412 | Axis Capital Holdings Ltd., Series E<br>| &nbsp;&nbsp;&nbsp;5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663021 |
| &nbsp;&nbsp;754186 | CNO Financial Group, Inc. (d)<br>| &nbsp;&nbsp;&nbsp;5.13% | 11/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;13726185 |
| 1244856 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (c)<br>| &nbsp;&nbsp;&nbsp;6.10% | 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;27542439 |
| &nbsp;&nbsp;386476 | Enstar Group Ltd., Series D (b)<br>| &nbsp;&nbsp;&nbsp;7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494742 |
| &nbsp;&nbsp;449644 | Globe Life, Inc.<br>| &nbsp;&nbsp;&nbsp;4.25% | 06/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7814813 |
| &nbsp;&nbsp;215020 | Phoenix Cos. (The), Inc.<br>| &nbsp;&nbsp;&nbsp;7.45% | 01/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297055 |
| 1568378 | Prudential Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;5.95% | 09/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;37594021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | Reinsurance Group of America, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;7.13% | 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;106528 | RenaissanceRe Holdings Ltd., Series F<br>| &nbsp;&nbsp;&nbsp;5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316984 |
| 1186079 | RenaissanceRe Holdings Ltd., Series G<br>| &nbsp;&nbsp;&nbsp;4.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19771937 |
| &nbsp;&nbsp;&nbsp;&nbsp;21531 | Selective Insurance Group, Inc., Series B<br>| &nbsp;&nbsp;&nbsp;4.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360321 |
| &nbsp;&nbsp;314714 | W.R. Berkley Corp.<br>| &nbsp;&nbsp;&nbsp;5.10% | 12/30/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297427 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;361258945 |
|  | **Mortgage Real Estate Investment Trusts – 0.9%** |  |  |  |
| &nbsp;&nbsp;536098 | AGNC Investment Corp., Series C, 3 Mo. LIBOR + 5.11% (c)<br>| &nbsp;&nbsp;&nbsp;9.19% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12651913 |
| &nbsp;&nbsp;300285 | AGNC Investment Corp., Series D (b)<br>| &nbsp;&nbsp;&nbsp;6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522241 |
| &nbsp;&nbsp;138354 | AGNC Investment Corp., Series E (b)<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711738 |
| &nbsp;&nbsp;670845 | AGNC Investment Corp., Series F (b)<br>| &nbsp;&nbsp;&nbsp;6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12477717 |
| &nbsp;&nbsp;651383 | Annaly Capital Management, Inc., Series F, 3 Mo. LIBOR + 4.99% (c)<br>| &nbsp;&nbsp;&nbsp;8.67% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15691817 |
| &nbsp;&nbsp;279676 | Annaly Capital Management, Inc., Series I (b)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5822854 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54878280 |
|  | **Multi-Utilities – 1.7%** |  |  |  |
| &nbsp;&nbsp;409425 | Algonquin Power & Utilities Corp. (b)<br>| &nbsp;&nbsp;&nbsp;6.88% | 10/17/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191591 |
| &nbsp;&nbsp;538458 | Algonquin Power & Utilities Corp., Series 19-A (b)<br>| &nbsp;&nbsp;&nbsp;6.20% | 07/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;12206843 |
| &nbsp;&nbsp;639721 | Brookfield Infrastructure Partners L.P., Series 13<br>| &nbsp;&nbsp;&nbsp;5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10222741 |
| &nbsp;&nbsp;&nbsp;&nbsp;62311 | Brookfield Infrastructure Partners L.P., Series 14<br>| &nbsp;&nbsp;&nbsp;5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962705 |
| &nbsp;&nbsp;175035 | CMS Energy Corp.<br>| &nbsp;&nbsp;&nbsp;5.88% | 10/15/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810512 |
| &nbsp;&nbsp;115124 | CMS Energy Corp.<br>| &nbsp;&nbsp;&nbsp;5.88% | 03/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508552 |
| &nbsp;&nbsp;330504 | CMS Energy Corp., Series C<br>| &nbsp;&nbsp;&nbsp;4.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436791 |
| &nbsp;&nbsp;128700 | DTE Energy Co.<br>| &nbsp;&nbsp;&nbsp;4.38% | 12/01/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211066 |
| &nbsp;&nbsp;818320 | DTE Energy Co., Series E<br>| &nbsp;&nbsp;&nbsp;5.25% | 12/01/77 | &nbsp;&nbsp;&nbsp;&nbsp;17577514 |
| &nbsp;&nbsp;955325 | Integrys Holding, Inc. (b) (d)<br>| &nbsp;&nbsp;&nbsp;6.00% | 08/01/73 | &nbsp;&nbsp;&nbsp;&nbsp;22115774 |
| &nbsp;&nbsp;796257 | Sempra Energy<br>| &nbsp;&nbsp;&nbsp;5.75% | 07/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;17294702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;103538791 |
|  | **Oil, Gas & Consumable Fuels – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;37093 | Enbridge, Inc., Series B (b)<br>| &nbsp;&nbsp;&nbsp;6.38% | 04/15/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880959 |
| &nbsp;&nbsp;&nbsp;&nbsp;92177 | Energy Transfer L.P., Series C (b)<br>| &nbsp;&nbsp;&nbsp;7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064765 |
| 2064508 | Energy Transfer L.P., Series E (b)<br>| &nbsp;&nbsp;&nbsp;7.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;47545619 |
| &nbsp;&nbsp;737441 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (c)<br>| 10.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;17079133 |
| &nbsp;&nbsp;599189 | NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (c)<br>| 10.81% | 01/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;14925798 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82496274 |
|  | **Real Estate Management & Development – 1.4%** |  |  |  |
| 1613702 | Brookfield Property Partners L.P., Series A<br>| &nbsp;&nbsp;&nbsp;5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;24415311 |
| &nbsp;&nbsp;167079 | Brookfield Property Partners L.P., Series A-1<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781865 |
| 1281802 | Brookfield Property Partners L.P., Series A2<br>| &nbsp;&nbsp;&nbsp;6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20893373 |
| 1559574 | Brookfield Property Preferred L.P.<br>| &nbsp;&nbsp;&nbsp;6.25% | 07/26/81 | &nbsp;&nbsp;&nbsp;&nbsp;24360546 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** | **$25 PAR PREFERRED SECURITIES (Continued)** |
|  | **Real Estate Management & Development (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | DigitalBridge Group, Inc., Class H<br>| &nbsp;&nbsp;&nbsp;7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448382 | DigitalBridge Group, Inc., Series I<br>| &nbsp;&nbsp;&nbsp;7.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8523742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41830 | DigitalBridge Group, Inc., Series J<br>| &nbsp;&nbsp;&nbsp;7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778038 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81765677 |
|  | **Thrifts & Mortgage Finance – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659132 | New York Community Bancorp, Inc., Series A (b)<br>| &nbsp;&nbsp;&nbsp;6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14098833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73851 | Washington Federal, Inc., Series A<br>| &nbsp;&nbsp;&nbsp;4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287223 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15386056 |
|  | **Trading Companies & Distributors – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462382 | Air Lease Corp., Series A (b)<br>| &nbsp;&nbsp;&nbsp;6.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267732 | WESCO International, Inc., Series A (b)<br>| 10.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228764 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17169977 |
|  | **Wireless Telecommunication Services – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259030 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;6.25% | 09/01/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267143 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;5.50% | 03/01/70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955053 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;5.50% | 06/01/70 | &nbsp;&nbsp;&nbsp;&nbsp;16536743 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26137598 |
|  | **Total $25 Par Preferred Securities<br>** | **Total $25 Par Preferred Securities<br>** | **Total $25 Par Preferred Securities<br>** | &nbsp;&nbsp;1430630281 |
|  | (Cost $1,761,238,457) |  |  |  |
| **$100 PAR PREFERRED SECURITIES – 0.3%** | **$100 PAR PREFERRED SECURITIES – 0.3%** | **$100 PAR PREFERRED SECURITIES – 0.3%** | **$100 PAR PREFERRED SECURITIES – 0.3%** | **$100 PAR PREFERRED SECURITIES – 0.3%** |
|  | **Banks – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28231 | AgriBank FCB (b)<br>| &nbsp;&nbsp;&nbsp;6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49330 | CoBank ACB, Series H (b)<br>| &nbsp;&nbsp;&nbsp;6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120015 | Farm Credit Bank of Texas (b) (e)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11971496 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19759282 |
|  | **Food Products – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | Dairy Farmers of America, Inc. (e)<br>| &nbsp;&nbsp;&nbsp;7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67550 |
|  | **Total $100 Par Preferred Securities<br>** | **Total $100 Par Preferred Securities<br>** | **Total $100 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19826832 |
|  | (Cost $20,588,116) |  |  |  |
| **$1,000 PAR PREFERRED SECURITIES – 2.8%** | **$1,000 PAR PREFERRED SECURITIES – 2.8%** | **$1,000 PAR PREFERRED SECURITIES – 2.8%** | **$1,000 PAR PREFERRED SECURITIES – 2.8%** | **$1,000 PAR PREFERRED SECURITIES – 2.8%** |
|  | **Banks – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51461 | Bank of America Corp., Series L<br>| &nbsp;&nbsp;&nbsp;7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;59718432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88218 | Wells Fargo & Co., Series L<br>| &nbsp;&nbsp;&nbsp;7.50% | (a) | &nbsp;&nbsp;&nbsp;102820726 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;162539158 |
|  | **Diversified Financial Services – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | Compeer Financial ACA (b) (e)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860500 |
|  | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;170399658 |
|  | (Cost $201,128,350) |  |  |  |
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES – 70.0%** | **CAPITAL PREFERRED SECURITIES – 70.0%** | **CAPITAL PREFERRED SECURITIES – 70.0%** | **CAPITAL PREFERRED SECURITIES – 70.0%** | **CAPITAL PREFERRED SECURITIES – 70.0%** |
|  | **Banks – 29.6%** |  |  |  |
| $32549000 | Australia & New Zealand Banking Group Ltd. (b) (e) (f)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31199597 |
| &nbsp;&nbsp;&nbsp;30500000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (f)<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;27320683 |
| &nbsp;&nbsp;&nbsp;11250000 | Banco Mercantil del Norte S.A. (b) (e) (f)<br>| &nbsp;&nbsp;&nbsp;7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792044 |
| &nbsp;&nbsp;&nbsp;15700000 | Banco Mercantil del Norte S.A. (b) (e) (f)<br>| &nbsp;&nbsp;&nbsp;7.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12896506 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| $21630000 | Banco Mercantil del Norte S.A. (b) (e) (f)<br>| 8.38% | (a) | &nbsp;&nbsp;&nbsp;$18841136 |
| &nbsp;&nbsp;&nbsp;35600000 | Banco Santander S.A. (b) (f)<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25145288 |
| &nbsp;&nbsp;&nbsp;43200000 | Banco Santander S.A. (b) (f) (g)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;41013000 |
| &nbsp;&nbsp;&nbsp;27075000 | Bank of America Corp., Series RR (b)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21795375 |
| &nbsp;&nbsp;&nbsp;22000000 | Bank of America Corp., Series TT (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20845000 |
| &nbsp;&nbsp;&nbsp;11594000 | Bank of America Corp., Series X (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11315019 |
| &nbsp;&nbsp;&nbsp;13800000 | Bank of Nova Scotia (The) (b)<br>| 4.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12830444 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | Bank of Nova Scotia (The) (b)<br>| 8.63% | 10/27/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8046654 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Bank of Nova Scotia (The), Series 2 (b)<br>| 3.63% | 10/27/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118904 |
| &nbsp;&nbsp;&nbsp;24300000 | Barclays PLC (b) (f)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16188886 |
| &nbsp;&nbsp;&nbsp;39909000 | Barclays PLC (b) (f)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34670944 |
| &nbsp;&nbsp;&nbsp;&nbsp;5760000 | Barclays PLC (b) (f)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436000 |
| 134865000 | Barclays PLC (b) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;127238101 |
| &nbsp;&nbsp;&nbsp;64400000 | Barclays PLC (b) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;57857502 |
| &nbsp;&nbsp;&nbsp;11600000 | BBVA Bancomer S.A. (b) (e) (f)<br>| 5.88% | 09/13/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9719060 |
| &nbsp;&nbsp;&nbsp;57500000 | BNP Paribas S.A. (b) (e) (f)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;44159795 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500000 | BNP Paribas S.A. (b) (e) (f)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259375 |
| &nbsp;&nbsp;&nbsp;29498000 | BNP Paribas S.A. (b) (e) (f)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;27717561 |
| &nbsp;&nbsp;&nbsp;16665000 | BNP Paribas S.A. (b) (e) (f)<br>| 7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16161128 |
| &nbsp;&nbsp;&nbsp;34580000 | BNP Paribas S.A. (b) (e) (f)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;32689690 |
| &nbsp;&nbsp;&nbsp;46133000 | Citigroup, Inc. (b)<br>| 3.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;37990526 |
| &nbsp;&nbsp;&nbsp;13272000 | Citigroup, Inc. (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13172460 |
| &nbsp;&nbsp;&nbsp;15113000 | Citigroup, Inc., Series D (b)<br>| 5.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14584045 |
| &nbsp;&nbsp;&nbsp;12000000 | Citigroup, Inc., Series M (b)<br>| 6.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11235000 |
| &nbsp;&nbsp;&nbsp;16200000 | Citigroup, Inc., Series P (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14684048 |
| &nbsp;&nbsp;&nbsp;23355000 | Citigroup, Inc., Series T (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22598298 |
| &nbsp;&nbsp;&nbsp;34393000 | Citigroup, Inc., Series W (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;29096478 |
| &nbsp;&nbsp;&nbsp;29875000 | Citigroup, Inc., Series Y (b)<br>| 4.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23384573 |
| &nbsp;&nbsp;&nbsp;&nbsp;6560000 | Citizens Financial Group, Inc., Series B (b)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036124 |
| &nbsp;&nbsp;&nbsp;21030000 | Citizens Financial Group, Inc., Series G (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16713784 |
| &nbsp;&nbsp;&nbsp;18474000 | CoBank ACB, Series I (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;17688855 |
| &nbsp;&nbsp;&nbsp;35655000 | CoBank ACB, Series K (b)<br>| 6.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34674738 |
| &nbsp;&nbsp;&nbsp;11200000 | Commerzbank AG (b) (f) (g)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630779 |
| &nbsp;&nbsp;&nbsp;18810000 | Credit Agricole S.A. (b) (e) (f)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;17596376 |
| &nbsp;&nbsp;&nbsp;43500000 | Credit Agricole S.A. (b) (e) (f)<br>| 8.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;43425963 |
| &nbsp;&nbsp;&nbsp;26200000 | Danske Bank A.S. (b) (f) (g)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20992750 |
| &nbsp;&nbsp;&nbsp;21313000 | Danske Bank A.S. (b) (f) (g)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19833217 |
| &nbsp;&nbsp;&nbsp;15960000 | Danske Bank A.S. (b) (f) (g)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14784785 |
| &nbsp;&nbsp;&nbsp;&nbsp;7650000 | Farm Credit Bank of Texas, Series 3 (b) (e)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6782612 |
| &nbsp;&nbsp;&nbsp;20300000 | Farm Credit Bank of Texas, Series 4 (b) (e)<br>| 5.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;18349089 |
| &nbsp;&nbsp;&nbsp;&nbsp;8527000 | Fifth Third Bancorp, Series H (b)<br>| 5.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787709 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Fifth Third Bancorp, Series L (b)<br>| 4.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288001 |
| &nbsp;&nbsp;&nbsp;12800000 | HSBC Holdings PLC (b) (f)<br>| 4.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476160 |
| &nbsp;&nbsp;&nbsp;&nbsp;4397000 | Huntington Bancshares, Inc., Series G (b)<br>| 4.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874896 |
| &nbsp;&nbsp;&nbsp;35836000 | ING Groep N.V. (b) (f)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30643507 |
| &nbsp;&nbsp;&nbsp;21579000 | ING Groep N.V. (b) (f)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19686544 |
| &nbsp;&nbsp;&nbsp;40125000 | Intesa Sanpaolo S.p.A. (b) (e) (f)<br>| 7.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;34834736 |
| &nbsp;&nbsp;&nbsp;15896000 | JPMorgan Chase & Co., Series Q (b)<br>| 5.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;15538340 |
| &nbsp;&nbsp;&nbsp;&nbsp;5861000 | JPMorgan Chase & Co., Series R (b)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787738 |
| &nbsp;&nbsp;&nbsp;32100000 | Lloyds Banking Group PLC (b) (f)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;29259466 |
| &nbsp;&nbsp;&nbsp;44931668 | Lloyds Banking Group PLC (b) (f)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;42944060 |
| &nbsp;&nbsp;&nbsp;42017000 | Lloyds Banking Group PLC (b) (f)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;39075810 |
| &nbsp;&nbsp;&nbsp;14924602 | M&T Bank Corp. (b)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11104593 |
| &nbsp;&nbsp;&nbsp;&nbsp;7932000 | M&T Bank Corp., Series G (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7307355 |
| &nbsp;&nbsp;&nbsp;&nbsp;8500000 | NatWest Group PLC (b) (f)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585400 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| $21325000 | NatWest Group PLC (b) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;$20149459 |
| &nbsp;&nbsp;&nbsp;44615000 | PNC Financial Services Group (The), Inc., Series V (b)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;42370865 |
| &nbsp;&nbsp;&nbsp;85600000 | Societe Generale S.A. (b) (e) (f)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;62218494 |
| &nbsp;&nbsp;&nbsp;&nbsp;8589000 | Societe Generale S.A. (b) (e) (f)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383822 |
| &nbsp;&nbsp;&nbsp;11500000 | Societe Generale S.A. (b) (e) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11332061 |
| &nbsp;&nbsp;&nbsp;68460000 | Standard Chartered PLC (b) (e) (f)<br>| 4.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;45178635 |
| &nbsp;&nbsp;&nbsp;25600000 | Standard Chartered PLC (b) (e) (f)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;23384753 |
| &nbsp;&nbsp;&nbsp;46190000 | Standard Chartered PLC (b) (e) (f)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;42321587 |
| &nbsp;&nbsp;&nbsp;48046398 | SVB Financial Group, Series C (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;33668277 |
| &nbsp;&nbsp;&nbsp;50341000 | SVB Financial Group, Series D (b)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;33717337 |
| &nbsp;&nbsp;&nbsp;13000000 | Swedbank AB, Series NC5 (b) (f) (g)<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12262250 |
| &nbsp;&nbsp;&nbsp;&nbsp;5695000 | Texas Capital Bancshares, Inc. (b)<br>| 4.00% | 05/06/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934970 |
| &nbsp;&nbsp;&nbsp;24600000 | Toronto-Dominion Bank (The) (b)<br>| 8.13% | 10/31/82 | &nbsp;&nbsp;&nbsp;&nbsp;24955470 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Truist Financial Corp., Series N (b)<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501250 |
| &nbsp;&nbsp;&nbsp;56950000 | UniCredit S.p.A. (b) (f) (g)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;53426219 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400000 | UniCredit S.p.A. (b) (e)<br>| 7.30% | 04/02/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734445 |
| &nbsp;&nbsp;&nbsp;13500000 | UniCredit S.p.A. (b) (e)<br>| 5.46% | 06/30/35 | &nbsp;&nbsp;&nbsp;&nbsp;10055827 |
| &nbsp;&nbsp;&nbsp;79980378 | Wells Fargo & Co., Series BB (b)<br>| 3.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;67953329 |
|  |  |  |  | &nbsp;&nbsp;1782255557 |
|  | **Capital Markets – 9.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;40096000 | Apollo Management Holdings L.P. (b) (e)<br>| 4.95% | 01/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;33696354 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Bank of New York Mellon (The) Corp., Series H (b)<br>| 3.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316882 |
| &nbsp;&nbsp;&nbsp;24740000 | Bank of New York Mellon (The) Corp., Series I (b)<br>| 3.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19112887 |
| &nbsp;&nbsp;&nbsp;15800000 | Charles Schwab (The) Corp. (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14062000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Charles Schwab (The) Corp., Series H (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488000 |
| &nbsp;&nbsp;&nbsp;63997000 | Charles Schwab (The) Corp., Series I (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;52695130 |
| &nbsp;&nbsp;&nbsp;81425000 | Credit Suisse Group AG (b) (e) (f)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;57882624 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Credit Suisse Group AG (b) (e) (f)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013110 |
| &nbsp;&nbsp;&nbsp;51775000 | Credit Suisse Group AG (b) (e) (f)<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;38752503 |
| &nbsp;&nbsp;&nbsp;76900000 | Credit Suisse Group AG (b) (e) (f)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;68344875 |
| &nbsp;&nbsp;&nbsp;23400000 | Credit Suisse Group AG (b) (e) (f)<br>| 9.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22279070 |
| &nbsp;&nbsp;&nbsp;77200000 | Deutsche Bank AG, Series 2020 (b) (f)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;60785328 |
| &nbsp;&nbsp;&nbsp;28725000 | EFG International AG (b) (f) (g)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22871563 |
| &nbsp;&nbsp;&nbsp;24875000 | Goldman Sachs Group (The), Inc., Series R (b)<br>| 4.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;22488990 |
| &nbsp;&nbsp;&nbsp;13870000 | Goldman Sachs Group (The), Inc., Series T (b)<br>| 3.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;10681295 |
| &nbsp;&nbsp;&nbsp;40611000 | Goldman Sachs Group (The), Inc., Series U (b)<br>| 3.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30957154 |
| &nbsp;&nbsp;&nbsp;38000000 | UBS Group AG (b) (e) (f)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;30419056 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | UBS Group AG (b) (f) (g)<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088000 |
| &nbsp;&nbsp;&nbsp;26389000 | UBS Group AG (b) (f) (g)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25105808 |
| &nbsp;&nbsp;&nbsp;28500000 | UBS Group AG (b) (e) (f)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;27636823 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;543677452 |
|  | **Consumer Finance – 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;35292000 | Ally Financial, Inc., Series B (b)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;25696988 |
| &nbsp;&nbsp;&nbsp;&nbsp;5830000 | Ally Financial, Inc., Series C (b)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935250 |
| &nbsp;&nbsp;&nbsp;47679000 | American Express Co. (b)<br>| 3.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;36891626 |
| &nbsp;&nbsp;&nbsp;35077000 | Capital One Financial Corp., Series M (b)<br>| 3.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;26271970 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92795834 |
|  | **Diversified Financial Services – 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;64250000 | American AgCredit Corp. (b) (e)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;59029687 |
| &nbsp;&nbsp;&nbsp;40400000 | Ares Finance Co. III LLC (b) (e)<br>| 4.13% | 06/30/51 | &nbsp;&nbsp;&nbsp;&nbsp;30765133 |
| &nbsp;&nbsp;&nbsp;28250000 | Capital Farm Credit ACA, Series 1 (b) (e)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;24083126 |
| &nbsp;&nbsp;&nbsp;13950000 | Compeer Financial ACA (b) (e)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12363197 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Diversified Financial Services (Continued)** |  |  |  |
| $50110000 | Corebridge Financial, Inc. (b) (e)<br>| 6.88% | 12/15/52 | &nbsp;&nbsp;&nbsp;$44959182 |
| &nbsp;&nbsp;&nbsp;16548000 | Voya Financial, Inc., Series A (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;16175670 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;187375995 |
|  | **Electric Utilities – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;21918000 | Duke Energy Corp. (b)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;19561815 |
| &nbsp;&nbsp;&nbsp;17965000 | Edison International, Series B (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;14416912 |
| &nbsp;&nbsp;&nbsp;36567000 | Emera, Inc., Series 16-A (b)<br>| 6.75% | 06/15/76 | &nbsp;&nbsp;&nbsp;&nbsp;34222033 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | NextEra Energy Capital Holdings, Inc. (b)<br>| 5.65% | 05/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224554 |
| &nbsp;&nbsp;&nbsp;12865000 | Southern (The) Co., Series 21-A (b)<br>| 3.75% | 09/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;10188265 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Southern (The) Co., Series B (b)<br>| 4.00% | 01/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742900 |
| &nbsp;&nbsp;&nbsp;32516000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (c)<br>| 6.98% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31791657 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;116148136 |
|  | **Energy Equipment & Services – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3524000 | Transcanada Trust (b)<br>| 5.63% | 05/20/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223403 |
| &nbsp;&nbsp;&nbsp;25600000 | Transcanada Trust (b)<br>| 5.50% | 09/15/79 | &nbsp;&nbsp;&nbsp;&nbsp;21536000 |
| &nbsp;&nbsp;&nbsp;34700000 | Transcanada Trust (b)<br>| 5.60% | 03/07/82 | &nbsp;&nbsp;&nbsp;&nbsp;29728878 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54488281 |
|  | **Food Products – 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;10700000 | Dairy Farmers of America, Inc. (h)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964383 |
| &nbsp;&nbsp;&nbsp;25362000 | Land O'Lakes Capital Trust I (h)<br>| 7.45% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;25268287 |
| &nbsp;&nbsp;&nbsp;44888000 | Land O'Lakes, Inc. (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;41627785 |
| &nbsp;&nbsp;&nbsp;14010000 | Land O'Lakes, Inc. (e)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13100121 |
| &nbsp;&nbsp;&nbsp;31520000 | Land O'Lakes, Inc. (e)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31290377 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;121250953 |
|  | **Insurance – 8.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;16400000 | Allianz SE (b) (e)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;12990398 |
| &nbsp;&nbsp;&nbsp;&nbsp;9502000 | Asahi Mutual Life Insurance Co. (b) (g)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273002 |
| &nbsp;&nbsp;&nbsp;32200000 | Assurant, Inc. (b)<br>| 7.00% | 03/27/48 | &nbsp;&nbsp;&nbsp;&nbsp;30698514 |
| &nbsp;&nbsp;&nbsp;12999000 | Assured Guaranty Municipal Holdings, Inc. (b) (e)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;11829090 |
| &nbsp;&nbsp;&nbsp;38875000 | AXIS Specialty Finance LLC (b)<br>| 4.90% | 01/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;31583216 |
| &nbsp;&nbsp;&nbsp;11400000 | CNP Assurances (b) (g)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7621060 |
| &nbsp;&nbsp;&nbsp;23688000 | Enstar Finance LLC (b)<br>| 5.75% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;21100252 |
| &nbsp;&nbsp;&nbsp;55217000 | Enstar Finance LLC (b)<br>| 5.50% | 01/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;43472344 |
| &nbsp;&nbsp;&nbsp;13700000 | Fortegra Financial Corp. (b) (h)<br>| 8.50% | 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;13929920 |
| &nbsp;&nbsp;&nbsp;87495000 | Global Atlantic Fin Co. (b) (e)<br>| 4.70% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;64695137 |
| &nbsp;&nbsp;&nbsp;18871000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (c) (e)<br>| 5.03% | 02/12/47 | &nbsp;&nbsp;&nbsp;&nbsp;15662733 |
| &nbsp;&nbsp;&nbsp;26429000 | Kuvare US Holdings, Inc. (b) (e)<br>| 7.00% | 02/17/51 | &nbsp;&nbsp;&nbsp;&nbsp;26627217 |
| &nbsp;&nbsp;&nbsp;&nbsp;9310000 | La Mondiale SAM (b) (g)<br>| 5.88% | 01/26/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8342318 |
| &nbsp;&nbsp;&nbsp;40630000 | Lancashire Holdings Ltd. (b) (g)<br>| 5.63% | 09/18/41 | &nbsp;&nbsp;&nbsp;&nbsp;30309980 |
| &nbsp;&nbsp;&nbsp;35910000 | Liberty Mutual Group, Inc. (b) (e)<br>| 4.13% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;27243301 |
| &nbsp;&nbsp;&nbsp;27059000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (c)<br>| 5.95% | 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;26145759 |
| &nbsp;&nbsp;&nbsp;12670000 | Progressive (The) Corp., Series B (b)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;11787281 |
| &nbsp;&nbsp;&nbsp;49840000 | Prudential Financial, Inc. (b)<br>| 6.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;45494222 |
| &nbsp;&nbsp;&nbsp;38900000 | QBE Insurance Group Ltd. (b) (e)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;35517882 |
| &nbsp;&nbsp;&nbsp;24999000 | QBE Insurance Group Ltd. (b) (g)<br>| 6.75% | 12/02/44 | &nbsp;&nbsp;&nbsp;&nbsp;24105161 |
| &nbsp;&nbsp;&nbsp;16000000 | QBE Insurance Group Ltd. (b) (g)<br>| 5.88% | 06/17/46 | &nbsp;&nbsp;&nbsp;&nbsp;14481134 |
| &nbsp;&nbsp;&nbsp;13110000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (c)<br>| 5.96% | 12/15/65 | &nbsp;&nbsp;&nbsp;&nbsp;11077950 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;523987871 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Mortgage Real Estate Investment Trusts – 0.3%** |  |  |  |
| $23600000 | Scentre Group Trust 2 (b) (e)<br>| 5.13% | 09/24/80 | &nbsp;&nbsp;&nbsp;$18064616 |
|  | **Multi-Utilities – 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;64818000 | Algonquin Power & Utilities Corp. (b)<br>| 4.75% | 01/18/82 | &nbsp;&nbsp;&nbsp;&nbsp;51874818 |
| &nbsp;&nbsp;&nbsp;51658000 | CenterPoint Energy, Inc., Series A (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;48544456 |
| &nbsp;&nbsp;&nbsp;17052000 | CMS Energy Corp. (b)<br>| 3.75% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;12362700 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | Dominion Energy, Inc., Series B (b)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088845 |
| &nbsp;&nbsp;&nbsp;28520000 | NiSource, Inc. (b)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;26381000 |
| &nbsp;&nbsp;&nbsp;&nbsp;9031000 | Sempra Energy (b)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8218888 |
| &nbsp;&nbsp;&nbsp;59610000 | Sempra Energy (b)<br>| 4.13% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;44967617 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;194438324 |
|  | **Oil, Gas & Consumable Fuels – 6.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;19778000 | Buckeye Partners L.P. (b)<br>| 6.38% | 01/22/78 | &nbsp;&nbsp;&nbsp;&nbsp;15945716 |
| &nbsp;&nbsp;&nbsp;50510000 | DCP Midstream Operating L.P. (b) (e)<br>| 5.85% | 05/21/43 | &nbsp;&nbsp;&nbsp;&nbsp;48940757 |
| &nbsp;&nbsp;&nbsp;57082000 | Enbridge, Inc. (b)<br>| 6.25% | 03/01/78 | &nbsp;&nbsp;&nbsp;&nbsp;50498243 |
| &nbsp;&nbsp;&nbsp;45400000 | Enbridge, Inc. (b)<br>| 7.63% | 01/15/83 | &nbsp;&nbsp;&nbsp;&nbsp;43474416 |
| &nbsp;&nbsp;&nbsp;65166000 | Enbridge, Inc., Series 16-A (b)<br>| 6.00% | 01/15/77 | &nbsp;&nbsp;&nbsp;&nbsp;58707993 |
| &nbsp;&nbsp;&nbsp;40850000 | Enbridge, Inc., Series 20-A (b)<br>| 5.75% | 07/15/80 | &nbsp;&nbsp;&nbsp;&nbsp;36197593 |
| &nbsp;&nbsp;&nbsp;31252000 | Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (c)<br>| 5.80% | 11/01/66 | &nbsp;&nbsp;&nbsp;&nbsp;23326493 |
| &nbsp;&nbsp;&nbsp;&nbsp;9660000 | Energy Transfer L.P., Series A (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054352 |
| &nbsp;&nbsp;&nbsp;24986000 | Energy Transfer L.P., Series F (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;21454963 |
| &nbsp;&nbsp;&nbsp;24500000 | Energy Transfer L.P., Series G (b)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;20380815 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000000 | Energy Transfer L.P., Series H (b)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762500 |
| &nbsp;&nbsp;&nbsp;55280000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (c)<br>| 5.86% | 06/01/67 | &nbsp;&nbsp;&nbsp;&nbsp;46266928 |
| &nbsp;&nbsp;&nbsp;14318000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (c)<br>| 5.91% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;12623894 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;393634663 |
|  | **Trading Companies & Distributors – 2.9%** |  |  |  |
| 142083000 | AerCap Holdings N.V. (b)<br>| 5.88% | 10/10/79 | &nbsp;&nbsp;&nbsp;128039516 |
| &nbsp;&nbsp;&nbsp;15700000 | Air Lease Corp., Series B (b)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;13123649 |
| &nbsp;&nbsp;&nbsp;42300000 | Aircastle Ltd. (b) (e)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;31845500 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;173008665 |
|  | **Transportation Infrastructure – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9666000 | AerCap Global Aviation Trust (b) (e)<br>| 6.50% | 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8841973 |
| &nbsp;&nbsp;&nbsp;11000000 | BNSF Funding Trust I (b)<br>| 6.61% | 12/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;10269679 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19111652 |
|  | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | &nbsp;&nbsp;4220237999 |
|  | (Cost $4,891,088,269) |  |  |  |
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** |
|  | **Insurance – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;94408028 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (e) (i)<br>| 7.63% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;89089890 |
|  | (Cost $98,915,699) |  |  |  |
| **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** | **CORPORATE BONDS AND NOTES – 0.2%** |
|  | **Insurance – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;12296000 | AmTrust Financial Services, Inc.<br>| 6.13% | 08/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;11987897 |
|  | (Cost $12,297,919) |  |  |  |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **EXCHANGE-TRADED FUNDS – 0.1%** | **EXCHANGE-TRADED FUNDS – 0.1%** | **EXCHANGE-TRADED FUNDS – 0.1%** | **EXCHANGE-TRADED FUNDS – 0.1%** | **EXCHANGE-TRADED FUNDS – 0.1%** |
|  | **Capital Markets – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363507 | Invesco Preferred ETF<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4078548 |
|  | (Cost $4,462,557) |  |  |  |

---

---

| | |
|:---|:---|
| **Total Investments – 98.7%<br>**  | &nbsp;&nbsp;&nbsp;5946251105 |
| (Cost $6,989,719,367) |  |
| **Net Other Assets and Liabilities – 1.3%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80444528 |
| **Net Assets – 100.0%<br>**  | $6026695633 |

---

(a) Perpetual maturity.

(b) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at October 31, 2022. At a predetermined date, the fixed rate will
change to a floating rate or a variable rate.

(c) Floating or variable rate security.

(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").

(e) 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 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 October 31, 2022, securities noted as such amounted to $1,483,525,355 or 24.6% of net assets.

(f) This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At October 31, 2022,
securities noted as such amounted to $1,516,911,889 or 25.2% of net assets. Of these securities, 3.3% originated in emerging markets, and 96.7% originated in foreign markets.

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

(h) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions
exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements).

(i) These notes are Senior Payment-in-kind ("PIK") Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in
cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum ("Cash Interest Rate") and PIK interest will accrue on the notes at a rate per annum equal
to the Cash Interest Rate plus 75 basis points. For the fiscal year ended October 31, 2022 this security paid all of its interest in cash.

LIBOR London Interbank Offered Rate

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Preferred Securities and Income ETF (FPE)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| $25 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Electric Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;$68335454 | &nbsp;&nbsp;&nbsp;&nbsp;$55430407 | &nbsp;&nbsp;&nbsp;&nbsp;$12905047 | $— |
| &nbsp;&nbsp;Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361258945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318697894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42561051 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Multi-Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103538791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81423017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22115774 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Wireless Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26137598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9600855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16536743 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Other Industry Categories\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871359493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871359493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $100 Par Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19826832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19826832 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $1,000 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162539158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162539158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Diversified Financial Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7860500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7860500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4220237999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4220237999 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89089890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89089890 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11987897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11987897 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Exchange-Traded Funds\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4078548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4078548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $5946251105 | &nbsp;&nbsp;$1503129372 | $4443121733 | $— |

---

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$1,000 PAR PREFERRED SECURITIES – 2.1%** | **$1,000 PAR PREFERRED SECURITIES – 2.1%** | **$1,000 PAR PREFERRED SECURITIES – 2.1%** | **$1,000 PAR PREFERRED SECURITIES – 2.1%** | **$1,000 PAR PREFERRED SECURITIES – 2.1%** |
|  | **Banks – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014 | Bank of America Corp., Series L<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5818546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | Wells Fargo & Co., Series L<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7760099 |
|  | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13578645 |
|  | (Cost $16,550,864) |  |  |  |
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES – 90.1%** | **CAPITAL PREFERRED SECURITIES – 90.1%** | **CAPITAL PREFERRED SECURITIES – 90.1%** | **CAPITAL PREFERRED SECURITIES – 90.1%** | **CAPITAL PREFERRED SECURITIES – 90.1%** |
|  | **Banks – 37.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;$4950000 | Australia & New Zealand Banking Group Ltd. (b) (c) (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744785 |
| &nbsp;&nbsp;&nbsp;&nbsp;1145000 | Australia & New Zealand Banking Group Ltd. (c) (d) (e)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097531 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (d)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 7.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691647 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Banco Mercantil del Norte S.A. (b) (c) (d)<br>| 8.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219491 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Banco Santander S.A. (c) (d)<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412657 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400000 | Banco Santander S.A. (c) (d) (e)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177250 |
| &nbsp;&nbsp;&nbsp;&nbsp;3656000 | Bank of America Corp., Series RR (d)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943080 |
| &nbsp;&nbsp;&nbsp;&nbsp;3968000 | Bank of America Corp., Series TT (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759680 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400000 | Bank of America Corp., Series X (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270063 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200000 | Bank of Nova Scotia (The) (d)<br>| 4.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975175 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400000 | Bank of Nova Scotia (The) (d)<br>| 8.63% | 10/27/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419828 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Bank of Nova Scotia (The), Series 2 (d)<br>| 3.63% | 10/27/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706301 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300000 | Barclays PLC (c) (d)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532281 |
| &nbsp;&nbsp;&nbsp;&nbsp;6850000 | Barclays PLC (c) (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950938 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Barclays PLC (c) (d)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887500 |
| &nbsp;&nbsp;&nbsp;11829000 | Barclays PLC (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160045 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400000 | Barclays PLC (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | BBVA Bancomer S.A. (b) (c) (d)<br>| 5.88% | 09/13/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586495 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | BNP Paribas S.A. (b) (c) (d)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143972 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | BNP Paribas S.A. (b) (c) (d)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2010000 | BNP Paribas S.A. (b) (c) (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888680 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | BNP Paribas S.A. (b) (c) (d)<br>| 7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309182 |
| &nbsp;&nbsp;&nbsp;&nbsp;6740000 | BNP Paribas S.A. (b) (c) (d)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371559 |
| &nbsp;&nbsp;&nbsp;&nbsp;3195000 | Citigroup, Inc. (d)<br>| 3.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631083 |
| &nbsp;&nbsp;&nbsp;&nbsp;1281000 | Citigroup, Inc. (d)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271393 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Citigroup, Inc., Series D (d)<br>| 5.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Citigroup, Inc., Series M (d)<br>| 6.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936250 |
| &nbsp;&nbsp;&nbsp;&nbsp;6414000 | Citigroup, Inc., Series P (d)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813795 |
| &nbsp;&nbsp;&nbsp;&nbsp;3049000 | Citigroup, Inc., Series W (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579454 |
| &nbsp;&nbsp;&nbsp;&nbsp;2979000 | Citigroup, Inc., Series Y (d)<br>| 4.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493000 | Citizens Financial Group, Inc., Series B (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453629 |
| &nbsp;&nbsp;&nbsp;&nbsp;6170000 | Citizens Financial Group, Inc., Series G (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903664 |
| &nbsp;&nbsp;&nbsp;&nbsp;1358000 | CoBank ACB, Series I (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300285 |
| &nbsp;&nbsp;&nbsp;&nbsp;3185000 | CoBank ACB, Series K (d)<br>| 6.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Commerzbank AG (c) (d) (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343956 |
| &nbsp;&nbsp;&nbsp;&nbsp;2306000 | Credit Agricole S.A. (b) (c) (d)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157217 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Credit Agricole S.A. (c) (d) (e)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990067 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | Credit Agricole S.A. (b) (c) (d)<br>| 8.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196256 |
| &nbsp;&nbsp;&nbsp;&nbsp;4800000 | Danske Bank A.S. (c) (d) (e)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Danske Bank A.S. (c) (d) (e)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | Danske Bank A.S. (c) (d) (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Farm Credit Bank of Texas, Series 3 (b) (d)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709293 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Farm Credit Bank of Texas, Series 4 (b) (d)<br>| 5.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994286 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5264000 | Fifth Third Bancorp, Series H (d)<br>| 5.10% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4807611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | HSBC Holdings PLC (c) (d)<br>| 4.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264880 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | HSBC Holdings PLC (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063500 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | Huntington Bancshares, Inc., Series G (d)<br>| 4.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498140 |
| &nbsp;&nbsp;&nbsp;&nbsp;2950000 | ING Groep N.V. (c) (d)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522557 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | ING Groep N.V. (c) (d)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094761 |
| &nbsp;&nbsp;&nbsp;&nbsp;6570000 | Intesa Sanpaolo S.p.A. (b) (c) (d)<br>| 7.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703781 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | JPMorgan Chase & Co., Series KK (d)<br>| 3.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149750 |
| &nbsp;&nbsp;&nbsp;&nbsp;7241000 | JPMorgan Chase & Co., Series Q (d)<br>| 5.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7078078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | JPMorgan Chase & Co., Series R (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597438 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | Lloyds Banking Group PLC (c) (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412840 |
| &nbsp;&nbsp;&nbsp;&nbsp;4148424 | Lloyds Banking Group PLC (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964913 |
| &nbsp;&nbsp;&nbsp;&nbsp;4340000 | Lloyds Banking Group PLC (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762742 | M&T Bank Corp. (d)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567515 |
| &nbsp;&nbsp;&nbsp;&nbsp;2341000 | M&T Bank Corp., Series G (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693000 | Macquarie Bank Ltd. (b) (c) (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | NatWest Group PLC (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535440 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | NatWest Group PLC (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464556 |
| &nbsp;&nbsp;&nbsp;&nbsp;2425000 | Nordea Bank Abp (b) (c) (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296413 |
| &nbsp;&nbsp;&nbsp;&nbsp;8415000 | PNC Financial Services Group (The), Inc., Series V (d)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991726 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800000 | Societe Generale S.A. (b) (c) (d)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942591 |
| &nbsp;&nbsp;&nbsp;&nbsp;2711000 | Societe Generale S.A. (b) (c) (d)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Societe Generale S.A. (c) (d) (e)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390445 |
| &nbsp;&nbsp;&nbsp;&nbsp;2639000 | Societe Generale S.A. (b) (c) (d)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600462 |
| &nbsp;&nbsp;&nbsp;&nbsp;3800000 | Standard Chartered PLC (b) (c) (d)<br>| 4.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507724 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Standard Chartered PLC (b) (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370200 |
| &nbsp;&nbsp;&nbsp;&nbsp;5070000 | Standard Chartered PLC (b) (c) (d)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645388 |
| &nbsp;&nbsp;&nbsp;&nbsp;7836258 | SVB Financial Group, Series C (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491219 |
| &nbsp;&nbsp;&nbsp;&nbsp;9518000 | SVB Financial Group, Series D (d)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6374955 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Swedbank AB, Series NC5 (c) (d) (e)<br>| 5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463000 | Texas Capital Bancshares, Inc. (d)<br>| 4.00% | 05/06/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401210 |
| &nbsp;&nbsp;&nbsp;&nbsp;4550000 | Toronto-Dominion Bank (The) (d)<br>| 8.13% | 10/31/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615748 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Truist Financial Corp., Series L, 3 Mo. LIBOR + 3.10% (f)<br>| 6.39% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403750 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800000 | Truist Financial Corp., Series N (d)<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021950 |
| &nbsp;&nbsp;&nbsp;&nbsp;3850000 | UniCredit S.p.A. (c) (d) (e)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | UniCredit S.p.A. (b) (d)<br>| 7.30% | 04/02/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | UniCredit S.p.A. (b) (d)<br>| 5.46% | 06/30/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558657 |
| &nbsp;&nbsp;&nbsp;13695000 | Wells Fargo & Co., Series BB (d)<br>| 3.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635614 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;242585073 |
|  | **Capital Markets – 12.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4820000 | Apollo Management Holdings L.P. (b) (d)<br>| 4.95% | 01/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050689 |
| &nbsp;&nbsp;&nbsp;&nbsp;1870000 | Bank of New York Mellon (The) Corp., Series I (d)<br>| 3.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Charles Schwab (The) Corp. (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222500 |
| &nbsp;&nbsp;&nbsp;&nbsp;9627000 | Charles Schwab (The) Corp., Series H (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162488 |
| &nbsp;&nbsp;&nbsp;19309000 | Charles Schwab (The) Corp., Series I (d)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15899031 |
| &nbsp;&nbsp;&nbsp;&nbsp;6243000 | Credit Suisse Group AG (b) (c) (d)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437964 |
| &nbsp;&nbsp;&nbsp;&nbsp;2057000 | Credit Suisse Group AG (b) (c) (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736639 |
| &nbsp;&nbsp;&nbsp;&nbsp;7770000 | Credit Suisse Group AG (b) (c) (d)<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815682 |
| &nbsp;&nbsp;&nbsp;&nbsp;4150000 | Credit Suisse Group AG (b) (c) (d)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688312 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800000 | Credit Suisse Group AG (b) (c) (d)<br>| 9.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7426357 |
| &nbsp;&nbsp;&nbsp;&nbsp;9950000 | Deutsche Bank AG, Series 2020 (c) (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7834378 |
| &nbsp;&nbsp;&nbsp;&nbsp;4730000 | EFG International AG (c) (d) (e)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766144 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Goldman Sachs Group (The), Inc., Series R (d)<br>| 4.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084896 |
| &nbsp;&nbsp;&nbsp;&nbsp;2899000 | Goldman Sachs Group (The), Inc., Series T (d)<br>| 3.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232522 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$3185000 | Goldman Sachs Group (The), Inc., Series U (d)<br>| 3.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2427878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811000 | Morgan Stanley, Series M (d)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782298 |
| &nbsp;&nbsp;&nbsp;&nbsp;2700000 | UBS Group AG (c) (d) (e)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853314 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500000 | UBS Group AG (b) (c) (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4402758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | UBS Group AG (c) (d) (e)<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | UBS Group AG (c) (d) (e)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378435 |
| &nbsp;&nbsp;&nbsp;&nbsp;1425000 | UBS Group AG (b) (c) (d)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381841 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | UBS Group AG (c) (d) (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454570 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81657364 |
|  | **Consumer Finance – 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7192000 | Ally Financial, Inc., Series B (d)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236675 |
| &nbsp;&nbsp;&nbsp;&nbsp;3308000 | Ally Financial, Inc., Series C (d)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232900 |
| &nbsp;&nbsp;&nbsp;&nbsp;2497000 | American Express Co. (d)<br>| 3.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932054 |
| &nbsp;&nbsp;&nbsp;&nbsp;1932000 | Capital One Financial Corp., Series M (d)<br>| 3.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447029 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848658 |
|  | **Diversified Financial Services – 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | American AgCredit Corp. (b) (d)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756250 |
| &nbsp;&nbsp;&nbsp;&nbsp;2775000 | Ares Finance Co. III LLC (b) (d)<br>| 4.13% | 06/30/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113199 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200000 | Capital Farm Credit ACA, Series 1 (b) (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Compeer Financial ACA (b) (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576063 |
| &nbsp;&nbsp;&nbsp;10820000 | Corebridge Financial, Inc. (b) (d)<br>| 6.88% | 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9707810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | Voya Financial, Inc., Series A (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738012 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19471834 |
|  | **Electric Utilities – 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1830000 | Duke Energy Corp. (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633275 |
| &nbsp;&nbsp;&nbsp;&nbsp;1158000 | Edison International, Series B (d)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929295 |
| &nbsp;&nbsp;&nbsp;&nbsp;5462000 | Emera, Inc., Series 16-A (d)<br>| 6.75% | 06/15/76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111733 |
| &nbsp;&nbsp;&nbsp;&nbsp;5711000 | NextEra Energy Capital Holdings, Inc. (d)<br>| 5.65% | 05/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825285 |
| &nbsp;&nbsp;&nbsp;&nbsp;1428000 | Southern (The) Co., Series 21-A (d)<br>| 3.75% | 09/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130886 |
| &nbsp;&nbsp;&nbsp;&nbsp;5372000 | Southern (The) Co., Series B (d)<br>| 4.00% | 01/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681429 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100000 | Southern (The) Co., Series B, 3 Mo. LIBOR + 3.63% (f)<br>| 6.92% | 03/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084500 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (f)<br>| 6.98% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7332926 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28729329 |
|  | **Energy Equipment & Services – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276000 | Transcanada Trust (d)<br>| 5.63% | 05/20/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252457 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Transcanada Trust (d)<br>| 5.50% | 09/15/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2650000 | Transcanada Trust (d)<br>| 5.60% | 03/07/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270361 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205318 |
|  | **Food Products – 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Dairy Farmers of America, Inc. (g)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117501 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Land O'Lakes Capital Trust I (g)<br>| 7.45% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394827 |
| &nbsp;&nbsp;&nbsp;&nbsp;6146000 | Land O'Lakes, Inc. (b)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699616 |
| &nbsp;&nbsp;&nbsp;&nbsp;2220000 | Land O'Lakes, Inc. (b)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Land O'Lakes, Inc. (e)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | Land O'Lakes, Inc. (b)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531103 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192891 |
|  | **Insurance – 13.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Allianz SE (b) (d)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772341 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$2000000 | Asahi Mutual Life Insurance Co. (d) (e)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1951800 |
| &nbsp;&nbsp;&nbsp;&nbsp;3858000 | Assurant, Inc. (d)<br>| 7.00% | 03/27/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678102 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300000 | Assured Guaranty Municipal Holdings, Inc. (b) (d)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | Assured Guaranty Municipal Holdings, Inc. (d) (e)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556299 |
| &nbsp;&nbsp;&nbsp;&nbsp;5170000 | AXIS Specialty Finance LLC (d)<br>| 4.90% | 01/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200263 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000000 | CNP Assurances (d) (e)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679598 |
| &nbsp;&nbsp;&nbsp;&nbsp;1332000 | Enstar Finance LLC (d)<br>| 5.75% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186488 |
| &nbsp;&nbsp;&nbsp;12538000 | Enstar Finance LLC (d)<br>| 5.50% | 01/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9871168 |
| &nbsp;&nbsp;&nbsp;10245000 | Global Atlantic Fin Co. (b) (d)<br>| 4.70% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575309 |
| &nbsp;&nbsp;&nbsp;&nbsp;4300000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (f)<br>| 5.03% | 02/12/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568955 |
| &nbsp;&nbsp;&nbsp;&nbsp;2464000 | Kuvare US Holdings, Inc. (b) (d)<br>| 7.00% | 02/17/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482480 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | La Mondiale SAM (d) (e)<br>| 5.88% | 01/26/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896060 |
| &nbsp;&nbsp;&nbsp;&nbsp;6850000 | Lancashire Holdings Ltd. (d) (e)<br>| 5.63% | 09/18/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110100 |
| &nbsp;&nbsp;&nbsp;&nbsp;7300000 | Liberty Mutual Group, Inc. (b) (d)<br>| 4.13% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538182 |
| &nbsp;&nbsp;&nbsp;&nbsp;2501000 | Markel Corp. (d)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397698 |
| &nbsp;&nbsp;&nbsp;&nbsp;2900000 | MetLife, Inc. (b)<br>| 9.25% | 04/08/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328386 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (f)<br>| 5.95% | 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381875 |
| &nbsp;&nbsp;&nbsp;&nbsp;7247000 | Progressive (The) Corp., Series B (d)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6742102 |
| &nbsp;&nbsp;&nbsp;10415000 | Prudential Financial, Inc. (d)<br>| 6.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506868 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | QBE Insurance Group Ltd. (b) (d)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008723 |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | QBE Insurance Group Ltd. (d) (e)<br>| 6.75% | 12/02/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | QBE Insurance Group Ltd. (d) (e)<br>| 5.88% | 06/17/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (f)<br>| 5.96% | 12/15/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844155 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88389571 |
|  | **Mortgage Real Estate Investment Trusts – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2830000 | Scentre Group Trust 2 (b) (d)<br>| 4.75% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396359 |
| &nbsp;&nbsp;&nbsp;&nbsp;4220000 | Scentre Group Trust 2 (b) (d)<br>| 5.13% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230198 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626557 |
|  | **Multi-Utilities – 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6927000 | Algonquin Power & Utilities Corp. (d)<br>| 4.75% | 01/18/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543782 |
| &nbsp;&nbsp;&nbsp;&nbsp;6878000 | CenterPoint Energy, Inc., Series A (d)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948000 | CMS Energy Corp. (d)<br>| 3.75% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | Dominion Energy, Inc., Series B (d)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156663 |
| &nbsp;&nbsp;&nbsp;&nbsp;2406000 | NiSource, Inc. (d)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225550 |
| &nbsp;&nbsp;&nbsp;&nbsp;2381000 | Sempra Energy (d)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166889 |
| &nbsp;&nbsp;&nbsp;&nbsp;6973000 | Sempra Energy (d)<br>| 4.13% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260178 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22503810 |
|  | **Oil, Gas & Consumable Fuels – 8.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7710000 | Buckeye Partners L.P. (d)<br>| 6.38% | 01/22/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216072 |
| &nbsp;&nbsp;&nbsp;&nbsp;7006000 | DCP Midstream Operating L.P. (b) (d)<br>| 5.85% | 05/21/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788338 |
| &nbsp;&nbsp;&nbsp;&nbsp;1026000 | Enbridge, Inc. (d)<br>| 6.25% | 03/01/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907663 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | Enbridge, Inc. (d)<br>| 7.63% | 01/15/83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660690 |
| &nbsp;&nbsp;&nbsp;&nbsp;7398000 | Enbridge, Inc., Series 16-A (d)<br>| 6.00% | 01/15/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664852 |
| &nbsp;&nbsp;&nbsp;&nbsp;4475000 | Enbridge, Inc., Series 20-A (d)<br>| 5.75% | 07/15/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965342 |
| &nbsp;&nbsp;&nbsp;&nbsp;1395000 | Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (f)<br>| 5.80% | 11/01/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041228 |
| &nbsp;&nbsp;&nbsp;&nbsp;1878000 | Energy Transfer L.P., Series A (d)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Energy Transfer L.P., Series B (d)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 |
| &nbsp;&nbsp;&nbsp;&nbsp;8372000 | Energy Transfer L.P., Series F (d)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188864 |
| &nbsp;&nbsp;&nbsp;&nbsp;6603000 | Energy Transfer L.P., Series G (d)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728000 | Energy Transfer L.P., Series H (d)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627900 |
| &nbsp;&nbsp;&nbsp;&nbsp;4715000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (f)<br>| 5.86% | 06/01/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946247 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$2771000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (f)<br>| 5.91% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2443135 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54581015 |
|  | **Trading Companies & Distributors – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9900000 | AerCap Holdings N.V. (d)<br>| 5.88% | 10/10/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8921484 |
| &nbsp;&nbsp;&nbsp;&nbsp;1127000 | Air Lease Corp., Series B (d)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942061 |
| &nbsp;&nbsp;&nbsp;&nbsp;2940000 | Aircastle Ltd. (b) (d)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213375 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12076920 |
|  | **Transportation Infrastructure – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2722000 | AerCap Global Aviation Trust (b) (d)<br>| 6.50% | 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489950 |
|  | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;584358290 |
|  | (Cost $658,153,220) |  |  |  |
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 1.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.7%** |
|  | **Insurance – 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;11900342 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (b) (h)<br>| 7.63% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11229979 |
|  | (Cost $12,479,928) |  |  |  |
| **CORPORATE BONDS AND NOTES – 0.3%** | **CORPORATE BONDS AND NOTES – 0.3%** | **CORPORATE BONDS AND NOTES – 0.3%** | **CORPORATE BONDS AND NOTES – 0.3%** | **CORPORATE BONDS AND NOTES – 0.3%** |
|  | **Insurance – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2168000 | AmTrust Financial Services, Inc.<br>| 6.13% | 08/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113676 |
|  | (Cost $2,181,882) |  |  |  |

---

---

| | |
|:---|:---|
| **Total Investments – 94.2%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;611280590 |
| (Cost $689,365,894) |  |
| **Net Other Assets and Liabilities – 5.8%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37755228 |
| **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;$649035818 |

---

(a) Perpetual maturity.

(b) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the
"1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has
been determined to be liquid by First Trust Advisors L.P., (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is
determined based on security specific factors and assumptions, which require subjective judgment. At October 31, 2022, securities noted as such amounted to $177,185,662 or 27.3% of net assets.

(c) This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At October 31, 2022,
securities noted as such amounted to $172,049,720 or 26.5% of net assets. Of these securities, 1.9% originated in emerging markets, and 98.1% originated in foreign markets.

(d) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at October 31, 2022. At a predetermined date, the fixed rate will
change to a floating rate or a variable rate.

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

(f) Floating or variable rate security.

(g) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions
exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements).

(h) These notes are Senior Payment-in-kind ("PIK") Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in
cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum ("Cash Interest Rate") and PIK interest will accrue on the notes at a rate per annum equal
to the Cash Interest Rate plus 75 basis points. For the fiscal year ended October 31, 2022, this security paid all of its interest in cash.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Institutional Preferred Securities and Income ETF (FPEI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022
LIBOR London Interbank Offered Rate

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| $1,000 Par Preferred Securities\*<br>| &nbsp;&nbsp;$13578645 | &nbsp;&nbsp;$13578645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| Capital Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 584358290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584358290 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11229979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11229979 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113676 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $611280590 | &nbsp;&nbsp;$13578645 | $597701945 | $— |

---

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Statements of Assets and Liabilities

#### October 31, 2022

---

| | | |
|:---|:---|:---|
|  | **First Trust<br> Preferred<br> Securities<br> and Income<br> ETF<br> (FPE)** | &nbsp;&nbsp;**First Trust<br> Institutional<br> Preferred<br> Securities<br> and Income<br> ETF<br> (FPEI)** |
| **ASSETS:** |  |  |
| Investments, at value<br>| $5946251105 | $611280590 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31403654 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61723715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22004813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;6044036424 | &nbsp;&nbsp;&nbsp;&nbsp;659306245 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12947138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17340791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10270427 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$6026695633 | &nbsp;&nbsp;$649035818 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital<br>| $7254646672 | $733398041 |
| Par value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 |
| Accumulated distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;(1231582589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84738223) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$6026695633 | &nbsp;&nbsp;$649035818 |
| **NET ASSET VALUE, per share<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.26 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37600002 |
| Investments, at cost<br>| &nbsp;&nbsp;$6989719367 | &nbsp;&nbsp;$689365894 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Statements of Operations

#### For the Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**First Trust<br> Preferred<br> Securities<br> and Income<br> ETF<br> (FPE)** | &nbsp;&nbsp;**First Trust<br> Institutional<br> Preferred<br> Securities<br> and Income<br> ETF<br> (FPEI)** |
| **INVESTMENT INCOME:** |  |  |
| Interest | &nbsp;&nbsp;$301367196 | &nbsp;&nbsp;$32039723 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112895943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830022 |
| Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414103501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32870580 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60708917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4869787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60708917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869787 |
| **NET INVESTMENT INCOME (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353394584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000793 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112639122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5614594) |
| &nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2311328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114950428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5614594) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1384334348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96752605) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;(1499284776) | &nbsp;&nbsp;&nbsp;&nbsp;(102367199) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | &nbsp;&nbsp;$(1145890192) | &nbsp;&nbsp;$(74366406) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Preferred Securities<br> and Income ETF (FPE)** | **First Trust Preferred Securities<br> and Income ETF (FPE)** | &nbsp;&nbsp;**First Trust Institutional Preferred<br> Securities and Income ETF (FPEI)** | &nbsp;&nbsp;**First Trust Institutional Preferred<br> Securities and Income ETF (FPEI)** |
|  | **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$353394584 | &nbsp;&nbsp;$299216791 | &nbsp;&nbsp;$28000793 | &nbsp;&nbsp;$16636653 |
| Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114950428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57939076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5614594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321122 |
| Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp; (1384334348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290784331 | &nbsp;&nbsp;&nbsp;&nbsp; (96752605) | &nbsp;&nbsp;&nbsp;&nbsp; 14036111 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1145890192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647940198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74366406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32993886 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (343498173) | &nbsp;&nbsp;&nbsp;&nbsp; (286189376) | &nbsp;&nbsp;&nbsp;&nbsp; (26784009) | &nbsp;&nbsp;&nbsp;&nbsp; (15669405) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13679185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12681882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1398898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (847307) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357177358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298871258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28182907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16516712) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718008516 | &nbsp;&nbsp;&nbsp;&nbsp; 1987661883 | &nbsp;&nbsp;&nbsp;&nbsp; 317318641 | &nbsp;&nbsp;&nbsp;&nbsp; 191421574 |
| Cost of shares redeemed <br>| &nbsp;&nbsp;&nbsp;&nbsp; (886491469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60917203) | &nbsp;&nbsp;&nbsp;&nbsp; (58151167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) in net assets resulting from shareholder transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168482953) | &nbsp;&nbsp;&nbsp;&nbsp;1926744680 | &nbsp;&nbsp;&nbsp;&nbsp;259167474 | &nbsp;&nbsp;&nbsp;&nbsp;191421574 |
| Total increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp; (1671550503) | &nbsp;&nbsp;&nbsp;&nbsp; 2275813620 | &nbsp;&nbsp;&nbsp;&nbsp; 156618161 | &nbsp;&nbsp;&nbsp;&nbsp; 207898748 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7698246136 | &nbsp;&nbsp;&nbsp;&nbsp; 5422432516 | &nbsp;&nbsp;&nbsp;&nbsp; 492417657 | &nbsp;&nbsp;&nbsp;&nbsp; 284518909 |
| End of period<br>| &nbsp;&nbsp;&nbsp;$6026695633 | &nbsp;&nbsp;$7698246136 | &nbsp;&nbsp;$649035818 | &nbsp;&nbsp;$492417657 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281905000 | &nbsp;&nbsp;&nbsp;&nbsp; 24000002 | &nbsp;&nbsp;&nbsp;&nbsp; 14700002 |
| Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97550000 | &nbsp;&nbsp;&nbsp;&nbsp; 16700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300000 |
| Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37600002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Financial Highlights

#### For a share outstanding throughout each period

#### First Trust Preferred Securities and Income ETF (FPE) <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.13 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00) (a) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.76 |
| **Total return (b)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $6026696 | &nbsp;&nbsp;&nbsp;&nbsp;$7698246 | &nbsp;&nbsp;&nbsp;&nbsp;$5422433 | &nbsp;&nbsp;&nbsp;&nbsp;$4678519 | &nbsp;&nbsp;&nbsp;&nbsp;$3374372 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56% |
| Portfolio turnover rate (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

(a) Amount is less than $0.01.

(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.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Financial Highlights (Continued)

#### For a share outstanding throughout each period

#### First Trust Institutional Preferred Securities and Income ETF (FPEI) <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;$20.52 | &nbsp;&nbsp;&nbsp;&nbsp;$19.36 | &nbsp;&nbsp;&nbsp;&nbsp;$19.85 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 | &nbsp;&nbsp;&nbsp;&nbsp;$20.26 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$17.26 | &nbsp;&nbsp;&nbsp;&nbsp;$20.52 | &nbsp;&nbsp;&nbsp;&nbsp;$19.36 | &nbsp;&nbsp;&nbsp;&nbsp;$19.85 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $649036 | &nbsp;&nbsp;&nbsp;&nbsp;$492418 | &nbsp;&nbsp;&nbsp;&nbsp;$284519 | &nbsp;&nbsp;&nbsp;&nbsp;$235178 | &nbsp;&nbsp;&nbsp;&nbsp;$93757 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36% |
| Portfolio turnover rate (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

(a) 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.

(b) 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

------

[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Notes to Financial Statements

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
1. Organization

First Trust Exchange-Traded Fund III (the "Trust") is a diversified open-end management investment company organized as a Massachusetts business trust on January 9, 2008, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of seventeen funds that are offering shares. This report covers the two funds (each a "Fund" and collectively, the "Funds") listed below, each a diversified series of the Trust and listed and traded on NYSE Arca, Inc.

First Trust Preferred Securities and Income ETF – (ticker "FPE")

First Trust Institutional Preferred Securities and Income ETF – (ticker "FPEI")

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. The investment objective of each Fund is to seek total return and to provide current income.

Under normal market conditions, FPE seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in preferred securities and income-producing debt securities, including corporate bonds, high-yield securities (commonly referred to as "junk" bonds) and convertible securities.

Under normal market conditions, FPEI seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in institutional preferred securities and income-producing debt securities, including hybrid capital securities, contingent capital securities, U.S. and non-U.S. corporate bonds and convertible securities.

There can be no assurance that a Fund will achieve its investment objective. The Funds may not be appropriate for all investors.

2. Significant Accounting Policies

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board 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. Domestic debt securities and 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:

Preferred stocks, real estate investment trusts ("REITs"), exchange-traded funds and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock Market LLC ("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.

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[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
Bonds, notes, capital preferred 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.

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.

Securities traded in an over-the-counter market are valued at the mean of their most recent bid and asked price, if available, and otherwise at their 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 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.

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#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
If the securities in question are foreign securities, the following additional information may be considered:

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

2) ADR trading of similar securities;

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

4) foreign currency exchange activity;

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

6) factors relating to the event that precipitated the pricing problem;

7) whether the event is likely to recur;

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

9) 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:

• 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.

• 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.

• 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 October 31, 2022, is included with each Fund's Portfolio of Investments.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

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.

Distributions received from a Fund's investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

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#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
The United Kingdom's Financial Conduct Authority (the "FCA"), which regulates the London Interbank Offered Rates ("LIBOR"), announced on March 5, 2021 that it intended to phase-out all LIBOR reference rates, beginning December 31, 2021. Since that announcement, the FCA has ceased publication of all non-USD LIBOR reference rates and the 1-week and 2-month USD LIBOR reference rates as of December 31, 2021. The remaining USD LIBOR settings will cease to be published or no longer be representative immediately after June 30, 2023. The International Swaps and Derivatives Association, Inc. ("ISDA") confirmed that the FCA's March 5, 2021 announcement of its intention to cease providing LIBOR reference rates, constituted an index cessation event under the Interbank Offered Rates ("IBOR") Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks Protocol for all 35 LIBOR settings and confirmed that the spread adjustment to be used in ISDA fallbacks was fixed as of the date of the announcement.

In the United States, the Alternative Reference Rates Committee (the "ARRC"), a group of market participants convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York in cooperation with other federal and state government agencies, has since 2014 undertaken efforts to identify U.S. dollar reference interest rates as alternatives to LIBOR and to facilitate the mitigation of LIBOR-related risks. In June 2017, the ARRC identified the Secured Overnight Financing Rate ("SOFR"), a broad measure of the cost of cash overnight borrowing collateralized by U.S. Treasury securities, as the preferred alternative for U.S. dollar LIBOR. The Federal Reserve Bank of New York began daily publishing of SOFR in April 2018. There is no assurance that any alternative reference rate, including SOFR, will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity.

At this time, it is not possible to predict the full impact of the elimination of LIBOR and the establishment of an alternative reference rate on each Fund or its investments.

C. Restricted Securities

The Funds invest 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 October 31, 2022, the Funds held restricted securities 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 Funds do 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. There are no unrestricted securities with the same maturity dates and yields for these issuers.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Par Amount** | &nbsp;&nbsp;**Current Price** | &nbsp;&nbsp;**Carrying<br> Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| **FPE** |  |  |  |  |  |  |
| Dairy Farmers of America, Inc., 7.13% | &nbsp;&nbsp;09/15/16-12/10/21 | &nbsp;&nbsp;$10700000 | &nbsp;&nbsp;$93.13 | &nbsp;&nbsp;$10903500 | &nbsp;&nbsp;$9964383 | &nbsp;&nbsp;0.17% |
| Fortegra Financial Corp., 8.50%, 10/15/57 | &nbsp;&nbsp;10/12/17-03/12/18 | &nbsp;&nbsp;&nbsp;&nbsp;13700000 | &nbsp;&nbsp;&nbsp;&nbsp;101.68 | &nbsp;&nbsp;&nbsp;&nbsp;13718771 | &nbsp;&nbsp;&nbsp;&nbsp;13929920 | &nbsp;&nbsp;0.23 |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/28 | &nbsp;&nbsp;03/20/15-07/23/21 | &nbsp;&nbsp;&nbsp;&nbsp;25362000 | &nbsp;&nbsp;&nbsp;&nbsp;99.63 | &nbsp;&nbsp;&nbsp;&nbsp;27279432 | &nbsp;&nbsp;&nbsp;&nbsp;25268287 | &nbsp;&nbsp;0.42 |
|  |  |  |  | &nbsp;&nbsp;$51901703 | &nbsp;&nbsp;$49162590 | &nbsp;&nbsp;0.82% |
| **FPEI** |  |  |  |  |  |  |
| Dairy Farmers of America, Inc., 7.13% | &nbsp;&nbsp;01/21/21-12/08/21 | &nbsp;&nbsp;$1200000 | &nbsp;&nbsp;$93.13 | &nbsp;&nbsp;$1222750 | &nbsp;&nbsp;$1117501 | &nbsp;&nbsp;0.17% |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/28 | &nbsp;&nbsp;05/04/18-07/21/21 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;99.63 | &nbsp;&nbsp;&nbsp;&nbsp;1534736 | &nbsp;&nbsp;&nbsp;&nbsp;1394827 | &nbsp;&nbsp;0.21 |
|  |  |  |  | &nbsp;&nbsp;$2757486 | &nbsp;&nbsp;$2512328 | &nbsp;&nbsp;0.38% |

---

D. 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

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#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
in unrealized appreciation (depreciation) on foreign currency translation" on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are shown in "Net realized gain (loss) on foreign currency transactions" on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuation 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.

E. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid monthly by each Fund, 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. A 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, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br> paid from<br> Ordinary<br> Income | &nbsp;&nbsp;Distributions<br> paid from<br> Capital<br> Gains | &nbsp;&nbsp;Distributions<br> paid from<br> Return of<br> Capital |
| First Trust Preferred Securities and Income ETF<br>| $343498173 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13679185 |
| First Trust Institutional Preferred Securities and Income ETF<br>| &nbsp;&nbsp;&nbsp; 26784009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1398898 |

---

The tax character of distributions paid by each Fund during the fiscal year ended October 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br> paid from<br> Ordinary<br> Income | &nbsp;&nbsp;Distributions<br> paid from<br> Capital<br> Gains | &nbsp;&nbsp;Distributions<br> paid from<br> Return of<br> Capital |
| First Trust Preferred Securities and Income ETF<br>| $286189376 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12681882 |
| First Trust Institutional Preferred Securities and Income ETF<br>| &nbsp;&nbsp;&nbsp; 15669405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847307 |

---

As of October 31, 2022, the components of distributable earnings on a tax basis for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed<br> Ordinary<br> Income | &nbsp;&nbsp;Accumulated<br> Capital and<br> Other<br> Gain (Loss) | &nbsp;&nbsp;Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| First Trust Preferred Securities and Income ETF<br>| $— | &nbsp;&nbsp;$(214257211) | &nbsp;&nbsp;$(1017325378) |
| First Trust Institutional Preferred Securities and Income ETF<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8287742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76450481) |

---

F. 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.

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#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
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. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, 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.

The Funds intend to utilize provisions of the federal income tax laws, which allow them 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 Funds are 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, 2022, for federal income tax purposes, the Funds had a capital loss carryforward available that is shown in the table below, to the extent provided by regulations, to offset future capital gains.

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| | |
|:---|:---|
|  | Non-Expiring<br> Capital Loss<br> Carryforward |
| First Trust Preferred Securities and Income ETF<br>| $214257211 |
| First Trust Institutional Preferred Securities and Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8287742 |

---

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2022, the adjustments for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated<br> Net<br> Investment<br> Income (Loss) | &nbsp;&nbsp;Accumulated<br> Net Realized<br> Gain (Loss)<br> on Investments | &nbsp;&nbsp;Paid-in<br> Capital |
| First Trust Preferred Securities and Income ETF<br>| $(6911595) | &nbsp;&nbsp;$12408769 | &nbsp;&nbsp;$(5497174) |
| First Trust Institutional Preferred Securities and Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; (390200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312 |

---

As of October 31, 2022, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | &nbsp;&nbsp;Gross<br> Unrealized<br> Appreciation | &nbsp;&nbsp;Gross<br> Unrealized<br> (Depreciation) | &nbsp;&nbsp;Net Unrealized<br> Appreciation<br> (Depreciation) |
| First Trust Preferred Securities and Income ETF<br>| $6963576483 | &nbsp;&nbsp;$15290845 | &nbsp;&nbsp;$(1032616223) | &nbsp;&nbsp;$(1017325378) |
| First Trust Institutional Preferred Securities and Income ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 687731071 | &nbsp;&nbsp;&nbsp;&nbsp; 1062984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77513465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76450481) |

---

G. Expenses

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

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.

Stonebridge Advisors LLC ("Stonebridge" or the "Sub-Advisor"), a majority-owned 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 and the Advisor, First Trust will supervise Stonebridge and its management of the investment of each

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#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
Fund's assets and will pay Stonebridge for its services as each Fund's sub-advisor. First Trust is responsible for each Fund's expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a 12b-1 plan, if any, and extraordinary expenses. Each Fund has agreed to pay First Trust an annual unitary management fee equal to 0.85% of its average daily net assets. Stonebridge receives a sub-advisory fee equal to 0.425% of the average daily net assets of each Fund less Stonebridge's share of the Fund's expenses. The Sub-Advisor's fee is paid by the Advisor out of the Advisor's management fee. First Trust also provides fund reporting services to each Fund for a flat annual fee in the amount of $9,250, which is covered under the annual unitary management fee.

First Trust Capital Partners, LLC ("FTCP"), an affiliate of First Trust, owns a 51% ownership interest in Stonebridge.

The Trust has multiple service agreements with Brown Brothers Harriman & Co. ("BBH"). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Funds. As custodian, BBH is responsible for custody of each Fund's assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.

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 Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee 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 Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

4. Purchases and Sales of Securities

For the fiscal year ended October 31, 2022, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| First Trust Preferred Securities and Income ETF | $2441753882 | &nbsp;&nbsp;$2468501685 |
| First Trust Institutional Preferred Securities and Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 410206421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169285828 |

---

For the fiscal year ended October 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| First Trust Preferred Securities and Income ETF | $62800994 | $95561336 |
| First Trust Institutional Preferred Securities and Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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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 large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation ("NSCC") 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

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[**Table of Contents**](#JOB_10-31_7391a08e-d9b6-4604-80de-2b35fe5f7380_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
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, each 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 Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or to provide 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 28, 2024.

7. Borrowings

The Trust, on behalf of First Trust Preferred Securities and Income ETF, along with First Trust Series Fund and First Trust Exchange-Traded Fund IV, have a $305 million Credit Agreement with The Bank of Nova Scotia ("Scotia") as administrative agent for a group of lenders. Between March 2, 2022 and October 30, 2022, the commitment amount was $280 million, and prior to March 2, 2022, the commitment amount was $355 million. Scotia charges a commitment fee of 0.25% 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 fiscal year ended October 31, 2022.

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 to the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:

At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Funds. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee each Fund pays to First Trust, as investment manager, will be discounted as the Fund's net assets reach certain predefined levels. 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 Stonebridge will be reduced to reflect the reduction in the Advisor's management fee.

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Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund III:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust Preferred Securities and Income ETF and First Trust Institutional Preferred Securities and Income ETF (the "Funds"), each a series of the First Trust Exchange-Traded Fund III, including the portfolios of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img30f6fb1e5.jpg)

Chicago, Illinois

December 22, 2022

We have served as the auditor of one or more First Trust investment companies since 2001.

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#### Additional Information

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

#### Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund's website at <u>www.ftportfolios.com</u>; and (3) on the Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

#### Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at <u>www.sec.gov</u>. Each Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

#### Federal Tax Information
For the taxable year ended October 31, 2022, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:

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| | |
|:---|:---|
|  | Dividends<br> Received Deduction |
| First Trust Preferred Securities and Income ETF<br>| 30.67% |
| First Trust Institutional Preferred Securities and Income ETF<br>| 28.63% |

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For the taxable year ended October 31, 2022, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:

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| | |
|:---|:---|
|  | Qualified<br> Dividend Income |
| First Trust Preferred Securities and Income ETF<br>| 63.30% |
| First Trust Institutional Preferred Securities and Income ETF<br>| 67.43% |

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A portion of the ordinary dividends (including short-term capital gains) that FPE paid to shareholders during the taxable year ended October 31, 2022, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, section 199A for the aggregate dividends the Fund received from the underlying Real Estate Investment Trusts (REITs) it invests in.

#### Risk Considerations
**Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund's investment objective, risks, charges and expenses, and read each Fund's prospectus and statement of additional information carefully. You can download each Fund's prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.**

**Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.**

**Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.**

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
**Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.**

**Defined Outcome Funds Risk. To the extent a fund's investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor's investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund's share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.**

**Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.**

**Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.**

**ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.**

**Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.**

**Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund's shares.**

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
**Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.**

**Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.**

**LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.**

**Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.**

**Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund's shares and result in increased market volatility. During any such events, a fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund's shares may widen.**

**Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.**

**Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund's ability to meet its investment objective. Although the funds and the funds' investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.**

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
**Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.**

**Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company's capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.**

**Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NOT FDIC INSURED** | &nbsp;&nbsp;**NOT BANK GUARANTEED** | &nbsp;&nbsp;**MAY LOSE VALUE** |

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#### Advisory and Sub-Advisory Agreements

#### Board Considerations Regarding Approval of Continuation of Investment Management and Investment Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the "Advisory Agreement" and collectively, the "Advisory Agreements") with First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreements (as applicable to a specific Fund, the "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements" and together with the Advisory Agreements, the "Agreements") among the Trust, the Advisor and Stonebridge Advisors LLC (the "Sub-Advisor") on behalf of the following two series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Preferred Securities and Income ETF (FPE)

First Trust Institutional Preferred Securities and Income ETF (FPEI)

The Board approved the continuation of the applicable Agreements for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined for each Fund that the continuation of the applicable Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the sub-advisory fee rate as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor 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

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's unitary fee.

In reviewing the applicable Agreements for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the applicable Agreements. With respect to the Advisory Agreements, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of each Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreements, the Board noted that each Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund's investments. In addition to the written materials provided by the Sub-Advisor, at the June 12–13, 2022 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to each Fund, including the Sub-Advisor's day-to-day management of the Funds' investments. In considering the Sub-Advisor's management of the Funds, the Board noted the background and experience of the Sub-Advisor's portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed each Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate payable by each Fund under the applicable Advisory Agreement for the services provided. The Board noted that the sub-advisory fee for each Fund is paid by the Advisor from the Fund's unitary fee. The Board considered that as part of the unitary fee the Advisor is 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 applicable Advisory Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for each Fund was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Groups, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rates overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and Sub-Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information comparing each Fund's performance for periods ended December 31, 2021 to the performance of the funds in its Performance Universe and to that of a blended benchmark index. Based on the information provided,

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
the Board noted that FPE outperformed its Performance Universe median for the one-, three- and five-year periods ended December 31, 2021, and that FPEI outperformed its Performance Universe median for the one- and three-year periods ended December 31, 2021. The Board also noted that FPE outperformed its blended benchmark index for the one-year period ended December 31, 2021 and underperformed its blended benchmark index for the three- and five-year periods ended December 31, 2021, and that FPEI outperformed its blended benchmark index for the one-year period ended December 31, 2021 and underperformed its blended benchmark index for the three-year period ended December 31, 2021.

On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to each Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds and noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Funds. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2021 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has an ownership interest in the Sub-Advisor 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 considered the Advisor's compensation for fund reporting services provided to each Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's expenses in providing sub-advisory services to each Fund and noted the Sub-Advisor's hiring of additional personnel and the Sub-Advisor's statement that it would add resources as needed if it experiences enough asset growth. The Board did not review the profitability of the Sub-Advisor with respect to each Fund. The Board noted that the Advisor pays the Sub-Advisor for each Fund from its unitary fee and its understanding that each Fund's sub-advisory fee rate was the product of an arm's length negotiation. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered indirect benefits that may be realized by the Sub-Advisor from its relationship with the Funds, including potential indirect benefits to the Sub-Advisor from the ownership interest of FTCP in the Sub-Advisor. The Board noted the Sub-Advisor's statements that its relationship with the Advisor has helped it build relationships with Wall Street firms that have preferred and hybrid securities trading desks, which may lead to access to those firms' research reports and analysts, but that the Sub-Advisor does not utilize soft-dollar arrangements. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

#### Board Considerations Regarding Approval of Amendments to the Investment Management and Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the amendment (as applicable to a specific Fund, the "Advisory Agreement Amendment" and collectively, the "Advisory Agreement Amendments") of the Investment Management Agreements (as applicable to a specific Fund, the "Advisory Agreement" and collectively, the "Advisory Agreements") with First Trust Advisors L.P. (the "Advisor") and the amendment (as applicable to a specific Fund, the "Sub-Advisory Agreement Amendment" and collectively, the "Sub-Advisory Agreement Amendments" and together with the Advisory Agreement Amendments, the "Amendments") of the Investment Sub-Advisory Agreements (as applicable to a specific Fund, the "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements" and together with the Advisory Agreements, the "Agreements") among the Trust, the Advisor and Stonebridge Advisors LLC (the "Sub-Advisor") on behalf of the following two series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Preferred Securities and Income ETF (FPE)

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
First Trust Institutional Preferred Securities and Income ETF (FPEI)

The Board approved the applicable Amendments for each Fund at a meeting held on October 24, 2022. As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendments at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022. Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendments, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.

In reviewing the Advisory Agreement Amendment for each Fund, the Board considered that the purpose of the Advisory Agreement Amendments is to modify the unitary fee rate for each Fund under the applicable Advisory Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by each Fund to the Advisor will be reduced as assets of such Fund meet certain thresholds. In reviewing the Sub-Advisory Agreement Amendment for each Fund, the Board considered that the purpose of the Sub-Advisory Agreement Amendments is to modify the sub-advisory fee rate for each Fund under the applicable Sub-Advisory Agreement to reflect the modification of the unitary fee rate schedule under the applicable Advisory Agreement Amendment. The Board noted the Advisor's representations that the quality and quantity of the services provided to each Fund by the Advisor under the applicable Advisory Agreement and by the Sub-Advisor under the applicable Sub-Advisory Agreement will not be reduced or modified as a result of the applicable Advisory Agreement Amendment and the applicable Sub-Advisory Agreement Amendment, and that the obligations of the Advisor under each Advisory Agreement and the obligations of the Sub-Advisor under each Sub-Advisory Agreement will remain the same in all respects.

The Board noted that it, including the Independent Trustees, last approved the continuation of the applicable Agreements for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board noted that in connection with such approval it had determined for each Fund, based upon the information provided, that the terms of the applicable Agreements were fair and reasonable and that the continuation of the applicable Agreements was in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendments are fair and reasonable and that the Amendments are in the best interests of each Fund.

#### Remuneration
First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of the it manages (the "Funds"), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2021, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $3,842,012. This figure is comprised of $147,843 paid (or to be paid) in fixed compensation and $3,694,169 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include $1,973,004 paid (or to be paid) to senior management of First Trust Advisors L.P. and $1,869,008 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Fund (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

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#### Board of Trustees and Officers<br>

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Trust** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson, Trustee<br> (1951) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | &nbsp;&nbsp;223 |  |
| Thomas R. Kadlec, Trustee<br> (1957) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
| Denise M. Keefe, Trustee<br> (1964) | &nbsp;&nbsp;• Indefinite Term<br>• Since 2021 | &nbsp;&nbsp;Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021) |
| Robert F. Keith, Trustee<br> (1956) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;President, Hibs Enterprises (Financial and Management Consulting) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Formerly, Director of Trust Company of Illinois |
| Niel B. Nielson, Trustee<br> (1954) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | &nbsp;&nbsp;223 |  |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(1)</sup>, Trustee and<br> Chairman of the Board<br> (1955) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | &nbsp;&nbsp;223 |  |

---

<sup>(1)</sup> Mr. Bowen is deemed an "interested person" of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

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#### Board of Trustees and Officers (Continued)<br>

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position and Offices with Trust** | &nbsp;&nbsp;**Term of Office and Length of Service** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** |
| **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** |
| James M. Dykas<br> (1966) | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
| Donald P. Swade<br> (1972) | &nbsp;&nbsp;Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| W. Scott Jardine<br> (1960) | &nbsp;&nbsp;Secretary and Chief Legal Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
| Daniel J. Lindquist<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Kristi A. Maher<br> (1966) | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

---

| | | | |
|:---|:---|:---|:---|
| Roger F. Testin<br> (1966) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Stan Ueland<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

<sup>(2)</sup> The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

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#### Privacy Policy

#### First Trust Preferred Securities and Income ETF (FPE)

#### October 31, 2022 (Unaudited)

#### Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

#### Sources of Information
We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of "cookies." For example, we may identify the pages on our website that your browser requests or visits.

#### Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

#### Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

#### Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust's website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust's website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <u>Google Analytics</u> and <u>AddThis</u>.

#### Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

#### Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to <u>www.ftportfolios.com</u>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2022

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![](imgca47f84b1.jpg)

## First Trust Exchange-Traded Fund III

#### INVESTMENT ADVISOR
First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

#### INVESTMENT SUB-ADVISOR
Stonebridge Advisors LLC

10 Westport Road, Suite C101

Wilton, CT 06897

#### ADMINISTRATOR, CUSTODIAN,<br> FUND ACCOUNTANT &<br> TRANSFER AGENT
Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

#### INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, IL 60606

#### LEGAL COUNSEL
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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![](img8ee32d871.jpg)

## First Trust Exchange-Traded Fund III
First Trust Managed Municipal ETF (FMB)

 *Annual Report<br> For the Year Ended<br> October 31, 2022* 

------

**Table of Contents**

#### First Trust Managed Municipal ETF (FMB)

#### Annual Report

#### October 31, 2022

---

| | |
|:---|:---|
| [Shareholder Letter](#xx_7d244810-a864-4bfb-a3ef-b1bacfcc1e4c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Fund Performance Overview](#xx_a4786f8f-440c-4147-9c86-3e86de60162b_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Portfolio Commentary](#xx_7ac2b3e3-bcb4-4b59-a0e0-b73873551a06_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Understanding Your Fund Expenses](#xx_5a308f0c-d5f1-4ac4-8a59-c183f7b44550_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Portfolio of Investments](#xx_1801f3cf-c777-4783-965e-df9770665aef_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Statement of Assets and Liabilities](#xx_11858dc8-a171-43fb-af2a-4516681dcc5c_1)<br>| &nbsp;&nbsp;46 |
| [Statement of Operations](#xx_4416ebe3-a153-4e36-9c56-6a159978148e_1)<br>| &nbsp;&nbsp;47 |
| [Statements of Changes in Net Assets](#xx_75f4ade4-eeac-426c-b9a4-1dc579a491ab_1)<br>| &nbsp;&nbsp;48 |
| [Financial Highlights](#xx_5fe76ac3-925e-496f-99e8-bbedbb488e55_1)<br>| &nbsp;&nbsp;49 |
| [Notes to Financial Statements](#xx_12a8fa6f-5767-4e0b-a2ed-e0d7b8bfd069_1)<br>| &nbsp;&nbsp;50 |
| [Report of Independent Registered Public Accounting Firm](#xx_5ef76e8b-78f6-4700-9778-c40a3ea19fbc_1)<br>| &nbsp;&nbsp;57 |
| [Additional Information](#xx_b6031d89-dcb3-45a2-afa4-9112443760b5_1)<br>| &nbsp;&nbsp;58 |
| [Board of Trustees and Officers](#xx_b76190c0-9ff1-4d23-b6d6-fb522da2a435_1)<br>| &nbsp;&nbsp;64 |
| [Privacy Policy](#xx_037d1658-5d99-4251-9027-8acfd7a59d47_1)<br>| &nbsp;&nbsp;66 |

---

#### Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund III (the "Trust") described in this report (First Trust Managed Municipal ETF; hereinafter referred to as the "Fund") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

#### Performance and Risk Disclosure
There is no assurance that 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. See "Risk Considerations" in the Additional Information section of this report for a discussion of certain other risks of 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 <u>www.ftportfolios.com</u> 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.

The Advisor may also periodically provide additional information on Fund performance on the Fund's web page at <u>www.ftportfolios.com</u>.

#### 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 and analysis that provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund's performance. The statistical information that follows may help you understand the Fund's performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

Shareholder Letter

#### First Trust Managed Municipal ETF (FMB)

#### Annual Letter from the Chairman and CEO

#### October 31, 2022
Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust Managed Municipal ETF (the "Fund"), which contains detailed information about the Fund for the twelve months ended October 31, 2022.

As I'm writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no "red wave" (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there's been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.

The Federal Reserve (the "Fed") has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed's actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index ("CPI") is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!

Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500<sup>®</sup> Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500<sup>®</sup> Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

![](img95fb8cc92.jpg)

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

Fund Performance Overview (Unaudited)

First Trust Managed Municipal ETF (FMB)<br>

The First Trust Managed Municipal ETF's (the "Fund") primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long term capital appreciation. The Fund lists and principally trades its shares on The Nasdaq Stock Market, LLC under the ticker symbol "FMB." Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | &nbsp;&nbsp;1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (5/13/14)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | &nbsp;&nbsp;Inception<br> (5/13/14)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-12.47% | 0.44% | 2.16% | 2.21% | &nbsp;&nbsp;19.82% |
| Market Price | &nbsp;&nbsp;-12.61% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;2.14% | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;19.67% |
| **Index Performance** |  |  |  |  |  |
| Bloomberg Revenue 10 Year (8-12) Index | &nbsp;&nbsp;-10.46% | 0.72% | 1.96% | 3.66% | &nbsp;&nbsp;17.84% |

---

Total returns for the period since inception are calculated from the inception date of the Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived by the Advisor.

The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed 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 outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint of the national best bid and offer price ("NBBO") as of the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund's NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund's NAV was calculated. Since shares of the Fund did not trade in the secondary market until after its inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the index. 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. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future performance.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Managed Municipal ETF (FMB) (Continued)<br>

---

| | |
|:---|:---|
| **Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments<br> (including cash)** |
| Hospital | &nbsp;&nbsp;&nbsp;&nbsp;14.1% |
| Insured | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Government Obligation Bond - Unlimited Tax | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Dedicated Tax | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Certificates of Participation | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Utility | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Continuing Care Retirement Communities | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Special Assessment | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Water & Sewer | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Higher Education | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Pre-refunded/Escrowed-to-maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Industrial Development Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Government Obligation Bond - Limited Tax | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Toll Road | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Mass Transit | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Student Housing | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Tax Increment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Local Housing | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Hotel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Port | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Other Health | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pool | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Stadium | &nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\* Amount is less than 0.1%.

---

| | |
|:---|:---|
| **Credit Quality<sup>(1)</sup>** | &nbsp;&nbsp;**% of Total<br> Investments<br> (including cash)** |
| AAA | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| AA | &nbsp;&nbsp;&nbsp;&nbsp;34.5 |
| A | &nbsp;&nbsp;&nbsp;&nbsp;31.6 |
| BBB | &nbsp;&nbsp;&nbsp;&nbsp;11.4 |
| BB | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| B | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Short Rated only | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;96.0% |
| Net Other Assets and Liabilities\*\* | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\*\* Includes variation margin on futures contracts.

------

<sup>(1)</sup> The credit quality and ratings information presented above reflect the ratings assigned 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. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. 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.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Managed Municipal ETF (FMB) (Continued)<br>

![](img08824ab23.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance. Performance in municipal bond investment strategies can be impacted from the benefits of purchasing odd lot positions. The impact of these investments can be particularly meaningful when funds have limited assets under management and may not be a sustainable source of performance as a fund grows in size.

#### Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Portfolio Commentary

#### First Trust Managed Municipal ETF (FMB)

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Advisor
First Trust Advisors L.P. ("First Trust" or the "Advisor") serves as the investment advisor to the First Trust Managed Municipal ETF (the "Fund"). First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

#### Portfolio Management Team

#### Johnathan N. Wilhelm, Senior Vice President, Senior Portfolio Manager

#### Tom Byron, Senior Vice President, Portfolio Manager
The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Johnathan N. Wilhelm has served as part of the portfolio management team of the Fund since 2014. Tom Byron has served as a portfolio manager of the Funds since March 2022. Effective June 30, 2022, Tom Futrell retired as a senior portfolio manager of the Fund.

#### Commentary
The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. The Fund invests at least 65% of its net assets in securities that are investment grade rated at the time of purchase or that are unrated but deemed by the Fund's advisor to be of comparable quality. This commentary discusses the 12-month market performance and the Fund's performance ended October 31, 2022.

#### Market Recap
For the 12-month period ended October 31, 2022, municipal bonds generated a total return of -11.98% as measured by the Bloomberg Municipal Bond Index. During the same period, the Bloomberg Revenue 10 Year (8-12 years) Index and Bloomberg High Yield 10-Year (8-12 years) Index produced returns of -10.46% and -11.69%, respectively. By comparison, the Bloomberg U.S. Treasury Index generated a -14.09% return during the same period. The following have been major factors in explaining the municipal bond market's performance:

• Over the past year, U.S. Treasury rates increased all along the yield curve and municipal interest rates followed U.S. Treasury yields higher. During the 12-month period ended October 31, 2022, 10-Year
and 30-Year U.S. Treasury yields increased by approximately 250 basis points ("bps") and 224 bps, respectively, to 4.05% and 4.17%, respectively.

• Large industry-wide mutual fund and ETF outflows resulted in funds selling municipal bonds to meet redemptions which put additional pressure on municipal bond prices. For the 12-month period ended
October 31, 2022, municipal fund outflows totaled approximately $115.6 billion.

• According to data from Municipal Market Analytics, Inc., the number of municipal bond defaults was lower year-to-date compared to a year ago while the par value of defaulted bonds rose modestly. Through
October 26, 2022, the number and par value of municipal bond defaults totaled 42 and $3.14 billion, respectively, compared with 61 defaults and $2.80 billion for the same period a year ago.

• New issue municipal bond supply has been lower year-to-date compared to year ago figures. Through October 31, 2022, year-to-date issuance was $333.9 billion, down approximately 17% compared to the same
period a year ago.

• As a result of these factors, municipal bond yields rose, credit spreads widened and municipal bond prices declined.

#### Performance Analysis
The Fund's net asset value ("NAV") and market performance for the 12-month period October 31, 2022, was -12.47% and -12.61%, respectively, versus the Bloomberg Revenue 10 Year (8-12) Index (the "Benchmark") return of -10.46% during the same time period. As of October 31, 2022, the Fund's market price of $48.30 represented a discount of 0.12% to its NAV of $48.36. The market value of the Fund's shares fluctuates from time to time and may be higher or lower than the Fund's NAV. The Fund's monthly distribution of $0.116 on October 31, 2022, represented a tax-exempt annualized distribution rate of 2.88% based on the Fund's closing market price of $48.30. The Fund's distribution rate is not constant and is subject to change over time based on the performance of the Fund and general market conditions.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Portfolio Commentary (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### Annual Report

#### October 31, 2022 (Unaudited)
From a portfolio construction perspective, the Fund maintains an underweight position in the highest quality issuers ("AA" and "AAA" rated) versus its Benchmark and is overweight the Benchmark in terms of "A," "BBB," as well as below investment grade and non-rated bonds. The Fund may allocate up to 35% of its net assets to credits that are either rated below investment grade or are non-rated and deemed to be of comparable quality at the time of purchase. The Fund's underweight investments in "AA" rated, an overweight in "A," "BBB" and non-rated high yield municipal securities were significant negative detractors to Fund performance for the period.

The Fund's modified duration on October 31, 2022, was approximately 6.13 years compared to the modified duration of its Benchmark index of 5.44 years. The Fund's effective duration on October 31, 2022, was approximately 6.43 years versus the Benchmark index of 5.63 years. The Fund's underweight exposure to municipal securities with effective durations between 1 to 5 years, and overweight exposure 7 years and longer, were significant negative contributors to the Fund's performance over the 12-month period ended October 31, 2022. The Fund's overweight allocation to municipal securities with effective durations of 0 to 1 year was a positive contributor to Fund performance over the same period. The Fund's overweight to municipal securities maturing 18 years and longer also was a significant negative contributor to performance over the past 12-month period. The Fund's use of Treasury future hedges was a positive contributor to Fund performance during the 12-month period ending October 31, 2022.

Sectors within the municipal market that were the primary detractors from Fund performance over the period included Health Care, Transportation, Utilities, Special Tax, and Education. During the same period, no sectors were positive contributors to the Fund's performance.

#### Market Outlook
According to Fed Funds Futures (Bloomberg WIRP function), as of October 18, 2022, approximately 7 to 8 25-basis point interest rate hikes are expected from November 2, 2022, through March 22, 2023. During the remainder of 2022 and first quarter of 2023, we expect longer U.S. Treasury rates to become range-bound. For example, regarding the 10-Year U.S. Treasury, we expect the bond to trade within a range of 3.75%-4.25% and would not be surprised if the yield curve inverts more significantly whereby 2-Year yields are significantly higher than 10-Year yields. We expect the Federal Reserve (the "Fed") to raise interest rates by 75 bps at their November 2022 meeting, and another 50 bps at their December 2022 meeting, plus additional 25-50 bps of interest rate hikes in early 2023. If these interest rate increases occur, the Federal Funds target rate will end the year at approximately 4.25%-4.50%. Thus, we expect short term U.S. Treasury rates to be significantly higher than 10-Year Treasury rates by year-end. During 2023, given our expectation for slower U.S. economic growth and declining inflation, we would expect U.S. Treasury rates in the longer portion of the yield curve to decline.

Regarding municipal bonds, rates have also increased dramatically during the first ten months of 2022. As of October 31, 2022, AAA 5-Year, 10-Year, and 30-Year municipal rates have increased by approximately 264 bps, 235 bps, and 262 bps, respectively, to 3.24%, 3.39% and 4.12%, respectively. During the remainder of 2022, we believe municipal rates will become range-bound or even rally if two key events occur: (1) U.S. Treasury rates do in fact stabilize within a reasonably tight range; and (2) mutual fund/ETF outflows moderate. We believe that municipal rates and taxable equivalent yields are now attractive for high wage earners. If we see rates stabilize, we believe retail investors will begin purchasing municipal bonds more aggressively and fund outflows will moderate. For the fourth quarter of 2022 and first half of 2023, we do expect the municipal market to produce positive total returns, as we expect interest rates to become broadly stable or range-bound, and the additional coupon income generated from higher interest rates and coupon payments to offset any relatively small declines in municipal bond prices. We especially like "A" rated municipal bonds in certain sectors which have seen distinct credit spread widening, including hospitals, airports, and gas bonds.

Credit quality remains healthy in the municipal bond market. Defaults and credit rating downgrades remain favorable. Therefore, credits spreads widening or narrowing should be primarily driven by the direction of U.S. Treasury rates and municipal mutual fund/ETF fund flows. However, given an expected slowdown in the U.S. economy, we will focus on municipal credits with leading market positions, growing utilization statistics, and healthy balance sheets. Within the high yield municipal universe, we will focus on higher credit quality securities and reduce exposure to lower rated high yield borrowers.

With this in mind, we continue to practice the discipline of our investment process where we perform fundamental credit analysis and quantitative total return scenario analysis on individual bonds and the portfolio as a whole, looking for bonds that can provide both high income and attractive total return potential over time.

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Understanding Your Fund Expenses

#### October 31, 2022 (Unaudited)
As a shareholder of the First Trust Managed Municipal ETF (the "Fund"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2022.

#### Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.

#### Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value<br> May 1, 2022** | &nbsp;&nbsp;**Ending<br> Account Value<br> October 31, 2022** | &nbsp;&nbsp;**Annualized<br> Expense Ratio<br> Based on the<br> Six-Month<br> Period (a)** | &nbsp;&nbsp;**Expenses Paid<br> During the<br> Six-Month<br> Period (b)** |
| **First Trust Managed Municipal ETF (FMB)** | **First Trust Managed Municipal ETF (FMB)** | **First Trust Managed Municipal ETF (FMB)** | **First Trust Managed Municipal ETF (FMB)** | **First Trust Managed Municipal ETF (FMB)** |
| Actual | $1000.00 | &nbsp;&nbsp;$952.50 | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$2.46 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1022.68 | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$2.55 |

---

(a) These expense ratios reflect expense waivers. See Note 3 in the Notes to Financial Statements.

(b) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2022 through October
31, 2022), multiplied by 184/365 (to reflect the six-month period).

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS – 96.0%** | **MUNICIPAL BONDS – 96.0%** | **MUNICIPAL BONDS – 96.0%** | **MUNICIPAL BONDS – 96.0%** | **MUNICIPAL BONDS – 96.0%** |
|  | **Alabama – 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$225000 | AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, BAM<br>| 4.00% | 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$220552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT<br>| 5.00% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513313 |
| &nbsp;&nbsp;&nbsp;&nbsp;2380000 | AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT<br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | Birmingham AL Wtrwks Brd Wtr Rev Ref Sr, Ser A (Pre-refunded maturity 01/01/27)<br>| 4.00% | 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963061 |
| &nbsp;&nbsp;&nbsp;&nbsp;7070000 | Black Belt Energy Gas Dist AL Gas Prepay Rev Proj #5, Ser A-1 (Mandatory put 10/01/26)<br>| 4.00% | 10/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6792773 |
| &nbsp;&nbsp;&nbsp;&nbsp;7695000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj Rev Bonds, Proj No. 7, Ser C-1 (Mandatory put 12/01/26) <br>| 4.00% | 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409983 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj, Ser E<br>| 5.00% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014918 |
| &nbsp;&nbsp;&nbsp;&nbsp;4600000 | Columbia AL Indl Dev Brd Poll Control Rev Var Ref AL Pwr Co Proj, Ser B (a)<br>| 1.72% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Columbia AL Indl Dev Brd Pollcontrol Rev Var Ref AL Pwr Co Proj, Ser A (a)<br>| 1.72% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500000 | Eutaw AL Indl Dev Brd Poll Control Rev Adj Ref Ala Pwr Co Pj (a)<br>| 1.72% | 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Gulf Shores AL Ref Warrants, Ser A<br>| 5.00% | 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Gulf Shores AL Ref Warrants, Ser A<br>| 5.00% | 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A<br>| 4.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth Sys Inc, Ser A<br>| 5.00% | 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM<br>| 4.00% | 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM<br>| 4.00% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708139 |
| &nbsp;&nbsp;&nbsp;&nbsp;1445000 | Lower AL Gas Dist Gas Proj Rev, Ser A<br>| 5.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455231 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Midcity Impt Dist AL Spl Assmnt Rev<br>| 4.50% | 11/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Mobile AL Impt Dist Sales Tax Rev McGowin Park Proj, Ser A<br>| 5.00% | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Mobile Cnty AL Impt Warrants (Pre-refunded maturity 08/01/25)<br>| 5.00% | 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522815 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref<br>| 4.00% | 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696150 |
| &nbsp;&nbsp;&nbsp;&nbsp;1565000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref<br>| 4.00% | 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1605000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref<br>| 4.00% | 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930900 |
| &nbsp;&nbsp;&nbsp;&nbsp;1395000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref<br>| 4.00% | 11/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781200 |
| &nbsp;&nbsp;&nbsp;&nbsp;1765000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref<br>| 4.00% | 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1840000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref<br>| 4.00% | 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | SE AL St Gas Sply Dist Gas Sply Rev Proj #1, Ser A (Mandatory put 04/01/24)<br>| 4.00% | 04/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108502 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser A (Mandatory put 06/01/24)<br>| 4.00% | 06/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959437 |
| &nbsp;&nbsp;&nbsp;&nbsp;6050000 | SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put 10/01/28)<br>| 4.00% | 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650639 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | SE Energy Auth AL Cmdy Sply Rev Proj #4, Ser B-1 (Mandatory put 08/01/28)<br>| 5.00% | 05/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970044 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Southeast Energy Auth AL Cmdy Sply Rev Var Proj No 3 (Mandatory put 12/01/29) (b)<br>| 5.50% | 01/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517086 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | Troy AL Ref Warrants, BAM<br>| 4.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B<br>| 5.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108029 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Alabama (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5000000 | UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B2<br>| 5.00% | 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5047571 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66335432 |
|  | **Alaska – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1880000 | AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham Hydroelectric Proj, AMT<br>| 4.00% | 01/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1<br>| 4.00% | 06/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390925 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1<br>| 4.00% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291063 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491306 |
|  | **Arizona – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1205000 | AZ Brd of Rgts Univ AZ Sys Rev Green Bond, Ser B<br>| 5.00% | 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265187 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (c)<br>| 5.00% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c)<br>| 4.00% | 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c)<br>| 4.00% | 07/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red Rock Cmps Proj, Ser A (c)<br>| 5.00% | 07/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Social Bonds, Ser A<br>| 4.00% | 07/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (c)<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c)<br>| 5.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884350 |
| &nbsp;&nbsp;&nbsp;&nbsp;1030000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (c)<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c)<br>| 4.00% | 07/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c)<br>| 4.00% | 07/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & Skye Canyon Cmps Proj, Ser A (c)<br>| 4.00% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | AZ St Indl Dev Auth Edu Rev, Ser A (c)<br>| 4.00% | 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A <br>| 5.00% | 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430184 |
| &nbsp;&nbsp;&nbsp;&nbsp;1005000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A <br>| 5.00% | 11/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A <br>| 5.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A <br>| 4.00% | 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A <br>| 4.00% | 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657385 |
| &nbsp;&nbsp;&nbsp;&nbsp;3800000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A <br>| 4.00% | 11/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133018 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | AZ St Indl Dev Auth Rev Lincoln S Beltway Proj<br>| 5.00% | 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058927 |
| &nbsp;&nbsp;&nbsp;&nbsp;1985000 | AZ St Indl Dev Auth Rev Lincoln S Beltway Proj<br>| 5.00% | 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106258 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | AZ St Indl Dev Auth Rev Lincoln S Beltway Proj<br>| 5.00% | 05/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066618 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | AZ St Indl Dev Auth Rev Lincoln S Beltway Proj<br>| 5.00% | 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069078 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth Svcs, Ser A<br>| 5.00% | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855381 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | Maricopa Cnty AZ Elem Sch Dist #25 Liberty, Ser A, AGM<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ Projs, Ser C<br>| 5.00% | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj<br>| 4.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj<br>| 4.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj<br>| 4.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422449 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Arizona (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj<br>| 4.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$650132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj<br>| 4.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905417 |
| &nbsp;&nbsp;&nbsp;&nbsp;1025000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj<br>| 4.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Greathearts AZ Projs, Ser A<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty Learning Ctr Proj<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch Proj<br>| 4.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459602 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c)<br>| 5.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018894 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c)<br>| 5.00% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs Paragon Mgmt Inc (c)<br>| 4.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385700 |
| &nbsp;&nbsp;&nbsp;&nbsp;1475000 | Maricopa Cnty AZ Spl Hlthcare Dist Aka Maricopa Integrated Hlth Sys, Ser C<br>| 5.00% | 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs Projs, Ser A (c)<br>| 4.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286883 |
| &nbsp;&nbsp;&nbsp;&nbsp;3655000 | Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c)<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551236 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC Proj, Ser A (c)<br>| 4.00% | 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00% | 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix Stdt Hsg LLC AZ St Univ Proj, Ser A <br>| 5.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201450 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe Proj, Ser A<br>| 4.00% | 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771222 |
| &nbsp;&nbsp;&nbsp;&nbsp;1435000 | Yavapai Cnty AZ Jail Dist Rev, BAM<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545331 |
| &nbsp;&nbsp;&nbsp;&nbsp;1030000 | Yavapai Cnty AZ Jail Dist Rev, BAM<br>| 4.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034568 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47902683 |
|  | **Arkansas – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | AR Dev Fin Auth Hlthcare Rev Baptist Hlth<br>| 4.00% | 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Univ of Central Arkansas AR Rev, Ser A, AGM<br>| 5.00% | 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362203 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873026 |
|  | **California – 7.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4500000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser A-1 (Mandatory put 08/01/28) <br>| 4.00% | 05/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A <br>| 5.00% | 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A <br>| 5.00% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A <br>| 5.00% | 06/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234034 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A <br>| 4.00% | 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A <br>| 4.00% | 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr Ref, Ser A<br>| 5.00% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459857 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs Proj, Ser C (c)<br>| 4.50% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)<br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480708 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)<br>| 5.00% | 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903019 |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (c)<br>| 5.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c)<br>| 4.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c)<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | CA Sch Fin Auth Sch Fac Rev, Ser A (c)<br>| 5.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | CA St<br>| 5.00% | 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj<br>| 4.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204917 |
| &nbsp;&nbsp;&nbsp;&nbsp;2190000 | CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj<br>| 4.00% | 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A<br>| 4.00% | 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | CA St Hlth Facs Fing Auth Rev Ref Sutter Hlth, Ser B<br>| 5.00% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A<br>| 5.00% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620441 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | CA St Infra & Econ Dev Bank Rev Var Brightline W Passenger Rail Proj Remk, Ser A, AMT (Mandatory put 01/26/23) (c)<br>| 0.85% | 01/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch Proj (d)<br>| 5.38% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj (c)<br>| 4.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479545 |
| &nbsp;&nbsp;&nbsp;&nbsp;1515000 | CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A<br>| 5.25% | 08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526562 |
| &nbsp;&nbsp;&nbsp;&nbsp;1805000 | CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A<br>| 5.25% | 08/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811032 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS (b)<br>| 5.25% | 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | CA St Muni Fin Auth Rev Channing House Proj, Ser B<br>| 5.00% | 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209601 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A<br>| 4.00% | 02/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851914 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A<br>| 4.00% | 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A<br>| 5.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504561 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 4.00% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 4.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556572 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 4.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919993 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 4.00% | 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912078 |
| &nbsp;&nbsp;&nbsp;&nbsp;2130000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 4.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894398 |
| &nbsp;&nbsp;&nbsp;&nbsp;3420000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A<br>| 5.00% | 10/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A<br>| 5.00% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | CA St Muni Fin Auth Rev Sr Lien Linxs APM Proj, Ser A, AMT<br>| 5.00% | 06/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664413 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT<br>| 4.00% | 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | CA St Muni Fin Auth Sr Living Rev Ref Mt San Antonio Gardens Proj<br>| 4.00% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191532 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM<br>| 4.00% | 05/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892648 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt Inc, Ser A1, AMT<br>| 3.38% | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972011 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs Remk, Ser A, AMT (Mandatory put 11/01/22) (c)<br>| 2.25% | 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999949 |
| &nbsp;&nbsp;&nbsp;&nbsp;5990000 | CA St Poll Control Fin Auth Wtr Furnishing Rev Plant Bonds, AMT (c)<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621888 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1000000 | CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B<br>| 4.00% | 05/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$949519 |
| &nbsp;&nbsp;&nbsp;&nbsp;4015000 | CA St Ref, AGM<br>| 5.25% | 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Ref, Ser C<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519914 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | CA St Sch Fin Auth Chrt Sch Rev Arts in Action Chrt Schs, Ser A (c)<br>| 5.00% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA St Sch Fin Auth Chrt Sch Rev Summit Pub Schs (c)<br>| 5.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491534 |
| &nbsp;&nbsp;&nbsp;&nbsp;2315000 | CA St Stwd Cmntys Dev Auth Transprtn Rev Total Road Impt Prog, Ser B, COPS, AGM<br>| 5.00% | 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409283 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c)<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c)<br>| 5.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c)<br>| 3.00% | 11/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c)<br>| 5.00% | 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A<br>| 5.00% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A<br>| 5.00% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7<br>| 5.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Chino Vly CA Unif Sch Dist, Ser B<br>| 5.00% | 08/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Chino Vly CA Unif Sch Dist, Ser B<br>| 5.00% | 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263693 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link Glendale Social Bonds, Ser A-2 (c)<br>| 4.00% | 07/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690525 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay Social Bonds, Ser A-2 (c)<br>| 4.00% | 07/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700132 |
| &nbsp;&nbsp;&nbsp;&nbsp;2160000 | Etiwanda CA Sch Dist Cmnty Facs Dist #9 Spl Tax Ref<br>| 5.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini<br>| 4.00% | 09/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini<br>| 4.00% | 09/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch<br>| 4.00% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch<br>| 4.00% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch<br>| 4.00% | 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Fontana CA Spl Tax Spl Tax the Meadows<br>| 4.00% | 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | Fontana CA Spl Tax Spl Tax the Meadows<br>| 4.00% | 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Fontana CA Spl Tax Spl Tax the Meadows<br>| 4.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | Fontana CA Spl Tax Spl Tax the Meadows<br>| 4.00% | 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Foothill-De Anza CA Cmnty Clg Dist Ref, COPS (Pre-refunded maturity 10/01/24)<br>| 5.00% | 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Gilroy CA Unif Sch Dist Election 2016<br>| 4.00% | 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272035 |
| &nbsp;&nbsp;&nbsp;&nbsp;1360000 | Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation Ref Sub, AGM<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A<br>| 5.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A<br>| 5.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126610 |
| &nbsp;&nbsp;&nbsp;&nbsp;2885000 | Kaweah CA Delta Hlthcare Dist Rev, Ser B<br>| 5.00% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Impt Area #1 Mountain House Sch Facs <br>| 5.00% | 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817287 |
| &nbsp;&nbsp;&nbsp;&nbsp;1045000 | Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Mountain House Sch Facs<br>| 4.00% | 09/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | Live Oak CA Sch Dist Santa Cruz Cnty Ref<br>| 5.00% | 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A<br>| 5.25% | 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$4000000 | Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser A, AMT<br>| 5.00% | 05/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3980086 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT<br>| 5.00% | 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535632 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT<br>| 5.50% | 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser B, AMT<br>| 5.00% | 05/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B<br>| 5.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102507 |
| &nbsp;&nbsp;&nbsp;&nbsp;1260000 | Marina Coast CA Wtr Dist Enterprise Rev, COPS<br>| 4.00% | 06/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A<br>| 5.00% | 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1<br>| 5.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1<br>| 5.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1<br>| 5.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168094 |
| &nbsp;&nbsp;&nbsp;&nbsp;1710000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1<br>| 5.00% | 09/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662941 |
| &nbsp;&nbsp;&nbsp;&nbsp;1450000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1<br>| 5.00% | 09/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391352 |
| &nbsp;&nbsp;&nbsp;&nbsp;1315000 | Oak Vly CA Hosp Dist Hlth Facs Rev Ref, Ser A<br>| 4.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax #2018-1 Grantline 208<br>| 5.00% | 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 Cmnty Fac Dt #2018-1 <br>| 4.00% | 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-1, Ser A<br>| 5.00% | 09/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 Phase 2 Pub Impts<br>| 4.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax<br>| 4.00% | 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax<br>| 4.00% | 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Riverside CA Unif Sch Dist Election of 2016, Ser B<br>| 4.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM<br>| 5.00% | 09/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM<br>| 4.00% | 09/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | Roseville CA Spl Tax<br>| 5.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Roseville CA Spl Tax<br>| 5.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt<br>No 1<br>| 4.00% | 09/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt<br>No 1<br>| 4.00% | 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | Roseville CA Spl Tax Vlg CFD #1<br>| 4.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Roseville CA Spl Tax Vlg CFD #1<br>| 4.00% | 09/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Roseville CA Spl Tax Vlg CFD #1<br>| 4.00% | 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | Roseville CA Spl Tax Vlg CFD #1<br>| 4.00% | 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | Roseville CA Spl Tax Vlg CFD #1<br>| 4.00% | 09/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A<br>| 4.00% | 06/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A<br>| 4.00% | 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Sacramento CA Spl Tax<br>| 4.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Sacramento CA Spl Tax<br>| 4.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Sacramento CA Spl Tax<br>| 4.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | Sacramento CA Spl Tax<br>| 4.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473722 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$615000 | Sacramento CA Spl Tax<br>| 4.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$553575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr Complex, Ser C<br>| 5.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | San Diego Cnty CA Ltd Rev Obligs Ref Sanford Burnham Prebys Med Discovery Institute, Ser A <br>| 5.00% | 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | San Diego Cnty CA Regl Arpt Auth Sr, Ser B, AMT (Pre-refunded maturity 07/01/23)<br>| 5.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955665 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | San Diego Cnty CA Regl Transprtn Commn Sales Tax Rev, Ser A<br>| 5.00% | 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311223 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT<br>| 5.00% | 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955886 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT<br>| 5.00% | 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991734 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT<br>| 5.00% | 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | San Francisco CA City & Cnty Dcnty Dev Spl Tax Dist No Mission Rock Fac & Svcs, Ser A (c)<br>| 4.00% | 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1<br>| 4.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1<br>| 4.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1<br>| 4.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1<br>| 4.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1<br>| 4.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1<br>| 4.00% | 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437028 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1, Ser 2021<br>| 4.00% | 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref Mission Bay N Redev Proj, Ser A <br>| 5.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax<br>| 4.00% | 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715950 |
| &nbsp;&nbsp;&nbsp;&nbsp;2110000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A (b)<br>| 5.25% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232638 |
| &nbsp;&nbsp;&nbsp;&nbsp;1665000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A (b)<br>| 5.25% | 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756032 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Sanger CA Fing Auth Wstwtr Rev Ref, AGM (Pre-refunded maturity 06/15/24)<br>| 5.00% | 06/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Simi Vly CA Unif Sch Dist, Ser B<br>| 4.00% | 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Simi Vly CA Unif Sch Dist, Ser B<br>| 4.00% | 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | Tahoe Truckee CA Unif Sch Dist, COPS, BAM<br>| 4.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | Tahoe Truckee CA Unif Sch Dist, COPS, BAM<br>| 4.00% | 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Temecula Vly Unif Sch Dist Fing Auth CA Spl Tax Rev, BAM<br>| 5.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 Impt Area #1<br>| 4.00% | 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384257 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A <br>| 4.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884424 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Asset Securitization Corp Class 1, Ser A <br>| 5.00% | 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014244 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp, Ser A, Class 1 <br>| 5.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Tulare CA Loc Hlthcare Dist Ref, BAM<br>| 4.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | Tustin CA Cmnty Fac Dist Spl Tax Ref #06-1 Legacy Columbus Vlgs, Ser A<br>| 5.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Vacaville CA Unif Sch Dist, Ser D<br>| 4.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Vacaville CA Unif Sch Dist, Ser D<br>| 4.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Vacaville CA Unif Sch Dist, Ser D<br>| 4.00% | 08/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459775 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1050000 | Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, BAM<br>| 5.00% | 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1076533 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;134141821 |
|  | **Colorado – 6.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1125000 | Allison Vly Met Dist #2 CO Ref<br>| 4.70% | 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873721 |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | Bennett Ranch Met Dist #1 CO, Ser A<br>| 5.00% | 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Breckenridge CO Ref, Ser B, COPS<br>| 5.00% | 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243255 |
| &nbsp;&nbsp;&nbsp;&nbsp;1240000 | Breckenridge CO Ref, Ser B, COPS<br>| 4.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130279 |
| &nbsp;&nbsp;&nbsp;&nbsp;1340000 | Brighton Crossing Met Dist #6 CO, Ser A<br>| 5.00% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM<br>| 5.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Cascade Ridge Met Dist CO<br>| 5.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | CO Eductnl & Cultural Auth Rev Ref W Ridge Acdmy Chrt Sch Proj, Ser A<br>| 5.00% | 06/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | CO St Bldg Excellent Schs Today, Ser O, COPS<br>| 5.00% | 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750527 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | CO St Bldg Excellent Schs Today, Ser O, COPS<br>| 4.00% | 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090059 |
| &nbsp;&nbsp;&nbsp;&nbsp;1920000 | CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland Classical Schs Proj (c)<br>| 5.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)<br>| 4.00% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)<br>| 5.00% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669111 |
| &nbsp;&nbsp;&nbsp;&nbsp;2245000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)<br>| 5.00% | 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250920 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)<br>| 5.00% | 12/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857648 |
| &nbsp;&nbsp;&nbsp;&nbsp;1020000 | CO St Eductnl & Cultural Facs Auth Rev Univ Denver Proj, Ser A<br>| 4.00% | 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986386 |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | CO St Hlth Facs Auth Rev Parkview Med Ctr Proj, Ser A<br>| 4.00% | 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294996 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A<br>| 4.00% | 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1<br>| 5.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251900 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1<br>| 4.00% | 08/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850437 |
| &nbsp;&nbsp;&nbsp;&nbsp;3025000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2<br>| 5.00% | 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | CO St Hlth Facs Auth Rev Ref Covenant Retmnt Cmntys, Ser A (Pre-refunded maturity 12/01/22) <br>| 5.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A<br>| 5.00% | 05/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A<br>| 5.00% | 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347091 |
| &nbsp;&nbsp;&nbsp;&nbsp;3215000 | CO St Hlth Facs Auth Rev Ref Sanford Hlth, Ser A<br>| 5.00% | 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379662 |
| &nbsp;&nbsp;&nbsp;10640000 | CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B<br>| 4.00% | 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9756696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada Proj, Ser A<br>| 5.25% | 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | CO St Ref, COPS<br>| 4.00% | 06/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304477 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | CO St, Ser A, COPS<br>| 5.00% | 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699889 |
| &nbsp;&nbsp;&nbsp;&nbsp;1085000 | CO St, Ser A, COPS<br>| 4.00% | 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak<br>| 5.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513207 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak<br>| 5.25% | 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485855 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT<br>| 5.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4997225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT<br>| 5.00% | 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956063 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT<br>| 5.00% | 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985180 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT<br>| 5.50% | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543700 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Denver CO City & Cnty Dedicated Tax Rev, Ser A-1<br>| 5.00% | 08/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Denver CO Hlth & Hosp Auth 550 Acoma Inc, COPS<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618914 |
| &nbsp;&nbsp;&nbsp;&nbsp;1790000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B<br>| 6.00% | 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659822 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr Bonds, Ser A (c)<br>| 5.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Firestone CO Wtr Enterprise Rev Ref, BAM<br>| 4.00% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Firestone CO Wtr Enterprise Rev Ref, BAM<br>| 4.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM<br>| 5.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM<br>| 4.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182197 |
| &nbsp;&nbsp;&nbsp;&nbsp;2735000 | Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A<br>| 5.00% | 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291858 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Independence Met Dist #3 CO, Ser A<br>| 6.25% | 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844655 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Jefferson Ctr CO Met Dist # 1 Spl Rev, Ser A-2<br>| 4.38% | 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | Lakes at Centerra Met Dist No 2 CO Impt, Ser A<br>| 4.63% | 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820039 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lanterns Met Dist #1 CO Sr, Ser A<br>| 5.00% | 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Larimer Weld & Boulder Cnty CO Sch Dist #R-2J Thompson<br>| 5.00% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Lorson Ranch Met Dist #2 CO<br>| 4.00% | 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Lorson Ranch Met Dist #2 CO<br>| 5.00% | 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173330 |
| &nbsp;&nbsp;&nbsp;&nbsp;3260000 | Mirabelle Met Dist #2 CO Sr, Ser A<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888364 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | Nexus N at DIA Met Dist CO<br>| 5.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351983 |
| &nbsp;&nbsp;&nbsp;&nbsp;2460000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A<br>| 5.00% | 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A<br>| 5.00% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A<br>| 5.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A<br>| 5.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157852 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A<br>| 5.00% | 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017285 |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114967 |
| &nbsp;&nbsp;&nbsp;&nbsp;1455000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM<br>| 4.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439011 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM<br>| 4.00% | 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Park Creek CO Met Dist Rev Sr, Ser A<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | Park Creek CO Met Dist Rev Sr, Ser A, NATL-RE<br>| 5.00% | 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30890 |
| &nbsp;&nbsp;&nbsp;&nbsp;1150000 | Peak Met Dist #1 CO, Ser A (c)<br>| 5.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | Pinon Pines Met Dist #2 CO MDD<br>| 5.00% | 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817414 |
| &nbsp;&nbsp;&nbsp;&nbsp;1195000 | Pinon Pines Met Dist #2 CO MDD<br>| 5.00% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977105 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c)<br>| 4.13% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Prairie Ctr Met Dist #7 CO<br>| 4.88% | 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573341 |
| &nbsp;&nbsp;&nbsp;&nbsp;5235000 | Rampart Range CO Met Dist #1 Ltd Tax Supported & Spl Rev Ref & Impt, AGM <br>| 5.00% | 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408058 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Ridgeline Vista Met Dist CO, Ser A<br>| 5.25% | 12/01/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875956 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Riverwalk Metro Dist #2 CO, Ser A<br>| 5.00% | 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097533 |
| &nbsp;&nbsp;&nbsp;&nbsp;2015000 | S Suburban Park & Recreation Dist CO, COPS<br>| 4.00% | 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969538 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A<br>| 6.38% | 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Serenity Ridge CO Met Dist #2 Ref, Ser A (Pre-refunded maturity 12/01/23) (d)<br>| 5.13% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575668 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Sky Ranch Cmnty Auth Brd CO Sr Bonds, Ser A<br>| 5.75% | 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Sterling Hills CO W Met Dist Ref<br>| 5.00% | 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180911 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1800000 | Takoda CO Met Dist Ref<br>| 6.00% | 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1885344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Third Creek Met Dist #1 CO, Ser A-1<br>| 4.50% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Third Creek Met Dist #1 CO, Ser A-1<br>| 4.50% | 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621357 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Thompson Crossing Met Dist #4 CO Ref<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser A<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447986 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | Transport Met Dist #3 CO MDD, Ser 2021-A-1<br>| 5.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892323 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Westerly Met Dist #4 CO Sr, Ser A<br>| 5.00% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191673 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;110776661 |
|  | **Connecticut – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B<br>| 5.00% | 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892672 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | CT St Hlth & Eductnl Facs Auth Rev Fairfield Univ, Ser Q-1<br>| 5.00% | 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265714 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M<br>| 5.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014947 |
| &nbsp;&nbsp;&nbsp;&nbsp;5130000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R<br>| 4.00% | 07/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391676 |
| &nbsp;&nbsp;&nbsp;&nbsp;1030000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R<br>| 4.00% | 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849084 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser S<br>| 5.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046762 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L<br>| 4.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CT St Hlth & Eductnl Facs Auth Rev, Ser A<br>| 5.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512429 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CT St Hlth & Eductnl Facs Auth Rev, Ser A<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024560 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CT St Hlth & Eductnl Facs Auth Rev, Ser A<br>| 4.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909144 |
| &nbsp;&nbsp;&nbsp;&nbsp;4700000 | CT St Hlth & Eductnl Facs Auth Rev, Ser A<br>| 4.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | CT St Hsg Fin Auth Hsg Fin Mtge Prog Ref, Subser A-1<br>| 3.65% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292212 |
| &nbsp;&nbsp;&nbsp;&nbsp;5490000 | CT St Spl Tax Oblig Rev, Ser A<br>| 5.00% | 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740192 |
| &nbsp;&nbsp;&nbsp;&nbsp;1445000 | CT St, Ser A<br>| 5.00% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | CT St, Ser A<br>| 4.00% | 01/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476329 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | CT St, Ser A<br>| 4.00% | 01/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713455 |
| &nbsp;&nbsp;&nbsp;&nbsp;5145000 | CT St, Ser A<br>| 4.00% | 04/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843511 |
| &nbsp;&nbsp;&nbsp;&nbsp;5695000 | CT St, Ser A<br>| 4.00% | 01/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | CT St, Ser E<br>| 4.00% | 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | Hamden CT, BAM<br>| 6.00% | 08/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (c)<br>| 5.00% | 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465148 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Univ of Connecticut CT, Ser A<br>| 5.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556616 |
| &nbsp;&nbsp;&nbsp;&nbsp;3730000 | Univ of Connecticut CT, Ser A<br>| 5.00% | 02/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850920 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49650289 |
|  | **Delaware – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | DE St Hlth Facs Auth Rev Beebe Med Ctr<br>| 5.00% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335045 |
| &nbsp;&nbsp;&nbsp;&nbsp;4335000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A<br>| 5.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501515 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A<br>| 5.00% | 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068648 |
| &nbsp;&nbsp;&nbsp;&nbsp;2077000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (c)<br>| 5.00% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041896 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947104 |
|  | **District of Columbia – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1745000 | Dist of Columbia Wtr & Swr Auth Pub Util Rev Green Bond, Ser A<br>| 5.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827870 |
| &nbsp;&nbsp;&nbsp;&nbsp;3175000 | Met Washington DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT<br>| 5.00% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220270 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Washington DC Met Area Transit Auth Gross Rev<br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | Washington DC Met Area Transit Auth Gross Rev Ref, Ser A-1<br>| 5.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943644 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041992 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida – 6.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$380000 | Academical Vlg CDD FL Spl Assmnt Rev CDD<br>| 2.88% | 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357720 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Academical Vlg CDD FL Spl Assmnt Rev CDD<br>| 3.63% | 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760157 |
| &nbsp;&nbsp;&nbsp;&nbsp;2945000 | Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & Clinics Inc, Ser B-1 <br>| 5.00% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | Alachua Cnty FL Hlth Facs CCRC Auth Ref Oak Hammock at The Univ of FL Inc Proj<br>| 4.00% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438140 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area 1<br>| 4.00% | 05/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Bexley CDD FL Spl Assmnt Rev<br>| 4.10% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | Brookstone CDD FL Spl Assmnt Rev CDD (e)<br>| 3.88% | 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182911 |
| &nbsp;&nbsp;&nbsp;&nbsp;2725000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT<br>| 5.00% | 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686941 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | Broward Cnty FL Port Facs Rev Ref Subord Bond, Ser D, AMT<br>| 5.00% | 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405439 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Coco Palms FL CDD Spl Assmnt<br>| 4.50% | 05/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj<br>| 3.88% | 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471341 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cross Creek N CDD FL Spl Assmnt<br>| 4.50% | 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819028 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cypress Ml Cmnty Dev Dist FL Spl Assmt CDD Assmnt Area Two Proj<br>| 4.00% | 06/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One<br>| 2.50% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382637 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One<br>| 4.00% | 05/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754602 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two<br>| 4.00% | 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2<br>| 2.50% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163987 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A<br>| 3.40% | 11/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892421 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Fallschase Cmnty Dev Dist FL Spl Assmnt<br>| 3.38% | 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A<br>| 4.00% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A<br>| 4.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A<br>| 4.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A<br>| 4.00% | 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A<br>| 4.00% | 07/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | FL St Govtl Util Auth Rev Ref, AGM<br>| 4.00% | 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | FL St Govtl Util Auth Rev Ref, AGM<br>| 4.00% | 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Fort Pierce FL Utils Auth Ref, Ser A, AGM<br>| 5.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Harmony FL CDD Capital Impt Rev Ref, Ser 2015<br>| 4.75% | 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser A-1, AGM<br>| 5.00% | 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I<br>| 5.00% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I<br>| 5.00% | 10/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560368 |
| &nbsp;&nbsp;&nbsp;&nbsp;2970000 | Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I<br>| 4.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Hollywood FL Cmnty Redev Agy Redev Rev Ref<br>| 5.00% | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125615 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Jacksonville FL Hlthcare Facs Rev Ref Baptist Hlth<br>| 5.00% | 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034895 |
| &nbsp;&nbsp;&nbsp;&nbsp;3700000 | Jacksonville FL Spl Rev Ref Spl Rev, Ser A<br>| 5.00% | 10/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871118 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Jacksonville FL Spl Rev Ref Spl Rev, Ser B<br>| 5.00% | 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051085 |
| &nbsp;&nbsp;&nbsp;&nbsp;2980000 | Jea FL Wtr & Swr Rev Ref, Ser A<br>| 4.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Jea FL Wtr & Swr Rev Subord Ref, Ser A<br>| 4.00% | 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Jea FL Wtr & Swr Rev Subord Ref, Ser A<br>| 4.00% | 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Jea FL Wtr & Swr Rev Subord Ref, Ser A<br>| 4.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454100 |
| &nbsp;&nbsp;&nbsp;&nbsp;1230000 | Lakeland FL Hosp Sys Rev Lakeland Regl Hlth (Pre-refunded maturity 11/15/24)<br>| 5.00% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271172 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$155000 | Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Ref Country Club E Proj, AGM<br>| 4.50% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp<br>| 4.00% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430145 |
| &nbsp;&nbsp;&nbsp;&nbsp;1115000 | Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp<br>| 4.00% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031640 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lee Cnty FL Indl Dev Auth Shell Point/Waterside Hlth Proj<br>| 5.00% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Lee Cnty FL Loc Optional Gas Tax Rev<br>| 5.00% | 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307170 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Lee Cnty FL Loc Optional Gas Tax Rev<br>| 5.00% | 08/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Miami FL Spl Oblg Prerefunded Ref (Pre-refunded maturity 03/01/23) (c)<br>| 5.00% | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401718 |
| &nbsp;&nbsp;&nbsp;&nbsp;1265000 | Miami FL Spl Oblg Ref Street & Sidewalk Impt Prog, Ser A, AGM (c)<br>| 5.00% | 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Miami FL Spl Oblg Unrefunded Ref (c)<br>| 5.00% | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | Miami World Ctr CDD FL Spl Assmnt<br>| 4.00% | 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Miami World Ctr CDD FL Spl Assmnt<br>| 4.75% | 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274595 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Miami World Ctr CDD FL Spl Assmnt<br>| 5.13% | 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921914 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000000 | Miami-Dade Cnty FL Aviation Rev Ref<br>| 5.00% | 10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968787 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A<br>| 4.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925904 |
| &nbsp;&nbsp;&nbsp;&nbsp;2625000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser B, AMT<br>| 5.00% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510884 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ Miami, Ser A<br>| 5.00% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj<br>| 5.00% | 01/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj<br>| 5.00% | 01/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540304 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj<br>| 5.00% | 01/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142106 |
| &nbsp;&nbsp;&nbsp;&nbsp;1080000 | Miami-Dade Cnty FL Spl Oblig Sub Ref<br>| 5.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105815 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Miami-Dade Cnty FL Wtr & Swr Rev Ref Sys, Ser B<br>| 4.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484354 |
| &nbsp;&nbsp;&nbsp;&nbsp;2130000 | Miami-Dade Cnty FL Wtr & Swr Rev Sys, Ser A<br>| 4.00% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One<br>| 3.63% | 05/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One<br>| 4.00% | 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748425 |
| &nbsp;&nbsp;&nbsp;&nbsp;1545000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One<br>| 4.50% | 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr Conservation Auth Proj, AGM<br>| 4.00% | 10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | Nthrn Palm Beach Cnty FL Impt Dist<br>| 5.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj<br>| 5.00% | 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj<br>| 5.00% | 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348035 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Inc, Ser A<br>| 5.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys<br>| 5.00% | 08/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855924 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys<br>| 5.00% | 08/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Palm Beach Cnty FL Hlth Facs Auth Hosp Rev Baptist Hlth S FL Oblig Grp<br>| 5.00% | 08/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj<br>| 5.00% | 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj<br>| 5.00% | 11/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740410 |
| &nbsp;&nbsp;&nbsp;&nbsp;1645000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj<br>| 5.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746264 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500000 | Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (c)<br>| 5.88% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | Rhodine Road N CDD FL Spl Assmnt<br>| 3.50% | 05/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | Rhodine Road N CDD FL Spl Assmnt<br>| 4.50% | 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727586 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | Ridge at Apopka Cdd Fl Spl Assmnt <br>| 5.38% | 05/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$465567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area<br>| 3.25% | 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | Rivington CDD FL Spl Assmnt Rev Assmnt Area<br>| 2.88% | 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's Landing Proj, Ser A<br>| 4.00% | 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's Landing Proj, Ser A<br>| 4.00% | 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399494 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's Landing Proj, Ser A<br>| 4.00% | 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878063 |
| &nbsp;&nbsp;&nbsp;10000000 | Saint Lucie Cnty FL Sol Wst Disp Ref FL Pwr & Light Co Pj (a)<br>| 1.83% | 05/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (c)<br>| 4.13% | 06/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287521 |
| &nbsp;&nbsp;&nbsp;&nbsp;1745000 | Sarasota Natl FL CDD Spl Assmnt Ref<br>| 4.00% | 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465801 |
| &nbsp;&nbsp;&nbsp;&nbsp;1615000 | Sawyers Landing CDD FL Spl Assmnt Rev<br>| 4.13% | 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342222 |
| &nbsp;&nbsp;&nbsp;&nbsp;3635000 | Sawyers Landing CDD FL Spl Assmnt Rev<br>| 4.25% | 05/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837834 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (c)<br>| 5.00% | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (c)<br>| 4.00% | 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305522 |
| &nbsp;&nbsp;&nbsp;&nbsp;2730000 | Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two, A Proj<br>| 5.13% | 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691332 |
| &nbsp;&nbsp;&nbsp;&nbsp;1295000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj<br>| 4.00% | 05/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Tallahassee FL Energy Sys Rev Energy Sys<br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 5.00% | 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 5.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 4.00% | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B<br>| 4.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A<br>| 5.00% | 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235988 |
| &nbsp;&nbsp;&nbsp;&nbsp;5035000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A<br>| 5.00% | 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969585 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Tern Bay CDD FL Spl Assmnt<br>| 3.13% | 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912328 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Tern Bay CDD FL Spl Assmnt<br>| 4.00% | 06/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | Timber Creek CDD FL Spl Assmnt Rev (e)<br>| 4.13% | 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | UCF Stadium Corp FL Rev Ref, Ser A<br>| 5.00% | 03/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | Villamar CDD FL Spl Assmnt (d)<br>| 3.75% | 05/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | Vlg FL CDD #6 Spl Assmnt Rev Ref<br>| 4.00% | 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical Univ Inc Proj, Ser A<br>| 4.00% | 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | Westside FL CDD Spl Assmnt Rev Ref (c)<br>| 4.10% | 05/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | WildBlue CDD FL Spl Assmnt (c)<br>| 3.50% | 06/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204576 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;119637592 |
|  | **Georgia – 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | Athens GA Hsg Auth Rev Univ of Georgia Proj<br>| 5.00% | 06/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171883 |
| &nbsp;&nbsp;&nbsp;&nbsp;1145000 | Athens GA Hsg Auth Rev Univ of Georgia Proj<br>| 5.00% | 06/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227483 |
| &nbsp;&nbsp;&nbsp;&nbsp;8980000 | Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, Ser D, AMT<br>| 4.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8153162 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Atlanta GA Arpt Rev Ref, Ser C, AMT<br>| 4.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884187 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Atlanta GA Arpt Rev, Ser A<br>| 5.00% | 07/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Atlanta GA Tax Allocation Ref Eastside Proj (Pre-refunded maturity 01/01/26)<br>| 5.00% | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681805 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | Brookhaven Dev Auth GA Children's Hlthcare of Atlanta, Ser A<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343584 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Vogtle, Ser 1 (a)<br>| 1.79% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Georgia (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$6700000 | Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Vogtle Proj (a)<br>| 1.89% | 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | De Kalb GA Priv Hosp Auth Children's Hlthcare of Atlanta, Ser B<br>| 4.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM<br>| 4.00% | 03/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM<br>| 4.00% | 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM<br>| 4.00% | 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371045 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Fulton Cnty GA Dev Auth Rev Ref Children's Hlthcare of Atlanta, Ser C<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033526 |
| &nbsp;&nbsp;&nbsp;&nbsp;2775000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs<br>| 5.00% | 06/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs<br>| 5.00% | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932749 |
| &nbsp;&nbsp;&nbsp;&nbsp;2525000 | GA St Hsg & Fin Auth Rev SF Mtge, Ser C<br>| 3.25% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A<br>| 5.00% | 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40776 |
| &nbsp;&nbsp;&nbsp;&nbsp;5800000 | Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A<br>| 4.00% | 02/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A<br>| 4.00% | 01/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216307 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A<br>| 4.00% | 01/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | Glynn-Brunswick GA Memorial Hosp Auth Ref Rev Anticipation Ctfs SE GA Hlth Sys Proj<br>| 4.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Main Street Nat Gas Inc GA Gas Rev, Ser A<br>| 5.50% | 09/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177080 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A<br>| 5.00% | 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015410 |
| &nbsp;&nbsp;&nbsp;&nbsp;2630000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A<br>| 5.00% | 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674110 |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/27)<br>| 4.00% | 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570536 |
| &nbsp;&nbsp;&nbsp;14500000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29)<br>| 4.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13371073 |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put 11/01/27) (c)<br>| 4.00% | 08/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM<br>| 4.00% | 01/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM<br>| 4.00% | 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Priv Clgs & Univs Auth GA Ref Mercer Univ Proj<br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291065 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24) <br>| 5.00% | 04/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24) <br>| 5.00% | 04/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511914 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67793442 |
|  | **Guam – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A<br>| 5.00% | 01/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949278 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Guam Intl Arpt Auth Prerefunded Gen, Sec C, AGM, AMT (Pre-refunded maturity 10/01/23)<br>| 6.13% | 10/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Guam Port Auth Port Rev, Ser B, AMT<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308488 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363529 |
|  | **Hawaii – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | HI St Dept of Budget & Fin Spl Purp Rev Ref Hawaiian Elec Co Inc, Ser A, AMT <br>| 3.10% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673646 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Hawaii (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$4980000 | HI St, Ser FG<br>| 4.00% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4951266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | Honolulu City & Cnty HI Wstwtr Sys Rev Ref First Bond Resolution, Ser B<br>| 5.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477270 |
| &nbsp;&nbsp;&nbsp;&nbsp;2450000 | Honolulu City & Cnty HI Wstwtr Sys Rev Ref Sr First Bd Resolution, Ser B<br>| 4.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468614 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570796 |
|  | **Idaho – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp<br>| 5.00% | 09/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955721 |
|  | **Illinois – 4.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | Bolingbrook IL Ref, Ser A<br>| 4.00% | 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182696 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Bolingbrook IL Ref, Ser A, AGM<br>| 5.00% | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074064 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Bolingbrook IL Ref, Ser A, AGM<br>| 5.00% | 01/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Chicago IL Brd of Edu Cap Apprec Sch Reform, Ser B-1, NATL-RE<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 12/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Chicago IL Brd of Edu Ref Dedicated, Ser C<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489063 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Chicago IL Brd of Edu Ref, Ser B<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | Chicago IL O'Hare Intl Arpt Rev Ref Gen Sr Lien, Ser A, AMT<br>| 5.00% | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien O'hare Intl Arpt, Ser C, AMT<br>| 5.00% | 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT<br>| 5.00% | 01/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Chicago IL O'Hare Intl Arpt Rev, Ser C, AMT<br>| 5.00% | 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Chicago IL Ref 2003B Remk<br>| 5.25% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | Chicago IL Ref Proj, Ser A<br>| 5.00% | 01/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184850 |
| &nbsp;&nbsp;&nbsp;&nbsp;1155000 | Chicago IL Ref Proj, Ser A<br>| 5.00% | 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Chicago IL Ref, Ser A<br>| 5.63% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Chicago IL Ref, Ser C<br>| 5.00% | 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | Chicago IL Ref, Ser C<br>| 5.00% | 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | Chicago IL Ref, Ser C<br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | Chicago IL Ref, Ser C, CABS<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 01/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Chicago IL Ref, Ser C, CABS<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114033 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Chicago IL Wtrwks Rev 2nd Lien Remk, BAM<br>| 5.00% | 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626916 |
| &nbsp;&nbsp;&nbsp;&nbsp;2060000 | Chicago IL, Ser A<br>| 5.00% | 01/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058568 |
| &nbsp;&nbsp;&nbsp;&nbsp;2425000 | DuPage & Cook Cntys IL Twp High Sch Dist #86 Hinsdale<br>| 4.00% | 01/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | Hampshire IL Spl Svc Area #14 Spl Tax Ref Lakewood Crossing, BAM<br>| 4.00% | 03/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Hillside IL Tax Incr Rev Ref<br>| 5.00% | 01/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | IL St<br>| 5.00% | 05/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | IL St<br>| 5.00% | 05/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | IL St<br>| 5.00% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A<br>| 5.00% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A<br>| 5.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A<br>| 5.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A<br>| 5.00% | 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304409 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | IL St Fin Auth Rev Centegra Hlth Sys, Ser A (Pre-refunded maturity 09/01/24)<br>| 5.00% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | IL St Fin Auth Rev Loc Govt Prog E Prairie Sch Dist #73 Proj, BAM<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp<br>| 5.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | IL St Fin Auth Rev Ref Presbyterian Homes Oblig Grp, Ser A<br>| 5.00% | 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35406 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1010000 | IL St Fin Auth Rev Sthrn IL Hlthcare, Ser A<br>| 5.00% | 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966505 |
| &nbsp;&nbsp;&nbsp;&nbsp;6600000 | IL St Fin Auth Rev Var Northshore Univ Hlth Sys, Ser B (a)<br>| 1.63% | 08/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6100000 | IL St Fin Auth Rev Var Univ Chicago Med D-2 (a)<br>| 1.64% | 08/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A <br>| 5.00% | 02/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A <br>| 5.00% | 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A <br>| 5.00% | 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | IL St Ref<br>| 4.00% | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | IL St Ref, Ser B<br>| 5.00% | 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116028 |
| &nbsp;&nbsp;&nbsp;&nbsp;2405000 | IL St Sales Tax Rev Junior Oblig, Ser A, BAM<br>| 3.00% | 06/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | IL St Sales Tax Rev Ref Junior Oblig Build IL Bonds, Ser C<br>| 5.00% | 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103757 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | IL St, Ser A<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510662 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | IL St, Ser A<br>| 5.50% | 03/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475205 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | IL St, Ser B<br>| 4.00% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684191 |
| &nbsp;&nbsp;&nbsp;&nbsp;6200000 | IL St, Ser C<br>| 5.00% | 11/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205389 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | IL St, Ser D<br>| 5.00% | 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260012 |
| &nbsp;&nbsp;&nbsp;&nbsp;1005000 | IL St, Ser D<br>| 5.00% | 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | IL St, Ser D<br>| 5.00% | 11/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327337 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Lincolnwood IL Tax Incr Allocation Rev Nts Dist 1860 Dev Proj, Ser A, COPS (c)<br>| 4.82% | 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Macon Cnty IL Sch Dist #61 Ref, Ser C, AGM<br>| 4.00% | 01/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506186 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM<br>| 5.50% | 02/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM<br>| 5.50% | 02/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740578 |
| &nbsp;&nbsp;&nbsp;&nbsp;3635000 | Morton Grove-Niles Wtr Commn IL Wtr, Ser A<br>| 5.00% | 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | Peoria IL Ref, Ser C, AGM<br>| 4.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403108 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Piatt Champaign & De Witt Cntys IL Cmnty Unit Sch Dist #25 Ref, Ser B, BAM<br>| 5.00% | 11/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | Railsplitter IL Tobacco Stlmt Auth<br>| 5.00% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | Rockford IL Ref Wtrwks Sys, Ser B, BAM<br>| 5.00% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | Romeoville IL Rev Ref Lewis Univ Proj<br>| 5.00% | 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Romeoville IL Rev Ref Lewis Univ Proj<br>| 5.00% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127265 |
| &nbsp;&nbsp;&nbsp;&nbsp;2740000 | Schaumburg IL Ref<br>| 4.00% | 12/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751895 |
| &nbsp;&nbsp;&nbsp;&nbsp;1560000 | Woodford McLean & Livingston Cntys IL Cmnty United Sch Dist, Ser B, BAM<br>| 4.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514239 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72952904 |
|  | **Indiana – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2270000 | Avon IN Cmnty Sch Bldg Corp<br>| 5.00% | 01/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353712 |
| &nbsp;&nbsp;&nbsp;&nbsp;3080000 | Borden Henryville Multi Sch Bldg Corp IN<br>| 5.00% | 07/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220258 |
| &nbsp;&nbsp;&nbsp;&nbsp;1920000 | Carmel IN Loc Pub Impt Bond Bank Multipurpose, Ser 2016<br>| 5.00% | 07/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013335 |
| &nbsp;&nbsp;&nbsp;&nbsp;5820000 | Carmel IN Loc Pub Impt Bond Bank, Ser A<br>| 4.00% | 07/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5571103 |
| &nbsp;&nbsp;&nbsp;&nbsp;3050000 | Carmel IN Loc Pub Impt Bond Bank, Ser A<br>| 4.00% | 07/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (c)<br>| 5.30% | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211773 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp Proj Remk, Ser A<br>| 4.25% | 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789565 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj Remk, Ser A-1, AMT (Mandatory put 06/01/32) <br>| 4.50% | 05/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207094 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | IN St Fin Auth Envrnmntl Rev Var Ref Fulcrum Centerpoint LLC Proj, AMT (Mandatory put 11/15/23) (b)<br>| 4.50% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A<br>| 4.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835125 |
| &nbsp;&nbsp;&nbsp;&nbsp;1330000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A<br>| 4.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191197 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Indiana (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1000000 | IN St Fin Auth Hosp Rev Reid Hlth, AGM<br>| 5.00% | 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1028012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (e)<br>| 5.25% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685538 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (e)<br>| 5.88% | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | IN St Fin Auth Rev Greencroft Oblig Grp, Ser A<br>| 5.75% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | IN St Fin Auth Rev Greencroft Oblig Grp, Ser A<br>| 6.00% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | IN St Fin Auth Rev Marian Univ Proj, Ser A<br>| 5.00% | 09/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | IN St Fin Auth Rev Ref Rev Cmnty Fdtn of NW IN<br>| 5.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | NW Hendricks IN Multi-Bldg Corp<br>| 4.00% | 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | NW Hendricks IN Multi-Bldg Corp<br>| 4.00% | 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NW Hendricks IN Multi-Bldg Corp<br>| 4.00% | 07/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499274 |
| &nbsp;&nbsp;&nbsp;&nbsp;1690000 | Plainfield IN Mf Hsg Rev Glasswater Creek Proj<br>| 5.38% | 09/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | Westfield Washington IN Multi Sch Bldg Corp Rev<br>| 4.00% | 07/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | Zionsville IN Cmnty Schs Bldgcorp<br>| 4.00% | 07/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329521 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33624887 |
|  | **Iowa – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Altoona IA, Ser A, COPS, BAM<br>| 5.00% | 06/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | Altoona IA, Ser A, COPS, BAM<br>| 5.00% | 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764955 |
| &nbsp;&nbsp;&nbsp;&nbsp;2385000 | Coralville IA Ref, Ser A<br>| 5.00% | 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405603 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Company Proj (Mandatory put 12/01/42)<br>| 5.00% | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783254 |
| &nbsp;&nbsp;&nbsp;&nbsp;8190000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26)<br>| 5.00% | 09/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,<br>Class 1<br>| 5.00% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,<br>Class 1<br>| 4.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,<br>Class 1<br>| 4.00% | 06/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,<br>Class 1<br>| 4.00% | 06/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256664 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15106118 |
|  | **Kansas – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1075000 | Goddard KS Sales Tax Spl Oblg Rev Ref Olympic Park Star Bond Proj<br>| 3.60% | 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957745 |
| &nbsp;&nbsp;&nbsp;&nbsp;4210000 | Johnson & Miami Cntys KS Unif Sch Dist #230 Spring Hill, Ser A<br>| 5.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485513 |
| &nbsp;&nbsp;&nbsp;&nbsp;1240000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM<br>| 5.00% | 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299741 |
| &nbsp;&nbsp;&nbsp;&nbsp;1470000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM<br>| 5.00% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A<br>| 4.00% | 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A<br>| 4.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A<br>| 4.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A<br>| 4.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A<br>| 4.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A<br>| 4.00% | 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582446 |
| &nbsp;&nbsp;&nbsp;&nbsp;1045000 | Lenexa KS Hlthcare Fac Rev Ref Lakeview Vlg Inc, Ser A<br>| 5.00% | 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045984 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Wyandotte Cnty Kansas City KS Unif Govt Util Sys Rev Impt, Ser A<br>| 5.00% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Wyandotte Cnty Kansas City KS Unif Govt Util Sys Rev Ref & Impt, Ser A<br>| 5.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485989 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg E Proj Areas 2B 3 5 (c)<br>| 5.75% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807891 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Kansas (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000 | Wyandotte Cnty KS Unif Sch Dist #202, Ser A, AGM (Pre-refunded maturity 09/01/27)<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$160298 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17112967 |
|  | **Kentucky – 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2350000 | Bowling Green KY Wtr & Swr Rev, AGM<br>| 4.00% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352634 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Estrn KY Univ Gen Recpts, Ser A<br>| 5.00% | 04/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Hazard KY Hlthcare Rev Ref Appalachian Regl Hlthcare Proj<br>| 4.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440039 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | KY Bond Dev Corp Indl Bldg Rev KY Commns Network Auth Proj, BAM<br>| 5.00% | 09/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B<br>| 5.00% | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B<br>| 5.00% | 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278550 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B<br>| 5.00% | 08/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | KY St Econ Dev Fin Auth Hlth Sys Rev Norton Hlthcare Inc, Ser B, NATL-RE, CABS<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1<br>| 4.00% | 08/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537778 |
| &nbsp;&nbsp;&nbsp;&nbsp;3795000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1<br>| 5.00% | 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2<br>| 5.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2<br>| 5.00% | 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900385 |
| &nbsp;&nbsp;&nbsp;&nbsp;5620000 | KY St Office Building Proj, Ser A, COPS<br>| 5.00% | 04/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851124 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | KY St Property & Bldgs Commn Revs Proj #124, Ser A, AGM<br>| 5.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270611 |
| &nbsp;&nbsp;&nbsp;&nbsp;5395000 | KY St Pub Energy Auth Gas Sply Rev Gas Sply, Ser B (Mandatory put 01/01/25)<br>| 4.00% | 01/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310564 |
| &nbsp;&nbsp;&nbsp;&nbsp;6300000 | KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put 02/01/28)<br>| 4.00% | 02/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | KY St Univ Proj, COPS, BAM<br>| 4.00% | 11/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton Hlthcare Inc, Ser A <br>| 4.00% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435626 |
| &nbsp;&nbsp;&nbsp;&nbsp;3315000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A <br>| 5.00% | 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A <br>| 5.00% | 10/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys Green Bond, Ser A <br>| 5.00% | 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Warren Cnty KY Hosp Rev Ref Bowling Green Warren Cnty Cmnty Hosp Corp<br>| 5.00% | 04/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45345 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44296410 |
|  | **Louisiana – 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1260000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T<br>| 4.00% | 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245649 |
| &nbsp;&nbsp;&nbsp;&nbsp;1520000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T<br>| 4.00% | 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483309 |
| &nbsp;&nbsp;&nbsp;&nbsp;2530000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T<br>| 4.00% | 08/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411659 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500000 | E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A<br>| 4.00% | 02/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835550 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | LA Pub Facs Auth Rev Ref Ochsner Clinic Fdtn Proj<br>| 5.00% | 05/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ascension Psh Courthouse Proj<br>| 5.00% | 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263113 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp Womans Fdtn Proj, Ser A <br>| 5.00% | 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | LA Stadium & Exposition Dist LA Ref Sr, Ser A<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT<br>| 5.00% | 01/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT<br>| 5.00% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT<br>| 5.00% | 01/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201847 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Louisiana (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1305000 | New Orleans LA Wtr Rev (Pre-refunded maturity 12/01/25)<br>| 5.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1367335 |
| &nbsp;&nbsp;&nbsp;&nbsp;1050000 | New Orleans LA Wtr Rev Ref (Pre-refunded maturity 12/01/24)<br>| 5.00% | 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | Shreveport LA Wtr & Swr Rev Junior Lien, Ser A, AGM<br>| 5.00% | 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661431 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650000 | Shreveport LA Wtr & Swr Rev, Ser B, BAM<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699951 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20892240 |
|  | **Maine – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | ME St Fin Auth Green Bond Go Lab Madison, LLC Proj, AMT (c)<br>| 8.00% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701794 |
|  | **Maryland – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Baltimore Cnty MD<br>| 5.00% | 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac<br>| 4.00% | 01/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac<br>| 4.00% | 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj<br>| 4.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj<br>| 4.00% | 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj<br>| 4.00% | 01/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj<br>| 4.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646602 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A<br>| 5.00% | 09/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c)<br>| 2.75% | 06/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c)<br>| 2.80% | 06/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c)<br>| 2.85% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123547 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Gaithersburg MD Econ Dev Rev Ref Proj Asbury MD Oblig Grp, Ser A<br>| 4.50% | 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Harford Cnty MD Spl Oblg Ref Beechtree Estates Proj<br>| 4.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj<br>| 4.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416900 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650000 | MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj<br>| 5.00% | 07/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | MD St Econ Dev Corp Stdt Hsg Rev Ref Sr Univ MD Proj<br>| 4.00% | 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593511 |
| &nbsp;&nbsp;&nbsp;&nbsp;2490000 | MD St Econ Dev Corp Stdt Hsg Rev Ref Univ MD Clg Park Projs, AGM<br>| 5.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Adventist Hlthcare Oblig Grp, Ser A<br>| 5.50% | 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517010 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Johns Hopkins Hlth, Ser C (Pre-refunded maturity 05/15/23) <br>| 5.00% | 05/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Adventist Hlthcare<br>| 4.00% | 01/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A<br>| 5.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821546 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A<br>| 4.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A<br>| 4.00% | 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A<br>| 4.00% | 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588078 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23477441 |
|  | **Massachusetts – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | MA St Bay Transprtn Auth Sales Tax Rev Ref Sr, Ser B<br>| 5.25% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186775 |
| &nbsp;&nbsp;&nbsp;&nbsp;2155000 | MA St Bay Transprtn Auth Sales Tax Rev Sr, Ser A<br>| 5.00% | 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (c)<br>| 5.00% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255117 |
| &nbsp;&nbsp;&nbsp;&nbsp;3920000 | MA St Port Auth Ref, Ser A, AMT<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013735 |
| &nbsp;&nbsp;&nbsp;&nbsp;1555000 | MA St Port Auth, Ser C, AMT<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597687 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | MA St Transprtn Fund Rev Rail Enhancement Prog, Ser A<br>| 5.00% | 06/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026583 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12264904 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Michigan – 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$240000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$244196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM<br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM<br>| 4.00% | 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM<br>| 4.00% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM<br>| 4.00% | 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM<br>| 4.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM<br>| 4.00% | 06/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Grand Rapids MI Santn Swr Sys Rev Ref<br>| 5.00% | 01/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | Grand Traverse Cnty MI Hosp Fin Auth Munson Hlthcare Oblig Grp, Ser A<br>| 5.00% | 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706556 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Kalamazoo MI Econ Dev Corp Heritage Cmnty of Kalamazoo Revel Creek Proj Temps 60, Ser B2<br>| 2.63% | 05/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540105 |
| &nbsp;&nbsp;&nbsp;&nbsp;1195000 | Lake Shore MI Pub Schs, Ser I<br>| 5.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255254 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Marquette MI Brd of Light & Pwr Elec Util Sys Rev Ref, Ser A<br>| 5.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | MI St Fin Auth Ltd Oblig Rev Ref Clg for Creative Studies Proj<br>| 5.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | MI St Fin Auth Rev Loc Govt Loan Prog Great Lakes Wtr Auth Ref, Ser C<br>| 5.00% | 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332976 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | MI St Fin Auth Rev Multi Modal Mclaren Hlth Care, Ser A<br>| 4.00% | 02/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | MI St Fin Auth Rev Prerefunded Che Trinity Hlth Credit Grp Ref, Ser 2013-5 (Pre-refunded maturity 12/01/29) <br>| 4.00% | 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387651 |
| &nbsp;&nbsp;&nbsp;&nbsp;2460000 | MI St Fin Auth Rev Ref 2nd Lien Great Lakes Wtr Auth, Ser C-7, NATL-RE<br>| 5.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503808 |
| &nbsp;&nbsp;&nbsp;&nbsp;1070000 | MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A<br>| 5.00% | 04/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161499 |
| &nbsp;&nbsp;&nbsp;&nbsp;2155000 | MI St Fin Auth Rev Ref Che Trinity Hlth Credit Grp Remk, Ser 2013-4<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185106 |
| &nbsp;&nbsp;&nbsp;&nbsp;4050000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys<br>| 4.00% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718668 |
| &nbsp;&nbsp;&nbsp;&nbsp;2565000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys<br>| 4.00% | 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355776 |
| &nbsp;&nbsp;&nbsp;&nbsp;7905000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys<br>| 5.00% | 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7863903 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B<br>| 5.00% | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031599 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D-1<br>| 5.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017960 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D4<br>| 5.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog, Ser F1<br>| 3.88% | 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124244 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | MI St Fin Auth Rev Ref Sr Lien Great Lakes Wtr Auth, Ser C-6<br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051896 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | MI St Fin Auth Rev Ref Sr Turbo, Ser A-2<br>| 5.00% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398233 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | MI St Hosp Fin Auth Ref Ascension Hlth Sr Cr Grp Remk, Ser F-4<br>| 5.00% | 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | MI St Hosp Fin Auth Ref Ascension Sr Credit Remk, Ser F7<br>| 5.00% | 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554151 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | MI St Univ Revs Brd of Trustees, Ser B<br>| 5.00% | 02/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Midland MI Pub Schs Sch Bldg & Site, Ser II<br>| 5.00% | 05/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691920 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Royal Oak MI Hosp Fin Auth Ref Beaumont Hlth Credit Grp, Ser D (Pre-refunded maturity 03/01/24) <br>| 5.00% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067458 |
| &nbsp;&nbsp;&nbsp;&nbsp;1990000 | Utica MI Cmnty Schs Ref Sch Bldg & Site<br>| 5.00% | 05/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089378 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800000 | Wayne Cnty MI Arpt Auth Rev Ref, Ser F, AMT<br>| 5.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870996 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57753668 |
|  | **Minnesota – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Duluth MN Indep Sch Dist #709 Ref, Ser B, COPS<br>| 5.00% | 02/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387625 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | MN Muni Gas Agy Cmdy Sply Rev, Ser A<br>| 4.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | Saint Paul MN Hsg & Redev Auth Hlthcare Fac Rev Ref HealthPartners Oblig Grp, Ser A <br>| 5.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591924 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Minnesota (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$4000000 | Saint Paul MN Hsg & Redev Auth Hlthcare Fac Rev Ref HealthPartners Oblig Grp, Ser A <br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4061633 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496787 |
|  | **Mississippi – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth Care, Ser A<br>| 5.00% | 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633699 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | MS St, Ser A (Pre-refunded maturity 11/01/26)<br>| 5.00% | 11/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25)<br>| 5.00% | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518237 |
| &nbsp;&nbsp;&nbsp;&nbsp;1215000 | W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25)<br>| 5.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259315 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8539922 |
|  | **Missouri – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | Bridgeton MO Spl Oblig Rev Ref, Ser A<br>| 4.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Bridgeton MO Spl Oblig Rev Ref, Ser A<br>| 4.00% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301592 |
| &nbsp;&nbsp;&nbsp;&nbsp;2150000 | Jackson Cnty MO Consol Sch Dist #4<br>| 4.00% | 03/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161280 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Jackson Cnty MO Consol Sch Dist #4<br>| 5.00% | 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj<br>| 5.00% | 12/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj<br>| 5.00% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718216 |
| &nbsp;&nbsp;&nbsp;&nbsp;1670000 | Joplin MO Indl Dev Auth Hlth Facs Rev Ref Freeman Hlth Sys<br>| 5.00% | 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS<br>| 4.00% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS<br>| 4.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416887 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS<br>| 4.00% | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Bethesda Hlth Grp Inc Ref<br>| 4.00% | 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Bethesda Hlth Grp Inc Ref<br>| 4.00% | 08/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A<br>| 5.00% | 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A<br>| 4.00% | 02/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs<br>| 5.00% | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs<br>| 5.00% | 02/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246157 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs<br>| 4.00% | 02/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs<br>| 4.00% | 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618841 |
| &nbsp;&nbsp;&nbsp;&nbsp;1960000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs<br>| 4.00% | 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837770 |
| &nbsp;&nbsp;&nbsp;&nbsp;2120000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs<br>| 4.00% | 02/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911272 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs<br>| 4.00% | 02/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A<br>| 5.00% | 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160463 |
| &nbsp;&nbsp;&nbsp;&nbsp;6925000 | MO St Hlth & Eductnl Facs Auth Var St Louis Univ, Ser B-1 (a)<br>| 1.69% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | Saint Louis MO Muni Fin Corp Sales Tax Leasehold Rev Ref<br>| 5.00% | 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083454 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26006019 |
|  | **Montana – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1080000 | MT St Fac Fin Auth Hlthcare Facs Rev Montana Children's Home and Hosp Proj, Ser A<br>| 4.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927354 |
| &nbsp;&nbsp;&nbsp;&nbsp;2395000 | MT St Fac Fin Auth Hlthcare Facs Rev Montana Children's Home and Hosp Proj, Ser A<br>| 4.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | MT St Fac Fin Auth Rev Ref<br>| 5.00% | 02/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | MT St Fac Fin Auth Rev Ref<br>| 5.00% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133305 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | MT St Fac Fin Auth Rev Ref Scl Hlth Sys, Ser A<br>| 4.00% | 01/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908952 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699750 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Nebraska – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5870000 | Centrl Plains Energy Proj NE Gas Proj Rev Ref Proj #3, Ser A<br>| 5.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5991573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NE St Pub Pwr Dist Rev Gen, Ser C<br>| 5.00% | 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514912 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506485 |
|  | **Nevada – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A<br>| 5.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | Clark Cnty NV Impt Dist Ref Spl Loc Impt #151<br>| 4.50% | 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804422 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Clark Cnty NV Sch Dist, Ser A<br>| 5.00% | 06/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No 816 Summerlin Vlg 22<br>| 2.25% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No 816 Summerlin Vlg 22<br>| 2.50% | 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214023 |
| &nbsp;&nbsp;&nbsp;&nbsp;1230000 | Las Vegas Vly NV Wtr Dist Ref Wtr Impt, Ser A<br>| 5.00% | 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64<br>| 3.50% | 06/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64<br>| 3.75% | 06/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64<br>| 3.75% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64<br>| 3.75% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A (c)<br>| 5.00% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM<br>| 5.00% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM<br>| 5.00% | 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM<br>| 5.00% | 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Sparks NV Tourism Impt Dist #1 Rev Ref Sales Tax Sr, Ser A (c)<br>| 2.50% | 06/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527489 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10563203 |
|  | **New Hampshire – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2740000 | NH St Hlth & Edu Facs Auth Rev Concord Hosp Trust<br>| 5.00% | 10/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657608 |
|  | **New Jersey – 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | Newark NJ, Ser D, BANS<br>| 4.00% | 09/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600344 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref Sub, Ser A<br>| 5.00% | 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref, Subser A, BAM<br>| 5.00% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466622 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | NJ St Econ Dev Auth Ref Sch Facs Constr, Ser N-1, NATL-RE<br>| 5.50% | 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NJ St Econ Dev Auth Ref, Ser A, BAM<br>| 5.00% | 06/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504735 |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | NJ St Econ Dev Auth Rev NJ Transit Transprtn Proj, Ser A<br>| 5.00% | 11/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684041 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit Transprtn Proj Bonds, Ser A<br>| 5.25% | 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024712 |
| &nbsp;&nbsp;&nbsp;&nbsp;3250000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL<br>| 5.00% | 06/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | NJ St Econ Dev Auth Rev Self Designated Social Bonds, Ser QQQ<br>| 4.00% | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318911 |
| &nbsp;&nbsp;&nbsp;&nbsp;1050000 | NJ St Econ Dev Auth Rev Social Bonds, Ser QQQ<br>| 5.00% | 06/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container Terminal LLC Proj, AMT<br>| 5.00% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495935 |
| &nbsp;&nbsp;&nbsp;&nbsp;1290000 | NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, AMBAC<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | NJ St Transprtn Trust Fund Auth Fed Hwy Reimb Nts, Ser A-1, GARVEE<br>| 5.00% | 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170113 |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A<br>| 5.00% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A<br>| 5.00% | 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137707 |
| &nbsp;&nbsp;&nbsp;&nbsp;3040000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A<br>| 5.00% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A<br>| 5.00% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515699 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA<br>| 5.00% | 06/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010261 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | NJ St Transprtn Trust Fund Auth Transprtn ProgBonds, Ser AA<br>| 5.00% | 06/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311390 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D<br>| 5.25% | 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D<br>| 5.00% | 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107305 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New Jersey (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$220000 | NJ St Transprtn Trust Fund Auth, Ser BB<br>| 5.00% | 06/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226003 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NJ St Transprtn Trust Fund Auth, Ser BB<br>| 5.00% | 06/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017840 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | NJ St Turnpike Auth Turnpike Rev, Ser A<br>| 5.00% | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A<br>| 5.00% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517315 |
| &nbsp;&nbsp;&nbsp;&nbsp;1850000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A<br>| 5.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863076 |
| &nbsp;&nbsp;&nbsp;&nbsp;5505000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A<br>| 5.25% | 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338260 |
| &nbsp;&nbsp;&nbsp;&nbsp;1010000 | Tobacco Stlmt Fing Corp NJ Ref, Subser B<br>| 5.00% | 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928661 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38144797 |
|  | **New Mexico – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Albuquerque NM Muni Sch Dist #12, Ser A<br>| 4.00% | 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Albuquerque NM Muni Sch Dist #12, Ser A<br>| 4.00% | 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | Albuquerque NM Refuse Removal & Disp Rev<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | Albuquerque NM Refuse Removal & Disp Rev<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | Albuquerque NM Refuse Removal & Disp Rev<br>| 5.00% | 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj<br>| 4.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj<br>| 4.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj<br>| 4.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref<br>| 4.00% | 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref<br>| 4.20% | 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref<br>| 4.30% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref<br>| 4.45% | 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref<br>| 4.55% | 10/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref<br>| 5.00% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | NM St Hosp Equipment Loan Council Hosp Rev Ref<br>| 5.00% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836718 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NM St Hosp Equipment Loan Council Hosp Rev Ref<br>| 4.00% | 06/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899373 |
| &nbsp;&nbsp;&nbsp;&nbsp;1360000 | NM St Hosp Equipment Loan Council Hosp Rev Ref<br>| 4.00% | 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | Santa Fe NM Retmnt Fac Rev El Castillo Retmnt Proj, Ser A<br>| 5.00% | 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465146 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514504 |
|  | **New York – 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | Buffalo NY Muni Wtr Fin Auth, Ser A, AGM<br>| 4.00% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ Proj, Ser A<br>| 4.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A<br>| 5.00% | 02/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505891 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Long Island NY Pwr Auth Elec Sys Rev Elec Sys Rev Gen, Ser A, BAM<br>| 5.00% | 09/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A<br>| 5.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A<br>| 4.00% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455863 |
| &nbsp;&nbsp;&nbsp;&nbsp;2150000 | Met Transprtn Auth NY Rev Ref Transprtn, Subser C-1<br>| 5.00% | 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120846 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Met Transprtn Auth NY Rev Transprtn, Subser D-1<br>| 5.00% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | Monroe Cnty NY Indl Dev Corp Rev Ref Nazareth Clg of Rochester Proj, Ser A<br>| 5.00% | 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev 2nd Gen Resolution, Sec CC-1<br>| 4.00% | 06/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667695 |
| &nbsp;&nbsp;&nbsp;&nbsp;4285000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref 2nd Gen Resolution, Subser CC-1 <br>| 4.00% | 06/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233507 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var Second Gen Resolution, Sub FF-2 (a)<br>| 1.59% | 06/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | New York City NY Transitional Fin Auth Rev Adj Subord Future Tax Secured Fiscal 2019, Ser A-4 (a)<br>| 1.59% | 08/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1000000 | New York City NY Transitional Fin Auth Rev Future Tax Secured Sub Fiscal 2016, Ser A-1<br>| 5.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021049 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | New York City NY Transitional Fin Auth Rev Future Tax Sub, Subser E-1<br>| 5.00% | 02/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528816 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | New York City NY Transitional Fin Auth Rev Sub Future Tax Secured Fiscal 1999, Ser A, Subser E-1 <br>| 5.00% | 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387860 |
| &nbsp;&nbsp;&nbsp;&nbsp;5415000 | New York City NY Transitional Fin Auth Rev Sub Future Tax Secured Fiscal 1999, Ser A, Subser E-1 <br>| 5.00% | 02/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520184 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1<br>| 4.00% | 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297059 |
| &nbsp;&nbsp;&nbsp;10000000 | New York City NY Transitional Fin Auth Rev, Subser B-1<br>| 4.00% | 11/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | New York St Dorm Auth Revs Non St Supported Debt Ref-Northwell Hlth Oblig Grp, Ser A<br>| 5.00% | 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497916 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NY City NY Transitional Fin Auth Bldg Aid Rev Subord Ref, Ser S-2A<br>| 5.00% | 07/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045697 |
| &nbsp;&nbsp;&nbsp;10400000 | NY NY Adj Fiscal 2020, Subser B-3 (a)<br>| 2.53% | 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | NY NY Fiscal 2020, Ser B-1<br>| 4.00% | 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384439 |
| &nbsp;&nbsp;&nbsp;&nbsp;5690000 | NY NY Fiscal 2020, Ser B-1<br>| 4.00% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096180 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000000 | NY NY Fiscal 2022, Subser D-1<br>| 5.25% | 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438397 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NY NY, Ser B, Subser B-1<br>| 5.25% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075606 |
| &nbsp;&nbsp;&nbsp;&nbsp;2925000 | NY NY, Ser B, Subser B-1<br>| 5.25% | 10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115010 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000000 | NY NY, Ser F-1<br>| 5.00% | 03/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, Ser A<br>| 5.00% | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | NY St Dorm Auth Revs Non St Supported Debt Ref Orange Regl Med Ctr (c)<br>| 5.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | NY St Dorm Auth Revs Non St Supported Debt Sch Dists Bd Fing Prog, Ser A, AGM<br>| 4.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449002 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E<br>| 5.00% | 03/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308796 |
| &nbsp;&nbsp;&nbsp;&nbsp;1925000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A<br>| 3.00% | 03/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393251 |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser E<br>| 5.00% | 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940411 |
| &nbsp;&nbsp;&nbsp;&nbsp;2225000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3<br>| 5.00% | 03/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323448 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Air Lines Inc LaGuardia Arpt Terminals C&D Redev, AMT<br>| 4.00% | 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172196 |
| &nbsp;&nbsp;&nbsp;&nbsp;2720000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Air Lines Inc LaGuardia Arpt Terminals C&D Redev, AMT<br>| 5.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | NY St Urban Dev Corp Rev Ref St Personal Income Tax Rev, Ser C<br>| 5.00% | 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205062 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Onondaga Cnty NY Trust Cultural Res Rev Ref Syracuse Univ Proj<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Port Auth of NY & NJ NY Consol One Hundred Eighty Fifth Ref, AMT<br>| 5.00% | 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | Port Auth of NY & NJ NY Ref Consol, Ser 186, AMT<br>| 5.00% | 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469772 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Port Auth of NY & NJ NY Ref, 194th Ser<br>| 5.00% | 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Suffolk NY Tobacco Asset Securitization Corp Tobacco Stlmt Ref Tobacco Stlmt Asset Backed Sr Bonds, Ser A-2 <br>| 4.00% | 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550982 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | Tsasc Inc NY Tsasc Inc Rev Ref Turbo Sub, Ser B<br>| 5.00% | 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Yonkers NY Econ Dev Corp Eductnl Rev Chrt Sch Edu Excellence Proj, Ser A<br>| 4.00% | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364627 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;118418311 |
|  | **North Carolina – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Buncombe Cnty NC Ltd Oblig Ref Rev, Ser A<br>| 5.00% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arp, Ser B, AMT<br>| 5.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921093 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **North Carolina (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$575000 | Charlotte-Mecklenburg NC Hosp Auth Hlthcare Sys Rev Ref Carolinas Hlthcare Sys, Ser A<br>| 5.00% | 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$588116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Greenville NC Comb Enterprise Sys Rev Ref<br>| 5.00% | 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789460 |
| &nbsp;&nbsp;&nbsp;&nbsp;1330000 | Monroe NC Comb Enterprise Sys Rev Ref<br>| 5.00% | 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391568 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NC St Agric & Tech Univ Ref Gen, Ser A<br>| 5.00% | 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | NC St Capital Facs Fin Agy Eductnl Facs Rev Ref High Point Univ<br>| 5.00% | 05/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | NC St Capital Facs Fin Agy Stdt Rev Ref Hsg NC A&T Univ Fdtn Proj, Ser A, AGC<br>| 5.00% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931304 |
| &nbsp;&nbsp;&nbsp;&nbsp;1270000 | NC St Med Care Commn Hlthcare Facs Rev the Presbyterian Homes Oblig Grp, Ser A<br>| 5.00% | 10/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176881 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield Proj, Ser A<br>| 5.00% | 10/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319963 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A<br>| 5.00% | 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) <br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) <br>| 5.00% | 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) <br>| 5.00% | 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) <br>| 5.00% | 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522253 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | NC St Turnpike Auth Ref Sr Lien, AGM<br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084815 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15368908 |
|  | **North Dakota – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Grand Forks ND Hlthcare Sys Rev Altru Hlth Sys Ref<br>| 4.00% | 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433118 |
|  | **Ohio – 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev<br>| 4.00% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev<br>| 4.00% | 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754426 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600000 | Allen Cnty OH Hosp Facs Rev Ref, Ser A<br>| 5.00% | 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637552 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | American Muni Pwr OH Inc OH Rev Ref Fremont Energy Ctr Proj, Ser A<br>| 4.00% | 02/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | American Muni Pwr OH Inc OH Rev Ref Fremont Energy Ctr Proj, Ser A<br>| 4.00% | 02/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448320 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | American Muni Pwr OH Inc OH Rev Ref Prairie St Energy Cmps Proj, Ser A<br>| 4.00% | 02/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Bowling Green OH St Univ Ref, Ser A<br>| 4.00% | 06/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Bowling Green OH St Univ Ref, Ser A<br>| 4.00% | 06/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180935 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser A-2 Class 1<br>| 4.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712181 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser B-2, Class 2<br>| 5.00% | 06/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | Butler Cnty OH Hosp Facs Ref UC Hlth<br>| 5.00% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137874 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Butler Cnty OH Hosp Facs Ref UC Hlth<br>| 5.00% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537263 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Butler Cnty OH Hosp Facs Ref UC Hlth<br>| 5.00% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Butler Cnty OH Port Auth Econdev Lease Rev Ref Cmnty First Solutions Oblg Grp Proj, Ser A<br>| 4.00% | 05/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318920 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Chillicothe OH City Sch Dist Ref, AGM<br>| 4.00% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Cleveland OH Pub Pwr Sys Rev Prerefunded Ref, Ser A, AGM<br>| 5.00% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82678 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cleveland OH Pub Pwr Sys Rev Ref, Ser A, AGM<br>| 4.00% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Cleveland OH Pub Pwr Sys Rev Unrefunded Ref, Ser A, AGM<br>| 5.00% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433216 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Ohio (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$310000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A<br>| 5.00% | 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$321587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A<br>| 5.00% | 08/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A<br>| 5.00% | 08/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390527 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | Hamilton Cnty OH Hosp Facs Rev UC Hlth<br>| 4.00% | 09/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp<br>| 5.00% | 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989243 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp<br>| 5.00% | 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026061 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp<br>| 5.00% | 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Miamisburg OH City Sch Dist Ref (Pre-refunded maturity 12/01/25)<br>| 5.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj<br>| 4.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360950 |
| &nbsp;&nbsp;&nbsp;&nbsp;1375000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj<br>| 4.00% | 08/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199025 |
| &nbsp;&nbsp;&nbsp;&nbsp;1760000 | N W OH Loc Sch Dist Hamilton & Butler Cntys Sch Impt (Pre-refunded maturity 12/01/23)<br>| 5.00% | 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | NE OH Med Univ Gen Recpts Ref, Ser A<br>| 4.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547479 |
| &nbsp;&nbsp;&nbsp;&nbsp;5750000 | OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (c)<br>| 5.00% | 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855088 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | OH St Air Quality Dev Auth Ref American Elec Pwr Company Proj Remk, Ser B, AMT (Mandatory put 10/01/24) <br>| 2.10% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949898 |
| &nbsp;&nbsp;&nbsp;&nbsp;2225000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A<br>| 3.25% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982659 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser A, AMT (Mandatory put 06/01/27) <br>| 4.25% | 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976794 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser B (Mandatory put 06/01/27)<br>| 4.00% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952509 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | OH St Hgr Eductnl Fac Commn Denison Univ Proj<br>| 5.00% | 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043977 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 Proj, Ser A<br>| 5.00% | 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890730 |
| &nbsp;&nbsp;&nbsp;&nbsp;2455000 | OH St Hosp Rev Ref Univ Hosps Hlth Sys Inc, Ser E<br>| 4.00% | 01/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | OH St Hosp Rev Ref, Ser A<br>| 5.00% | 01/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | OH St Hosp Rev Ref, Ser A<br>| 5.00% | 01/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | OH St Hosp Rev Ref, Ser A<br>| 4.00% | 01/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433927 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | OH St, Ser T<br>| 5.00% | 05/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646428 |
| &nbsp;&nbsp;&nbsp;&nbsp;6325000 | Ross Cnty OH Hosp Rev Ref Adena Hlth Sys Oblig Grp Proj<br>| 5.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Sharonville OH Spl Oblg Rev<br>| 4.00% | 12/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Sharonville OH Spl Oblg Rev<br>| 4.00% | 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455162 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Sthrn OH Port Exempt Fac Rev Purecycle Proj, Ser A, AMT (c)<br>| 7.00% | 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204684 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59856583 |
|  | **Oklahoma – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Catoosa OK Indl Auth Sales Tax Rev<br>| 4.50% | 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804958 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (c)<br>| 7.25% | 09/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | OK St Wtr Res Brd Revolving Fund Rev 2019 Master Trust<br>| 4.00% | 04/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500110 |
| &nbsp;&nbsp;&nbsp;&nbsp;2815000 | Oklahoma City OK Arpt Trust Junior Lien, AMT<br>| 5.00% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816470 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj<br>| 5.00% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037774 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj<br>| 5.00% | 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047362 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Oklahoma (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1000000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj<br>| 5.00% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1005288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj<br>| 5.00% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251264 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Weatherford OK Indl Trust Eductnl Facs Lease Rev Weatherford Pub Schs Proj<br>| 5.00% | 03/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074872 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14229762 |
|  | **Oregon – 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A<br>| 5.25% | 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A<br>| 4.00% | 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A<br>| 5.00% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242136 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A<br>| 5.00% | 08/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288838 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | OR St Dept of Admin Svcs Lottery Rev, Ser A<br>| 5.00% | 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187114 |
| &nbsp;&nbsp;&nbsp;&nbsp;2035000 | OR St Dept of Admin Svcs Lottery Rev, Ser A<br>| 5.00% | 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124312 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | OR St Facs Auth Rev Ref Univ Portland, Ser A<br>| 5.00% | 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Oregon City OR<br>| 4.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492579 |
| &nbsp;&nbsp;&nbsp;&nbsp;1890000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT<br>| 5.00% | 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950518 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Portland OR Swr Sys Rev 2nd Lien, Ser A<br>| 4.50% | 05/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564069 |
| &nbsp;&nbsp;&nbsp;&nbsp;4950000 | Tri Cnty OR Met Transprtn Dist, Ser A, GARVEE<br>| 5.00% | 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | Tri-Cnty OR Met Transprtn Dist, Ser A<br>| 4.00% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679436 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp<br>| 5.00% | 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914127 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21335200 |
|  | **Pennsylvania – 6.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network Oblig Grp Issue, Ser A<br>| 5.00% | 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A<br>| 5.00% | 07/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520551 |
| &nbsp;&nbsp;&nbsp;&nbsp;3050000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A<br>| 4.00% | 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780510 |
| &nbsp;&nbsp;&nbsp;&nbsp;2180000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A<br>| 4.00% | 07/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964498 |
| &nbsp;&nbsp;&nbsp;&nbsp;2095000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A<br>| 4.00% | 07/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861568 |
| &nbsp;&nbsp;&nbsp;&nbsp;2650000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A<br>| 4.00% | 07/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315383 |
| &nbsp;&nbsp;&nbsp;&nbsp;1075000 | Allegheny Vly PA Jt Sewage Auth Green Bond, BAM<br>| 4.00% | 08/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Armstrong PA Sch Dist Ref, Ser A, BAM<br>| 5.00% | 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Armstrong PA Sch Dist Ref, Ser A, BAM<br>| 4.00% | 03/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at Wyomissing, Ser A<br>| 5.00% | 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke's Univ Hlth Network Proj<br>| 4.00% | 08/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646249 |
| &nbsp;&nbsp;&nbsp;&nbsp;1050000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke's Univ Hlth Network Proj<br>| 4.00% | 08/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864145 |
| &nbsp;&nbsp;&nbsp;&nbsp;1185000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A<br>| 5.00% | 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A<br>| 5.00% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | Chester Cnty PA Indl Dev Auth Renaissance Acdmy Chrt Sch<br>| 5.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758562 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Tobacco Master Stlmt Payment Bonds<br>| 5.00% | 06/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025100 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$410000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Tobacco Master Stlmt Payment Bonds<br>| 5.00% | 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$423501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Colonial PA Sch Dist<br>| 5.00% | 02/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Colonial PA Sch Dist, Ser A<br>| 5.00% | 02/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | Conestoga Vly PA Sch Dist<br>| 4.00% | 02/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Conestoga Vly PA Sch Dist<br>| 4.00% | 02/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj<br>| 5.00% | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj<br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) <br>| 5.00% | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) <br>| 5.00% | 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) <br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) <br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295093 |
| &nbsp;&nbsp;&nbsp;&nbsp;1150000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries<br>| 5.00% | 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169729 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries<br>| 5.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003994 |
| &nbsp;&nbsp;&nbsp;&nbsp;1660000 | Cumberland Cnty PA Muni Auth Ref Messiah Vlg Proj<br>| 5.00% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM<br>| 4.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381080 |
| &nbsp;&nbsp;&nbsp;&nbsp;1165000 | Dover PA Area Sch Dist, BAM<br>| 4.00% | 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Dubois PA Hosp Auth Penn Highlands Hlthcare<br>| 5.00% | 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | Dubois PA Hosp Auth Penn Highlands Hlthcare<br>| 5.00% | 07/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | Dubois PA Hosp Auth Penn Highlands Hlthcare<br>| 5.00% | 07/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | Dubois PA Hosp Auth Penn Highlands Hlthcare<br>| 5.00% | 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj<br>| 5.00% | 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj<br>| 5.00% | 12/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789202 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1<br>| 5.00% | 02/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | Hermitage PA Muni Auth Ref, Ser C<br>| 4.00% | 02/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | Hermitage PA Muni Auth Ref, Ser C<br>| 4.00% | 02/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516437 |
| &nbsp;&nbsp;&nbsp;&nbsp;1730000 | Kiski Vly PA Wtr Poll Control Auth Ref, AGM<br>| 4.00% | 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | Kutztown PA Area Sch Dist, AGM<br>| 4.00% | 03/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A<br>| 5.00% | 06/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460294 |
| &nbsp;&nbsp;&nbsp;&nbsp;1110000 | Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A<br>| 5.00% | 06/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002577 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lancaster Cnty PA Hosp Auth Penn St Hlth<br>| 5.00% | 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017173 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lancaster Cnty PA Hosp Auth Penn St Hlth<br>| 5.00% | 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013276 |
| &nbsp;&nbsp;&nbsp;&nbsp;1735000 | Lancaster Cnty PA Hosp Auth Penn St Hlth<br>| 5.00% | 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Lancaster Cnty PA Hosp Auth Ref, St Annes Retmnt Cmnty Inc Proj<br>| 5.00% | 03/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ<br>| 4.00% | 03/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555213 |
| &nbsp;&nbsp;&nbsp;&nbsp;2415000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ<br>| 4.00% | 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | Lebanon PA Auth Swr Rev Ref Green Bond, BAM<br>| 4.00% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Lebanon PA Auth Swr Rev Ref Green Bond, BAM<br>| 4.00% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426978 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj Remk, Ser A<br>| 3.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social Ministries Proj, Ser A<br>| 5.00% | 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473122 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | Mechanicsburg PA Area Sch Dist, Ser A<br>| 4.00% | 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500392 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1090000 | Mechanicsburg PA Area Sch Dist, Ser A<br>| 4.00% | 03/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$995983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Mifflinburg PA Area Sch Dist Ref, Ser A<br>| 4.00% | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Mifflinburg PA Area Sch Dist Ref, Ser A<br>| 4.00% | 06/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Mifflinburg PA Area Sch Dist Ref, Ser A<br>| 4.00% | 06/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563690 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj<br>| 4.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931312 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj<br>| 4.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920567 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj<br>| 4.00% | 09/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living Proj, Ser A<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj<br>| 4.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj<br>| 5.00% | 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg<br>| 5.00% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg<br>| 5.00% | 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg<br>| 5.00% | 10/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545606 |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | Northampton Cnty PA Gen Purp Auth Hosp Rev Ref St Luke's Univ Hlth Network Proj, Ser A <br>| 5.00% | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | PA St 2nd, Ser CR, AGM<br>| 4.00% | 09/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | PA St Econ Dev Fin Auth Rev UPMC Rev, Ser B<br>| 4.00% | 03/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42684 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | PA St Econ Dev Fing Auth Solid Waste Disposal Rev Var Waste Mgmt Inc Proj Remk, AMT (Mandatory put 11/01/22) <br>| 2.25% | 08/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000160 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | PA St Hgr Eductnl Facs Auth Rev Ref Drexel Univ<br>| 5.00% | 05/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121618 |
| &nbsp;&nbsp;&nbsp;&nbsp;2810000 | PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser 123B<br>| 3.45% | 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser 125B, AMT<br>| 3.70% | 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821767 |
| &nbsp;&nbsp;&nbsp;&nbsp;5410000 | PA St Hsg Fin Agy SF Mtge Rev, Ser 127B<br>| 3.55% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | PA St Turnpike Commn Turnpike Rev Conv Cap Apprec, Subser E<br>| 6.38% | 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625599 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | PA St Turnpike Commn Turnpike Rev Ref<br>| 5.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A-1<br>| 5.00% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568916 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500000 | PA St Turnpike Commn Turnpike Rev, Subser A<br>| 4.00% | 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Parkland PA Sch Dist, Ser B<br>| 4.00% | 02/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Parkland PA Sch Dist, Ser B<br>| 4.00% | 02/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293987 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT<br>| 4.00% | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT<br>| 4.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj<br>| 5.00% | 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj<br>| 5.00% | 08/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337828 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T Chrt High Sch, Ser A<br>| 4.00% | 06/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | Philadelphia PA Gas Wks Rev Ref<br>| 5.00% | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299604 |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | Philadelphia PA Gas Wks Rev Ref<br>| 5.00% | 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674957 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 14th Ser<br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037756 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 14th Ser<br>| 5.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045638 |
| &nbsp;&nbsp;&nbsp;&nbsp;5235000 | Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 15th Ser<br>| 5.00% | 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Philadelphia PA Ref, Ser A<br>| 5.00% | 08/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Philadelphia PA Ref, Ser A<br>| 5.00% | 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528421 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000 | Philadelphia PA Ref, Ser A (Pre-refunded maturity 01/15/24)<br>| 5.25% | 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$767978 |
| &nbsp;&nbsp;&nbsp;&nbsp;3260000 | Philadelphia PA, Ser B, BAM<br>| 5.00% | 02/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Pittsburgh PA Wtr & Swr Auth, Ser B, AGM<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | Pittsburgh PA Wtr & Swr Auth, Ser B, AGM<br>| 5.00% | 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216878 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | S Estrn PA Transprtn Auth Asset Impt Prog<br>| 5.25% | 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162407 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | S Estrn PA Transprtn Auth Asset Impt Prog<br>| 5.25% | 06/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM<br>| 4.00% | 02/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM<br>| 4.00% | 02/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM<br>| 4.00% | 02/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229119 |
| &nbsp;&nbsp;&nbsp;&nbsp;1835000 | Scranton PA Sch Dist<br>| 4.00% | 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | Southcentrl PA General Auth Rev Ref Hanover Hosp Inc<br>| 5.00% | 12/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | Upper Darby PA Sch Dist, AGM<br>| 4.00% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Upper Darby PA Sch Dist, AGM<br>| 4.00% | 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Upper Darby PA Sch Dist, AGM<br>| 4.00% | 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Upper Darby PA Sch Dist, AGM<br>| 4.00% | 04/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Upper Darby PA Sch Dist, Ser A, BAM<br>| 4.00% | 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Upper Darby PA Sch Dist, Ser A, BAM<br>| 4.00% | 04/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Upper Darby PA Sch Dist, Ser A, BAM<br>| 4.00% | 04/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | Upper Darby PA Sch Dist, Ser A, BAM<br>| 4.00% | 04/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A<br>| 4.00% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A<br>| 4.00% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A<br>| 4.00% | 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186216 |
| &nbsp;&nbsp;&nbsp;&nbsp;1970000 | Westmoreland Cnty PA Muni Auth Ref, BAM<br>| 5.00% | 08/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001106 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;112992385 |
|  | **Puerto Rico – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6558000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1<br>| 4.50% | 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334606 |
| &nbsp;&nbsp;&nbsp;&nbsp;1536000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS<br>| &nbsp;&nbsp;&nbsp;&nbsp;(f) | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939284 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-2<br>| 4.33% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944212 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180242 |
|  | **Rhode Island – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM<br>| 5.00% | 06/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM<br>| 5.00% | 06/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM<br>| 5.00% | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241047 |
| &nbsp;&nbsp;&nbsp;&nbsp;1125000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp<br>| 5.00% | 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131260 |
| &nbsp;&nbsp;&nbsp;&nbsp;1460000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp<br>| 5.00% | 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445639 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp<br>| 5.00% | 05/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602440 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920777 |
|  | **South Carolina – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist<br>| 4.25% | 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793776 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Greenville SC Hosp Sys Brd Hosp Facs Rev, Ser B<br>| 5.00% | 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008791 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **South Carolina (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1<br>| 3.13% | 12/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24982 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301493 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1<br>| 5.00% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966053 |
| &nbsp;&nbsp;&nbsp;&nbsp;1075000 | SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman Proj, Ser A<br>| 5.00% | 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Ref Lutheran Homes of SC Inc<br>| 5.00% | 05/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | SC St Jobs Econ Dev Auth Hosp Rev Ref Palmetto Hlth, Ser A<br>| 5.00% | 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | SC St Pub Svc Auth Rev Ref, Ser A<br>| 4.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321107 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732273 |
|  | **South Dakota – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lincoln Cnty SD Econ Dev Rev Ref Augustana Clg Assoc Proj, Ser A<br>| 4.00% | 08/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev<br>| 5.00% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev<br>| 5.00% | 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525740 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev Ref Hsg & Auxiliary Facs Sys <br>| 5.00% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev, Ser B<br>| 5.00% | 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | SD St Hlth & Eductnl Facs Auth Ref Sanford Oblig Grp<br>| 5.00% | 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue<br>| 3.00% | 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue<br>| 3.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541168 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104791 |
|  | **Tennessee – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1 <br>| 5.00% | 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1 <br>| 4.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2 <br>| 5.00% | 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833557 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2 <br>| 5.00% | 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Stdt Hsg CDFI Phase I<br>| 5.00% | 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | Met Govt Nashville & Davidson Cnty TN Elec Rev Sys, Ser A<br>| 5.00% | 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903865 |
| &nbsp;&nbsp;&nbsp;&nbsp;1385000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Lipscomb Univ Proj, Ser A <br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj <br>| 5.00% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj <br>| 5.00% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj <br>| 5.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656285 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Met Govt Nashville & Davidson Cnty TN, Ser A<br>| 4.00% | 01/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850185 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | TN Energy Acq Corp Cmdy Proj Rev, Ser A (Mandatory put 11/01/31)<br>| 5.00% | 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899902 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | TN St Energy Acq Corp Gas Rev (Mandatory put 11/01/25)<br>| 4.00% | 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889144 |
| &nbsp;&nbsp;&nbsp;&nbsp;3435000 | TN St Energy Acq Corp Gas Rev Proj, Ser A (Mandatory put 05/01/23)<br>| 4.00% | 05/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427666 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Tennessee (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5000000 | TN St Sch Bond Auth Hgr Eductnl Facs 2nd Prog Ref, Ser B (Pre-refunded maturity 11/01/25)<br>| 5.00% | 11/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5240305 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27226317 |
|  | **Texas – 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Arlington TX Hgr Edu Fin Corp Edu Rev<br>| 5.00% | 08/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Arlington TX Hgr Edu Fin Corp Edu Rev<br>| 5.00% | 08/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Arlington TX Hgr Edu Fin Corp Edu Rev<br>| 5.00% | 08/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | Arlington TX Hgr Edu Fin Corp Edu Rev<br>| 4.00% | 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | Arlington TX Hgr Edu Fin Corp Edu Rev<br>| 4.00% | 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815659 |
| &nbsp;&nbsp;&nbsp;&nbsp;1645000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy Trad Schs TX Proj, Ser A<br>| 4.13% | 02/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Austin TX Arpt Sys Rev, AMT<br>| 5.00% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Austin TX Arpt Sys Rev, AMT<br>| 5.00% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347227 |
| &nbsp;&nbsp;&nbsp;&nbsp;4150000 | Austin TX Arpt Sys Rev, Ser B, AMT<br>| 5.00% | 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095427 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Austin TX Wtr & Wstwtr Sys Rev Ref<br>| 5.00% | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | Bexar Cnty Tx Rev Ref Tax Exempt Venue Proj<br>| 4.00% | 08/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Brd of Managers TX Jt Guadalupe Cnty City of Seguin Hosp Mtg Ref<br>| 5.00% | 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | Celina TX Spl Assmnt Rev Ref the Lakes at Mustang Ranch Pub Impt Dt Phase #1 Proj, BAM<br>| 4.00% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Centrl TX Regl Mobility Auth Rev Ref<br>| 5.00% | 01/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Centrl TX Regl Mobility Auth Rev Ref Sub Lien (Pre-refunded maturity 01/01/23)<br>| 5.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | Centrl TX Regl Mobility Auth Rev Sr Lien, Ser A (Pre-refunded maturity 07/01/25)<br>| 5.00% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Centrl TX Regl Mobility Auth Rev, Ser B<br>| 5.00% | 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Centrl TX Regl Mobility Auth Rev, Ser B<br>| 5.00% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | Centrl TX Regl Mobility Auth Rev, Ser B<br>| 5.00% | 01/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Centrl TX Regl Mobility Auth Rev, Ser B<br>| 4.00% | 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Centrl TX Regl Mobility Auth Rev, Ser B<br>| 4.00% | 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Clifton TX Hgr Edu Fin Corp Edu Rev Idea Pub Schs<br>| 5.00% | 08/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | Clifton TX Hgr Edu Fin Corp Edu Rev, Ser A<br>| 4.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B<br>| 5.00% | 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441075 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | Dallas TX Area Rapid Transit Sales Tax Rev Ref, Ser A<br>| 4.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | Dallas TX Hotel Occupancy Tax Rev Ref<br>| 4.00% | 08/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435260 |
| &nbsp;&nbsp;&nbsp;&nbsp;4350000 | Dallas-Fort Worth TX Intl Arpt Rev Ref, Ser A<br>| 4.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | El Paso TX Ref, Ser A<br>| 4.00% | 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474065 |
| &nbsp;&nbsp;&nbsp;&nbsp;1170000 | Galveston Cnty TX Muni Util Dist #54 Ref<br>| 2.50% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910849 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Galveston TX Indep Sch Dist<br>| 5.00% | 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591602 |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | Galveston TX Indep Sch Dist<br>| 5.00% | 02/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849317 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Harris Cnty TX Cultural Edu Facs Fin Corp Med Facs Rev Ref Baylor Clg of Med<br>| 4.00% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997849 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Harris Cnty TX Ref Sr Lien Toll Road, Ser B<br>| 5.00% | 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132200 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600000 | Harris Cnty TX Ref Sr Lien, Ser A<br>| 5.00% | 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693474 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Hidalgo Cnty TX Regl Mobility Auth Toll & Vehcl Registration Sr Lien, Ser A <br>| 4.00% | 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320578 |
| &nbsp;&nbsp;&nbsp;&nbsp;1770000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E Proj, Ser A, AMT<br>| 5.00% | 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760439 |
| &nbsp;&nbsp;&nbsp;&nbsp;2750000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt Proj, Ser B-2, AMT<br>| 5.00% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735019 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT<br>| 4.00% | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT<br>| 4.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213243 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, Ser B-1, AMT<br>| 4.00% | 07/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540712 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1730000 | Houston TX Cmnty Clg Ref<br>| 4.00% | 02/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1704667 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Houston TX Hotel Occupancy Tax & Spl Rev Ref Convention & Entertainment Facs Dept <br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045260 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Houston TX Util Sys Rev Ref 1st Lien Subord, Ser D<br>| 5.00% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Imperial Redev Dist TX, BAM<br>| 4.50% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Imperial Redev Dist TX, BAM<br>| 4.50% | 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area #2 Proj (c)<br>| 3.38% | 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Kyle TX Spl Assmnt Rev 6 Creeks Pid #1 (c)<br>| 4.63% | 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (c)<br>| 4.35% | 08/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch, Ser A (c)<br>| 4.20% | 08/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414524 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Laredo TX Cmnty Clg Dist Combined Fee Rev Ref, BAM<br>| 4.00% | 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252334 |
| &nbsp;&nbsp;&nbsp;&nbsp;1290000 | Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv (e)<br>| 5.13% | 09/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Liberty Hill TX Indep Sch Dist Ref<br>| 5.00% | 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527078 |
| &nbsp;&nbsp;&nbsp;&nbsp;3795000 | Liberty Hill TX Indep Sch Dist Ref, Ser A (b)<br>| 5.00% | 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj<br>| 5.00% | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj<br>| 5.00% | 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj<br>| 5.00% | 05/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627695 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj<br>| 5.00% | 05/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Mission TX Ctfs Oblig, AGM<br>| 5.00% | 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391103 |
| &nbsp;&nbsp;&nbsp;&nbsp;1570000 | N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM<br>| 3.00% | 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | N Parkway Muni Mgmt Dist #1 TX Contract Rev Legacy Hills Pub Impt Dt Phase #1A-1B Impts (c)<br>| 4.25% | 09/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547168 |
| &nbsp;&nbsp;&nbsp;&nbsp;2003000 | N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impts Proj (c)<br>| 4.75% | 09/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757254 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B<br>| 5.00% | 01/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328904 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A<br>| 5.25% | 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070559 |
| &nbsp;&nbsp;&nbsp;&nbsp;5950000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A<br>| 4.00% | 01/02/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | N TX Tollway Auth Rev Ref Second Tier, Ser B<br>| 5.00% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182270 |
| &nbsp;&nbsp;&nbsp;&nbsp;1525000 | N TX Tollway Auth Rev Ref Sys Second Tier, Ser B<br>| 5.00% | 01/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | N TX Tollway Auth Rev Ref, Ser A<br>| 5.00% | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258409 |
| &nbsp;&nbsp;&nbsp;&nbsp;1415000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj<br>| 5.00% | 01/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366155 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj<br>| 5.00% | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Wesleyan Homes Inc Proj Fin Corp<br>| 5.00% | 01/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178809 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | New Hope Cultural Edu Facs Fincorp TX Edu Rev Ref Jubilee Acad Ctr (c)<br>| 4.00% | 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658023 |
| &nbsp;&nbsp;&nbsp;&nbsp;2010000 | San Antonio TX Wtr Rev Ref Wtr Sys Junior Lien, Ser C<br>| 5.00% | 05/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123463 |
| &nbsp;&nbsp;&nbsp;&nbsp;2690000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor Scott & White Hlth Proj, Ser A <br>| 5.00% | 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Cook Children's Med Ctr<br>| 4.00% | 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702967 |
| &nbsp;&nbsp;&nbsp;&nbsp;4080000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Christus Hlth, Ser B<br>| 5.00% | 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037524 |
| &nbsp;&nbsp;&nbsp;&nbsp;1635000 | TX St Muni Gas Acq & Sply Corp I Gas Sply Rev Sr Lien, Ser A<br>| 5.25% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | TX St Muni Gas Acq & Sply Corp III Gas Sply Rev Ref<br>| 5.00% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253270 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5000000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N Tarrant Express Managed Lanes Proj, Ser A <br>| 5.00% | 12/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4964517 |
| &nbsp;&nbsp;&nbsp;&nbsp;2750000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Segment 3C Proj, AMT<br>| 5.00% | 06/30/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457581 |
| &nbsp;&nbsp;&nbsp;&nbsp;7510000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser A<br>| 5.00% | 08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser B<br>| 5.00% | 08/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A<br>| 5.00% | 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | TX St Wtr Dev Brd St Wtr Implementation Rev Fund for TX<br>| 4.00% | 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253423 |
| &nbsp;&nbsp;&nbsp;&nbsp;2175000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust<br>| 5.00% | 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Univ of Houston TX Univ Revs Ref, Ser A<br>| 5.00% | 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157883 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | Univ of Houston TX Univ Revs Ref, Ser A<br>| 5.00% | 02/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963311 |
| &nbsp;&nbsp;&nbsp;&nbsp;1560000 | Uptown Dev Auth TX Incr Contract Rev, Ser A<br>| 5.00% | 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Viridian TX Muni Mgmt Dist Ref Util Impt, BAM<br>| 6.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | Viridian TX Muni Mgmt Dist Road Impt, BAM<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Viridian TX Muni Mgmt Dist Util Impt, BAM<br>| 5.00% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127112 |
| &nbsp;&nbsp;&nbsp;&nbsp;1605000 | W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM<br>| 3.00% | 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263592 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;118284589 |
|  | **Utah – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4400000 | Black Desert Pub Infra Dist Sr Bonds, Ser A (c)<br>| 4.00% | 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015953 |
| &nbsp;&nbsp;&nbsp;&nbsp;1370000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM<br>| 5.00% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417274 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM<br>| 5.00% | 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444980 |
| &nbsp;&nbsp;&nbsp;&nbsp;1515000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM<br>| 5.00% | 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561429 |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1<br>| 4.00% | 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211258 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2<br>| 4.00% | 06/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127705 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2<br>| 4.00% | 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy<br>| 5.00% | 04/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy<br>| 5.00% | 04/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332111 |
| &nbsp;&nbsp;&nbsp;&nbsp;1590000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy Proj, Ser A (c)<br>| 5.00% | 06/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317633 |
| &nbsp;&nbsp;&nbsp;&nbsp;4875000 | UT St Transit Auth Sales Tax Rev Ref Sub, BAM<br>| 5.00% | 12/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092820 |
| &nbsp;&nbsp;&nbsp;&nbsp;1145000 | UT St Transit Auth Sales Tax Rev Ref, Subser A (Pre-refunded maturity 06/15/25)<br>| 5.00% | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195009 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18976878 |
|  | **Vermont – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Burlington VT Ref Lakeview Garage Proj, Ser A, COPS<br>| 5.00% | 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A<br>| 5.00% | 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A<br>| 5.00% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580014 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc Remk, AMT (Mandatory put 04/03/28) (c)<br>| 4.63% | 04/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884855 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | VT St Eductnl & Hlth Bldgs Fing Agy Rev Ref Univ of VT Med Ctr, Ser A<br>| 5.00% | 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555280 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328918 |
|  | **Virginia – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Chesapeake VA Hosp Auth Hosp Fac Rev Ref Chesapeake Regl Med Ctr<br>| 4.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920734 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365000 | Fairfax Cnty VA Econ Dev Auth Fac Rev Green Bond Cnty Fac Proj, Ser A<br>| 5.00% | 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452283 |
| &nbsp;&nbsp;&nbsp;&nbsp;4590000 | Loudoun Cnty VA, Ser A<br>| 4.00% | 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316901 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Norfolk VA Redev & Hsg Auth Rev Ft Norfolk Retmnt Cmnty Harbors Edge Proj, Ser A <br>| 4.00% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020098 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Virginia (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$5595000 | Richmond VA Pub Util Rev, Ser A<br>| 4.00% | 01/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5397254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj<br>| 4.00% | 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj<br>| 4.00% | 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264746 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | VA St Pub Bldg Auth Pub Facs Rev, Ser C, AMT<br>| 5.00% | 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048593 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | VA St Res Auth Infra Rev Ref Infra VA Pooled Fing Prog, Ser C<br>| 4.00% | 11/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of VA<br>| 4.00% | 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683453 |
| &nbsp;&nbsp;&nbsp;&nbsp;1570000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay<br>| 5.00% | 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494842 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay<br>| 5.00% | 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944700 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay<br>| 5.00% | 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay<br>| 5.00% | 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254742 |
| &nbsp;&nbsp;&nbsp;&nbsp;1185000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Prerefunded Ref (Pre-refunded maturity 12/01/26)<br>| 5.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257972 |
| &nbsp;&nbsp;&nbsp;&nbsp;1180000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref<br>| 5.00% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245749 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23601857 |
|  | **Washington – 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | Benton Cnty WA Pub Util Dist #1 Ref<br>| 4.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217964 |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | Centrl Puget Sound WA Regl Transit Auth Green Bond, Ser S-1<br>| 5.00% | 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137266 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Centrl Puget Sound WA Regl Transit Auth Sales & Use Tax Green Bond Ref & Impt, Ser S-1 (Pre-refunded maturity 11/01/25) <br>| 5.00% | 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311898 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Energy NW WA Elec Rev Ref Columbia Generating Sys, Ser A<br>| 5.00% | 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286412 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Fyi Properties WA Lease Rev Ref Green Bond WA Dis Proj<br>| 5.00% | 06/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | Kalispel Tribe of Indians Priority Dist WA Rev, Ser A (c)<br>| 5.00% | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547146 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, AMT<br>| 5.00% | 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935683 |
| &nbsp;&nbsp;&nbsp;&nbsp;2315000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT<br>| 5.00% | 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326123 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT<br>| 5.00% | 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978707 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Seattle WA Drain & Wstwtr Rev Ref<br>| 4.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | Skagit Cnty WA Pub Hosp Dist #1 Ref & Impt Skagit Regl Hlth<br>| 4.00% | 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | Skagit Cnty WA Pub Hosp Dist #1 Ref & Impt, Ser A<br>| 5.00% | 12/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Snohomish Cnty WA Hsg Auth<br>| 5.00% | 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515708 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | WA St Convention Ctr Pub Facs Dist Sub<br>| 4.00% | 07/01/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | WA St Hgr Edu Facs Auth Seattle Univ Proj Rev<br>| 4.00% | 05/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432559 |
| &nbsp;&nbsp;&nbsp;&nbsp;1850000 | WA St Hlthcare Facs Auth Overlake Hosp Med Ctr, Ser A<br>| 5.00% | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | WA St Hlthcare Facs Auth Seattle Cancer Care Alliance (c)<br>| 5.00% | 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | WA St Hlthcare Facs Auth Seattle Cancer Care Alliance (c)<br>| 5.00% | 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights Proj<br>| 5.00% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50289 |
| &nbsp;&nbsp;&nbsp;&nbsp;2449145 | WA St Hsg Fin Commn Social Ctf, Ser A-1<br>| 3.50% | 12/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071131 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | WA St Ref R-2015D<br>| 5.00% | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574800 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | WA St, Ser B<br>| 5.00% | 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103934 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35562871 |
|  | **West Virginia – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Kanawha Cnty WV Cnty Commn Stdt Hsg Rev WV Univ Fndtn Proj (Pre-refunded maturity 07/01/23) (c)<br>| 6.75% | 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110029 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | S Charleston WV Spl Dist Excise Tax Ref S Charleston Park Place Proj, Ser A (c)<br>| 4.25% | 06/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740036 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **West Virginia (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1000000 | WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch Res Proj, AMT (Mandatory put 07/01/25)<br>| 5.00% | 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$988177 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6838242 |
|  | **Wisconsin – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Fond Du Lac WI Sch Dist, Ser A, BAM<br>| 4.00% | 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817482 |
| &nbsp;&nbsp;&nbsp;&nbsp;1255000 | Fond Du Lac WI Sch Dist, Ser A, BAM<br>| 4.00% | 04/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239474 |
| &nbsp;&nbsp;&nbsp;&nbsp;1375000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (c)<br>| 5.00% | 06/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas Proj, Ser A (c)<br>| 5.00% | 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435611 |
| &nbsp;&nbsp;&nbsp;&nbsp;1240000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c)<br>| 4.20% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188273 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c)<br>| 5.13% | 07/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177794 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, Ser A<br>| 4.00% | 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429155 |
| &nbsp;&nbsp;&nbsp;&nbsp;1285000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd<br>| 4.00% | 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228904 |
| &nbsp;&nbsp;&nbsp;&nbsp;1730000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd<br>| 5.00% | 07/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666104 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd<br>| 5.00% | 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911884 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd<br>| 5.00% | 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898447 |
| &nbsp;&nbsp;&nbsp;&nbsp;1275000 | Pub Fin Auth WI Edu Rev Triad Eductnl Sers Inc, Ser A<br>| 4.00% | 06/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch<br>| 5.00% | 06/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418962 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Pub Fin Auth WI Exempt Facs Rev Ref Celanese Proj, Ser B, AMT<br>| 5.00% | 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011043 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A<br>| 4.00% | 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144803 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A<br>| 4.00% | 06/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc Oblig Grp, Ser A<br>| 4.00% | 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512582 |
| &nbsp;&nbsp;&nbsp;&nbsp;1450000 | Pub Fin Auth WI Retmnt Fac Rev Ref Penick Vlg Oblig Grp (c)<br>| 5.00% | 09/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089739 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (c)<br>| 5.00% | 10/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830731 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Pub Fin Auth WI Rev Green Bond Fargo Moorhead Met Area Flood Mgmnt, AMT<br>| 4.00% | 03/31/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375332 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (c)<br>| 6.50% | 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A<br>| 4.00% | 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A<br>| 4.00% | 06/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447901 |
| &nbsp;&nbsp;&nbsp;&nbsp;1595000 | Pub Fin Auth WI Stdt Hsg Rev Nc A&T Real Estate Fdtn LLC Proj, Ser B<br>| 5.00% | 06/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445963 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | WI St Gen Fund Annual Approp Rev Ref, Ser B<br>| 5.00% | 05/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys, Ser A<br>| 4.00% | 02/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90300 |
| &nbsp;&nbsp;&nbsp;&nbsp;3650000 | WI St Hlth & Eductnl Facs Auth Rev Ref Ascension Hlth Credit Grp, Ser A<br>| 5.00% | 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706449 |
| &nbsp;&nbsp;&nbsp;&nbsp;1780000 | WI St Hlth & Eductnl Facs Auth Rev Ref Beloit Hlth Sys Inc<br>| 4.00% | 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588652 |
| &nbsp;&nbsp;&nbsp;&nbsp;1135000 | WI St Hlth & Eductnl Facs Auth Rev Ref Froedtert Hlth Inc Oblg, Ser A<br>| 4.00% | 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013957 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | WI St Hlth & Eductnl Facs Auth Rev Ref Prohealth Care Oblig Grp<br>| 5.00% | 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | WI St Hlth & Eductnl Facs Auth Rev Ref Prohealth Care Oblig Grp<br>| 5.00% | 08/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | WI St Hlth & Eductnl Facs Auth Rev Ref Rogers Memorial Hosp Inc, Ser A<br>| 5.00% | 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | WI St Hlth & Eductnl Facs Auth Rev St Johns Cmntys Inc Proj, Ser A (Pre-refunded maturity 09/15/23) <br>| 5.00% | 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441223 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Wisconsin (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$2000000 | WI St Ref, Ser 3<br>| 4.00% | 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1997489 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37108441 |

---

---

| | |
|:---|:---|
| **Total Investments – 96.0%<br>**  | &nbsp;&nbsp;&nbsp;1688294265 |
| (Cost $1,843,107,095) |  |
| **Net Other Assets and Liabilities – 4.0%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69517588 |
| **Net Assets – 100.0%<br>**  | $1757811853 |

---

#### Futures Contracts (See Note 2D - Futures Contracts in the Notes to Financial Statements):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Position** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)/<br> Value** |
| 10-Year U.S. Treasury Notes | Short | 258 | Dec 2022 | &nbsp;&nbsp;$(28533188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1658859 |
| U.S. Treasury Long Bonds | Short | 228 | Dec 2022 | &nbsp;&nbsp;&nbsp;&nbsp;(27474000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548250 |
| Ultra 10-Year U.S. Treasury Notes | Short | 496 | Dec 2022 | &nbsp;&nbsp;&nbsp;&nbsp;(57528250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015516 |
|  |  |  |  | $(113535438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7222625 |

---

(a) Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions.

(b) When-issued security. The interest rate shown reflects the rate in effect at October 31, 2022. Interest will begin accruing on the security's first settlement date.

(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 October 31, 2022, securities noted as such amounted to $114,852,525 or 6.5% of net assets.

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

(e) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions
exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements).

(f) Zero coupon bond.

---

| | |
|:---|:---|
| AGC | &nbsp;&nbsp;Assured Guaranty Corp. |
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corp. |
| AMBAC | &nbsp;&nbsp;American Municipal Bond Assurance Corp. |
| AMT | &nbsp;&nbsp;Alternative Minimum Tax |
| BAM | &nbsp;&nbsp;Build America Mutual |
| BANS | &nbsp;&nbsp;Bond Anticipation Notes |
| CABS | &nbsp;&nbsp;Capital Appreciation Bonds |
| COPS | &nbsp;&nbsp;Certificates of Participation |
| GARVEE | &nbsp;&nbsp;Grant Anticipation Revenue Vehicle |
| NATL-RE | &nbsp;&nbsp;National Public Finance Guarantee Corp. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Municipal Bonds\*<br>| $1688294265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $1688294265 | $— |
| Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7222625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7222625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total<br>| $1695516890 | &nbsp;&nbsp;$7222625 | $1688294265 | $— |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Statement of Assets and Liabilities

#### October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,843,107,095)<br>| $1688294265 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51653267 |
| Cash segregated as collateral for open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158835 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23696598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19347033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;1791639023 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32260937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33827170 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$1757811853 |
| **NET ASSETS consist of:** |  |
| Paid-in capital<br>| $2035287887 |
| Par value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363500 |
| Accumulated distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277839534) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$1757811853 |
| **NET ASSET VALUE, per share<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.36 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36350002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Statement of Operations

#### For the Year Ended October 31, 2022

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp;$59912495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59912495 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 14254119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14254119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees waived by the investment advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3289412) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10964707 |
| **NET INVESTMENT INCOME (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48947788 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124528829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16279901 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(108248928) |
| Net increase from payment by the advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5130 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245032914) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962060 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(237070854) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;(345314652) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | &nbsp;&nbsp;$(296366864) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| **OPERATIONS:** |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$48947788 | &nbsp;&nbsp;&nbsp;&nbsp;$41667232 |
| Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (108248928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575194 |
| Net increase from payment by the advisor<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4688 |
| Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (237070854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29567010 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296366864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71814124 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48226078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41343498) |
| Return of capital<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (653379) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48226078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41996877) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp; 434158734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683145950 |
| Cost of shares redeemed <br>| &nbsp;&nbsp;&nbsp;&nbsp; (725159348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34043084) |
| Net increase (decrease) in net assets resulting from shareholder transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291000614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649102866 |
| Total increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (635593556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678920113 |
| **NET ASSETS:** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp; 2393405409 | &nbsp;&nbsp;&nbsp;&nbsp; 1714485296 |
| End of period<br>| &nbsp;&nbsp;$1757811853 | &nbsp;&nbsp;$2393405409 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42350002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30950002 |
| Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (600000) |
| Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36350002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42350002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### First Trust Managed Municipal ETF (FMB)<br>

#### Financial Highlights

#### For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51.75 | &nbsp;&nbsp;&nbsp;&nbsp;$53.16 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55.38 | &nbsp;&nbsp;&nbsp;&nbsp;$51.75 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.47)% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $1757812 | &nbsp;&nbsp;&nbsp;&nbsp;$2393405 | &nbsp;&nbsp;&nbsp;&nbsp;$1714485 | &nbsp;&nbsp;&nbsp;&nbsp;$1135258 | &nbsp;&nbsp;&nbsp;&nbsp;$455371 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Ratio of net expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| Portfolio turnover rate (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |

---

(a) 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. For some periods, the total returns would have been lower if certain fees had not been waived by
the advisor.

(b) During the fiscal years ended October 31, 2022 and 2021, the Fund received reimbursements from the advisor in the amounts of $5,130 and $4,688, respectively, each representing less
than $0.01 per share. Since the advisor reimbursed the Fund, there was no effect on the Fund's total return.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
1. Organization

First Trust Exchange-Traded Fund III (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on January 9, 2008, and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of seventeen funds that are offering shares. This report covers the First Trust Managed Municipal ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "FMB" on The Nasdaq Stock Market LLC. 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 primary investment objective of the Fund is to generate current income that is exempt from regular federal income taxes and its secondary objective is long term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. There can be no assurance that the Fund will achieve its investment objectives. 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 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:

Municipal securities and other debt securities are fair valued on the basis of fair 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.

Exchange-traded futures contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded futures contracts are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
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 fundamental business data relating to the issuer;

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

3) the type, size and cost of the security;

4) the financial statements of the issuer;

5) the credit quality and cash flow of the issuer, based on the Advisor's or external analysis;

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

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

8) the coupon payments;

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

10) 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:

• 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.

• 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.

• 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.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
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 October 31, 2022, is included with the Fund's Portfolio of Investments.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

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. 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 October 31, 2022, the Fund held restricted securities 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. There are no unrestricted securities with the same maturity dates and yields for these issuers.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Principal<br> Value** | &nbsp;&nbsp;**Current Price** | &nbsp;&nbsp;**Carrying<br> Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| Brookstone CDD FL Spl Assmnt Rev CDD, 3.88%, 11/01/23 | &nbsp;&nbsp;01/24/18 | &nbsp;&nbsp;$185000 | &nbsp;&nbsp;$98.87 | &nbsp;&nbsp;$185000 | &nbsp;&nbsp;$182911 | &nbsp;&nbsp;0.01% |
| IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.25%, 07/01/28 | &nbsp;&nbsp;09/04/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;97.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685538 | &nbsp;&nbsp;0.04 |
| IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.88%, 07/01/38 | &nbsp;&nbsp;09/04/18 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;95.70 | &nbsp;&nbsp;&nbsp;&nbsp;1003444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957013 | &nbsp;&nbsp;0.05 |
| Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv, 5.13%, 09/01/38 | &nbsp;&nbsp;05/04/18 | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;93.89 | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;1211196 | &nbsp;&nbsp;0.07 |
| Timber Creek CDD FL Spl Assmnt Rev, 4.13%, 11/01/24 | &nbsp;&nbsp;06/21/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;98.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133385 | &nbsp;&nbsp;0.01 |
|  |  |  |  | &nbsp;&nbsp;$3318484 | &nbsp;&nbsp;$3170043 | &nbsp;&nbsp;0.18% |

---

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.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
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. This daily fluctuation in the value of the contracts is also known as variation margin and is 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.

Restricted cash segregated as collateral for futures contracts in the amount of $4,158,835 is shown as "Cash segregated as collateral for open futures contracts" on the Statement of Assets and Liabilities.

E. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid monthly by the Fund, 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 by the Fund during the fiscal years ended October 31, 2022 and 2021, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ordinary income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$174605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1652 |
| Capital gains<br>|  |  |
| Tax-exempt income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48051473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41341846 |
| Return of capital<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653379 |

---

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$440113 |
| Accumulated capital and other gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(122643308) |
| Net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(155636339) |

---

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 (the "Code"), which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

In addition, the Fund intends to invest in such municipal securities to allow it to pay shareholders "exempt dividends" as defined in the Code.

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. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, 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

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
when there has been a 50% change in ownership. At October 31, 2022, for federal income tax purposes, the Fund had $122,643,308 of capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Fund. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2022, the adjustments for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| Accumulated<br> Net Investment<br> Income (Loss) | &nbsp;&nbsp;Accumulated<br> Net Realized<br> Gain (Loss)<br> on Investments | &nbsp;&nbsp;Paid-in<br> Capital |
| $(347699) | &nbsp;&nbsp;$347699 | &nbsp;&nbsp;$— |

---

As of October 31, 2022, 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:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | &nbsp;&nbsp;Gross<br> Unrealized<br> Appreciation | &nbsp;&nbsp;Gross<br> Unrealized<br> (Depreciation) | &nbsp;&nbsp;Net Unrealized<br> Appreciation<br> (Depreciation) |
| $1851153229 | &nbsp;&nbsp;$364463 | &nbsp;&nbsp;$(156000802) | &nbsp;&nbsp;$(155636339) |

---

G. Expenses

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

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 pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The Fund has agreed to pay First Trust an annual unitary management fee equal to 0.65% of its average daily net assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250, which is covered under the annual unitary management fee.

The Trust's Board of Trustees and the Advisor have entered into a Fee Waiver Agreement for the Fund pursuant to which the Advisor contractually agreed to waive management fees of 0.15% of average daily net assets until March 1, 2023. At that point, the waiver agreement will expire and will not be renewed. First Trust does not have the right to recover the fees waived. During the fiscal year ended October 31, 2022, the Advisor waived fees of $3,289,412.

During the fiscal years ended October 31, 2022 and October 31, 2021, the Fund received payments from the Advisor of $5,130 and $4,688, respectively, in connection with a trade error.

The Trust has multiple service agreements with Brown Brothers Harriman & Co. ("BBH"). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BBH is responsible for custody of the Fund's assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for the Fund.

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
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 Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee 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 Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

4. Purchases and Sales of Securities

For the fiscal year ended October 31, 2022, the cost of purchases and proceeds from sales of investments, excluding short term investments and in-kind transactions, were $1,342,687,056 and $1,555,183,673, respectively.

For the fiscal year ended October 31, 2022, the Fund had no in-kind transactions.

5. Derivative Transactions

The following table presents the type of derivatives held by the Fund at October 31, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| **Derivative<br> Instrument** | **Risk<br> Exposure** | **Statement of Assets and<br> Liabilities Location** | **Value** | **Statement of Assets and<br> Liabilities Location** | **Value** |
| Futures contracts | &nbsp;&nbsp;Interest Rate Risk | &nbsp;&nbsp;Unrealized appreciation<br> on futures contracts\* | &nbsp;&nbsp;$7222625 | &nbsp;&nbsp;Unrealized depreciation<br> on futures contracts\* | &nbsp;&nbsp;$— |

---

\*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.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

---

| | |
|:---|:---|
| **Statement of Operations Location** |  |
| **Interest Rate Risk Exposure** |  |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16279901 |
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962060 |

---

During the fiscal year ended October 31, 2022, the notional value of futures contracts opened and closed were $1,487,625,410 and $1,485,609,412, respectively.

The Fund does not have the right to offset financial assets and liabilities related to futures 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 large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation ("NSCC") 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

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022
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 to provide 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 February 28, 2024.

8. Borrowings

The Trust, on behalf of the Fund, along with First Trust Series Fund and First Trust Exchange-Traded Fund IV has a $305 million Credit Agreement with The Bank of Nova Scotia ("Scotia") as administrative agent for a group of lenders. Between March 2, 2022 and October 30, 2022, the commitment amount was $280 million, and prior to March 2, 2022, the commitment amount was $355 million. Scotia charges a commitment fee of 0.25% 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 fiscal year ended October 31, 2022.

9. 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.

10. Subsequent Events

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

At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Fund. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee the Fund pays to First Trust, as investment manager, will be discounted as the Fund's net assets reach certain predefined levels.

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Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund III:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of First Trust Managed Municipal ETF (the "Fund"), a series of the First Trust Exchange-Traded Fund III, including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img0719a2074.jpg)

Chicago, Illinois

December 22, 2022

We have served as the auditor of one or more First Trust investment companies since 2001.

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Additional Information

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)

#### Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund's website at <u>www.ftportfolios.com</u>; and (3) on the Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

#### Portfolio Holdings
The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at <u>www.sec.gov</u>. The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

#### Tax Information
For the taxable year ended October 31, 2022, the following distribution information is being provided as required by the Internal Revenue Code of 1986, as amended, or to meet a specific state's requirement. The Fund designates the following percentages or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| Federal and State Income Tax | Percentages |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt Interest Dividends | 99.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Minimum Tax (AMT) | 9.44% |

---

#### Risk Considerations
**Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund's investment objective, risks, charges and expenses, and read each Fund's prospectus and statement of additional information carefully. You can download each Fund's prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.**

**Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.**

**Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.**

**Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.**

**Defined Outcome Funds Risk. To the extent a fund's investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor's investment period. Additionally, the fund will**

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Additional Information (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)
not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund's share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.

**Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.**

**Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.**

**ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.**

**Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.**

**Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund's shares.**

**Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.**

**Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.**

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Additional Information (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)
**LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.**

**Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.**

**Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund's shares and result in increased market volatility. During any such events, a fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund's shares may widen.**

**Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.**

**Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund's ability to meet its investment objective. Although the funds and the funds' investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.**

**Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.**

**Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company's capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.**

------

[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

#### Additional Information (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)
**Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.**

---

| | | |
|:---|:---|:---|
| **NOT FDIC INSURED** | **NOT BANK GUARANTEED** | **MAY LOSE VALUE** |

---

#### Advisory Agreement

#### Board Considerations Regarding Approval of Continuation of Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the First Trust Managed Municipal ETF (the "Fund"). The Board approved the continuation of the Agreement for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor manages the Fund and knowing the Fund's unitary fee.

In reviewing the Agreement, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for such services. The Board noted that the Fund is an actively-managed ETF and noted that the Advisor's Municipal Securities Team is responsible for the day-to-day management of the Fund's investments. The Board considered the background and experience of the members of the Municipal Securities Team. The Board considered the Advisor's statement that it applies the same oversight model internally with its Municipal Securities Team as it uses for overseeing external sub-advisors, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objectives, policies and restrictions. The Board also considered

------

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#### Additional Information (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)
a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. In addition to the written materials provided by the Advisor, at the June 12–13, 2022 meeting, the Board also received a presentation from representatives of the Advisor's Municipal Securities Team, who discussed the services that the Team provides to the Fund, including the Team's day-to-day management of the Fund's investments. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed the Fund consistent with its investment objectives, policies and restrictions.

The Board considered the unitary fee rate payable by the Fund under the Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board noted that the Advisor had previously agreed to waive a portion of its unitary fee in an amount equal to 0.15% of the Fund's average daily net assets until at least March 1, 2023. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for the Fund, after taking into account the contractual fee waiver, was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, including that the Expense Group contained both actively-managed ETFs and open-end mutual funds, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2021 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund outperformed the Performance Universe median and the benchmark index for the one-, three- and five-year periods ended December 31, 2021.

On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to the Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund and noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2021 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board also considered the Advisor's compensation for fund reporting services provided to the Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

------

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#### Additional Information (Continued)

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

#### Board Considerations Regarding Approval of Amendment to the Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the amendment (the "Amendment") of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the First Trust Managed Municipal ETF (the "Fund").

The Board approved the Amendment at a meeting held on October 24, 2022. As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendment at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022. Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendment, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.

In reviewing the Amendment, the Board considered that the purpose of the Amendment is to modify the unitary fee rate for the Fund under the Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by the Fund to the Advisor will be reduced as assets of the Fund meet certain thresholds. The Board noted the Advisor's representations that the quality and quantity of the services provided to the Fund by the Advisor under the Agreement will not be reduced or modified as a result of the Amendment, and that the obligations of the Advisor under the Agreement will remain the same in all respects.

The Board noted that it, including the Independent Trustees, last approved the continuation of the Agreement for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board noted that in connection with such approval it had determined, based upon the information provided, that the terms of the Agreement were fair and reasonable and that the continuation of the Agreement was in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

The Board noted that the Advisor had previously agreed to waive a portion of its unitary fee for the Fund and that the modified unitary fee rate schedule for the Fund under the Amendment would not be implemented until the expiration of the Fund's contractual fee waiver. The Board considered that the effective unitary fee rate paid by the Fund under the Agreement after taking into account the contractual fee waiver is less than the effective unitary fee rate that the Fund would pay pursuant to the modified unitary fee rate schedule under the Amendment.

Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendment are fair and reasonable and that the Amendment is in the best interests of the Fund.

------

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#### Board of Trustees and Officers<br>

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Trust** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson, Trustee<br> (1951) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | &nbsp;&nbsp;223 |  |
| Thomas R. Kadlec, Trustee<br> (1957) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
| Denise M. Keefe, Trustee<br> (1964) | &nbsp;&nbsp;• Indefinite Term<br>• Since 2021 | &nbsp;&nbsp;Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021) |
| Robert F. Keith, Trustee<br> (1956) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;President, Hibs Enterprises (Financial and Management Consulting) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Formerly, Director of Trust Company of Illinois |
| Niel B. Nielson, Trustee<br> (1954) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | &nbsp;&nbsp;223 |  |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(1)</sup>, Trustee and<br> Chairman of the Board<br> (1955) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | &nbsp;&nbsp;223 |  |

---

<sup>(1)</sup> Mr. Bowen is deemed an "interested person" of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

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#### Board of Trustees and Officers (Continued)<br>

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position and Offices with Trust** | &nbsp;&nbsp;**Term of Office and Length of Service** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** |
| **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** |
| James M. Dykas<br> (1966) | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
| Donald P. Swade<br> (1972) | &nbsp;&nbsp;Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| W. Scott Jardine<br> (1960) | &nbsp;&nbsp;Secretary and Chief Legal Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
| Daniel J. Lindquist<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Kristi A. Maher<br> (1966) | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

---

| | | | |
|:---|:---|:---|:---|
| Roger F. Testin<br> (1966) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Stan Ueland<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

<sup>(2)</sup> The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

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#### Privacy Policy

#### First Trust Managed Municipal ETF (FMB)

#### October 31, 2022 (Unaudited)

#### Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

#### Sources of Information
We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of "cookies." For example, we may identify the pages on our website that your browser requests or visits.

#### Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

#### Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

#### Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust's website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust's website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <u>Google Analytics</u> and <u>AddThis</u>.

#### Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

#### Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to <u>www.ftportfolios.com</u>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2022

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![](img8ee32d871.jpg)

## First Trust Exchange-Traded Fund III

#### INVESTMENT ADVISOR
First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

#### ADMINISTRATOR, CUSTODIAN,<br> FUND ACCOUNTANT &<br> TRANSFER AGENT
Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

#### INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, IL 60606

#### LEGAL COUNSEL
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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[**Table of Contents**](#JOB_10-31_f2d8b789-e17c-4947-a0aa-2776e9ab38f2_TOC)

![](img520483c51.jpg)

## First Trust Exchange-Traded Fund III
First Trust Long/Short Equity ETF (FTLS)

 *Annual Report<br> For the Year Ended<br> October 31, 2022* 

**Table of Contents**

#### First Trust Long/Short Equity ETF (FTLS)

#### Annual Report

#### October 31, 2022

---

| | |
|:---|:---|
| [Shareholder Letter](#xx_58c7090e-f047-4ce7-a00a-d46edd25b230_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Fund Performance Overview](#xx_3ee70215-a102-4bbb-8cbb-96136433e00a_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Portfolio Commentary](#xx_e085edeb-d620-4abc-8742-eef04292b8bd_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Understanding Your Fund Expenses](#xx_9b2c40c9-1959-4033-abf1-7ca352439268_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Portfolio of Investments](#xx_78a3f8d0-a708-4641-baa7-f6d234703158_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Statement of Assets and Liabilities](#xx_0209d3ac-53e8-412d-a376-eadd45b1bc34_1)<br>| &nbsp;&nbsp;21 |
| [Statement of Operations](#xx_975a9b17-1790-45f3-986b-c390236d611b_1)<br>| &nbsp;&nbsp;22 |
| [Statements of Changes in Net Assets](#xx_11f37780-6306-4fda-9f9b-9aa992957915_1)<br>| &nbsp;&nbsp;23 |
| [Financial Highlights](#xx_5a74fd9f-df6c-49ed-a5fa-a703f889262d_1)<br>| &nbsp;&nbsp;24 |
| [Notes to Financial Statements](#xx_c6d92410-e407-4054-9fd6-5b70c400b04f_1)<br>| &nbsp;&nbsp;25 |
| [Report of Independent Registered Public Accounting Firm](#xx_84cb8ec7-5c34-4e0d-8d2e-aa6cc5dc6c09_1)<br>| &nbsp;&nbsp;32 |
| [Additional Information](#xx_69884d1f-0345-4748-a3b2-cde1b55fb77f_1)<br>| &nbsp;&nbsp;33 |
| [Board of Trustees and Officers](#xx_bae4ce9d-7cca-49e0-b2a5-e0e946b7dd3f_1)<br>| &nbsp;&nbsp;40 |
| [Privacy Policy](#xx_8e9eec32-9d49-4b94-ba79-d957128144dd_1)<br>| &nbsp;&nbsp;42 |

---

#### Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund III (the "Trust") described in this report (First Trust Long/Short Equity ETF; hereinafter referred to as the "Fund") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

#### Performance and Risk Disclosure
There is no assurance that 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. See "Risk Considerations" in the Additional Information section of this report for a discussion of certain other risks of 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 <u>www.ftportfolios.com</u> 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.

The Advisor may also periodically provide additional information on Fund performance on the Fund's web page at <u>www.ftportfolios.com</u>.

#### 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 and analysis that provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund's performance. The statistical information that follows may help you understand the Fund's performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

Shareholder Letter

#### First Trust Long/Short Equity ETF (FTLS)

#### Annual Letter from the Chairman and CEO

#### October 31, 2022
Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust Long/Short Equity ETF (the "Fund"), which contains detailed information about the Fund for the twelve months ended October 31, 2022.

As I'm writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no "red wave" (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there's been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.

The Federal Reserve (the "Fed") has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed's actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index ("CPI") is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!

Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500<sup>®</sup> Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500<sup>®</sup> Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

![](img81dd53cb2.jpg)

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

Fund Performance Overview (Unaudited)

First Trust Long/Short Equity ETF (FTLS)<br>

The First Trust Long/Short Equity ETF's (the "Fund") investment objective is to seek to provide investors with long-term total return. Under normal conditions, the Fund will expose at least 80% of its net assets (including investment borrowings) to U.S. exchange-listed equity securities and/or U.S. exchange-traded funds ("ETFs") that provide exposure to U.S. exchange-listed equity securities. The Fund pursues its investment objective by establishing long and short positions in a portfolio of U.S. exchange-listed equity securities and ETFs. The Fund's portfolio may include U.S. exchange-listed equity securities of non-U.S. issuers, including the securities of non-U.S. issuers traded on U.S. exchanges in the form of depositary receipts.

The Fund's portfolio is composed of both long and short positions in equity securities and ETFs. As opposed to taking long positions in which an investor seeks to profit from increases in the price of a security, short selling is a technique that will be used by the Fund to try and profit from the falling price of a security. Short selling involves selling a security that has been borrowed from a third party with the intention of buying an identical security back at a later date to return to that third party.

Having both long and short positions in an equity security portfolio is a common way to create returns that are independent of market moves. One advantage of a long and short portfolio is that the long and short positions may offset one another in a manner that results in a lower net exposure to the direction of the market. In addition, cash balances arising from the use of short selling typically will be held in money market instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | &nbsp;&nbsp;1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (9/8/14)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | &nbsp;&nbsp;Inception<br> (9/8/14)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;&nbsp;&nbsp;-2.74% | &nbsp;&nbsp;&nbsp;&nbsp;5.76% | &nbsp;&nbsp;&nbsp;&nbsp;6.79% | 32.33% | &nbsp;&nbsp;&nbsp;&nbsp;70.80% |
| Market Price | &nbsp;&nbsp;&nbsp;&nbsp;-2.76% | &nbsp;&nbsp;&nbsp;&nbsp;5.77% | &nbsp;&nbsp;&nbsp;&nbsp;6.80% | &nbsp;&nbsp;32.35% | &nbsp;&nbsp;&nbsp;&nbsp;70.86% |
| **Index Performance** |  |  |  |  |  |
| S&P 500<sup>®</sup> Index | &nbsp;&nbsp;-14.61% | &nbsp;&nbsp;10.44% | &nbsp;&nbsp;10.51% | &nbsp;&nbsp;64.31% | &nbsp;&nbsp;125.69% |

---

Total returns for the period since inception are calculated from the inception date of the Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated.

The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed 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 outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint of the national best bid and offer price ("NBBO") as of the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund's NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund's NAV was calculated. Since shares of the Fund did not trade in the secondary market until after its inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the index. 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. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future performance.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Long/Short Equity ETF (FTLS)<br>

---

| | |
|:---|:---|
| **Portfolio Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments –<br> Long Positions** |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;23.2% |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;17.9 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;13.4 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Portfolio Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments<br> Sold Short** |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;20.6% |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;15.8 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;12.7 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;11.3 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;10.0 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Top Ten Investments – Long Positions** | &nbsp;&nbsp;**% of<br> Net Assets** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Hershey (The) Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;17.9% |

---

---

| | |
|:---|:---|
| **Top Ten Investments Sold Short** | &nbsp;&nbsp;**% of<br> Net Assets** |
| PepsiCo., Inc. | &nbsp;&nbsp;-0.7% |
| Northrop Grumman Corp. | &nbsp;&nbsp;-0.7 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;-0.6 |
| Oracle Corp. | &nbsp;&nbsp;-0.6 |
| Verizon Communications, Inc. | &nbsp;&nbsp;-0.5 |
| Baker Hughes Co. | &nbsp;&nbsp;-0.5 |
| Intel Corp. | &nbsp;&nbsp;-0.5 |
| PNC Financial Services Group (The), Inc. | &nbsp;&nbsp;-0.5 |
| Estee Lauder (The) Cos., Inc., Class A | &nbsp;&nbsp;-0.4 |
| Bank of America Corp. | &nbsp;&nbsp;-0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;-5.4% |

---

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;84.1% |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Common Stocks Sold Short | &nbsp;&nbsp;&nbsp;(22.3) |
| Real Estate Investment Trusts Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;(0.2) |
| Net Other Assets and Liabilities \* | &nbsp;&nbsp;&nbsp;&nbsp;31.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\* Includes variation margin on futures contracts.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust Long/Short Equity ETF (FTLS)<br>

![](img63eb8c5d3.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

#### Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Portfolio Commentary

#### First Trust Long/Short Equity ETF (FTLS)

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Investment Advisor
First Trust Advisors L.P. ("First Trust") is the investment advisor to First Trust Long/Short Equity ETF (the "Fund" or "FTLS"). In this capacity, First Trust is responsible for the selection and ongoing monitoring of the investments in the Fund's portfolio and certain other services necessary for the management of the portfolio.

#### Portfolio Management Team

#### John Gambla – CFA, FRM, PRM, Senior Portfolio Manager of First Trust, FTA- Alternatives Investment Team

#### Rob A. Guttschow – CFA, Senior Portfolio Manager of First Trust, FTA- Alternatives Investment Team

#### Commentary
The Fund is an actively managed exchange-traded fund ("ETF"). The Fund's investment objective is to seek to provide investors with long-term total return. The Fund pursues its investment objective by establishing long and short positions in a portfolio of U.S. exchange-listed securities and ETFs. Under normal conditions, the Fund will expose at least 80% of its net assets (including investment borrowings) to U.S. exchange-listed equity securities and/or U.S. ETFs that provide exposure to U.S. exchange-listed securities.

#### Overall Market Recap
U.S. economic growth was mixed during the 12-month period ended October 31, 2022. The first quarter of the period was strong, with 2021 third quarter annualized gross domestic product ("GDP") growth of 7.0%. As 2022 began, growth turned negative for the first half of 2022 with GDP declining by an average -1.1% annualized for the semi-annual period. Third quarter annualized growth rebounded to a 2.6% annual rate. Despite two quarters of negative growth, the economy does not appear to be in a recession as the unemployment rate is very low at 3.7%, down from 4.6% one year ago. Job growth has been positive every month of the 12-month period ended October 31, 2022, with the total number of new jobs (BLS Non-Farm Payrolls) created in the period being 5.3 million.

Good news on the jobs front is being partially offset by bad news on the inflation and earnings front. After years of declining and/or low inflation, as measured by the Consumer Price Index ("CPI"), inflation surged from the pandemic lows of 0.1% year-over-year ("YOY") in May of 2020. After jumping to 6.2% YOY at this time last year, the CPI maintained its upward trend, reaching a cycle high of 9.1% YOY in June of 2022. Subsequently, with a decline in energy prices, the CPI has fallen back to "only" 7.7% as of the October 2022 reading. Inflation is pernicious as it erodes the purchase power of the dollar and employee earnings, resulting in a decline in real living standards. As a measure of its impact, employment earnings growth looks attractive for 2022, with average hourly earnings up 4.7% for the 12-month period ended October 31, 2022. However, after accounting for inflation, U.S. real average weekly earnings declined by 3.7% during the same period, meaning that on average, U.S. workers took a big pay cut in 2022.

The U.S. Federal Reserve (the "Fed"), to quell inflation, has begun to aggressively hike interest rates. The Fed raised its benchmark short term interest rate by 0.25% in March 2022, 0.50% in May 2022, and then by 0.75% in June, July, and September of 2022. Expectations are for another 0.75% increase in November 2022. With the increasing Fed benchmark rate, interest rates for the U.S. consumer have also risen. One common and very impactful rate, the 30-year mortgage rate as measured by Freddie Mac, increased from 3.14% one year ago to 7.08% as of September 27, 2022. Higher short-term interest rates have increased the attractiveness of the U.S. Dollar, with the U.S. Dollar Index rising by 18.49% during the 12-month period ended October 31, 2022.

The U.S. equity market, as represented by the S&P 500<sup>®</sup> Index, sold off during the same period, down 14.61%. Higher inflation, higher interest rates, and a strong dollar are all potential drags on future earnings. Riskier, smaller capitalization stocks, as represented by the Russell 2000<sup>®</sup> Index, performed poorly during the same period, declining by 18.54%. With rising interest rates, bond investments also were hard hit during the same period with the broad-based Bloomberg Aggregate Index down 15.68% for the same period.

#### Fund Performance
The Fund returned -2.76% on a market price basis and -2.74% on a net asset value basis for the 12-month period ended October 31, 2022. The Fund's benchmark, the S&P 500<sup>®</sup> Index (the "Benchmark") returned -14.61% during the same period.

During the same period, the net positions within the portfolio (long holdings minus short holdings) decreased from 63.2% at the beginning of the period to 54.57% at the end of the period. The decrease was the result of a 6.91% decrease in the long positions and a 5.17% increase in the size of the short positions.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Portfolio Commentary (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### Annual Report

#### October 31, 2022 (Unaudited)
The Fund's long positions, as stand-alone investments, outperformed the Benchmark with stock selection being particularly effective in the Consumer Discretionary, Financial, and Communication Services sectors. Offsetting some of that outperformance was the Fund's poor stock selection in the Information Technology, Industrials, and Health Care sectors. The Fund also benefitted from overweights in the Energy and Materials sectors and underweights in the Communication Services and Consumer Discretionary sectors. The only sector allocation during the period which was a negative contributor to the relative performance of the long equity portfolio was an underweight to the Utilities sector.

During the 12-month period ended October 31, 2022, the short portfolio added significantly to total returns as the short equity selections fell in value during the period. On a relative basis, the shorts fell in value by more than the Benchmark, boosting relative returns in addition to absolute returns. The Fund's usage of short positions in futures contracts were particularly beneficial as the equities fell in value during the period by more than the Benchmark. Within the individually selected short stock positions, the short selections in the Information Technology, Health Care, and Consumer Discretionary sectors were particularly beneficial as the shorted stocks declined by more the Benchmark. Offsetting some of the beneficial stock selection was the allocation impact within the Consumer Discretionary, Energy, and Utilities sectors, all of which hurt relative performance of the short portfolio.

Overall, the Fund significantly outperformed the unmanaged, unhedged Benchmark during the same period.

#### Market and Fund Outlook
Today, we believe the Fund is well positioned to achieve its primary objective of seeking to provide investors with long term total return. As of October 31, 2022, the Fund is invested in a broad array of U.S. equity securities with a net market exposure of approximately 54.6% versus its unmanaged Benchmark's exposure of 100%. In our opinion, the Fund's combination of a broadly diversified portfolio, which includes long high-quality stocks and short low-quality stocks, as measured by an earnings quality model, positions the Fund well to continue to achieve its investment objective of seeking to provide investors with long term total return.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Understanding Your Fund Expenses

#### October 31, 2022 (Unaudited)
As a shareholder of the First Trust Long/Short Equity ETF (the "Fund"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2022.

#### Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.

#### Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value<br> May 1, 2022** | &nbsp;&nbsp;**Ending<br> Account Value<br> October 31, 2022** | &nbsp;&nbsp;**Annualized<br> Expense Ratio<br> Based on the<br> Six-Month<br> Period (a)** | &nbsp;&nbsp;**Expenses Paid<br> During the<br> Six-Month<br> Period (a)(b)** |
| **First Trust Long/Short Equity ETF (FTLS)** | **First Trust Long/Short Equity ETF (FTLS)** | **First Trust Long/Short Equity ETF (FTLS)** | **First Trust Long/Short Equity ETF (FTLS)** | **First Trust Long/Short Equity ETF (FTLS)** |
| Actual | $1000.00 | &nbsp;&nbsp;$979.10 | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;$6.78 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1018.35 | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;$6.92 |

---

(a) Annualized expense ratio and expenses paid during the six-month period do not include fees and expenses of the underlying funds in which the Fund invests.

(b) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2022 through October
31, 2022), multiplied by 184/365 (to reflect the six-month period).

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/<br> Units** | **Description** | **Value** |
| **COMMON STOCKS – 84.1%** | **COMMON STOCKS – 84.1%** | **COMMON STOCKS – 84.1%** |
|  | **Aerospace & Defense – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;4518 | TransDigm Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2601284 |
|  | **Air Freight & Logistics – 0.2%** |  |
| &nbsp;&nbsp;67493 | ZTO Express Cayman, Inc., ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139957 |
|  | **Airlines – 0.6%** |  |
| &nbsp;&nbsp;47136 | Alaska Air Group, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095667 |
| &nbsp;&nbsp;16707 | Ryanair Holdings PLC, ADR (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246612 |
|  | **Auto Components – 0.3%** |  |
| &nbsp;&nbsp;30579 | Magna International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704168 |
|  | **Automobiles – 1.5%** |  |
| 151285 | Stellantis N.V.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045373 |
| &nbsp;&nbsp;21796 | Tesla, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959462 |
| &nbsp;&nbsp;19226 | Winnebago Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152435 |
|  | **Banks – 2.7%** |  |
| 117891 | Citigroup, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406481 |
| &nbsp;&nbsp;41994 | HSBC Holdings PLC, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088064 |
| &nbsp;&nbsp;23512 | JPMorgan Chase & Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959691 |
| 110629 | US Bancorp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14150437 |
|  | **Beverages – 0.5%** |  |
| &nbsp;&nbsp;12696 | Celsius Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156352 |
| &nbsp;&nbsp;32706 | Coca-Cola European Partners PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695169 |
|  | **Biotechnology – 3.0%** |  |
| &nbsp;&nbsp;21718 | AbbVie, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179515 |
| &nbsp;&nbsp;&nbsp;5661 | Amgen, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530451 |
| &nbsp;&nbsp;99230 | Gilead Sciences, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7785586 |
| &nbsp;&nbsp;49425 | Horizon Therapeutics PLC (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15575718 |
|  | **Building Products – 0.7%** |  |
| &nbsp;&nbsp;13283 | Advanced Drainage Systems, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539234 |
| &nbsp;&nbsp;28228 | Owens Corning<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955833 |
|  | **Capital Markets – 0.8%** |  |
| &nbsp;&nbsp;16890 | CME Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927037 |
| &nbsp;&nbsp;21781 | Tradeweb Markets, Inc., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126734 |
|  | **Chemicals – 2.2%** |  |
| &nbsp;&nbsp;42505 | CF Industries Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516581 |
| &nbsp;&nbsp;22968 | Mosaic (The) Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234530 |
| &nbsp;&nbsp;47184 | Sociedad Quimica y Minera de Chile SA, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420197 |
| &nbsp;&nbsp;11852 | Westlake Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11316804 |
|  | **Commercial Services & Supplies – 2.2%** |  |
| &nbsp;&nbsp;13060 | Cintas Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583803 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/<br> Units** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Commercial Services & Supplies (Continued)** |  |
| &nbsp;&nbsp;&nbsp;8500 | Republic Services, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1127270 |
| &nbsp;&nbsp;45162 | Rollins, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900417 |
| &nbsp;&nbsp;24114 | Waste Connections, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11792368 |
|  | **Construction Materials – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;9631 | Eagle Materials, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177968 |
|  | **Consumer Finance – 0.2%** |  |
| &nbsp;&nbsp;10872 | Capital One Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152649 |
|  | **Containers & Packaging – 0.3%** |  |
| &nbsp;&nbsp;28244 | Sealed Air Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344979 |
|  | **Diversified Consumer Services – 0.4%** |  |
| &nbsp;&nbsp;52668 | H&R Block, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167288 |
|  | **Diversified Financial Services – 0.8%** |  |
| &nbsp;&nbsp;13953 | Berkshire Hathaway, Inc., Class B (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117391 |
|  | **Diversified Telecommunication Services – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;7526 | Iridium Communications, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387815 |
| &nbsp;&nbsp;66573 | Sitios Latinoamerica S.A.B. de C.V. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407538 |
|  | **Electric Utilities – 0.2%** |  |
| &nbsp;&nbsp;11136 | Duke Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037652 |
|  | **Electrical Equipment – 1.5%** |  |
| &nbsp;&nbsp;&nbsp;7489 | Hubbell, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778488 |
| &nbsp;&nbsp;23937 | Rockwell Automation, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7889604 |
|  | **Electronic Equipment, Instruments & Components – 0.7%** |  |
| &nbsp;&nbsp;29363 | TE Connectivity Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589039 |
|  | **Food & Staples Retailing – 1.6%** |  |
| &nbsp;&nbsp;45343 | Sprouts Farmers Market, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337619 |
| 190820 | Walgreens Boots Alliance, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302549 |
|  | **Food Products – 3.0%** |  |
| &nbsp;&nbsp;75383 | Campbell Soup Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988515 |
| 119313 | Conagra Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378787 |
| &nbsp;&nbsp;30087 | Hershey (The) Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15551175 |
|  | **Health Care Equipment & Supplies – 0.4%** |  |
| &nbsp;&nbsp;30107 | Lantheus Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227617 |
|  | **Health Care Providers & Services – 6.0%** |  |
| &nbsp;&nbsp;20952 | AMN Healthcare Services, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629476 |
| &nbsp;&nbsp;76043 | Centene Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473541 |
| &nbsp;&nbsp;72510 | CVS Health Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866697 |
| &nbsp;&nbsp;25299 | Henry Schein, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731969 |
| &nbsp;&nbsp;10950 | Molina Healthcare, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929517 |
| &nbsp;&nbsp;24218 | Quest Diagnostics, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478916 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/<br> Units** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Providers & Services (Continued)** |  |
| &nbsp;&nbsp;11706 | UnitedHealth Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6498586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31608702 |
|  | **Health Care Technology – 0.4%** |  |
| &nbsp;&nbsp;14090 | Veeva Systems, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366275 |
|  | **Hotels, Restaurants & Leisure – 1.9%** |  |
| &nbsp;&nbsp;&nbsp;2697 | Booking Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041987 |
| &nbsp;&nbsp;39039 | Restaurant Brands International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318136 |
| &nbsp;&nbsp;26846 | Texas Roadhouse, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016535 |
|  | **Household Durables – 0.2%** |  |
| &nbsp;&nbsp;37632 | KB Home<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084554 |
|  | **Household Products – 0.5%** |  |
| &nbsp;&nbsp;19917 | Procter & Gamble (The) Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682222 |
|  | **Insurance – 2.7%** |  |
| &nbsp;&nbsp;27185 | Chubb Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841785 |
| &nbsp;&nbsp;11005 | RenaissanceRe Holdings Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702253 |
| &nbsp;&nbsp;43818 | W.R. Berkley Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259183 |
| &nbsp;&nbsp;15447 | Willis Towers Watson PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14173911 |
|  | **Interactive Media & Services – 1.8%** |  |
| &nbsp;&nbsp;45570 | Alphabet, Inc., Class A (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306820 |
| &nbsp;&nbsp;42080 | Alphabet, Inc., Class C (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983293 |
| 118918 | Kanzhun Ltd., ADR (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589887 |
|  | **Internet & Direct Marketing Retail – 1.7%** |  |
| &nbsp;&nbsp;63583 | Amazon.com, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513443 |
| &nbsp;&nbsp;58673 | JD.com, Inc., ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701359 |
|  | **IT Services – 3.1%** |  |
| &nbsp;&nbsp;17480 | Accenture PLC, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962572 |
| &nbsp;&nbsp;62166 | Cognizant Technology Solutions Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869834 |
| &nbsp;&nbsp;76609 | Shopify, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622326 |
| &nbsp;&nbsp;22364 | Visa, Inc., Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16087658 |
|  | **Life Sciences Tools & Services – 0.8%** |  |
| &nbsp;&nbsp;10697 | ICON PLC (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116294 |
| &nbsp;&nbsp;&nbsp;8570 | Medpace Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018663 |
|  | **Machinery – 3.3%** |  |
| &nbsp;&nbsp;&nbsp;6333 | Caterpillar, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370841 |
| &nbsp;&nbsp;57778 | Fortive Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692014 |
| &nbsp;&nbsp;10414 | IDEX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315136 |
| &nbsp;&nbsp;49549 | Ingersoll Rand, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502225 |
| &nbsp;&nbsp;19570 | Parker-Hannifin Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687433 |
| &nbsp;&nbsp;&nbsp;8253 | Snap-on, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400228 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/<br> Units** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Media – 0.4%** |  |
| &nbsp;&nbsp;66402 | Fox Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1917026 |
|  | **Metals & Mining – 1.2%** |  |
| &nbsp;&nbsp;19851 | Franco-Nevada Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453187 |
| &nbsp;&nbsp;&nbsp;8740 | Nucor Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148261 |
| &nbsp;&nbsp;89139 | Wheaton Precious Metals Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515402 |
|  | **Oil, Gas & Consumable Fuels – 8.1%** |  |
| 108102 | Antero Midstream Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151286 |
| &nbsp;&nbsp;31165 | Antero Resources Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142509 |
| &nbsp;&nbsp;66026 | Canadian Natural Resources Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957598 |
| &nbsp;&nbsp;70470 | Cenovus Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423494 |
| &nbsp;&nbsp;&nbsp;7754 | Cheniere Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367883 |
| &nbsp;&nbsp;13110 | Chesapeake Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340760 |
| &nbsp;&nbsp;&nbsp;7976 | Chevron Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442858 |
| &nbsp;&nbsp;19757 | Civitas Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381212 |
| &nbsp;&nbsp;36078 | ConocoPhillips<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549075 |
| &nbsp;&nbsp;43016 | Coterra Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339088 |
| &nbsp;&nbsp;58455 | Exxon Mobil Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477399 |
| &nbsp;&nbsp;66831 | Kinder Morgan, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210978 |
| &nbsp;&nbsp;55235 | Magnolia Oil & Gas Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418435 |
| &nbsp;&nbsp;12885 | Marathon Petroleum Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463994 |
| &nbsp;&nbsp;21893 | Matador Resources, Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454790 |
| &nbsp;&nbsp;40681 | Occidental Petroleum Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953441 |
| &nbsp;&nbsp;19742 | ONEOK, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171095 |
| &nbsp;&nbsp;36758 | PBF Energy, Inc., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626541 |
| 111471 | Petroleo Brasileiro S.A., ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429058 |
| &nbsp;&nbsp;&nbsp;5490 | Pioneer Natural Resources Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407691 |
| &nbsp;&nbsp;11842 | Valero Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486763 |
| &nbsp;&nbsp;36320 | Williams (The) Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42384702 |
|  | **Pharmaceuticals – 5.6%** |  |
| 149214 | AstraZeneca PLC, ADR (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775275 |
| 297675 | Bausch Health Cos., Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934888 |
| &nbsp;&nbsp;22077 | Johnson & Johnson (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840736 |
| &nbsp;&nbsp;36111 | Merck & Co, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654433 |
| &nbsp;&nbsp;67195 | Novartis AG, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451530 |
| &nbsp;&nbsp;45159 | Novo Nordisk A/S<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915106 |
| 100692 | SIGA Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29497327 |
|  | **Semiconductors & Semiconductor Equipment – 4.9%** |  |
| &nbsp;&nbsp;34715 | Analog Devices, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951053 |
| &nbsp;&nbsp;&nbsp;8121 | ASML Holding N.V.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836523 |
| &nbsp;&nbsp;&nbsp;6232 | Broadcom, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929788 |
| &nbsp;&nbsp;43706 | Microchip Technology, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698408 |
| &nbsp;&nbsp;19481 | NVIDIA Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629351 |
| 139161 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25610483 |
|  | **Software – 8.0%** |  |
| &nbsp;&nbsp;17960 | Adobe, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720260 |
| &nbsp;&nbsp;18266 | Autodesk, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914404 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/<br> Units** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)** |  |
| &nbsp;&nbsp;15514 | Cadence Design Systems, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2348664 |
| &nbsp;&nbsp;10493 | CyberArk Software Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646457 |
| &nbsp;&nbsp;99468 | Gen Digital, Inc., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241014 |
| &nbsp;&nbsp;10703 | Intuit, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575533 |
| &nbsp;&nbsp;53043 | Microsoft Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312872 |
| &nbsp;&nbsp;&nbsp;6109 | Nice Ltd., ADR (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160038 |
| &nbsp;&nbsp;&nbsp;9114 | Qualys, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299292 |
| &nbsp;&nbsp;19933 | Salesforce, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240906 |
| &nbsp;&nbsp;11493 | Synopsys, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41821717 |
|  | **Specialty Retail – 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | AutoZone, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337848 |
| &nbsp;&nbsp;13120 | Home Depot (The), Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223074 |
|  | **Technology Hardware, Storage & Peripherals – 4.4%** |  |
| 151940 | Apple, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23298480 |
|  | **Textiles, Apparel & Luxury Goods – 0.2%** |  |
| &nbsp;&nbsp;16571 | Crocs, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172398 |
|  | **Tobacco – 1.3%** |  |
| 106031 | Altria Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906054 |
| &nbsp;&nbsp;43234 | British American Tobacco PLC, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6618985 |
|  | **Trading Companies & Distributors – 0.4%** |  |
| &nbsp;&nbsp;17794 | Ferguson PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944172 |
|  | **Wireless Telecommunication Services – 1.4%** |  |
| &nbsp;&nbsp;69480 | America Movil SAB de CV, ADR, Class L<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306919 |
| &nbsp;&nbsp;24521 | T-Mobile US, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716403 |
| 188625 | Vodafone Group PLC, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250983 |
|  | **Total Common Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;441407711 |
|  | (Cost $457,605,190) |  |
| **EXCHANGE-TRADED FUNDS – 4.9%** | **EXCHANGE-TRADED FUNDS – 4.9%** | **EXCHANGE-TRADED FUNDS – 4.9%** |
|  | **Capital Markets – 4.9%** |  |
| &nbsp;&nbsp;33907 | iShares Rusell 1000 Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077234 |
| &nbsp;&nbsp;36183 | iShares S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186110 |
| &nbsp;&nbsp;79138 | Schwab U.S. Large-Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137639 |
| 135110 | SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190926 |
| &nbsp;&nbsp;52575 | Vanguard Mega Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299034 |
|  | **Total Exchange-Traded Funds<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25890943 |
|  | (Cost $25,858,618) |  |
| **MASTER LIMITED PARTNERSHIPS – 1.2%** | **MASTER LIMITED PARTNERSHIPS – 1.2%** | **MASTER LIMITED PARTNERSHIPS – 1.2%** |
|  | **Oil, Gas & Consumable Fuels – 1.2%** |  |
| &nbsp;&nbsp;84472 | Enterprise Products Partners, L.P.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132918 |
| &nbsp;&nbsp;13985 | Hess Midstream, L.P., Class A (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404726 |
| &nbsp;&nbsp;31075 | Magellan Midstream Partners, L.P.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676496 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/<br> Units** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |
| 56313 | MPLX, L.P.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1888738 |
|  | **Total Master Limited Partnerships<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102878 |
|  | (Cost $6,147,726) |  |
| **REAL ESTATE INVESTMENT TRUSTS – 0.5%** | **REAL ESTATE INVESTMENT TRUSTS – 0.5%** | **REAL ESTATE INVESTMENT TRUSTS – 0.5%** |
|  | **Equity Real Estate Investment Trusts – 0.5%** |  |
| 10320 | Crown Castle, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375243 |
| 42013 | Weyerhaeuser Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299462 |
|  | **Total Real Estate Investment Trusts<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674705 |
|  | (Cost $3,382,644) |  |

---

---

| | |
|:---|:---|
| **Total Investments – 90.7%<br>**  | 476076237 |
| (Cost $492,994,178) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT – (22.3)%** | **COMMON STOCKS SOLD SHORT – (22.3)%** | **COMMON STOCKS SOLD SHORT – (22.3)%** |
|  | **Aerospace & Defense – (1.7)%** |  |
| &nbsp;&nbsp;(7780) | Boeing (The) Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108728) |
| &nbsp;&nbsp;(4211) | BWX Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239943) |
| &nbsp;&nbsp;(1574) | Curtiss-Wright Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264164) |
| &nbsp;&nbsp;(4242) | Kratos Defense & Security Solutions, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47001) |
| &nbsp;&nbsp;(4089) | Mercury Systems, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197908) |
| &nbsp;&nbsp;(6238) | Northrop Grumman Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3424724) |
| (35872) | Raytheon Technologies Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3401383) |
| (26387) | Rocket Lab USA, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134310) |
| &nbsp;&nbsp;(2731) | Woodward, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250433) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9068594) |
|  | **Air Freight & Logistics – (0.0)%** |  |
| &nbsp;&nbsp;(3522) | GXO Logistics, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128694) |
|  | **Auto Components – (0.0)%** |  |
| (12613) | Solid Power, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70759) |
|  | **Automobiles – (0.1)%** |  |
| (16812) | Rivian Automotive, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587916) |
|  | **Banks – (0.9)%** |  |
| (59117) | Bank of America Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2130577) |
| (15161) | PNC Financial Services Group (The), Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2453504) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4584081) |
|  | **Beverages – (0.7)%** |  |
| (19018) | PepsiCo, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3453288) |
| &nbsp;&nbsp;(6567) | Primo Water Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95813) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3549101) |
|  | **Biotechnology – (0.1)%** |  |
| &nbsp;&nbsp;(8036) | Natera, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377370) |
|  | **Capital Markets – (0.7)%** |  |
| &nbsp;&nbsp;(1758) | B. Riley Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71515) |
| (31774) | Bank of New York Mellon (The) Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338003) |
| &nbsp;&nbsp;(6647) | Franklin Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155872) |
| (29386) | Invesco, Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450194) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Capital Markets (Continued)** |  |
| (10725) | Janus Henderson Group PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(244208) |
| &nbsp;&nbsp;(4856) | Lazard Ltd., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183120) |
| &nbsp;&nbsp;(7102) | Northern Trust Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599054) |
| &nbsp;&nbsp;(9682) | State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716468) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3758434) |
|  | **Chemicals – (1.8)%** |  |
| &nbsp;&nbsp;(8157) | Air Products & Chemicals, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042513) |
| &nbsp;&nbsp;(3560) | Ashland Global Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373515) |
| (18199) | Axalta Coating Systems Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424401) |
| (31336) | Corteva, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2047494) |
| (24173) | DuPont de Nemours, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1382696) |
| &nbsp;&nbsp;(8472) | Ecolab, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1330697) |
| &nbsp;&nbsp;(3427) | International Flavors & Fragrances, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334510) |
| (10240) | Origin Materials, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58163) |
| (10135) | PPG Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1157214) |
| &nbsp;&nbsp;(4776) | Scotts Miracle-Gro (The) Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219266) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9370469) |
|  | **Commercial Services & Supplies – (0.1)%** |  |
| (12320) | ACV Auctions, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112359) |
| &nbsp;&nbsp;(7738) | KAR Auction Services, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112433) |
| &nbsp;&nbsp;(1004) | MSA Safety, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134777) |
| &nbsp;&nbsp;(2892) | Stericycle, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128925) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488494) |
|  | **Communications Equipment – (0.3)%** |  |
| (21228) | Infinera Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119089) |
| (31453) | Juniper Networks, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962462) |
| (84569) | Nokia Oyj, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372104) |
| &nbsp;&nbsp;(2971) | Viasat, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121692) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1575347) |
|  | **Construction & Engineering – (0.1)%** |  |
| &nbsp;&nbsp;(3008) | Granite Construction, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101460) |
| &nbsp;&nbsp;(9921) | MDU Resources Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282550) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384010) |
|  | **Construction Materials – (0.2)%** |  |
| &nbsp;&nbsp;(3396) | Martin Marietta Materials, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1140988) |
|  | **Consumer Finance – (0.0)%** |  |
| &nbsp;&nbsp;(4592) | Green Dot Corp., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87386) |
|  | **Containers & Packaging – (0.4)%** |  |
| &nbsp;&nbsp;(2161) | AptarGroup, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214263) |
| (15748) | Ardagh Metal Packaging S.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69921) |
| (25019) | International Paper Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840888) |
| &nbsp;&nbsp;(4823) | Packaging Corp. of America<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579773) |
| &nbsp;&nbsp;(3960) | Silgan Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187546) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1892391) |
|  | **Diversified Consumer Services – (0.0)%** |  |
| (10666) | Coursera, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137485) |
|  | **Diversified Financial Services – (0.1)%** |  |
| &nbsp;&nbsp;(9084) | Voya Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620982) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Diversified Telecommunication Services – (0.8)%** |  |
| (23285) | AT&T, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(424486) |
| (10832) | BCE, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488523) |
| (11475) | Frontier Communications Parent, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268745) |
| &nbsp;&nbsp;(7233) | KT Corp., ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91931) |
| (74574) | Verizon Communications, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2786830) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4060515) |
|  | **Electrical Equipment – (0.1)%** |  |
| (30064) | Ballard Power Systems, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170463) |
| (13902) | Bloom Energy Corp., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260106) |
| &nbsp;&nbsp;(8822) | Enovix Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166471) |
| &nbsp;&nbsp;(5808) | FREYR Battery SA (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77305) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674345) |
|  | **Electronic Equipment, Instruments & Components – (0.1)%** |  |
| &nbsp;&nbsp;(6421) | Knowles Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88289) |
| &nbsp;&nbsp;(6056) | National Instruments Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231218) |
| &nbsp;&nbsp;(1962) | PAR Technology Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56466) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375973) |
|  | **Energy Equipment & Services – (0.8)%** |  |
| (99932) | Baker Hughes Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2764119) |
| &nbsp;&nbsp;(1727) | Nabors Industries Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300550) |
| (25754) | Schlumberger Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1339980) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4404649) |
|  | **Food & Staples Retailing – (0.7)%** |  |
| (24413) | Walmart, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3474702) |
|  | **Food Products – (0.4)%** |  |
| &nbsp;&nbsp;(7141) | Freshpet, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420962) |
| &nbsp;&nbsp;(2677) | Ingredion, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238574) |
| (21965) | Mondelez International, Inc., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1350408) |
| &nbsp;&nbsp;(3323) | Post Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300466) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2310410) |
|  | **Health Care Equipment & Supplies – (1.1)%** |  |
| (26742) | Baxter International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1453428) |
| (54266) | Boston Scientific Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2339407) |
| &nbsp;&nbsp;(1603) | Cooper (The) Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438244) |
| &nbsp;&nbsp;(1116) | Establishment Labs Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62931) |
| &nbsp;&nbsp;(3893) | Integra LifeSciences Holdings Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195623) |
| &nbsp;&nbsp;(1344) | Stryker Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308099) |
| &nbsp;&nbsp;(9573) | Zimmer Biomet Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1085100) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5882832) |
|  | **Health Care Providers & Services – (0.6)%** |  |
| (18482) | agilon health, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366868) |
| &nbsp;&nbsp;(1957) | DaVita, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142881) |
| &nbsp;&nbsp;(3515) | HCA Healthcare, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764407) |
| &nbsp;&nbsp;(3319) | Oak Street Health, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67143) |
| &nbsp;&nbsp;(2737) | R1 RCM, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48335) |
| (10188) | Signify Health, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297795) |
| (13119) | Tenet Healthcare Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581959) |
| &nbsp;&nbsp;(6972) | Universal Health Services, Inc., Class B<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807846) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3077234) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Health Care Technology – (0.0)%** |  |
| &nbsp;&nbsp;(4540) | Schrodinger, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(108824) |
|  | **Hotels, Restaurants & Leisure – (0.4)%** |  |
| (52504) | Las Vegas Sands Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1995677) |
|  | **Household Durables – (0.1)%** |  |
| (27589) | Newell Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381004) |
|  | **Household Products – (0.0)%** |  |
| &nbsp;&nbsp;(3257) | Reynolds Consumer Products, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99469) |
|  | **Industrial Conglomerates – (0.5)%** |  |
| &nbsp;&nbsp;(5743) | 3M Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722412) |
| (27078) | General Electric Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2106939) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2829351) |
|  | **Insurance – (0.8)%** |  |
| (19026) | Aflac, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1238783) |
| &nbsp;&nbsp;(5740) | MetLife, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420225) |
| (11121) | Principal Financial Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980094) |
| (14806) | Prudential Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557443) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4196545) |
|  | **Interactive Media & Services – (0.1)%** |  |
| (10146) | Match Group, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438307) |
|  | **Internet & Direct Marketing Retail – (0.3)%** |  |
| (81605) | Farfetch Ltd., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692010) |
| (20215) | Wayfair, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(766553) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1458563) |
|  | **IT Services – (1.4)%** |  |
| (14234) | Affirm Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285676) |
| &nbsp;&nbsp;(1630) | CSG Systems International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105412) |
| (17691) | DXC Technology Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508616) |
| &nbsp;&nbsp;(2926) | Euronet Worldwide, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245813) |
| (24919) | Fidelity National Information Services, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2068028) |
| (25005) | International Business Machines Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3457942) |
| (21277) | Kyndryl Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205749) |
| (28961) | Western Union (The) Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391263) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7268499) |
|  | **Life Sciences Tools & Services – (0.4)%** |  |
| (46734) | Avantor, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942625) |
| &nbsp;&nbsp;(4303) | IQVIA Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902210) |
| (11519) | NeoGenomics, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87602) |
| (34921) | Pacific Biosciences of California, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294733) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227170) |
|  | **Machinery – (0.4)%** |  |
| (10725) | 3D Systems Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94702) |
| &nbsp;&nbsp;(7019) | Flowserve Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201305) |
| &nbsp;&nbsp;(5621) | Gates Industrial Corp, PLC (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62674) |
| &nbsp;&nbsp;(4605) | Oshkosh Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405240) |
| (16571) | Stanley Black & Decker, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300658) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2064579) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Marine – (0.0)%** |  |
| &nbsp;&nbsp;(3137) | Kirby Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(218806) |
|  | **Media – (0.6)%** |  |
| (46158) | Comcast Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1465055) |
| (37163) | DISH Network Corp., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554100) |
| (12417) | Omnicom Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(903337) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2922492) |
|  | **Metals & Mining – (0.5)%** |  |
| &nbsp;&nbsp;(2606) | ATI, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77555) |
| (20181) | Eldorado Gold Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112812) |
| (57018) | Freeport-McMoRan, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806900) |
| (14032) | Southern Copper Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659083) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2656350) |
|  | **Oil, Gas & Consumable Fuels – (0.6)%** |  |
| (10816) | Archaea Energy, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279161) |
| &nbsp;&nbsp;(2704) | Cameco Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64139) |
| &nbsp;&nbsp;(3409) | Enviva Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203994) |
| &nbsp;&nbsp;(1883) | EOG Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257067) |
| (24221) | EQT Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1013407) |
| &nbsp;&nbsp;(9990) | Euronav NV<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178122) |
| &nbsp;&nbsp;(9558) | Golar LNG Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265903) |
| (15699) | TC Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689500) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2951293) |
|  | **Personal Products – (0.4)%** |  |
| (14428) | Beauty Health (The) Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164912) |
| (10962) | Estee Lauder (The) Cos., Inc., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2197771) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2362683) |
|  | **Professional Services – (0.4)%** |  |
| (28849) | Alight, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239158) |
| &nbsp;&nbsp;(3541) | Equifax, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600341) |
| &nbsp;&nbsp;(4422) | Jacobs Solutions, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509503) |
| (11176) | TransUnion<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662402) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2011404) |
|  | **Real Estate Management & Development – (0.0)%** |  |
| (13239) | DigitalBridge Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169459) |
|  | **Road & Rail – (0.1)%** |  |
| (14721) | Hertz Global Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270867) |
| &nbsp;&nbsp;&nbsp;&nbsp;(860) | Norfolk Southern Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196140) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467007) |
|  | **Semiconductors & Semiconductor Equipment – (1.2)%** |  |
| (10264) | First Solar, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1494130) |
| &nbsp;&nbsp;(9759) | indie Semiconductor, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76315) |
| (94279) | Intel Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2680352) |
| (13796) | Teradyne, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122305) |
| (10926) | Wolfspeed, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(860423) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6233525) |
|  | **Software – (1.7)%** |  |
| (59589) | BlackBerry Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277685) |
| &nbsp;&nbsp;(4458) | Cerence, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76678) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Software (Continued)** |  |
| (11052) | Ceridian HCM Holding, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(731532) |
| (19442) | Confluent, Inc.. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522601) |
| &nbsp;&nbsp;(4202) | Freshworks, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57105) |
| (11251) | Gitlab, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545223) |
| &nbsp;&nbsp;(3564) | Informatica, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68999) |
| (37912) | Matterport, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132313) |
| (17712) | NCR Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376557) |
| (21651) | Nutanix, Inc., Series A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593237) |
| (39569) | Oracle Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3089152) |
| &nbsp;&nbsp;(3036) | Paycor HCM, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92507) |
| &nbsp;&nbsp;(6202) | Pegasystems, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230776) |
| (15924) | Qualtrics International, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190610) |
| (10220) | Samsara, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125808) |
| &nbsp;&nbsp;(5962) | SAP SE, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572710) |
| (27158) | SentinelOne, Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620289) |
| &nbsp;&nbsp;(1918) | Tyler Technologies, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620147) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8923929) |
|  | **Specialty Retail – (0.2)%** |  |
| &nbsp;&nbsp;(2456) | Burlington Stores, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351110) |
| (69748) | Gap (The), Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(786060) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137170) |
|  | **Textiles, Apparel & Luxury Goods – (0.3)%** |  |
| &nbsp;&nbsp;(3352) | Columbia Sportswear Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249724) |
| (10228) | Skechers U.S.A., Inc., Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352150) |
| (28558) | VF Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806763) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1408637) |
|  | **Tobacco – (0.0)%** |  |
| &nbsp;&nbsp;(1301) | Universal Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65844) |
|  | **Trading Companies & Distributors – (0.1)%** |  |
| &nbsp;&nbsp;(4549) | Air Lease Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160534) |
| &nbsp;&nbsp;(1360) | GATX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142406) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302940) |
|  | **Wireless Telecommunication Services – (0.0)%** |  |
| &nbsp;&nbsp;(8279) | Telephone & Data Systems, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140743) |
|  | **Total Common Stocks Sold Short<br>**  | &nbsp;&nbsp;&nbsp;(117123431) |
|  | (Proceeds $128,565,177) |  |
| **REAL ESTATE INVESTMENT TRUSTS SOLD SHORT – (0.2)%** | **REAL ESTATE INVESTMENT TRUSTS SOLD SHORT – (0.2)%** | **REAL ESTATE INVESTMENT TRUSTS SOLD SHORT – (0.2)%** |
|  | **Equity Real Estate Investment Trusts – (0.2)%** |  |
| (12148) | Douglas Emmett, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213683) |
| (20412) | Hudson Pacific Properties, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225348) |
| &nbsp;&nbsp;(8398) | JBG SMITH Properties<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165273) |
| (15949) | Vornado Realty Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376237) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980541) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS SOLD SHORT (Continued)** | **REAL ESTATE INVESTMENT TRUSTS SOLD SHORT (Continued)** | **REAL ESTATE INVESTMENT TRUSTS SOLD SHORT (Continued)** |
|  | **Mortgage Real Estate Investment Trusts – (0.0)%** |  |
| (7925) | Apollo Commercial Real Estate Finance, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(89236) |
|  | **Total Real Estate Investment Trusts Sold Short<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069777) |
|  | (Proceeds $1,377,239) |  |
|  | **Total Investments Sold Short – (22.5)%<br>**  | &nbsp;&nbsp;&nbsp;(118193208) |
|  | (Proceeds $129,942,416) |  |
|  | **Net Other Assets and Liabilities – 31.8%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;166881773 |
|  | **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;$524764802 |

---

#### Futures Contracts (See Note 2C - Futures Contracts in the Notes to Financial Statements):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Position** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)/<br> Value** |
| NASDAQ 100 E-mini Futures | Short | 163 | Dec 2022 | $(37318035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3102771 |
| Russell 2000 E-mini Futures | Short | 387 | Dec 2022 | &nbsp;&nbsp;&nbsp;(35855550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879567) |
|  |  |  |  | $(73173585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2223204 |

---

(a) This security or a portion of this security is segregated as collateral for investments sold short.

(b) Non-income producing security.

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

ADR American Depositary Receipt

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks\*<br>| &nbsp;&nbsp;&nbsp;$441407711 | &nbsp;&nbsp;&nbsp;$441407711 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Exchange-Traded Funds\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25890943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25890943 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Master Limited Partnerships\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102878 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674705 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;476076237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476076237 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Futures Contracts\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102771 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total<br>| &nbsp;&nbsp;$479179008 | &nbsp;&nbsp;$479179008 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks Sold Short\*<br>| $(117123431) | &nbsp;&nbsp;$(117123431) | $— | $— |
| Real Estate Investment Trusts Sold Short\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069777) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(118193208) | &nbsp;&nbsp;&nbsp;&nbsp;(118193208) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Futures Contracts\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879567) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total<br>| $(119072775) | &nbsp;&nbsp;$(119072775) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

\* See Portfolio of Investments for industry breakout. <br> \*\* 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

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Statement of Assets and Liabilities

#### October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $492,994,178)<br>| $476076237 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41574516 |
| Cash held at broker as collateral for open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573500 |
| Restricted Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;120079280 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Margin interest rebate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;645596903 |
| **LIABILITIES:** |  |
| Investments sold short, at value (proceeds $129,942,416)<br>| &nbsp;&nbsp;&nbsp;&nbsp;118193208 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on investments sold short<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;120832101 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$524764802 |
| **NET ASSETS consist of:** |  |
| Paid-in capital<br>| $592060887 |
| Par value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107500 |
| Accumulated distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(67403585) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$524764802 |
| **NET ASSET VALUE, per share<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.82 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Statement of Operations

#### For the Year Ended October 31, 2022

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | &nbsp;&nbsp;$7513003 |
| Margin interest rebate  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951716 |
| Margin interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183684 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128804 |
| Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81721) |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8695497 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 4557183 |
| Dividend expense on investments sold short | &nbsp;&nbsp;&nbsp;&nbsp; 2034162 |
| Margin interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6757316 |
| **NET INVESTMENT INCOME (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938181 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9130945) |
| &nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5221770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17346840 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 19456397 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54054025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15588771 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(36459915) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;(17003518) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | &nbsp;&nbsp;$(15065337) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| **OPERATIONS:** |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;$1938181 | &nbsp;&nbsp;&nbsp;$(1003242) |
| Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19456397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40742569 |
| Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp; (36459915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19551117 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(15065337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59290444 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (701300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (895180) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp; 184437643 | &nbsp;&nbsp;&nbsp;&nbsp; 547568213 |
| Cost of shares redeemed <br>| &nbsp;&nbsp;&nbsp; (73660960) | &nbsp;&nbsp;&nbsp;&nbsp; (477583820) |
| Net increase (decrease) in net assets resulting from shareholder transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;110776683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69984393 |
| Total increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 95010046 | &nbsp;&nbsp;&nbsp;&nbsp; 128379657 |
| **NET ASSETS:** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp; 429754756 | &nbsp;&nbsp;&nbsp;&nbsp; 301375099 |
| End of period<br>| &nbsp;&nbsp;$524764802 | &nbsp;&nbsp;&nbsp;$429754756 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8550002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200002 |
| Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1500000) | &nbsp;&nbsp;&nbsp;&nbsp; (10650000) |
| Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### First Trust Long/Short Equity ETF (FTLS)<br>

#### Financial Highlights

#### For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;$50.26 | &nbsp;&nbsp;&nbsp;&nbsp;$41.86 | &nbsp;&nbsp;&nbsp;&nbsp;$41.67 | &nbsp;&nbsp;&nbsp;&nbsp;$38.47 | &nbsp;&nbsp;&nbsp;&nbsp;$37.78 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$48.82 | &nbsp;&nbsp;&nbsp;&nbsp;$50.26 | &nbsp;&nbsp;&nbsp;&nbsp;$41.86 | &nbsp;&nbsp;&nbsp;&nbsp;$41.67 | &nbsp;&nbsp;&nbsp;&nbsp;$38.47 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $524765 | &nbsp;&nbsp;&nbsp;&nbsp;$429755 | &nbsp;&nbsp;&nbsp;&nbsp;$301375 | &nbsp;&nbsp;&nbsp;&nbsp;$245867 | &nbsp;&nbsp;&nbsp;&nbsp;$155803 |
| Ratio of total expenses to average net assets (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| Ratio of total expenses to average net assets excluding dividend expense and margin interest expense (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| Portfolio turnover rate (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249% |

---

(a) 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.

(b) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and
expenses.

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

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Notes to Financial Statements

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
1. Organization

First Trust Exchange-Traded Fund III (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on January 9, 2008, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of seventeen funds that are offering shares. This report covers the First Trust Long/Short Equity ETF (the "Fund"), a diversified series of the Trust, which trades under the ticker "FTLS" on the NYSE Arca, Inc. 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 investment objective of the Fund is to seek to provide investors with long-term total return. Under normal conditions, the Fund will expose at least 80% of its net assets (including investment borrowings) to U.S. exchange-listed equity securities and/or U.S. exchange-traded funds ("ETFs") that provide exposure to U.S. exchange-traded equity securities. The Fund pursues its investment objective by establishing long and short positions in a portfolio of U.S. exchange-listed equity securities and ETFs. The Fund's portfolio may include U.S. exchange-listed equity securities of non-U.S. issuers, including the securities of non-U.S. issuers traded on U.S. exchanges in the form of depositary receipts. 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 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. 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:

Common stocks, master limited partnerships ("MLPs"), real estate investment trusts ("REITs"), exchange-traded funds and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock Market LLC ("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 traded in an over-the-counter market are valued at the mean of their most recent bid and asked price, if available, and otherwise at their last trade price.

Exchange-traded futures contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded futures contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid 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

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
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 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:

• 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.

• 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.

• 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 October 31, 2022, is included with the Fund's Portfolio of Investments.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
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 daily on the accrual basis.

Distributions received from the Fund's investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. The Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

Distributions received from the Fund's investments in MLPs generally are comprised of return of capital and investment income. The 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. Futures Contracts

The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to gain long or short exposure to broad based equity indexes. 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. This daily fluctuation in the value of the contracts is also known as variation margin and is 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.

Restricted cash segregated as collateral for futures contracts in the amount of $4,573,500 is shown as "Cash held at broker as collateral for open futures contracts" on the Statement of Assets and Liabilities.

D. 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 by the Fund, but 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 of borrowing the securities. The Fund will pay 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 affected 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 that 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.

The Fund has established an account with Pershing, LLC for the purpose of borrowing securities that the Fund intends to sell short. The Fund is charged interest on debit margin balances at a rate equal to the Overnight Bank Funding Rate ("OBFR") plus 40 basis points and earns interest on credit margin balances at a rate equal to the OBFR less 30 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 OBFR less 25 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

------

[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
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. For the fiscal year ended October 31, 2022, the Fund had margin interest income of $183,684 and margin interest expense of $165,971, as shown on the Statement of Operations. Restricted cash in the amount of $120,079,280, as shown on the Statement of Assets and Liabilities, is associated with collateral at the broker as of October 31, 2022.

E. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid quarterly by the Fund, 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 by the Fund during the fiscal years ended October 31, 2022 and 2021, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ordinary income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$701300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$895180 |
| Capital gains<br>|  |  |
| Return of capital<br>|  |  |

---

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$588816 |
| Accumulated capital and other gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60966459) |
| Net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7025942) |

---

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. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, 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, 2022, for federal income tax purposes, the Fund had $60,966,459 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Fund

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#### Notes to Financial Statements (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2022, the adjustments for the Fund were as follows:

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| | | |
|:---|:---|:---|
| Accumulated<br> Net Investment<br> Income (Loss) | &nbsp;&nbsp;Accumulated<br> Net Realized<br> Gain (Loss)<br> on Investments | &nbsp;&nbsp;Paid-in<br> Capital |
| $(519748) | &nbsp;&nbsp;$(3480328) | &nbsp;&nbsp;$4000076 |

---

As of October 31, 2022, 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:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | &nbsp;&nbsp;Gross<br> Unrealized<br> Appreciation | &nbsp;&nbsp;Gross<br> Unrealized<br> (Depreciation) | &nbsp;&nbsp;Net Unrealized<br> Appreciation<br> (Depreciation) |
| $367132175 | &nbsp;&nbsp;$36682822 | &nbsp;&nbsp;$(43708764) | &nbsp;&nbsp;$(7025942) |

---

G. Expenses

Expenses, other than the investment advisory fee, dividend and interest expenses on investments sold short and other excluded expenses, are paid by the Advisor (See Note 3).

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, 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, 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, acquired fund fees and expenses, dividend expenses on investments sold short, and extraordinary expenses. The Fund has agreed to pay First Trust an annual unitary management fee equal to 0.95% of its average daily net assets. 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. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250, which is covered under the annual unitary management fee.

The Trust has multiple service agreements with Brown Brothers Harriman & Co. ("BBH"). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BBH is responsible for custody of the Fund's assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for the Fund.

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 Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee 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 Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

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#### Notes to Financial Statements (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
4. Purchases and Sales of Securities

For the fiscal year ended October 31, 2022, the cost of purchases and proceeds from sales of investments, excluding short term investments, investments sold short and in-kind transactions, were $839,891,175 and $826,019,507, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $426,781,411 and $442,826,078, respectively.

For the fiscal year ended October 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales were $167,132,994 and $67,822,293, respectively. The cost of in-kind purchases to cover short sales and the proceeds from in-kind short sales were $0 and $9,273, respectively.

5. Derivative Transactions

The following table presents the type of derivatives held by the Fund at October 31, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| **Derivative<br> Instrument** | **Risk<br> Exposure** | **Statement of Assets and<br> Liabilities Location** | **Value** | **Statement of Assets and<br> Liabilities Location** | **Value** |
| Futures contracts | &nbsp;&nbsp;Equity Risk | Unrealized appreciation<br> on futures contracts\* | &nbsp;&nbsp;$3102771 | Unrealized depreciation<br> on futures contracts\* | &nbsp;&nbsp;$879567 |

---

\*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.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

---

| | |
|:---|:---|
| **Statement of Operations Location** |  |
| **Equity Risk Exposure** |  |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6018732 |
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005339 |

---

During the fiscal year ended October 31, 2022, the notional value of futures contracts opened and closed were $278,515,800 and $211,049,461, respectively.

The Fund does not have the right to offset financial assets and liabilities related to futures 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 large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation ("NSCC") 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,

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#### Notes to Financial Statements (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022
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 to provide 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 February 28, 2024.

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 to the Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:

At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Fund. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee the Fund pays to First Trust, as investment manager, will be discounted as the Fund's net assets reach certain predefined levels.

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Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund III:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of First Trust Long/Short Equity ETF (the "Fund"), a series of the First Trust Exchange-Traded Fund III, including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img7594eda24.jpg)

Chicago, Illinois

December 22, 2022

We have served as the auditor of one or more First Trust investment companies since 2001.

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#### Additional Information

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)

#### Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund's website at <u>www.ftportfolios.com</u>; and (3) on the Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

#### Portfolio Holdings
The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at <u>www.sec.gov</u>. The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

#### Federal Tax Information
For the taxable year ended October 31, 2022, the following percentage of income dividends paid by the Fund qualifies for the dividends received deduction available to corporations and is hereby designated as qualified dividend income:

---

| | |
|:---|:---|
| Dividends Received Deduction | &nbsp;&nbsp;Qualified Dividend Income |
| 100.00% | &nbsp;&nbsp;100.00% |

---

A portion of the ordinary dividends (including short-term capital gains) that the Fund paid to shareholders during the taxable year ended October 31, 2022, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, section 199A for the aggregate dividends the Fund received from the underlying Real Estate Investment Trusts (REITs) it invests in.

#### Risk Considerations
**Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund's investment objective, risks, charges and expenses, and read each Fund's prospectus and statement of additional information carefully. You can download each Fund's prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.**

**Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.**

**Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.**

**Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.**

**Defined Outcome Funds Risk. To the extent a fund's investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying**

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[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Additional Information (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor's investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund's share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.

**Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.**

**Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.**

**ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.**

**Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.**

**Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund's shares.**

**Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.**

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[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Additional Information (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
**Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.**

**LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.**

**Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.**

**Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund's shares and result in increased market volatility. During any such events, a fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund's shares may widen.**

**Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.**

**Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund's ability to meet its investment objective. Although the funds and the funds' investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.**

**Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.**

**Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company's capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights**

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[**Table of Contents**](#JOB_10-31_a62ac5ab-407b-43ba-85d4-14423c190803_TOC)

#### Additional Information (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.

**Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.**

#### Advisory Agreement

#### Board Considerations Regarding Approval of Continuation of Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the First Trust Long/Short Equity ETF (the "Fund"). The Board approved the continuation of the Agreement for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor manages the Fund and knowing the Fund's unitary fee.

In reviewing the Agreement, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for such services. The Board noted that the Fund is an actively-managed ETF and noted that the Advisor's Alternatives Investment Team is responsible for the day-to-day management of the Fund's investments. The Board considered the background and experience of the members of the Alternatives Investment Team and noted the Board's prior meetings with members of the Team. The Board considered the Advisor's statement that it applies the same oversight model internally with its Alternatives Investment Team as it uses for overseeing external sub-advisors, including portfolio risk monitoring and performance review. In reviewing the services

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#### Additional Information (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate payable by the Fund under the Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for the Fund was below the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, including that the Expense Group contained both actively-managed ETFs and open-end mutual funds, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2021 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund outperformed the Performance Universe median and underperformed the benchmark index for the one-, three- and five-year periods ended December 31, 2021.

On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to the Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund and noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2021 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board also considered the Advisor's compensation for fund reporting services provided to the Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

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#### Additional Information (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

#### Board Considerations Regarding Approval of Amendment to the Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the amendment (the "Amendment") of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the First Trust Long/Short Equity ETF (the "Fund").

The Board approved the Amendment at a meeting held on October 24, 2022. As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendment at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022. Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendment, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.

In reviewing the Amendment, the Board considered that the purpose of the Amendment is to modify the unitary fee rate for the Fund under the Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by the Fund to the Advisor will be reduced as assets of the Fund meet certain thresholds. The Board noted the Advisor's representations that the quality and quantity of the services provided to the Fund by the Advisor under the Agreement will not be reduced or modified as a result of the Amendment, and that the obligations of the Advisor under the Agreement will remain the same in all respects.

The Board noted that it, including the Independent Trustees, last approved the continuation of the Agreement for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board noted that in connection with such approval it had determined, based upon the information provided, that the terms of the Agreement were fair and reasonable and that the continuation of the Agreement was in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendment are fair and reasonable and that the Amendment is in the best interests of the Fund.

#### Remuneration
First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain funds it manages, including First Trust Long/Short Equity ETF (the "Fund"), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2021, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Fund is $196,587. This figure is comprised of $7,565 paid (or to be paid) in fixed compensation and $189,022 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include $100,954 paid (or to be paid) to senior management of First Trust Advisors L.P. and $95,633 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Fund (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

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#### Additional Information (Continued)

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

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#### Board of Trustees and Officers<br>

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Trust** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson, Trustee<br> (1951) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | &nbsp;&nbsp;223 |  |
| Thomas R. Kadlec, Trustee<br> (1957) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
| Denise M. Keefe, Trustee<br> (1964) | &nbsp;&nbsp;• Indefinite Term<br>• Since 2021 | &nbsp;&nbsp;Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021) |
| Robert F. Keith, Trustee<br> (1956) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;President, Hibs Enterprises (Financial and Management Consulting) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Formerly, Director of Trust Company of Illinois |
| Niel B. Nielson, Trustee<br> (1954) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | &nbsp;&nbsp;223 |  |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(1)</sup>, Trustee and<br> Chairman of the Board<br> (1955) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | &nbsp;&nbsp;223 |  |

---

<sup>(1)</sup> Mr. Bowen is deemed an "interested person" of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

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#### Board of Trustees and Officers (Continued)<br>

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position and Offices with Trust** | &nbsp;&nbsp;**Term of Office and Length of Service** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** |
| **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** |
| James M. Dykas<br> (1966) | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
| Donald P. Swade<br> (1972) | &nbsp;&nbsp;Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| W. Scott Jardine<br> (1960) | &nbsp;&nbsp;Secretary and Chief Legal Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
| Daniel J. Lindquist<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Kristi A. Maher<br> (1966) | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

---

| | | | |
|:---|:---|:---|:---|
| Roger F. Testin<br> (1966) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Stan Ueland<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

<sup>(2)</sup> The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

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#### Privacy Policy

#### First Trust Long/Short Equity ETF (FTLS)

#### October 31, 2022 (Unaudited)

#### Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

#### Sources of Information
We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of "cookies." For example, we may identify the pages on our website that your browser requests or visits.

#### Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

#### Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

#### Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust's website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust's website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <u>Google Analytics</u> and <u>AddThis</u>.

#### Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

#### Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to <u>www.ftportfolios.com</u>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2022

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![](img520483c51.jpg)

## First Trust Exchange-Traded Fund III

#### INVESTMENT ADVISOR
First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

#### ADMINISTRATOR, CUSTODIAN,<br> FUND ACCOUNTANT &<br> TRANSFER AGENT
Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

#### INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, IL 60606

#### LEGAL COUNSEL
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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![](img220ed21b1.jpg)

## First Trust Exchange-Traded Fund III
First Trust Emerging Markets Local Currency Bond ETF (FEMB)

 *Annual Report<br> For the Year Ended<br> October 31, 2022* 

**Table of Contents**

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### Annual Report

#### October 31, 2022

---

| | |
|:---|:---|
| [Shareholder Letter](#xx_6c13eb34-7874-40b7-a3b8-d7bd66ae2442_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Fund Performance Overview](#xx_fb58b85a-37b7-4fc0-bd3d-7d89a5a43030_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Portfolio Commentary](#xx_d1bd2c5f-89c7-49fb-b496-23b1348c189d_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Understanding Your Fund Expenses](#xx_8f92e978-a87f-4e27-a772-86e114d8a73e_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Portfolio of Investments](#xx_98e6bcf6-ffef-49bf-acb1-7d4497095ddb_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Statement of Assets and Liabilities](#xx_20d99da8-86f2-48ca-acbd-43a1eaaa00af_1)<br>| &nbsp;&nbsp;13 |
| [Statement of Operations](#xx_beea0389-d88d-4346-bacc-e1cba5f4015a_1)<br>| &nbsp;&nbsp;14 |
| [Statements of Changes in Net Assets](#xx_e834841e-d98f-46e1-92b9-62f258aa2e35_1)<br>| &nbsp;&nbsp;15 |
| [Financial Highlights](#xx_d9707950-d552-4584-a2c1-3c8930c384a9_1)<br>| &nbsp;&nbsp;16 |
| [Notes to Financial Statements](#xx_157b51ff-6e2c-43e7-abfc-7497c9182208_1)<br>| &nbsp;&nbsp;17 |
| [Report of Independent Registered Public Accounting Firm](#xx_fc3a8c8d-867a-46c2-9134-b0c687ba8857_1)<br>| &nbsp;&nbsp;25 |
| [Additional Information](#xx_6e5bc3ba-e63e-46f4-bfd0-11404128da68_1)<br>| &nbsp;&nbsp;26 |
| [Board of Trustees and Officers](#xx_6730b5ba-cca5-406c-a860-33f7ce766ffe_1)<br>| &nbsp;&nbsp;33 |
| [Privacy Policy](#xx_3ef6f657-ad66-4f15-9f66-bc77ec029f3a_1)<br>| &nbsp;&nbsp;35 |

---

#### Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and/or First Trust Global Portfolios Limited ("FTGP" or the "Sub-Advisor") and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund III (the "Trust") described in this report (First Trust Emerging Markets Local Currency Bond ETF; hereinafter referred to as the "Fund") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

#### Performance and Risk Disclosure
There is no assurance that 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. See "Risk Considerations" in the Additional Information section of this report for a discussion of certain other risks of 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 <u>www.ftportfolios.com</u> 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.

The Advisor may also periodically provide additional information on Fund performance on the Fund's web page at <u>www.ftportfolios.com</u>.

#### 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 and analysis that provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund's performance. The statistical information that follows may help you understand the Fund's performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of the Advisor and/or Sub-Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

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Shareholder Letter

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### Annual Letter from the Chairman and CEO

#### October 31, 2022
Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust Emerging Markets Local Currency Bond ETF (the "Fund"), which contains detailed information about the Fund for the twelve months ended October 31, 2022.

As I'm writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no "red wave" (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there's been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.

The Federal Reserve (the "Fed") has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed's actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index ("CPI") is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!

Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500<sup>®</sup> Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500<sup>®</sup> Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

![](img8a65833e2.jpg)

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

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Fund Performance Overview (Unaudited)

First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

The First Trust Emerging Markets Local Currency Bond ETF's (the "Fund") investment objective is to seek maximum total return and current income. The Fund lists and principally trades its shares on The Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbol "FEMB." 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 bonds, notes and bills issued or guaranteed by entities incorporated or domiciled in emerging market countries that are denominated in the local currency of the issuer. In implementing the Fund's investment strategy, First Trust Global Portfolios Limited (the "Sub-Advisor") seeks to provide current income and enhance capital, while minimizing volatility.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | &nbsp;&nbsp;1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (11/4/14)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | &nbsp;&nbsp;Inception<br> (11/4/14)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-18.71% | -4.67% | -3.30% | -21.25% | &nbsp;&nbsp;-23.50% |
| Market Price | &nbsp;&nbsp;-19.09% | &nbsp;&nbsp;-4.81% | &nbsp;&nbsp;-3.37% | &nbsp;&nbsp;-21.85% | &nbsp;&nbsp;-23.94% |
| **Index Performance** |  |  |  |  |  |
| Bloomberg Emerging Markets Local Currency Government - 10% Country Capped Index | &nbsp;&nbsp;-18.28% | -2.58% | -1.70% | -12.24% | &nbsp;&nbsp;-12.84% |
| JP Morgan GBI-EM Global Diversified Index | &nbsp;&nbsp;-20.27% | -3.54% | -2.59% | -16.49% | &nbsp;&nbsp;-18.92% |

---

Total returns for the period since inception are calculated from the inception date of the Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated.

The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed 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 outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint of the national best bid and offer price ("NBBO") as of the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund's NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund's NAV was calculated. Since shares of the Fund did not trade in the secondary market until after its inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. 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. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future performance.

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Fund Performance Overview (Unaudited) (Continued)

First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

---

| | |
|:---|:---|
| **Industry Classification** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Sovereigns | &nbsp;&nbsp;&nbsp;&nbsp;93.9% |
| Supranationals | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| Foreign Sovereign Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;91.7% |
| Net Other Assets and Liabilities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Credit Quality<sup>(2)</sup>** | &nbsp;&nbsp;**% of Total<br> Investments<br> (including cash)** |
| AAA | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| AA | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| AA- | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| A+ | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| A | &nbsp;&nbsp;&nbsp;&nbsp;14.1 |
| A- | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;13.9 |
| BBB | &nbsp;&nbsp;&nbsp;&nbsp;22.4 |
| BBB- | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| BB | &nbsp;&nbsp;&nbsp;&nbsp;20.3 |
| B | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Republic of South Africa Government Bond, 10.50%, 12/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| Brazil Notas do Tesouro Nacional, Series F, 10.00%, 1/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Indonesia Treasury Bond, 8.38%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Mexican Bonos, 7.50%, 6/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Indonesia Treasury Bond, 9.00%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Republic of Poland Government Bond, 2.75%, 4/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Malaysia Government Bond, 3.89%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Thailand Government Bond, 2.13%, 12/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Colombian TES, 7.75%, 9/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Philippine Government International Bond, 6.25%, 1/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;45.1% |

---

------

<sup>(1)</sup> Includes forward foreign currency contracts.

<sup>(2)</sup> The credit quality and ratings information presented above reflect the ratings assigned 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. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. 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.

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Fund Performance Overview (Unaudited) (Continued)

First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

![](img6027585a3.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

#### Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

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[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### Portfolio Commentary

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Advisor
First Trust Advisors L.P. ("First Trust" or the "Advisor") serves as the investment advisor to the First Trust Emerging Markets Local Currency Bond ETF (the "Fund"). First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

#### Investment Sub-Advisor
First Trust Global Portfolios Limited ("FTGP"), an affiliate of First Trust, serves as investment sub-advisor to the Fund. Derek Fulton, Leonardo Da Costa and Anthony Beevers are the Fund's portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund's investment portfolio. Established in December 2011, FTGP is an SEC-registered investment advisor based in London. FTGP was established as a United Kingdom-based distributor, advisor and affiliate of First Trust and First Trust Portfolios L.P. and advises on global fixed income and currency portfolios. The global fixed income team at FTGP has experience in managing developing and emerging market fixed income portfolios for high profile European institutions.

#### Portfolio Management Team

#### Derek Fulton, Director, Chief Executive Officer, FTGP

#### Leonardo Da Costa, Portfolio Manager, FTGP

#### Anthony Beevers, Portfolio Manager, FTGP
The portfolio managers are primarily responsible for the day-to-day management of the Fund. Each portfolio manager has managed the Fund since 2014, except for Anthony Beevers, who has served as a member of the portfolio management team since 2019.

#### Commentary

#### Market Recap
The 12-month period ended October 31, 2022 has been one of the most challenging environments for emerging market ("EM") assets for many years. Several geo-political, macro-economic and policy events resulted in heightened volatility and increased risk aversion. The impact of rising inflation, higher policy rates and hawkish global central banks were reflected in asset class volatility through the year, despite underlying macro-economic data remaining relatively robust in many EMs, especially those who were less acutely impacted by the Russian invasion of Ukraine and those that benefitted from the sharply higher commodity prices.

The JP Morgan GBI-EM Global Diversified Index (the "JP Morgan Index") returned -20.27% over the review period. The local currency bond component of the JP Morgan Index returned -9.06% while the currency component of the JP Morgan Index returned -12.34%. The impact from both the interest rate and currency exposures were sharply negative and reflected the pressure from rising yields and monetary policy rates in EMs as well as the impact of the much stronger U.S. Dollar.

EM interest rates rose almost across the board as inflation was a global phenomenon. Those countries who were closer to the Russia-Ukraine conflict, and relied more heavily on cheaper Russia energy imports, fared worse. In general, EMs were hiking policy rates through the year, with the notable exception of China which was still suffering from the impact of their zero-COVID-19 policy. These factors caused yields to rise and yield curves to flatten, with shorter maturity bond yields rising more than longer maturity bond yields. The yield on the JP Morgan Index rose 174 basis points ("bps") to 6.90%. As a reference, 5-Year maturity U.S. Treasury bonds rose 305 bps over the same period to 4.23%. The sanctions on Russia resulted in Russian fixed income securities being removed from the JP Morgan Index in April 2022 at a significantly reduced value which has a large negative impact on Index returns. During the period, most EMs saw yields rise, particularly in Poland, Colombia, and Hungary, while only a handful saw yields fall, for example in Turkey, Brazil, and China.

EM currencies weakened on average during the period primarily because of the strength of the U.S. Dollar. The U.S. Dollar Index rose 18.49% over the last 12-month period. Only a handful of countries' currencies were stronger versus the U.S. Dollar, and they were primarily the commodity producers in Latin America. Central and Eastern European currencies fared poorly given their proximity to Russia and Ukraine and with most countries in the region previously relying on Russian energy.

On a regional basis, the Latin American region outperformed, followed by Asia and the Middle East. The worst performing region was Emerging Market Europe. A significant amount of that weakness was driven by the writing down and exclusion of Russia post the invasion of Ukraine but also from the remaining countries in the region as they dealt with the knock-on inflation concerns and supply-chain readjustment.

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#### Portfolio Commentary (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Performance Analysis
The Fund returned -18.71% on a net asset value ("NAV") basis for the 12-month period ended October 31, 2022, while the market price return was -19.09% over the same period. The JP Morgan Index returned -20.27% and the Bloomberg Emerging Markets Local Currency Government - 10% Country Capped Index ("Bloomberg Index") returned -18.28%.

The Fund outperformed the JP Morgan Index and underperformed the Bloomberg Index during the period. The primary driver of the Fund's outperformance during the period was due to the Fund successfully navigating events in Russia. The Fund never owned domestic Russian securities and only held exposure to Russia via offshore foreign exchange contracts. The underweight exposures to China and Thailand also helped relative returns. The largest positive contributor to the Fund's performance during the period came from exposure to Brazil, as both interest rate and currency exposures fared well in Brazil. The only other positive contributor to the Fund's return came from Mexico. The largest negative contributor to the Fund's return during the period came from exposure to Colombia and Russia. Relative to the JP Morgan Index, the largest negative was the overweight exposure to Colombia.

The active management of the Fund's currency exposures using derivatives on aggregate contributed negatively to the Fund's performance during the period. This was primarily driven by the foreign exchange forward exposure to the Russian Ruble, which as mentioned previously was the only exposure to Russia in the Fund during the period. Several active long exposures to EM currencies like the Colombian Peso, Offshore Chinese Yuan, and Philippines Peso, also contributed negatively. The short derivative exposures added positively to Fund returns coming from the hedges in the Mexican Peso, Romanian Leu, Chilean Peso, Indonesian Rupiah, and Israeli Shekel.

The Fund's most recent distribution was $0.1350 per share, and the 12-month distribution rate was 6.94% as of the October 31, 2022. Fund flows were negative as risk-aversion towards the asset class grew. The Fund's assets decreased from approximately $259.2 million to approximately $116.3 million.

#### Market and Fund Outlook
We believe many of the forces impacting EMs over the last twelve months have been exogenous in nature, driven by the Russia/Ukraine conflict's impact on global inflation and the hawkishness of the U.S. Federal Reserve (the "Fed"). While several of the EMs were able to benefit from the commodity price rally, for the most part, the unrelenting strength of the U.S. Dollar weighed on returns. We believe the primary driver of U.S. Dollar strength has been the increasing hawkishness of the Fed due to rising inflation. With the potential easing of these inflationary pressures, it is likely that the outlook for the asset class will improve and allow investors to focus on cheaper valuations on offer in EM local currency debt, in our view.

Higher yields across EM bonds have lifted yields on the asset class to historically attractive levels which improves the forward-looking outlook. Several EMs took a more prudent approach to monetary policy by starting their interest rate hiking cycles early on, in some cases as early as the first quarter of 2021. This has positioned those countries with attractive inflation-adjusted interest rates, and we have begun to see central banks in those countries maintaining their policy rates on hold. These shifts can be viewed as a precursor to interest rates beginning to fall again if inflation remains in check, in our opinion.

EM local currency bonds have had a difficult year, but this has resulted in valuations across both EM interest rate and currency markets to be in significantly undervalued territory, in our opinion. We continue to believe that the Fund's active management can take advantage of these cheaper valuations and lead to superior risk-adjusted returns over time.

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[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Understanding Your Fund Expenses

#### October 31, 2022 (Unaudited)
As a shareholder of the First Trust Emerging Markets Local Currency Bond ETF (the "Fund"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2022.

#### Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.

#### Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value<br> May 1, 2022** | &nbsp;&nbsp;**Ending<br> Account Value<br> October 31, 2022** | &nbsp;&nbsp;**Annualized<br> Expense Ratio<br> Based on the<br> Six-Month<br> Period** | &nbsp;&nbsp;**Expenses Paid<br> During the<br> Six-Month<br> Period (a)** |
| **First Trust Emerging Markets Local Currency Bond ETF (FEMB)** | **First Trust Emerging Markets Local Currency Bond ETF (FEMB)** | **First Trust Emerging Markets Local Currency Bond ETF (FEMB)** | **First Trust Emerging Markets Local Currency Bond ETF (FEMB)** | **First Trust Emerging Markets Local Currency Bond ETF (FEMB)** |
| Actual | $1000.00 | &nbsp;&nbsp;$899.60 | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;$4.07 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1020.92 | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;$4.33 |

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(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2022 through October
31, 2022), multiplied by 184/365 (to reflect the six-month period).

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#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value<br> (Local<br> Currency)** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value<br> (US Dollars)** |
| **FOREIGN SOVEREIGN BONDS AND NOTES – 91.7%** | **FOREIGN SOVEREIGN BONDS AND NOTES – 91.7%** | **FOREIGN SOVEREIGN BONDS AND NOTES – 91.7%** | **FOREIGN SOVEREIGN BONDS AND NOTES – 91.7%** | **FOREIGN SOVEREIGN BONDS AND NOTES – 91.7%** |
|  | **Brazil – 10.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Brazil Notas do Tesouro Nacional, Series F (BRL)<br>| 10.00% | 01/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$577260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16150000 | Brazil Notas do Tesouro Nacional, Series F (BRL)<br>| 10.00% | 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34450000 | Brazil Notas do Tesouro Nacional, Series F (BRL)<br>| 10.00% | 01/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200000 | Brazil Notas do Tesouro Nacional, Series F (BRL)<br>| 10.00% | 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653116 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11588967 |
|  | **Chile – 2.1%** |  |  |  |
| &nbsp;&nbsp;2255000000 | Bonos de la Tesoreria de la Republica en Pesos (CLP)<br>| &nbsp;&nbsp;&nbsp;4.50% | 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221862 |
| &nbsp;&nbsp;&nbsp;&nbsp;270000000 | Bonos de la Tesoreria de la Republica en Pesos (CLP) (a) (b)<br>| &nbsp;&nbsp;&nbsp;4.70% | 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254787 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476649 |
|  | **Colombia – 4.8%** |  |  |  |
| &nbsp;&nbsp;6062000000 | Colombian TES (COP)<br>| &nbsp;&nbsp;&nbsp;7.50% | 08/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017396 |
| &nbsp;&nbsp;5270000000 | Colombian TES (COP)<br>| &nbsp;&nbsp;&nbsp;6.00% | 04/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762187 |
| 25920000000 | Colombian TES (COP)<br>| &nbsp;&nbsp;&nbsp;7.75% | 09/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766557 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546140 |
|  | **Czech Republic – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700000 | Czech Republic Government Bond (CZK) (b)<br>| &nbsp;&nbsp;&nbsp;2.40% | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451227 |
|  | **Hungary – 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;806000000 | Hungary Government Bond (HUF)<br>| &nbsp;&nbsp;&nbsp;5.50% | 06/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627399 |
| &nbsp;&nbsp;1695000000 | Hungary Government Bond (HUF)<br>| &nbsp;&nbsp;&nbsp;6.75% | 10/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000000 | Hungary Government Bond (HUF)<br>| &nbsp;&nbsp;&nbsp;3.00% | 08/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120444 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094180 |
|  | **India – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | India Government Bond (INR)<br>| &nbsp;&nbsp;&nbsp;6.10% | 07/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443599 |
|  | **Indonesia – 12.5%** |  |  |  |
| 86660000000 | Indonesia Treasury Bond (IDR)<br>| &nbsp;&nbsp;&nbsp;8.38% | 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769370 |
| 69702000000 | Indonesia Treasury Bond (IDR)<br>| &nbsp;&nbsp;&nbsp;9.00% | 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821917 |
| 38940000000 | Indonesia Treasury Bond (IDR)<br>| &nbsp;&nbsp;&nbsp;7.00% | 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421432 |
| 14485000000 | Indonesia Treasury Bond (IDR)<br>| &nbsp;&nbsp;&nbsp;8.38% | 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981952 |
| &nbsp;&nbsp;8786000000 | Indonesia Treasury Bond (IDR)<br>| &nbsp;&nbsp;&nbsp;8.25% | 05/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586650 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14581321 |
|  | **Israel – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | Israel Government Bond - Fixed (ILS)<br>| &nbsp;&nbsp;&nbsp;6.25% | 10/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753581 |
|  | **Malaysia – 8.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | Malaysia Government Bond (MYR)<br>| &nbsp;&nbsp;&nbsp;3.48% | 06/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16750000 | Malaysia Government Bond (MYR)<br>| &nbsp;&nbsp;&nbsp;3.90% | 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19705000 | Malaysia Government Bond (MYR)<br>| &nbsp;&nbsp;&nbsp;3.89% | 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9035000 | Malaysia Government Bond (MYR)<br>| &nbsp;&nbsp;&nbsp;2.63% | 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654939 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10390203 |
|  | **Mexico – 4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;111180000 | Mexican Bonos (MXN)<br>| &nbsp;&nbsp;&nbsp;7.50% | 06/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590000 | Mexican Bonos (MXN)<br>| &nbsp;&nbsp;&nbsp;8.50% | 05/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358876 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496932 |
|  | **Peru – 4.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925000 | Peru Government Bond (PEN)<br>| &nbsp;&nbsp;&nbsp;8.20% | 08/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14680000 | Peru Government Bond (PEN)<br>| &nbsp;&nbsp;&nbsp;6.95% | 08/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391160 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value<br> (Local<br> Currency)** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value<br> (US Dollars)** |
| **FOREIGN SOVEREIGN BONDS AND NOTES (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (Continued)** |
|  | **Peru (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;5590000 | Peru Government Bond (PEN)<br>| &nbsp;&nbsp;&nbsp;6.90% | 08/12/37 | &nbsp;&nbsp;&nbsp;&nbsp;$1206308 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615169 |
|  | **Philippines – 3.9%** |  |  |  |
| &nbsp;&nbsp;60000000 | Philippine Government International Bond (PHP)<br>| &nbsp;&nbsp;&nbsp;3.90% | 11/26/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025048 |
| 226000000 | Philippine Government International Bond (PHP)<br>| &nbsp;&nbsp;&nbsp;6.25% | 01/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545993 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571041 |
|  | **Poland – 4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | Republic of Poland Government Bond (PLN)<br>| &nbsp;&nbsp;&nbsp;4.00% | 10/25/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110413 |
| &nbsp;&nbsp;&nbsp;6640000 | Republic of Poland Government Bond (PLN)<br>| &nbsp;&nbsp;&nbsp;2.50% | 07/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128074 |
| &nbsp;&nbsp;26485000 | Republic of Poland Government Bond (PLN)<br>| &nbsp;&nbsp;&nbsp;2.75% | 04/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257095 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495582 |
|  | **Romania – 4.5%** |  |  |  |
| &nbsp;&nbsp;15210000 | Romania Government Bond (RON)<br>| &nbsp;&nbsp;&nbsp;4.50% | 06/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868868 |
| &nbsp;&nbsp;12680000 | Romania Government Bond (RON)<br>| &nbsp;&nbsp;&nbsp;4.75% | 02/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330625 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199493 |
|  | **South Africa – 9.7%** |  |  |  |
| 115005000 | Republic of South Africa Government Bond (ZAR)<br>| 10.50% | 12/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570663 |
| &nbsp;&nbsp;76010000 | Republic of South Africa Government Bond (ZAR)<br>| &nbsp;&nbsp;&nbsp;8.25% | 03/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410338 |
| &nbsp;&nbsp;30270000 | Republic of South Africa Government Bond (ZAR)<br>| &nbsp;&nbsp;&nbsp;8.88% | 02/28/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344610 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11325611 |
|  | **Supranationals – 5.6%** |  |  |  |
| 100000000 | African Development Bank (ZAR)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(c) | 04/05/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650027 |
| 277020000 | Asian Development Bank (INR)<br>| &nbsp;&nbsp;&nbsp;6.20% | 10/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190110 |
| &nbsp;&nbsp;51050000 | International Finance Corp. (INR)<br>| &nbsp;&nbsp;&nbsp;5.85% | 11/25/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616195 |
| 116000000 | International Finance Corp. (INR)<br>| &nbsp;&nbsp;&nbsp;6.30% | 11/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360673 |
| &nbsp;&nbsp;62500000 | International Finance Corp. (MXN)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(c) | 02/22/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717332 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6534337 |
|  | **Thailand – 7.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;6100000 | Thailand Government Bond (THB)<br>| &nbsp;&nbsp;&nbsp;3.63% | 06/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162449 |
| 153100000 | Thailand Government Bond (THB)<br>| &nbsp;&nbsp;&nbsp;2.13% | 12/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955917 |
| &nbsp;&nbsp;53400000 | Thailand Government Bond (THB)<br>| &nbsp;&nbsp;&nbsp;1.60% | 12/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282793 |
| 129760000 | Thailand Government Bond (THB)<br>| &nbsp;&nbsp;&nbsp;3.65% | 06/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544900 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946059 |
|  | **Turkey – 1.0%** |  |  |  |
| &nbsp;&nbsp;23800000 | Turkey Government Bond (TRY)<br>| 10.60% | 02/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194843 |

---

---

| | |
|:---|:---|
| **Total Investments – 91.7%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;106704934 |
| (Cost $140,101,395) |  |
| **Net Other Assets and Liabilities – 8.3%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9626539 |
| **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;$116331473 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Settlement<br> Date** | **Counterparty** | **Amount<br> Purchased** | **Amount<br> Purchased** | **Amount<br> Sold** | **Amount<br> Sold** | **Purchase<br> Value as of<br> 10/31/2022** | **Sale<br> Value as of<br> 10/31/2022** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 11/22/22 | BBH | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983171 | $962954 | $983171 | $(20217) |
| 11/22/22 | BNS | &nbsp;&nbsp;COP | 17100000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668741 | &nbsp;&nbsp;&nbsp; 3450490 | &nbsp;&nbsp;&nbsp; 3668741 | &nbsp;&nbsp;&nbsp; (218251) |
| 11/22/22 | BBH | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;471000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080549 | &nbsp;&nbsp;&nbsp; 1129745 | &nbsp;&nbsp;&nbsp; 1080549 | &nbsp;&nbsp;&nbsp; 49196 |
| 11/22/22 | BNS | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;3000000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103226 | &nbsp;&nbsp;&nbsp; 2106172 | &nbsp;&nbsp;&nbsp; 2103226 | &nbsp;&nbsp;&nbsp; 2946 |
| 11/22/22 | BBH | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55100000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729307 | &nbsp;&nbsp;&nbsp; 2770414 | &nbsp;&nbsp;&nbsp; 2729307 | &nbsp;&nbsp;&nbsp; 41107 |
| 11/22/22 | BNS | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60820000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029626 | &nbsp;&nbsp;&nbsp; 1049175 | &nbsp;&nbsp;&nbsp; 1029626 | &nbsp;&nbsp;&nbsp; 19549 |
| 11/22/22 | BNS | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441949 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp; 2441949 | &nbsp;&nbsp;&nbsp; 2505154 | &nbsp;&nbsp;&nbsp; (63205) |
| 11/22/22 | BNS | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753717 | &nbsp;&nbsp;IDR | 42600000000 | &nbsp;&nbsp;&nbsp; 2753717 | &nbsp;&nbsp;&nbsp; 2730220 | &nbsp;&nbsp;&nbsp; 23497 |
| 11/22/22 | BBH | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070751 | &nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320000 | &nbsp;&nbsp;&nbsp; 2070751 | &nbsp;&nbsp;&nbsp; 2074097 | &nbsp;&nbsp;&nbsp; (3346) |
| 11/22/22 | BNS | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685469 | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56750000 | &nbsp;&nbsp;&nbsp; 685469 | &nbsp;&nbsp;&nbsp; 684376 | &nbsp;&nbsp;&nbsp; 1093 |
| 11/22/22 | BNS | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575216 | &nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp; 575216 | &nbsp;&nbsp;&nbsp; 575924 | &nbsp;&nbsp;&nbsp; (708) |
| 11/22/22 | BBH | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524146 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590000 | &nbsp;&nbsp;&nbsp; 1524146 | &nbsp;&nbsp;&nbsp; 1586014 | &nbsp;&nbsp;&nbsp; (61868) |
| 11/22/22 | BBH | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393129 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080000 | &nbsp;&nbsp;&nbsp; 1393129 | &nbsp;&nbsp;&nbsp; 1422166 | &nbsp;&nbsp;&nbsp; (29037) |
| 11/22/22 | BBH | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131825 | THB | &nbsp;&nbsp;&nbsp;&nbsp;119200000 | &nbsp;&nbsp;&nbsp; 3131825 | &nbsp;&nbsp;&nbsp; 3136658 | &nbsp;&nbsp;&nbsp; (4833) |
| 11/22/22 | BBH | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892971 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600000 | &nbsp;&nbsp;&nbsp; 1892971 | &nbsp;&nbsp;&nbsp; 1880682 | &nbsp;&nbsp;&nbsp; 12289 |
| Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | $(251788) |

---

Counterparty Abbreviations <br> BBH Brown Brothers Harriman and Co. <br> BNS Bank of Nova Scotia

(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 October 31, 2022, securities noted as such amounted to $254,787 or 0.2% of net assets.

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

(c) Zero coupon bond.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | |
|:---|:---|
| **Currency Exposure<br> Diversification** | **% of Total<br> Investments<br> (including cash)†** |
| IDR | &nbsp;&nbsp;&nbsp;10.5% |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| HUF | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| RON | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| ILS | &nbsp;&nbsp;&nbsp;(1.1) |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

---

| | |
|:---|:---|
| † | The weightings include the impact of currency forwards. |
| \* | Amount is less than 0.1%. |

---

---

| | |
|:---|:---|
| Currency Abbreviations | Currency Abbreviations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;Brazilian Real |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;Chilean Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;Chinese Yuan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;Colombian Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;Czech Republic Koruna |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;Euro |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;Hungarian Forint |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;Indonesian Rupiah |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;Israeli Shekel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;Indian Rupee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;South Korean Won |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;Mexican Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR | &nbsp;&nbsp;Malaysian Ringgit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;Peruvian Nuevo Sol |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;Philippine Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;Polish Zloty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;Romanian New Leu |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;Thai Baht |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;Turkish Lira |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;United States Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;South African Rand |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Foreign Sovereign Bonds and Notes\*<br>| $106704934 | &nbsp;&nbsp;$— | $106704934 | $— |
| Forward Foreign Currency Contracts\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149677 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total<br>| $106854611 | &nbsp;&nbsp;$— | $106854611 | $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Forward Foreign Currency Contracts\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(401465) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(401465) | $— |

---

\* See Portfolio of Investments for country breakout. <br> \*\* See the Schedule of Forward Foreign Currency Contracts for contract and currency detail.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Statement of Assets and Liabilities

#### October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $140,101,395)<br>| $106704934 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546405 |
| Cash segregated as collateral for open forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 |
| Foreign currency (Cost $3,069,222)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061948 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149677 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;116835901 |
| **LIABILITIES:** |  |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401465 |
| Due to broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504428 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$116331473 |
| **NET ASSETS consist of:** |  |
| Paid-in capital<br>| $184685333 |
| Par value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 |
| Accumulated distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(68401360) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$116331473 |
| **NET ASSET VALUE, per share<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.49 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Statement of Operations

#### For the Year Ended October 31, 2022

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp;$12615070 |
| Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152958) |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;12463842 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 1890150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890150 |
| **NET INVESTMENT INCOME (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;10573692 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39841132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13890956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1225108) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(54957196) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2415309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112164 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2763338) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;(57720534) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | &nbsp;&nbsp;$(47146842) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| **OPERATIONS:** |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;$10573692 | &nbsp;&nbsp;$11957035 |
| Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54957196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6348806) |
| Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2763338) | &nbsp;&nbsp;&nbsp;&nbsp; (18292516) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47146842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12684287) |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (11218417) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12906898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3557692) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12906898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14776109) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48914060 | &nbsp;&nbsp;&nbsp;&nbsp; 139192070 |
| Cost of shares redeemed <br>| &nbsp;&nbsp;&nbsp; (131758936) | &nbsp;&nbsp;&nbsp;&nbsp; (32886326) |
| Net increase (decrease) in net assets resulting from shareholder transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82844876) | &nbsp;&nbsp;&nbsp;&nbsp;106305744 |
| Total increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp; (142898616) | &nbsp;&nbsp;&nbsp;&nbsp; 78845348 |
| **NET ASSETS:** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp; 259230089 | &nbsp;&nbsp;&nbsp;&nbsp; 180384741 |
| End of period<br>| &nbsp;&nbsp;&nbsp;$116331473 | &nbsp;&nbsp;$259230089 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250002 |
| Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (950000) |
| Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)<br>

#### Financial Highlights

#### For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;$32.00 | &nbsp;&nbsp;&nbsp;&nbsp;$34.36 | &nbsp;&nbsp;&nbsp;&nbsp;$38.45 | &nbsp;&nbsp;&nbsp;&nbsp;$36.11 | &nbsp;&nbsp;&nbsp;&nbsp;$41.55 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.76) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$24.49 | &nbsp;&nbsp;&nbsp;&nbsp;$32.00 | &nbsp;&nbsp;&nbsp;&nbsp;$34.36 | &nbsp;&nbsp;&nbsp;&nbsp;$38.45 | &nbsp;&nbsp;&nbsp;&nbsp;$36.11 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.55)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $116331 | &nbsp;&nbsp;&nbsp;&nbsp;$259230 | &nbsp;&nbsp;&nbsp;&nbsp;$180385 | &nbsp;&nbsp;&nbsp;&nbsp;$148045 | &nbsp;&nbsp;&nbsp;&nbsp;$55976 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% (b) |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% (b) |
| Portfolio turnover rate (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% |

---

(a) 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.

(b) Includes excise tax.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### Notes to Financial Statements

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
1. Organization

First Trust Exchange-Traded Fund III (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on January 9, 2008, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of seventeen funds that are offering shares. This report covers the First Trust Emerging Markets Local Currency Bond ETF (the "Fund"), a non-diversified series of the Trust, which trades under the ticker "FEMB" on The Nasdaq Stock Market LLC ("Nasdaq"). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified blocks of shares called "Creation Units."

The Fund is an actively managed exchange-traded fund. The investment objective of the Fund is to seek maximum total return and current income. 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 bonds, notes and bills issued or guaranteed by entities incorporated or domiciled in emerging market countries that are denominated in the local currency of the issuer. There can be no assurance 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, 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.

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

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
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.

Forward foreign currency contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety, and one-hundred eighty day forward rates provided by a third-party pricing service.

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) the fundamental business data relating to the issuer, or economic data relating to the country of issue;

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

4) the type, size and cost of the security;

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

6) the credit quality and cash flow of the issuer;

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

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

9) the coupon payments;

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

11) 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 (for corporate debt only);

12) the economic, political and social prospects/developments of the country of issue and the assessment of the country's governmental leaders/officials (for sovereign debt only);

13) the prospects for the 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:

• 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.

• 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.

------

[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
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.

• 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 October 31, 2022, is included with the Fund's Portfolio of Investments.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

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 daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

C. Forward Foreign Currency Contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objective. Forward foreign currency contracts are agreements between two parties ("Counterparties") to exchange one currency for another at a future date and at a specified price. The Fund uses forward foreign currency contracts to facilitate transactions in foreign securities and to manage the Fund's foreign currency exposure. These contracts are valued daily, and the Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in "Unrealized appreciation on forward foreign currency contracts" and "Unrealized depreciation on forward foreign currency contracts" on the Statement of Assets and Liabilities. The change in unrealized appreciation (depreciation) is included in "Net change in unrealized appreciation (depreciation) on forward foreign currency contracts" on the Statement of Operations. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or the cost of) the closing transaction and the Fund's basis in the contract. This realized gain or loss is included in "Net realized gain (loss) on forward foreign currency contracts" on the Statement of Operations. Risks arise from the possible inability of Counterparties to meet the terms of their contracts and from movement in currency, securities values and interest rates. Due to the risks, the Fund could incur losses in excess of the net unrealized value shown on the Forward Foreign Currency Contracts table in the Portfolio of Investments. In the event of default by the Counterparty, the Fund will provide notice to the Counterparty of the Fund's intent to convert the currency held by the Fund into the currency that the Counterparty agreed to exchange with the Fund. 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.

D. Foreign Currency

The books and records of the Fund 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 Statement of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are included in "Net change in unrealized appreciation (depreciation) on investments" on the Statement of

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#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
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 Statement 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 Statement of Operations.

E. Offsetting on the Statement of Assets and Liabilities

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statement of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on the Fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statement of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

At October 31, 2022, derivative assets and liabilities (by type) on a gross basis are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Gross Amounts not Offset<br> in the Statement of<br> Assets and Liabilities** | **Gross Amounts not Offset<br> in the Statement of<br> Assets and Liabilities** |  |
|  | **Gross<br> Amounts of<br> Recognized<br> Assets** | **Gross Amounts<br> Offset in the<br> Statement of<br> Assets<br> and Liabilities** | **Net Amounts of<br> Assets<br> Presented<br> in the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Collateral<br> Amounts<br> Received** | **Net<br> Amount** |
| Forward Foreign<br> Currency Contracts\* | &nbsp;&nbsp;$149677 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$149677 | &nbsp;&nbsp;$(149677) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  |  |  |  | **Gross Amounts not Offset<br> in the Statement of<br> Assets and Liabilities** | **Gross Amounts not Offset<br> in the Statement of<br> Assets and Liabilities** |  |
|  | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of<br> Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities<br> Presented<br> in the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Collateral<br> Amounts<br> Pledged** | **Net<br> Amount** |
| Forward Foreign Currency Contracts\* | &nbsp;&nbsp;$(401465) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(401465) | &nbsp;&nbsp;$149677 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(251788) |

---

\* The respective Counterparties for each contract are disclosed in the Forward Foreign Currency Contracts table in the Portfolio of Investments.

F. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid monthly by the Fund, 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

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#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
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 by the Fund during the fiscal years ended October 31, 2022 and 2021, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Ordinary income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11218417 |
| Capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;12906898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557692 |

---

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Accumulated capital and other gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(27770776) |
| Net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(40630584) |

---

G. 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. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, 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, 2022, the Fund had $27,770,776 of capital loss carryforward available to the extent provided by regulations to offset future capital gains.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Fund. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2022, the adjustments for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| Accumulated<br> Net Investment<br> Income (Loss) | &nbsp;&nbsp;Accumulated<br> Net Realized<br> Gain (Loss)<br> on Investments | &nbsp;&nbsp;Paid-in<br> Capital |
| $(10014612) | &nbsp;&nbsp;$33223155 | &nbsp;&nbsp;$(23208543) |

---

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[**Table of Contents**](#JOB_10-31_1a3227d7-6c1d-437f-96f2-5b0aadcad77f_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
As of October 31, 2022, 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:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | &nbsp;&nbsp;Gross<br> Unrealized<br> Appreciation | &nbsp;&nbsp;Gross<br> Unrealized<br> (Depreciation) | &nbsp;&nbsp;Net Unrealized<br> Appreciation<br> (Depreciation) |
| $146954217 | &nbsp;&nbsp;$30858 | &nbsp;&nbsp;$(40531929) | &nbsp;&nbsp;$(40501071) |

---

H. Expenses

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

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 Trust, on behalf of the Fund, and First Trust have retained First Trust Global Portfolios Limited ("FTGP" or the "Sub-Advisor"), an affiliate of First Trust, to serve as investment sub-advisor. In this capacity, FTGP is responsible for the selection and ongoing monitoring of the securities in the Fund's investment portfolio. First Trust is paid an annual unitary management fee of 0.85% of the Fund's average daily net assets. FTGP receives a sub-advisory fee equal to 40% of any remaining monthly unitary fee paid to the Advisor after the Fund's average expenses accrued during the most recent twelve months are subtracted from the unitary fee for that month. First Trust is responsible for the expenses of the Fund including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, Rule 12b-1 distribution and service fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, and extraordinary expenses. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250, which is covered under the annual unitary management fee.

The Trust has multiple service agreements with Brown Brothers Harriman & Co. ("BBH"). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BBH is responsible for custody of the Fund's assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of the Fund's securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for the Fund.

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 Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee 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 Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

4. Purchases and Sales of Securities

For the fiscal year ended October 31, 2022, the cost of purchases and proceeds from sales of investments, excluding short term investments and in-kind transactions, were $89,380,169 and $172,163,423, respectively.

For the fiscal year ended October 31, 2022, the Fund had no in-kind transactions.

5. Derivative Transactions

The following table presents the type of derivatives held by the Fund at October 31, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| **Derivative<br> Instrument** | **Risk<br> Exposure** | **Statement of Assets and<br> Liabilities Location** | **Value** | **Statement of Assets and<br> Liabilities Location** | **Value** |
| Forward foreign<br> currency<br> contracts | &nbsp;&nbsp;Currency Risk | &nbsp;&nbsp;Unrealized appreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;$149677 | &nbsp;&nbsp;Unrealized depreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;$401465 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

---

| | |
|:---|:---|
| **Statement of Operations Location** |  |
| **Currency Risk Exposure** |  |
| Net realized gain (loss) on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(13890956) |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603560) |

---

During the fiscal year ended October 31, 2022, the notional values of forward foreign currency contracts opened and closed were $1,216,140,367 and $1,256,390,265, respectively.

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 large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation ("NSCC") 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 to provide investor services. FTP may also use this amount to compensate securities dealers or other persons that

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#### Notes to Financial Statements (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022
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 February 28, 2024.

8. Borrowings

The Trust, on behalf of the Fund, along with First Trust Series Fund and First Trust Exchange-Traded Fund IV has a $305 million Credit Agreement with The Bank of Nova Scotia ("Scotia") as administrative agent for a group of lenders. Between March 2, 2022 and October 30, 2022, the commitment amount was $280 million, and prior to March 2, 2022, the commitment amount was $355 million. Scotia charges a commitment fee of 0.25% 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 fiscal year ended October 31, 2022.

9. 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.

10. Subsequent Events

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

At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Fund. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee the Fund pays to First Trust, as investment manager, will be discounted as the Fund's net assets reach certain predefined levels. 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 FTGP, will be reduced to reflect the reduction in the Advisor's management fee.

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Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund III:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of First Trust Emerging Markets Local Currency Bond ETF (the "Fund"), a series of the First Trust Exchange-Traded Fund III, including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img25c185c24.jpg)

Chicago, Illinois

December 22, 2022

We have served as the auditor of one or more First Trust investment companies since 2001.

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#### Additional Information

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)

#### Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund's website at <u>www.ftportfolios.com</u>; and (3) on the Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

#### Portfolio Holdings
The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at <u>www.sec.gov</u>. The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

#### Risk Considerations
**Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund's investment objective, risks, charges and expenses, and read each Fund's prospectus and statement of additional information carefully. You can download each Fund's prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.**

**Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.**

**Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.**

**Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.**

**Defined Outcome Funds Risk. To the extent a fund's investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor's investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund's share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.**

**Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified**

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#### Additional Information (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)
by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.

**Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.**

**ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.**

**Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.**

**Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund's shares.**

**Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.**

**Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.**

**LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.**

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#### Additional Information (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)
**Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.**

**Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund's shares and result in increased market volatility. During any such events, a fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund's shares may widen.**

**Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.**

**Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund's ability to meet its investment objective. Although the funds and the funds' investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.**

**Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.**

**Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company's capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.**

**Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities**

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#### Additional Information (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)
have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.

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| | | |
|:---|:---|:---|
| **NOT FDIC INSURED** | **NOT BANK GUARANTEED** | **MAY LOSE VALUE** |

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#### Advisory and Sub-Advisory Agreements

#### Board Considerations Regarding Approval of Continuation of Investment Management and Investment Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the First Trust Emerging Markets Local Currency Bond ETF (the "Fund") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, on behalf of the Fund, the Advisor and First Trust Global Portfolios Ltd. (the "Sub-Advisor"). The Board approved the continuation of the Agreements for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the sub-advisory fee rate as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the 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 affiliate, First Trust Portfolios L.P. ("FTP"), and the Sub-Advisor (also an affiliate of the Advisor); and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's unitary fee.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and

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#### Additional Information (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)
improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreement, the Board noted that the Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund's investments. The Board reviewed the materials provided by the Sub-Advisor and considered the services that the Sub-Advisor provides to the Fund, including the Sub-Advisor's day-to-day management of the Fund's investments. In considering the Sub-Advisor's management of the Fund, the Board noted the background and experience of the Sub-Advisor's portfolio management team, including the Board's prior meetings with members of the portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate payable by the Fund under the Advisory Agreement for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from the unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for the Fund was equal to the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, including that the Expense Group contained both actively-managed ETFs and open-end mutual funds, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2021 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund underperformed the Performance Universe median and the benchmark index for the one-, three- and five-year periods ended December 31, 2021. The Board noted the Advisor's discussion of the Fund's performance at the April 18, 2022 meeting.

On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund and noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2021 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board also considered the Advisor's compensation for fund reporting services provided to the Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. In addition, the Board considered information on the affiliations between the

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#### Additional Information (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)
Advisor and the Sub-Advisor and noted the services provided by the Sub-Advisor to certain First Trust products in Europe. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's statements that expenses incurred in providing services to the Fund are of a fixed nature and that no economies of scale have been identified from the provision of services to the Fund. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Fund. The Board noted that the Sub-Advisor does not have any soft dollar arrangements. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

#### Board Considerations Regarding Approval of Amendment to the Investment Management and Investment Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the amendment (the "Advisory Agreement Amendment") of the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") and the amendment (the "Sub-Advisory Agreement Amendment" and together with the Advisory Agreement Amendment, the "Amendments") of the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, the Advisor and First Trust Global Portfolios Limited (the "Sub-Advisor") on behalf of the First Trust Emerging Markets Local Currency Bond ETF (the "Fund").

The Board approved the Amendments at a meeting held on October 24, 2022. As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendments at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022. Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendments, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.

In reviewing the Advisory Agreement Amendment, the Board considered that the purpose of the Advisory Agreement Amendment is to modify the unitary fee rate for the Fund under the Advisory Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by the Fund to the Advisor will be reduced as assets of the Fund meet certain thresholds. In reviewing the Sub-Advisory Agreement Amendment, the Board considered that the purpose of the Sub-Advisory Agreement Amendment is to modify the sub-advisory fee rate for the Fund under the Sub-Advisory Agreement to reflect the modification of the unitary fee rate schedule under the Advisory Agreement Amendment. The Board noted the Advisor's representations that the quality and quantity of the services provided to the Fund by the Advisor under the Advisory Agreement and by the Sub-Advisor under the Sub-Advisory Agreement will not be reduced or modified as a result of the Advisory Agreement Amendment and the Sub-Advisory Agreement Amendment, and that the obligations of the Advisor under the Advisory Agreement and the obligations of the Sub-Advisor under the Sub-Advisory Agreement will remain the same in all respects.

The Board noted that it, including the Independent Trustees, last approved the continuation of the Agreements for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board noted that in connection with such approval it had determined, based upon the information provided, that the terms of the Agreements were fair and reasonable and that the continuation of the Agreements was in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendments are fair and reasonable and that the Amendments are in the best interests of the Fund.

#### Remuneration
First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain funds it manages, including First Trust Emerging Markets Local Currency Bond ETF (the "Fund"), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

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#### Additional Information (Continued)

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)
During the year ended December 31, 2021, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Fund is $142,997. This figure is comprised of $5,502 paid (or to be paid) in fixed compensation and $137,495 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include $73,434 paid (or to be paid) to senior management of First Trust Advisors L.P. and $69,563 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Fund (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

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#### Board of Trustees and Officers<br>

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Trust** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson, Trustee<br> (1951) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | &nbsp;&nbsp;223 |  |
| Thomas R. Kadlec, Trustee<br> (1957) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
| Denise M. Keefe, Trustee<br> (1964) | &nbsp;&nbsp;• Indefinite Term<br>• Since 2021 | &nbsp;&nbsp;Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021) |
| Robert F. Keith, Trustee<br> (1956) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;President, Hibs Enterprises (Financial and Management Consulting) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Formerly, Director of Trust Company of Illinois |
| Niel B. Nielson, Trustee<br> (1954) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | &nbsp;&nbsp;223 |  |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(1)</sup>, Trustee and<br> Chairman of the Board<br> (1955) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | &nbsp;&nbsp;223 |  |

---

<sup>(1)</sup> Mr. Bowen is deemed an "interested person" of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

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#### Board of Trustees and Officers (Continued)<br>

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position and Offices with Trust** | &nbsp;&nbsp;**Term of Office and Length of Service** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** |
| **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** |
| James M. Dykas<br> (1966) | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
| Donald P. Swade<br> (1972) | &nbsp;&nbsp;Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| W. Scott Jardine<br> (1960) | &nbsp;&nbsp;Secretary and Chief Legal Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
| Daniel J. Lindquist<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Kristi A. Maher<br> (1966) | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

---

| | | | |
|:---|:---|:---|:---|
| Roger F. Testin<br> (1966) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Stan Ueland<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

<sup>(2)</sup> The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

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#### Privacy Policy

#### First Trust Emerging Markets Local Currency Bond ETF (FEMB)

#### October 31, 2022 (Unaudited)

#### Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

#### Sources of Information
We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of "cookies." For example, we may identify the pages on our website that your browser requests or visits.

#### Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

#### Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

#### Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust's website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust's website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <u>Google Analytics</u> and <u>AddThis</u>.

#### Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

#### Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to <u>www.ftportfolios.com</u>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2022

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![](img220ed21b1.jpg)

## First Trust Exchange-Traded Fund III

#### INVESTMENT ADVISOR
First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

#### INVESTMENT SUB-ADVISOR
First Trust Global Portfolios Limited

Floor 2

8 Angel Court

London EC2R 7HJ

England

#### ADMINISTRATOR, CUSTODIAN,<br> FUND ACCOUNTANT &<br> TRANSFER AGENT
Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

#### INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, IL 60606

#### LEGAL COUNSEL
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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![](imgc52657291.jpg)

## First Trust Exchange-Traded Fund III
First Trust RiverFront Dynamic Developed International ETF (RFDI) <br>First Trust RiverFront Dynamic Europe ETF (RFEU) <br>First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)

 *Annual Report<br> For the Year Ended<br> October 31, 2022* 

**Table of Contents**

#### Annual Report

#### October 31, 2022

---

| | |
|:---|:---|
| [Shareholder Letter](#xx_ece427d1-93b0-484d-93bf-6ce1db0ce213_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Fund Performance Overview](#xx_b4863a99-5084-4243-9a0e-bba8e56aa0c0_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust RiverFront Dynamic Developed International ETF (RFDI)](#xx_b4863a99-5084-4243-9a0e-bba8e56aa0c0_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust RiverFront Dynamic Europe ETF (RFEU)](#xx_b4863a99-5084-4243-9a0e-bba8e56aa0c0_3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)](#xx_b4863a99-5084-4243-9a0e-bba8e56aa0c0_5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Notes to Fund Performance Overview](#xx_fdeab25f-f0d6-403b-aa6a-36244c500142_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9 |
| [Portfolio Commentary](#xx_98a71126-e8f9-44c0-a5b1-dd56828b8439_1)<br>| &nbsp;&nbsp;10 |
| [Understanding Your Fund Expenses](#xx_13a2bcd2-5095-4a9d-b69b-d7c1858083f0_1)<br>| &nbsp;&nbsp;13 |
| [Portfolio of Investments](#xx_e8cd01e3-efb8-4464-94cc-9109b22ae4bd_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust RiverFront Dynamic Developed International ETF (RFDI)](#xx_e8cd01e3-efb8-4464-94cc-9109b22ae4bd_1)<br>| &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust RiverFront Dynamic Europe ETF (RFEU)](#xx_e8cd01e3-efb8-4464-94cc-9109b22ae4bd_4)<br>| &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)](#xx_e8cd01e3-efb8-4464-94cc-9109b22ae4bd_7)<br>| &nbsp;&nbsp;20 |
| [Statements of Assets and Liabilities](#xx_6e89c83b-c0a8-49e1-975a-4bf354081caa_1)<br>| &nbsp;&nbsp;23 |
| [Statements of Operations](#xx_da5a33b4-52c6-4b38-9dfc-9ad7c4eea8f9_1)<br>| &nbsp;&nbsp;24 |
| [Statements of Changes in Net Assets](#xx_611c901f-72bb-4c16-9f4b-02a22c8e6002_2)<br>| &nbsp;&nbsp;26 |
| [Financial Highlights](#xx_e7202e68-5e1d-409a-94e6-cdfa88e55336_1)<br>| &nbsp;&nbsp;28 |
| [Notes to Financial Statements](#xx_f49683a7-4595-489b-9387-6fe74e7722c5_1)<br>| &nbsp;&nbsp;31 |
| [Report of Independent Registered Public Accounting Firm](#xx_9fe3cc8d-f4b2-4e11-9eca-913e8eabfd22_1)<br>| &nbsp;&nbsp;41 |
| [Additional Information](#xx_137ebfe3-2cc8-4195-b47d-0ea7f21ba50b_1)<br>| &nbsp;&nbsp;42 |
| [Board of Trustees and Officers](#xx_d4b0c315-0d85-47fc-a497-2ff305588aa9_1)<br>| &nbsp;&nbsp;50 |
| [Privacy Policy](#xx_66b7ec57-f105-498a-9e3f-c8ee7bb3ef78_1)<br>| &nbsp;&nbsp;52 |

---

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#### Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and/or RiverFront Investment Group, LLC ("RIG" or the "Sub-Advisor") and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded Fund III (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, the "Funds") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

#### Performance and Risk Disclosure
There is no assurance that any Fund described in this report 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. See "Risk Considerations" in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.

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 <u>www.ftportfolios.com</u> 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.

The Advisor may also periodically provide additional information on Fund performance on each Fund's web page at <u>www.ftportfolios.com</u>.

#### 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 and analysis that provide insight into each Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of each Fund, you may obtain an understanding of how the market environment affected each Fund's performance. The statistical information that follows may help you understand each Fund's performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of the Advisor and/or Sub-Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

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Shareholder Letter

#### First Trust Exchange-Traded Fund III

#### Annual Letter from the Chairman and CEO

#### October 31, 2022
Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust RiverFront Dynamic International ETFs (the "Funds"), which contains detailed information about the Funds for the twelve months ended October 31, 2022.

As I'm writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no "red wave" (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there's been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.

The Federal Reserve (the "Fed") has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed's actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index ("CPI") is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!

Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500<sup>®</sup> Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500<sup>®</sup> Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.

Sincerely,

![](img92fde17e2.jpg)

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

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Fund Performance Overview (Unaudited)

First Trust RiverFront Dynamic Developed International ETF (RFDI)<br>

The investment objective of First Trust RiverFront Dynamic Developed International ETF (the "Fund") is to provide capital appreciation. 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 equity securities of developed market companies, including through investments in common stock, depositary receipts, and common and preferred shares of real estate investment trusts ("REITs"), and forward foreign currency exchange contracts and currency spot transactions used to hedge the Fund's exposure to the currencies in which the equity securities of such developed market companies are denominated (each, a "Developed Market currency" and, collectively, the "Developed Market currencies"). Developed market companies are those companies (i) whose securities are traded principally on a stock exchange in a developed market country, (ii) that have a primary business office in a developed market country, or (iii) that have at least 50% of their assets in, or derive at least 50% of their revenues or profits from, a developed market country. Developed market countries currently include the countries comprising the Morgan Stanley Capital International World Index or countries considered to be developed by the World Bank, the International Finance Corporation or the United Nations. Under normal market conditions, the Fund invests in at least three countries and at least 40% of its net assets in countries other than the United States. Shares of the Fund are listed on The Nasdaq Stock Market LLC under the ticker symbol "RFDI."

The Fund utilizes a dynamic currency hedging strategy through the use of forward foreign currency exchange contracts and currency spot transactions to hedge up to 100% of the Fund's currency exposure. As a result of this hedging strategy, the portion of the Fund's portfolio securities which are subject to currency hedging transactions may vary widely, from 0% to 100% of the portfolio securities. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract, at a price set on the date of the contract. A forward foreign currency exchange contract may reduce the Fund's exposure to changes in the value of the currency it will deliver and increase its exposure to changes in the value of the currency it will receive for the duration of the contract. The effect on the value of the Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency. The Fund also may enter into currency spot transactions as part of its dynamic currency hedging strategy. A currency spot transaction is an agreement between two parties to buy or sell a specific currency for delivery on a date that is typically two business days from the date of the agreement, as opposed to a date set in the future. The underlying currencies of the forward foreign currency exchange contracts and currency spot transactions included in the Fund's policy relating to the investment of at least 80% of its net assets (including investment borrowings) will be limited to Developed Market currencies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | 1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (4/13/16)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (4/13/16)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-28.21% | -2.35% | 2.21% | -11.20% | &nbsp;&nbsp;15.43% |
| Market Price | &nbsp;&nbsp;-28.83% | &nbsp;&nbsp;-2.46% | &nbsp;&nbsp;2.19% | &nbsp;&nbsp;-11.73% | &nbsp;&nbsp;15.25% |
| **Index Performance** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;-23.00% | &nbsp;&nbsp;-0.09% | &nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;-0.47% | &nbsp;&nbsp;24.90% |

---

(See Notes to Fund Performance Overview on page 9.)

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Fund Performance Overview (Unaudited) (Continued)

First Trust RiverFront Dynamic Developed International ETF (RFDI) (Continued)<br>

---

| | |
|:---|:---|
| **Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;18.9% |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;18.5 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;96.1% |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Net Other Assets and Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\* Includes forward foreign currency contracts.

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Novo Nordisk A.S., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;22.1% |

---

![](img9cee69723.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

#### Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

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Fund Performance Overview (Unaudited) (Continued)

First Trust RiverFront Dynamic Europe ETF (RFEU)<br>

The investment objective of First Trust RiverFront Dynamic Europe ETF (the "Fund") is to provide capital appreciation. 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 equity securities of European companies, including through investments in common stock, depositary receipts, and common and preferred shares of real estate investment trusts ("REITs"), and forward foreign currency exchange contracts and currency spot transactions used to hedge the Fund's exposure to the currencies in which the equity securities of such European companies are denominated (each, a "European currency" and, collectively, the "European currencies"). European companies are those companies (i) whose securities are traded principally on a stock exchange in a European country, (ii) that have a primary business office in a European country, or (iii) that have at least 50% of their assets in, or derive at least 50% of their revenues or profits from, a European country. The Fund considers a European country to be any member country of the European Union or any country included in the FTSE Developed Europe Index or the FTSE Emerging Europe All Cap Index. The Fund generally focuses its European company investments in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and/or the United Kingdom. Shares of the Fund are listed on The Nasdaq Stock Market LLC under the ticker symbol "RFEU."

The Fund utilizes a dynamic currency hedging strategy through the use of forward foreign currency exchange contracts and currency spot transactions to hedge up to 100% of the Fund's currency exposure. As a result of this hedging strategy, the portion of the Fund's portfolio securities which are subject to currency hedging transactions may vary widely, from 0% to 100% of the portfolio securities. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract, at a price set on the date of the contract. A forward foreign currency exchange contract may reduce the Fund's exposure to changes in the value of the currency it will deliver and increase its exposure to changes in the value of the currency it will receive for the duration of the contract. The effect on the value of the Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency. The Fund also may enter into currency spot transactions as part of its dynamic currency hedging strategy. A currency spot transaction is an agreement between two parties to buy or sell a specific currency for delivery on a date that is typically two business days from the date of the agreement, as opposed to a date set in the future. The underlying currencies of the forward foreign currency exchange contracts and currency spot transactions included in the Fund's policy relating to the investment of at least 80% of its net assets (including investment borrowings) will be limited to European currencies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | 1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (4/13/16)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (4/13/16)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-27.33% | -1.27% | 3.64% | -6.18% | &nbsp;&nbsp;26.39% |
| Market Price | &nbsp;&nbsp;-27.79% | &nbsp;&nbsp;-1.40% | &nbsp;&nbsp;3.58% | &nbsp;&nbsp;-6.81% | &nbsp;&nbsp;25.93% |
| **Index Performance** |  |  |  |  |  |
| MSCI Europe Index | &nbsp;&nbsp;-22.88% | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;25.02% |

---

(See Notes to Fund Performance Overview on page 9.)

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust RiverFront Dynamic Europe ETF (RFEU) (Continued)<br>

---

| | |
|:---|:---|
| **Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;23.5% |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;16.4 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;15.6 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;11.3 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Other\* | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\* Exchange-traded fund with holdings representing multiple sectors.

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;96.5% |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Net Other Assets and Liabilities\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\*\* Includes forward foreign currency contracts.

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Novo Nordisk A.S., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;32.2% |

---

![](img0b151cc34.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)<br>

The investment objective of First Trust RiverFront Dynamic Emerging Markets ETF (the "Fund") is to provide capital appreciation. 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 equity securities of emerging market companies, including through investments in common stock, depositary receipts, and common and preferred shares of real estate investment trusts ("REITs"), and forward foreign currency exchange contracts and currency spot transactions used to hedge the Fund's exposure to the currencies in which the equity securities of such emerging market companies are denominated (each, an "Emerging Market currency" and, collectively, the "Emerging Market currencies"). The Fund considers an emerging market company to be one (i) domiciled or with a principal place of business or primary securities trading market in an emerging market country, or (ii) that derives a substantial portion of its total revenues or profits from emerging market countries. The Fund considers an emerging market country to be any country whose issuers are included in the Morgan Stanley Capital International Emerging Markets Index and/or those countries considered to be developing by the World Bank, the International Finance Corporation or the United Nations. The Fund generally focuses its emerging market company investments in Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Nigeria, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and/or the United Arab Emirates. Shares of the Fund are listed on The Nasdaq Stock Exchange LLC under the ticker symbol "RFEM."

The Fund utilizes a dynamic currency hedging strategy through the use of forward foreign currency exchange contracts and currency spot transactions to hedge up to 100% of the Fund's currency exposure. As a result of this hedging strategy, the portion of the Fund's portfolio securities which are subject to currency hedging transactions may vary widely, from 0% to 100% of the portfolio securities. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract, at a price set on the date of the contract. A forward foreign currency exchange contract may reduce the Fund's exposure to changes in the value of the currency it will deliver and increase its exposure to changes in the value of the currency it will receive for the duration of the contract. The effect on the value of the Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency. The Fund also may enter into currency spot transactions as part of its dynamic currency hedging strategy. A currency spot transaction is an agreement between two parties to buy or sell a specific currency for delivery on a date that is typically two business days from the date of the agreement, as opposed to a date set in the future. The underlying currencies of the forward foreign currency exchange contracts and currency spot transactions included in the Fund's policy relating to the investment of at least 80% of its net assets (including investment borrowings) will be limited to Emerging Market currencies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | &nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;Cumulative Total Returns |
|  | 1 Year<br> Ended<br> 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (6/14/16)<br> to 10/31/22 | 5 Years<br> Ended<br> 10/31/22 | Inception<br> (6/14/16)<br> to 10/31/22 |
| **Fund Performance** |  |  |  |  |  |
| NAV | &nbsp;&nbsp;-24.97% | -3.97% | 2.67% | -18.35% | &nbsp;&nbsp;18.29% |
| Market Price | &nbsp;&nbsp;-24.54% | &nbsp;&nbsp;-4.13% | &nbsp;&nbsp;2.63% | &nbsp;&nbsp;-19.01% | &nbsp;&nbsp;18.00% |
| **Index Performance** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;-31.03% | &nbsp;&nbsp;-3.09% | &nbsp;&nbsp;3.34% | &nbsp;&nbsp;-14.54% | &nbsp;&nbsp;23.29% |

---

(See Notes to Fund Performance Overview on page 9.)

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

Fund Performance Overview (Unaudited) (Continued)

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) (Continued)<br>

---

| | |
|:---|:---|
| **Sector Allocation** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;30.5% |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;14.2 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;99.4% |
| Net Other Assets and Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\* Includes forward foreign currency contracts.

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| JBS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Petroleo Brasileiro S.A. (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| United Microelectronics Corp., ADR | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Petroleo Brasileiro S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;22.9% |

---

![](img7d5a0a315.jpg)

<br> Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

Notes to Fund Performance Overview (Unaudited)<br>

Total returns for the periods since inception are calculated from the inception date of each Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated.

Each Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed 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 outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint of the national best bid and offer price ("NBBO") as of the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund's NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund's NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. 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. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund's past performance is no guarantee of future performance.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Portfolio Commentary

#### First Trust Exchange-Traded Fund III

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Advisor
First Trust Advisors L.P. ("First Trust") serves as the investment advisor to the First Trust RiverFront Dynamic Developed International ETF ("RFDI"), the First Trust RiverFront Dynamic Europe ETF ("RFEU"), and the First Trust RiverFront Dynamic Emerging Markets ETF ("RFEM") (each a "Fund" and collectively, the "Funds"). First Trust is responsible for the ongoing monitoring of each Fund's investment portfolio, managing each Fund's business affairs and providing certain administrative services necessary for the management of each Fund.

#### Sub-Advisor

#### RiverFront Investment Group, LLC
RiverFront Investment Group, LLC ("RIG") is an SEC-registered investment advisor located in Richmond, Virginia. It is majority owned by its employees, and Baird Financial Corporation is a minority owner of RiverFront Investment Holding Group, LLC. The firm provides asset management services to a series of global tactical asset allocation portfolios and registered investment companies, including mutual funds and exchange-traded products.

#### Portfolio Management Team

#### Adam Grossman, CFA, Portfolio Manager of RIG

#### Chris Konstantinos, CFA, Portfolio Manager of RIG

#### Commentary

#### Market Recap
The 12-month period ended October 31, 2022 saw inflation, geopolitical conflicts, and recession concerns drive global equities into a bear market. U.S. markets led large cap equities with a total return of -14.61% for the period, as measured by the S&P 500<sup>®</sup> Index. After a decade of leadership, U.S. growth stocks, feeling the pressure of a rising rate environment, underperformed U.S. value stocks, with a total return of -24.43% and -3.66%, as measured by the S&P 500<sup>®</sup> Growth Index and the S&P 500<sup>®</sup> Value Index, respectively, for the period. Developed markets outperformed emerging markets for the period with a total return of -23.00%, as measured by the MSCI EAFE Index. This return was driven by Europe's total return of -22.88%, as measured by the MSCI Europe Index, with Japan's total return of -24.67%, as measured by the MSCI Japan Index, dragging performance slightly. Emerging market's total return of -31.03%, as measured by the MSCI Emerging Markets Index, made it the worst performing equity region for the period.

While it outperformed international equities, U.S. fixed income provided little downside protection compared to U.S. equities, producing a total return of -15.68% for the period, as measured by the Bloomberg US Aggregate Bond Index.

#### First Trust RiverFront Dynamic Developed International ETF (RFDI)

#### 2022 Performance Review

---

| | |
|:---|:---|
|  | **2022 Performance** |
| RFDI Market | -28.83% |
| RFDI NAV | -28.21% |
| Benchmark: MSCI EAFE Index | -23.00% |

---

\*Inception date 4/13/16

#### Fund-Level Attribution
For the 12-month period ended October 31, 2022, the Fund posted net asset value ("NAV") returns and market returns below the benchmark's (MSCI EAFE Index) return.

#### Currency Hedging
The portfolio hedged the Euro for periods of fiscal year 2022 and the Yen for the entire fiscal year. Both hedges were additive to portfolio returns.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Portfolio Commentary (Continued)

#### First Trust Exchange-Traded Fund III

#### Annual Report

#### October 31, 2022 (Unaudited)

#### First Trust RiverFront Dynamic Europe ETF (RFEU):

#### 2022 Performance Review

---

| | |
|:---|:---|
|  | **2022 Performance** |
| RFEU Market | -27.29% |
| RFEU NAV | -27.33% |
| Benchmark: MSCI Europe Index | -22.88% |

---

\*Inception date 4/13/16

#### Fund-Level Attribution
For the 12-month period ended October 31, 2022, the Fund posted NAV returns and market returns below the benchmark's (MSCI Europe Index) return.

#### Currency Hedging
The portfolio partially hedged the Euro for the fiscal year, with the exception of the period from February 9, 2022 to April 28, 2022. This hedge was additive to portfolio returns.

#### First Trust RiverFront Dynamic Emerging Markets ETF (RFEM):

#### 2022 Performance Review

---

| | |
|:---|:---|
|  | **2022 Performance** |
| RFEM Market | -24.54% |
| RFEM NAV | -24.97% |
| Benchmark: MSCI Emerging Markets Index | -31.03% |

---

\*Inception date 6/14/16

#### Fund-Level Attribution
For the 12-month period ended October 31, 2022, the Fund posted NAV returns and market returns above the benchmark's (MSCI Emerging Markets Index) return.

#### Currency Hedging
Since May 3, 2022, the portfolio partially hedged the Taiwan Dollar and Korean Won. Both hedges were additive to portfolio returns.

#### Market Outlook
In the second half of the 12-month period ended October 31, 2022, we expressed concern that our bear case scenario would play out. As a refresher, we described this negative scenario as:

The Federal Reserve (the "Fed") comes to believe that the risk of runaway inflation exceeds the risk of wealth destruction due to overseas geopolitical issues and/or COVID-19, and thus applies overly aggressive tightening measures that exceed current market expectations.

With the 12-month period ended October 31, 2022 at an end, it continues to seem that this scenario is playing out. The conflict in Ukraine continues to drive European energy prices higher, making the European Central Bank's job of lowering inflation a more difficult proposition. Additionally, the United Kingdom's government spending plan has caused the scenario in Great Britain to become more dire than previously expected.

Given continued inflation pressures and recession concerns, the portfolio managers reaffirm the following beliefs:

• Expect High Volatility – Given the uncertainty surrounding inflation, recession risk, and the consumer, we expect volatility to remain high across the globe, in our opinion. Traditionally,
defensive sectors and security selection that tends toward stocks with low volatility characteristics could provide positive relative performance.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Portfolio Commentary (Continued)

#### First Trust Exchange-Traded Fund III

#### Annual Report

#### October 31, 2022 (Unaudited)
• Commodity producers are likely to outperform, in our opinion. Commodity prices remain toward the top of the previous decade's price range. Given their operating leverage and exposure to these
prices, commodity producing countries and companies should, in our opinion, be able to continue their outperformance if inflation remains high.

• In our view, interest rate differentials provide currency hedging opportunities. As long as several global central banks lag the Fed, we believe there will be opportunities to hedge
the currency exposure of international equities. Specifically, being able to dynamically hedge a portfolio, in order to respond to changes in global central bank policies, could provide alpha to a U.S. domiciled
investor.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Understanding Your Fund Expenses

#### October 31, 2022 (Unaudited)
As a shareholder of First Trust RiverFront Dynamic Developed International ETF, First Trust RiverFront Dynamic Europe ETF or First Trust RiverFront Dynamic Emerging Markets ETF (each a "Fund" and collectively, the "Funds"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs (in U.S. dollars) of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2022.

#### Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.

#### Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value<br> May 1, 2022** | &nbsp;&nbsp;**Ending<br> Account Value<br> October 31, 2022** | &nbsp;&nbsp;**Annualized<br> Expense Ratio<br> Based on the<br> Six-Month<br> Period** | &nbsp;&nbsp;**Expenses Paid<br> During the<br> Six-Month<br> Period (a)** |
| **First Trust RiverFront Dynamic Developed International ETF (RFDI)** | **First Trust RiverFront Dynamic Developed International ETF (RFDI)** | **First Trust RiverFront Dynamic Developed International ETF (RFDI)** | **First Trust RiverFront Dynamic Developed International ETF (RFDI)** | **First Trust RiverFront Dynamic Developed International ETF (RFDI)** |
| Actual | $1000.00 | &nbsp;&nbsp;$833.30 | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;$3.84 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1021.02 | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;$4.23 |
| **First Trust RiverFront Dynamic Europe ETF (RFEU)** | **First Trust RiverFront Dynamic Europe ETF (RFEU)** | **First Trust RiverFront Dynamic Europe ETF (RFEU)** | **First Trust RiverFront Dynamic Europe ETF (RFEU)** | **First Trust RiverFront Dynamic Europe ETF (RFEU)** |
| Actual | $1000.00 | &nbsp;&nbsp;$848.50 | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;$3.87 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1021.02 | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;$4.23 |
| **First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)** | **First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)** | **First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)** | **First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)** | **First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)** |
| Actual | $1000.00 | &nbsp;&nbsp;$816.00 | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;$4.35 |
| Hypothetical (5% return before expenses) | $1000.00 | &nbsp;&nbsp;$1020.42 | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;$4.84 |

---

(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2022 through October
31, 2022), multiplied by 184/365 (to reflect the six-month period).

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Developed International ETF (RFDI)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) – 96.1%** | **COMMON STOCKS (a) – 96.1%** | **COMMON STOCKS (a) – 96.1%** |
|  | **Australia – 5.8%** |  |
| &nbsp;&nbsp;92781 | ALS Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678934 |
| &nbsp;&nbsp;88087 | BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105043 |
| 436051 | Harvey Norman Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160307 |
| &nbsp;&nbsp;41998 | JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152735 |
| &nbsp;&nbsp;72919 | Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528479 |
| &nbsp;&nbsp;16058 | Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995067 |
|  | **Bermuda – 1.9%** |  |
| 274000 | CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301995 |
| &nbsp;&nbsp;69100 | Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311692 |
|  | **Canada – 4.9%** |  |
| 121379 | ARC Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708848 |
| &nbsp;&nbsp;30950 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856296 |
| &nbsp;&nbsp;18867 | Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063039 |
| &nbsp;&nbsp;17331 | West Fraser Timber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929455 |
|  | **Denmark – 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | AP Moller - Maersk A.S., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | AP Moller - Maersk A.S., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495613 |
| &nbsp;&nbsp;25742 | Novo Nordisk A.S., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703249 |
|  | **France – 5.9%** |  |
| &nbsp;&nbsp;14793 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309001 |
| &nbsp;&nbsp;&nbsp;2507 | Christian Dior SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552180 |
| &nbsp;&nbsp;&nbsp;8987 | Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335763 |
| &nbsp;&nbsp;50796 | Engie S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660320 |
| &nbsp;&nbsp;&nbsp;2698 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703765 |
| &nbsp;&nbsp;&nbsp;5969 | Vinci S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110685 |
|  | **Germany – 5.3%** |  |
| &nbsp;&nbsp;&nbsp;8394 | Hapag-Lloyd AG (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517223 |
| &nbsp;&nbsp;36580 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118401 |
| &nbsp;&nbsp;11690 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558686 |
| &nbsp;&nbsp;&nbsp;7640 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835357 |
| &nbsp;&nbsp;&nbsp;8060 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407663 |
|  | **Hong Kong – 1.1%** |  |
| 288500 | Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380084 |
|  | **Israel – 1.0%** |  |
| &nbsp;&nbsp;&nbsp;9633 | Check Point Software Technologies Ltd. (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244873 |
|  | **Italy – 1.1%** |  |
| 176578 | Banca Mediolanum S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322734 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan – 23.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;66100 | Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;$1533643 |
| &nbsp;&nbsp;&nbsp;&nbsp;10600 | Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048630 |
| &nbsp;&nbsp;&nbsp;&nbsp;65300 | H.U. Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216456 |
| &nbsp;&nbsp;&nbsp;&nbsp;60600 | Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374651 |
| &nbsp;&nbsp;&nbsp;&nbsp;58200 | ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506519 |
| &nbsp;&nbsp;&nbsp;&nbsp;98000 | Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88567 |
| &nbsp;&nbsp;&nbsp;&nbsp;78300 | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353915 |
| &nbsp;&nbsp;&nbsp;&nbsp;62700 | Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699746 |
| &nbsp;&nbsp;&nbsp;&nbsp;31100 | Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617210 |
| &nbsp;&nbsp;&nbsp;&nbsp;44550 | Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818612 |
| &nbsp;&nbsp;&nbsp;&nbsp;70800 | Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285108 |
| &nbsp;&nbsp;&nbsp;&nbsp;17200 | Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775009 |
| &nbsp;&nbsp;&nbsp;&nbsp;11900 | Oracle Corp., Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635435 |
| &nbsp;&nbsp;&nbsp;&nbsp;99900 | ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467981 |
| &nbsp;&nbsp;&nbsp;&nbsp;40600 | Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253263 |
| &nbsp;&nbsp;180600 | Santen Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236429 |
| &nbsp;&nbsp;&nbsp;&nbsp;70200 | SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900064 |
| &nbsp;&nbsp;&nbsp;&nbsp;12600 | Softbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124182 |
| &nbsp;&nbsp;&nbsp;&nbsp;61500 | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725946 |
| &nbsp;&nbsp;&nbsp;&nbsp;69900 | Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593463 |
| &nbsp;&nbsp;&nbsp;&nbsp;85600 | Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28519177 |
|  | **Jersey – 1.8%** |  |
| &nbsp;&nbsp;373155 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137531 |
|  | **Luxembourg – 0.5%** |  |
| &nbsp;&nbsp;173946 | B&M European Value Retail S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643527 |
|  | **Netherlands – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 | Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128939 |
|  | **New Zealand – 0.8%** |  |
| &nbsp;&nbsp;338007 | Spark New Zealand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006168 |
|  | **Norway – 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;18141 | Aker ASA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278192 |
| 1043899 | DNO ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361588 |
| &nbsp;&nbsp;&nbsp;&nbsp;45921 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680050 |
| &nbsp;&nbsp;264523 | Wallenius Wilhelmsen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6201438 |
|  | **Singapore – 1.1%** |  |
| &nbsp;&nbsp;223100 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327001 |
|  | **Spain – 4.2%** |  |
| &nbsp;&nbsp;382441 | Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968727 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Developed International ETF (RFDI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Spain (Continued)** |  |
| 607153 | Banco Santander S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;$1584669 |
| &nbsp;&nbsp;92944 | Red Electrica Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055175 |
|  | **Sweden – 0.6%** |  |
| &nbsp;&nbsp;39253 | Swedish Orphan Biovitrum AB (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722760 |
|  | **Switzerland – 15.7%** |  |
| &nbsp;&nbsp;&nbsp;3936 | Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350225 |
| &nbsp;&nbsp;&nbsp;7156 | Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525032 |
| &nbsp;&nbsp;37859 | Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122580 |
| &nbsp;&nbsp;43856 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543167 |
| &nbsp;&nbsp;&nbsp;1942 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744280 |
| &nbsp;&nbsp;11164 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707583 |
| &nbsp;&nbsp;&nbsp;4032 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911087 |
| &nbsp;&nbsp;15586 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19024132 |
|  | **United Kingdom – 8.7%** |  |
| 125882 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675315 |
| &nbsp;&nbsp;56691 | Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695870 |
| &nbsp;&nbsp;74354 | Evraz PLC (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68974 |
| 161083 | IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469527 |
| &nbsp;&nbsp;77932 | Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898270 |
| &nbsp;&nbsp;47573 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277173 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **United Kingdom (Continued)** |  |
| &nbsp;&nbsp;81883 | Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$461817 |
| &nbsp;&nbsp;38046 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10526492 |
|  | **United States – 1.4%** |  |
| &nbsp;&nbsp;34245 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734509 |
|  | **Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;116432351 |
|  | (Cost $126,917,565) |  |
| **REAL ESTATE INVESTMENT TRUSTS (a) – 2.6%** | **REAL ESTATE INVESTMENT TRUSTS (a) – 2.6%** | **REAL ESTATE INVESTMENT TRUSTS (a) – 2.6%** |
|  | **Australia – 0.9%** |  |
| 524656 | Growthpoint Properties Australia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114180 |
|  | **Belgium – 0.8%** |  |
| &nbsp;&nbsp;37536 | Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963727 |
|  | **United Kingdom – 0.9%** |  |
| 104266 | Safestore Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080335 |
|  | **Total Real Estate Investment Trusts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158242 |
|  | (Cost $3,661,738) |  |
|  | **Total Investments – 98.7%** | &nbsp;&nbsp;&nbsp;&nbsp;119590593 |
|  | (Cost $130,579,303) |  |
|  | **Net Other Assets and Liabilities – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556614 |
|  | **Net Assets – 100.0%** | &nbsp;&nbsp;$121147207 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Settlement<br> Date** | **Amount<br> Purchased** | **Amount<br> Purchased** | **Amount<br> Sold** | **Amount<br> Sold** | **Purchase<br> Value as of<br> 10/31/2022** | **Sale<br> Value as of<br> 10/31/2022** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 12/01/22 BBH | USD | &nbsp;&nbsp;&nbsp;7677596 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598194 | $7677596 | $7524366 | $153230 |
| 12/01/22 BBH | USD | &nbsp;&nbsp;&nbsp;5548842 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767660 | &nbsp;&nbsp;&nbsp; 5548842 | &nbsp;&nbsp;&nbsp; 5471881 | &nbsp;&nbsp;&nbsp; 76961 |
| 12/01/22 BBH | USD | 11229099 | &nbsp;&nbsp;JPY | 1637651697 | &nbsp;&nbsp;$11229099 | &nbsp;&nbsp;&nbsp; 11049084 | &nbsp;&nbsp;&nbsp; 180015 |
| Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | &nbsp;&nbsp;$410206 |

---

Counterparty Abbreviations <br> BBH Brown Brothers Harriman and Co.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Developed International ETF (RFDI)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022
(a) Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.

(b) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the "1933 Act").

(c) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional
buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.

(d) Non-income producing security.

(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 the
provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At October 31, 2022, securities noted as such are valued at $68,974 or 0.1% of net assets.

(f) 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.

ADR American Depositary Receipt

---

| | |
|:---|:---|
| **Currency Exposure<br> Diversification** | **% of Total<br> Investments†** |
| USD | &nbsp;&nbsp;&nbsp;25.3% |
| CHF | &nbsp;&nbsp;&nbsp;15.8 |
| JPY | &nbsp;&nbsp;&nbsp;14.6 |
| EUR | &nbsp;&nbsp;&nbsp;10.7 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| DKK | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| HKD | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| SEK | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

† The weightings include the impact of currency forwards.

---

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

---

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;United Kingdom | $10526492 | &nbsp;&nbsp;$10457518 | $68974 | $— |
| &nbsp;&nbsp;Other Country Categories\* | &nbsp;&nbsp;&nbsp; 105905859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105905859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Real Estate Investment Trusts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;119590593 | &nbsp;&nbsp;&nbsp;&nbsp;119521619 | &nbsp;&nbsp;&nbsp;&nbsp;68974 | &nbsp;&nbsp;&nbsp;— |
| Forward Foreign Currency Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 410206 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $120000799 | &nbsp;&nbsp;$119521619 | $479180 | $— |

---

\* See Portfolio of Investments for country breakout. <br> \*\* See the Schedule of Forward Foreign Currency Contracts for contract and currency detail.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Europe ETF (RFEU)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) – 96.5%** | **COMMON STOCKS (a) – 96.5%** | **COMMON STOCKS (a) – 96.5%** |
|  | **Australia – 1.1%** |  |
| &nbsp;&nbsp;3750 | Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$211564 |
|  | **Belgium – 1.6%** |  |
| &nbsp;&nbsp;2211 | KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78617 |
| &nbsp;&nbsp;2892 | UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296741 |
|  | **Denmark – 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;120 | AP Moller - Maersk A.S., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240182 |
| &nbsp;&nbsp;&nbsp;&nbsp;123 | AP Moller - Maersk A.S., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257287 |
| &nbsp;&nbsp;6128 | Novo Nordisk A.S., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163681 |
|  | **Finland – 1.0%** |  |
| &nbsp;&nbsp;7645 | Tieto OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182382 |
|  | **France – 15.3%** |  |
| &nbsp;&nbsp;1740 | Arkema S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137771 |
| &nbsp;&nbsp;2265 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200425 |
| &nbsp;&nbsp;3713 | Bureau Veritas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91991 |
| 14561 | Carrefour S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234340 |
| &nbsp;&nbsp;&nbsp;&nbsp;103 | Euroapi S.A. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 |
| &nbsp;&nbsp;1985 | Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204014 |
| &nbsp;&nbsp;&nbsp;&nbsp;995 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628334 |
| &nbsp;&nbsp;2449 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211358 |
| &nbsp;&nbsp;&nbsp;&nbsp;460 | Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146016 |
| &nbsp;&nbsp;1843 | Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163448 |
| 10124 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551278 |
| &nbsp;&nbsp;3232 | Vinci S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868396 |
|  | **Germany – 7.7%** |  |
| &nbsp;&nbsp;9553 | 1&1 AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125940 |
| &nbsp;&nbsp;5762 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204482 |
| 26317 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220442 |
| &nbsp;&nbsp;8530 | Fresenius SE & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196414 |
| &nbsp;&nbsp;3591 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165516 |
| &nbsp;&nbsp;5848 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338666 |
| &nbsp;&nbsp;&nbsp;&nbsp;846 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40432 |
| &nbsp;&nbsp;1208 | Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446299 |
|  | **Israel – 3.0%** |  |
| 97691 | Bezeq The Israeli Telecommunication Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173013 |
| &nbsp;&nbsp;1831 | Check Point Software Technologies Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236620 |
| &nbsp;&nbsp;1021 | Delek Group Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565837 |
|  | **Italy – 1.9%** |  |
| 27694 | Autogrill S.p.A. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173243 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Italy (Continued)** |  |
| &nbsp;&nbsp;11849 | Azimut Holding S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$190870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364113 |
|  | **Jersey – 2.5%** |  |
| &nbsp;&nbsp;&nbsp;6240 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198508 |
| &nbsp;&nbsp;46682 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465915 |
|  | **Luxembourg – 1.1%** |  |
| &nbsp;&nbsp;20058 | Subsea 7 S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200654 |
|  | **Netherlands – 8.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469077 |
| &nbsp;&nbsp;&nbsp;3865 | ASR Nederland N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57767 |
| &nbsp;&nbsp;&nbsp;3264 | Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222892 |
| &nbsp;&nbsp;11178 | Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312068 |
| &nbsp;&nbsp;&nbsp;1532 | OCI N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | QIAGEN N.V. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19602 |
| &nbsp;&nbsp;&nbsp;2786 | Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606457 |
|  | **Norway – 3.8%** |  |
| &nbsp;&nbsp;&nbsp;2590 | Aker ASA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182488 |
| 149062 | DNO ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194426 |
| &nbsp;&nbsp;&nbsp;9184 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712917 |
|  | **Portugal – 1.0%** |  |
| &nbsp;&nbsp;51441 | Navigator (The) Co., S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196127 |
|  | **Spain – 3.1%** |  |
| &nbsp;&nbsp;&nbsp;9459 | Cia de Distribucion Integral Logista Holdings S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195744 |
| &nbsp;&nbsp;&nbsp;6736 | Grupo Catalana Occidente S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183064 |
| 109878 | Mapfre S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | Red Electrica Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573346 |
|  | **Switzerland – 22.0%** |  |
| &nbsp;&nbsp;&nbsp;1886 | Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167816 |
| &nbsp;&nbsp;&nbsp;1123 | Flughafen Zurich AG (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174279 |
| &nbsp;&nbsp;&nbsp;2371 | Galenica AG (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181998 |
| &nbsp;&nbsp;&nbsp;2086 | Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103847 |
| &nbsp;&nbsp;&nbsp;8631 | Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939855 |
| &nbsp;&nbsp;&nbsp;7857 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634774 |
| &nbsp;&nbsp;25893 | OC Oerlikon Corp. AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167173 |
| &nbsp;&nbsp;&nbsp;2258 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62104 |
| &nbsp;&nbsp;&nbsp;1233 | Vifor Pharma AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220348 |
| &nbsp;&nbsp;&nbsp;2437 | VZ Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145721 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Europe ETF (RFEU)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **United Kingdom – 16.7%** |  |
| &nbsp;&nbsp;19812 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$263670 |
| &nbsp;&nbsp;&nbsp;1198 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140876 |
| &nbsp;&nbsp;11020 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433917 |
| 125864 | Diversified Energy Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181581 |
| &nbsp;&nbsp;44089 | Evraz PLC (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40899 |
| &nbsp;&nbsp;19196 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314536 |
| &nbsp;&nbsp;10934 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56087 |
| &nbsp;&nbsp;12178 | Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296632 |
| &nbsp;&nbsp;&nbsp;2388 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100067 |
| &nbsp;&nbsp;12506 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335743 |
| &nbsp;&nbsp;17948 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494810 |
| &nbsp;&nbsp;10739 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148297 |
|  | **Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18148447 |
|  | (Cost $20,824,185) |  |
| **REAL ESTATE INVESTMENT TRUSTS (a) – 1.8%** | **REAL ESTATE INVESTMENT TRUSTS (a) – 1.8%** | **REAL ESTATE INVESTMENT TRUSTS (a) – 1.8%** |
|  | **Belgium – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;4153 | Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106627 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **United Kingdom – 1.2%** |  |
| 24855 | Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$223754 |
|  | **Total Real Estate Investment Trusts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330381 |
|  | (Cost $573,887) |  |
| **EXCHANGE-TRADED FUNDS (a) – 1.5%** | **EXCHANGE-TRADED FUNDS (a) – 1.5%** | **EXCHANGE-TRADED FUNDS (a) – 1.5%** |
|  | **United States – 1.5%** |  |
| &nbsp;&nbsp;6700 | iShares Core MSCI Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287363 |
|  | (Cost $276,509) |  |
|  | **Total Investments – 99.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18766191 |
|  | (Cost $21,674,581) |  |
|  | **Net Other Assets and Liabilities – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46420 |
|  | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;$18812611 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Settlement<br> Date** | **Amount<br> Purchased** | **Amount<br> Purchased** | **Amount<br> Sold** | **Amount<br> Sold** | **Purchase<br> Value as of<br> 10/31/2022** | **Sale<br> Value as of<br> 10/31/2022** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 12/01/22 BBH | USD | 2881864 | EUR | 2852060 | $2881864 | $2824348 | $57516 |
| 12/01/22 BBH | USD | 1458851 | GBP | 1253469 | &nbsp;&nbsp;&nbsp; 1458851 | &nbsp;&nbsp;&nbsp; 1438617 | &nbsp;&nbsp;&nbsp; 20234 |
| Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | &nbsp;&nbsp;$77750 |

---

Counterparty Abbreviations <br> BBH Brown Brothers Harriman and Co.

(a) Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.

(b) Non-income producing security.

(c) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional
buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.

(d) 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 the
provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At October 31, 2022, securities noted as such are valued at $40,899 or 0.2% of net assets.

(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.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Europe ETF (RFEU)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | |
|:---|:---|
| **Currency Exposure<br> Diversification** | **% of Total<br> Investments†** |
| USD | &nbsp;&nbsp;&nbsp;26.0% |
| EUR | &nbsp;&nbsp;&nbsp;25.5 |
| CHF | &nbsp;&nbsp;&nbsp;22.0 |
| GBP | &nbsp;&nbsp;&nbsp;12.6 |
| DKK | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

† The weightings include the impact of currency forwards.

---

| | |
|:---|:---|
| Currency Abbreviations | Currency Abbreviations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;Australian Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;Swiss Franc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;Danish Krone |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;Euro |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;British Pound Sterling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;Israeli Shekel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOK | &nbsp;&nbsp;Norwegian Krone |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;United States Dollar |

---

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;United Kingdom | $3148297 | &nbsp;&nbsp;$3107398 | $40899 | $— |
| &nbsp;&nbsp;Other Country Categories\* | &nbsp;&nbsp;&nbsp; 15000150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Real Estate Investment Trusts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Exchange-Traded Funds\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;18766191 | &nbsp;&nbsp;&nbsp;&nbsp;18725292 | &nbsp;&nbsp;&nbsp;&nbsp;40899 | &nbsp;&nbsp;&nbsp;— |
| Forward Foreign Currency Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77750 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $18843941 | &nbsp;&nbsp;$18725292 | $118649 | $— |

---

\* See Portfolio of Investments for country breakout. <br> \*\* See the Schedule of Forward Foreign Currency Contracts for contract and currency detail.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) – 99.4%** | **COMMON STOCKS (a) – 99.4%** | **COMMON STOCKS (a) – 99.4%** |
|  | **Argentina – 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;28167 | Grupo Financiero Galicia S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218576 |
|  | **Brazil – 17.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;67267 | Bradespar S.A. (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312667 |
| &nbsp;&nbsp;&nbsp;&nbsp;75562 | Cia Siderurgica Nacional S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182104 |
| &nbsp;&nbsp;&nbsp;&nbsp;60547 | CPFL Energia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415173 |
| &nbsp;&nbsp;&nbsp;&nbsp;66648 | EDP - Energias do Brasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297661 |
| &nbsp;&nbsp;&nbsp;&nbsp;59293 | Equatorial Energia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344704 |
| &nbsp;&nbsp;121843 | JBS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588753 |
| &nbsp;&nbsp;&nbsp;&nbsp;83749 | Marfrig Global Foods S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173481 |
| &nbsp;&nbsp;&nbsp;&nbsp;88274 | Petroleo Brasileiro S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568385 |
| &nbsp;&nbsp;100361 | Petroleo Brasileiro S.A. (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579181 |
| &nbsp;&nbsp;&nbsp;&nbsp;37633 | Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482455 |
| &nbsp;&nbsp;&nbsp;&nbsp;37154 | Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427643 |
| &nbsp;&nbsp;&nbsp;&nbsp;27531 | Suzano S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283544 |
| &nbsp;&nbsp;&nbsp;&nbsp;21484 | Vale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934954 |
|  | **Cayman Islands – 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;42400 | Alibaba Group Holding Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331923 |
| &nbsp;&nbsp;&nbsp;&nbsp;26486 | ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232817 |
| &nbsp;&nbsp;404711 | Country Garden Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52073 |
| &nbsp;&nbsp;521572 | Sino Biopharmaceutical Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253157 |
| &nbsp;&nbsp;&nbsp;&nbsp;78219 | Sunac China Holdings<br> Ltd. (b) (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22819 |
| &nbsp;&nbsp;&nbsp;&nbsp;20347 | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532934 |
| &nbsp;&nbsp;104088 | Wisdom Marine Lines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594667 |
|  | **Chile – 1.0%** |  |
| 3997470 | Cia Sud Americana de Vapores S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277514 |
|  | **Colombia – 0.6%** |  |
| &nbsp;&nbsp;327548 | Ecopetrol S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162489 |
|  | **Hong Kong – 1.3%** |  |
| &nbsp;&nbsp;454000 | Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363216 |
|  | **India – 25.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10651 | Asian Paints Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399868 |
| &nbsp;&nbsp;&nbsp;&nbsp;26078 | Aurobindo Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169537 |
| &nbsp;&nbsp;&nbsp;&nbsp;17760 | Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194383 |
| &nbsp;&nbsp;&nbsp;&nbsp;76014 | Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278840 |
| &nbsp;&nbsp;&nbsp;&nbsp;51237 | Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202033 |
| &nbsp;&nbsp;&nbsp;&nbsp;37651 | Dabur India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313 | Divi's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275232 |
| &nbsp;&nbsp;&nbsp;&nbsp;28719 | HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942 | HDFC Asset Management Co., Ltd. (f) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123858 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **India (Continued)** |  |
| &nbsp;&nbsp;15415 | Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$474997 |
| &nbsp;&nbsp;34372 | Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638484 |
| &nbsp;&nbsp;17818 | Infosys Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333731 |
| 155484 | ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654976 |
| &nbsp;&nbsp;55103 | Jindal Steel & Power Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306111 |
| &nbsp;&nbsp;16340 | Jubilant Foodworks Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120402 |
| &nbsp;&nbsp;&nbsp;3034 | Mindtree Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124756 |
| &nbsp;&nbsp;&nbsp;3434 | Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105769 |
| &nbsp;&nbsp;33369 | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231308 |
| &nbsp;&nbsp;40461 | Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497053 |
| &nbsp;&nbsp;30938 | Sun TV Network Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195415 |
| &nbsp;&nbsp;12805 | Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493954 |
| 519028 | Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636735 |
| &nbsp;&nbsp;46558 | Vedanta Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228899 |
|  | **Mexico – 3.2%** |  |
| 111544 | Grupo Mexico S.A.B. de C.V., Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401801 |
| 135383 | Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924802 |
|  | **Poland – 0.6%** |  |
| &nbsp;&nbsp;12435 | Asseco Poland S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179072 |
|  | **Russia – 0.1%** |  |
| &nbsp;&nbsp;59735 | Rosneft Oil Co. PJSC (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423 |
| &nbsp;&nbsp;23602 | Severstal PAO (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20850 |
|  | **South Africa – 5.0%** |  |
| &nbsp;&nbsp;&nbsp;3578 | Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370207 |
| &nbsp;&nbsp;24935 | Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277630 |
| &nbsp;&nbsp;36154 | Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370225 |
| &nbsp;&nbsp;12099 | Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227894 |
| &nbsp;&nbsp;28625 | Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441233 |
|  | **South Korea – 14.5%** |  |
| &nbsp;&nbsp;&nbsp;3601 | Coway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139798 |
| &nbsp;&nbsp;&nbsp;7420 | GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239615 |
| &nbsp;&nbsp;22316 | HMM Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299228 |
| &nbsp;&nbsp;&nbsp;6913 | Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321761 |
| &nbsp;&nbsp;&nbsp;4147 | KIWOOM Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235233 |
| &nbsp;&nbsp;&nbsp;6700 | Korea Investment Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233062 |
| &nbsp;&nbsp;15276 | KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392503 |
| &nbsp;&nbsp;&nbsp;2946 | Kumho Petrochemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270930 |
| &nbsp;&nbsp;&nbsp;2999 | LX Semicon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174535 |
| &nbsp;&nbsp;64109 | Mirae Asset Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285789 |
| &nbsp;&nbsp;30138 | NH Investment & Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189784 |
| &nbsp;&nbsp;11533 | Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480930 |
| &nbsp;&nbsp;13154 | Samsung Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293193 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **South Korea (Continued)** |  |
| &nbsp;&nbsp;&nbsp;6654 | SIMMTECH Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165130 |
| &nbsp;&nbsp;&nbsp;7530 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158664 |
|  | **Taiwan – 20.4%** |  |
| 678559 | AUO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355889 |
| &nbsp;&nbsp;43673 | Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186362 |
| &nbsp;&nbsp;66903 | Faraday Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294832 |
| &nbsp;&nbsp;78356 | Gigabyte Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224934 |
| &nbsp;&nbsp;25384 | International Games System Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276902 |
| 227957 | Macronix International Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210819 |
| &nbsp;&nbsp;23784 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435489 |
| &nbsp;&nbsp;46309 | Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303960 |
| &nbsp;&nbsp;43638 | Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326379 |
| &nbsp;&nbsp;33810 | Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267563 |
| 102878 | Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245168 |
| &nbsp;&nbsp;&nbsp;2736 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168401 |
| 422333 | United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512475 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Taiwan (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;96518 | United Microelectronics Corp., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$572352 |
| &nbsp;&nbsp;111908 | Wan Hai Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235121 |
| &nbsp;&nbsp;119037 | Yang Ming Marine Transport Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839038 |
|  | **Thailand – 0.6%** |  |
| &nbsp;&nbsp;207100 | Com7 PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164603 |
|  | **Turkey – 3.2%** |  |
| 1048390 | Dogan Sirketler Grubu Holding A.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335678 |
| &nbsp;&nbsp;202419 | Haci Omer Sabanci Holding A.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364728 |
| &nbsp;&nbsp;336278 | Turk Telekomunikasyon A.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924239 |
|  | **Total Investments – 99.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28432816 |
|  | (Cost $33,920,138) |  |
|  | **Net Other Assets and Liabilities – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175428 |
|  | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;$28608244 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Settlement<br> Date** | **Counterparty** | **Amount<br> Purchased** | **Amount<br> Purchased** | **Amount<br> Sold** | **Amount<br> Sold** | **Purchase<br> Value as of<br> 10/31/2022** | **Sale<br> Value as of<br> 10/31/2022** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 12/01/22 | SG | USD | 1004237 | KRW | 1429110000 | $1004237 | $1003402 | $835 |
| 12/01/22 | SG | USD | 2080221 | TWD | &nbsp;&nbsp;&nbsp;&nbsp;66906150 | &nbsp;&nbsp;&nbsp; 2080221 | &nbsp;&nbsp;&nbsp; 2080682 | &nbsp;&nbsp;&nbsp; (461) |
| Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | Net Unrealized Appreciation / (Depreciation) | &nbsp;&nbsp;$374 |

---

Counterparty Abbreviations <br> SG Societe Generale

(a) Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.

(b) Non-income producing security.

(c) 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 the
provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At October 31, 2022, securities noted as such are valued at $43,669 or 0.2% of net assets.

(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 Fund's advisor.

(e) This security's value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements).

(f) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the "1933 Act").

(g) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of
restricted securities.

ADR American Depositary Receipt <br> NVDR Non-Voting Depositary Receipt

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | |
|:---|:---|
| **Currency Exposure<br> Diversification** | **% of Total<br> Investments†** |
| INR | &nbsp;&nbsp;&nbsp;24.3% |
| USD | &nbsp;&nbsp;&nbsp;19.2 |
| BRL | &nbsp;&nbsp;&nbsp;13.5 |
| TWD | &nbsp;&nbsp;&nbsp;11.2 |
| KRW | &nbsp;&nbsp;&nbsp;11.1 |
| HKD | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| RUB | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

† The weightings include the impact of currency forwards.

---

| | |
|:---|:---|
| Currency Abbreviations | Currency Abbreviations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;Brazilian Real |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;Chilean Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;Colombian Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;Hong Kong Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;Indian Rupee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;South Korean Won |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;Mexican Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;Polish Zloty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;Russian Ruble |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;Thai Baht |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;Turkish Lira |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;New Taiwan Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;United States Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;South African Rand |

---

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;Cayman Islands | $1594667 | &nbsp;&nbsp;$1571848 | &nbsp;&nbsp;$— | $22819 |
| &nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20850 |
| &nbsp;&nbsp;Other Country Categories\* | &nbsp;&nbsp;&nbsp; 26817299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26817299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;28432816 | &nbsp;&nbsp;&nbsp;&nbsp;28389147 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;43669 |
| Forward Foreign Currency Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $28433651 | &nbsp;&nbsp;$28389147 | $835 | $43669 |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Forward Foreign Currency Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $(461) | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

\* See Portfolio of Investments for country breakout. <br> \*\* See the Schedule of Forward Foreign Currency Contracts for contract and currency detail.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Statements of Assets and Liabilities

#### October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust<br> RiverFront<br> Dynamic<br> Developed<br> International<br> ETF<br> (RFDI)** | &nbsp;&nbsp;**First Trust<br> RiverFront<br> Dynamic<br> Europe<br> ETF<br> (RFEU)** | &nbsp;&nbsp;**First Trust<br> RiverFront<br> Dynamic<br> Emerging<br> Markets<br> ETF<br> (RFEM)** |
| **ASSETS:** |  |  |  |
| Investments, at value<br>| $119590593 | $18766191 | $28432816 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174181 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211227 |
| Foreign currency <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31446 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;121230300 | &nbsp;&nbsp;&nbsp;&nbsp;18992841 | &nbsp;&nbsp;&nbsp;&nbsp;28727225 |
| **LIABILITIES:** |  |  |  |
| Unrealized depreciation on forward foreign currency contracts<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| Due to custodian<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167477 |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118981 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$121147207 | &nbsp;&nbsp;$18812611 | &nbsp;&nbsp;$28608244 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital<br>| $215658379 | $42671756 | $56347002 |
| Par value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 |
| Accumulated distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(94535846) | &nbsp;&nbsp;&nbsp;&nbsp;(23862645) | &nbsp;&nbsp;&nbsp;&nbsp;(27744758) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$121147207 | &nbsp;&nbsp;$18812611 | &nbsp;&nbsp;$28608244 |
| **NET ASSET VALUE, per share<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.68 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600002 |
| Investments, at cost<br>| &nbsp;&nbsp;$130579303 | &nbsp;&nbsp;$21674581 | &nbsp;&nbsp;$33920138 |
| Foreign currency, at cost (proceeds)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31751 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Statements of Operations

#### For the Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**First Trust<br> RiverFront<br> Dynamic<br> Developed<br> International<br> ETF<br> (RFDI)** | &nbsp;&nbsp;**First Trust<br> RiverFront<br> Dynamic<br> Europe<br> ETF<br> (RFEU)** | &nbsp;&nbsp;**First Trust<br> RiverFront<br> Dynamic<br> Emerging<br> Markets<br> ETF<br> (RFEM)** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | &nbsp;&nbsp;$7186498 | &nbsp;&nbsp;$971085 | &nbsp;&nbsp;$2787582 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1508 |
| Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261822) |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6689274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528031 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 1251304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374308 |
| **NET INVESTMENT INCOME (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153723 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15067503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5290593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232231 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126709) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127636) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(14139636) | &nbsp;&nbsp;&nbsp;&nbsp;(5259007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309273 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40244099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2636354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13109665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172872 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(39993438) | &nbsp;&nbsp;&nbsp;&nbsp;(2592073) | &nbsp;&nbsp;&nbsp;&nbsp;(12935260) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;(54133074) | &nbsp;&nbsp;&nbsp;&nbsp;(7851080) | &nbsp;&nbsp;&nbsp;&nbsp;(12625987) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | &nbsp;&nbsp;$(48695104) | &nbsp;&nbsp;$(7146427) | &nbsp;&nbsp;$(10472264) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

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------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust RiverFront Dynamic<br> Developed International ETF (RFDI)** | **First Trust RiverFront Dynamic<br> Developed International ETF (RFDI)** | &nbsp;&nbsp;**First Trust RiverFront<br> Dynamic Europe ETF (RFEU)** | &nbsp;&nbsp;**First Trust RiverFront<br> Dynamic Europe ETF (RFEU)** |
|  | **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;$5437970 | &nbsp;&nbsp;&nbsp;$2920667 | &nbsp;&nbsp;&nbsp;&nbsp;$704653 | &nbsp;&nbsp;&nbsp;&nbsp;$264761 |
| Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp; (14139636) | &nbsp;&nbsp;&nbsp;&nbsp; 19871112 | &nbsp;&nbsp;&nbsp;&nbsp; (5259007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7437295 |
| Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp; (39993438) | &nbsp;&nbsp;&nbsp;&nbsp; 22666834 | &nbsp;&nbsp;&nbsp;&nbsp; (2592073) | &nbsp;&nbsp;&nbsp;&nbsp; (1019540) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(48695104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45458613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7146427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6682516 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8358471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2850031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (731214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (420473) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16350807 | &nbsp;&nbsp;&nbsp;&nbsp; 12917390 | &nbsp;&nbsp;&nbsp;&nbsp; 7163511 | &nbsp;&nbsp;&nbsp;&nbsp; 62017714 |
| Proceeds from shares issued through reorganization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8762219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of shares redeemed <br>| &nbsp;&nbsp;&nbsp; (13466905) | &nbsp;&nbsp;&nbsp;&nbsp; (20020290) | &nbsp;&nbsp;&nbsp;&nbsp; (3439455) | &nbsp;&nbsp;&nbsp;&nbsp; (62042949) |
| Net increase (decrease) in net assets resulting from shareholder transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25235) |
| Total increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp; (54169673) | &nbsp;&nbsp;&nbsp;&nbsp; 44267901 | &nbsp;&nbsp;&nbsp;&nbsp; (4153585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6236808 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp; 175316880 | &nbsp;&nbsp;&nbsp;&nbsp; 131048979 | &nbsp;&nbsp;&nbsp;&nbsp; 22966196 | &nbsp;&nbsp;&nbsp;&nbsp; 16729388 |
| End of period<br>| $121147207 | &nbsp;&nbsp;$175316880 | &nbsp;&nbsp;$18812611 | &nbsp;&nbsp;$22966196 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2417387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300002 |
| Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| Shares issued through reorganization <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (250000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (800000) |
| Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

---

| | |
|:---|:---|
| **First Trust RiverFront Dynamic<br> Emerging Markets ETF (RFEM)** | **First Trust RiverFront Dynamic<br> Emerging Markets ETF (RFEM)** |
| **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| &nbsp;&nbsp;&nbsp;$2153723 | &nbsp;&nbsp;$1162686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309273 | &nbsp;&nbsp;&nbsp;&nbsp; 3314598 |
| &nbsp;&nbsp; (12935260) | &nbsp;&nbsp;&nbsp;&nbsp; 1310373 |
| &nbsp;&nbsp;&nbsp;(10472264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787657 |
| &nbsp;&nbsp;&nbsp; (2105337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (990423) |
| &nbsp;&nbsp;&nbsp; (6186633) | &nbsp;&nbsp;&nbsp;&nbsp; (3602441) |
| &nbsp;&nbsp;&nbsp;&nbsp;(6186633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3602441) |
| &nbsp;&nbsp; (18764234) | &nbsp;&nbsp;&nbsp;&nbsp; 1194793 |
| &nbsp;&nbsp;&nbsp; 47372478 | &nbsp;&nbsp;&nbsp;&nbsp; 46177685 |
| $28608244 | &nbsp;&nbsp;$47372478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700002 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Financial Highlights

#### For a share outstanding throughout each period

#### First Trust RiverFront Dynamic Developed International ETF (RFDI) <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;$72.52 | &nbsp;&nbsp;&nbsp;&nbsp;$54.60 | &nbsp;&nbsp;&nbsp;&nbsp;$57.70 | &nbsp;&nbsp;&nbsp;&nbsp;$55.84 | &nbsp;&nbsp;&nbsp;&nbsp;$63.96 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.00) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.66) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) |
| Net realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$49.10 | &nbsp;&nbsp;&nbsp;&nbsp;$72.52 | &nbsp;&nbsp;&nbsp;&nbsp;$54.60 | &nbsp;&nbsp;&nbsp;&nbsp;$57.70 | &nbsp;&nbsp;&nbsp;&nbsp;$55.84 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.65)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $121147 | &nbsp;&nbsp;&nbsp;&nbsp;$175317 | &nbsp;&nbsp;&nbsp;&nbsp;$131049 | &nbsp;&nbsp;&nbsp;&nbsp;$245234 | &nbsp;&nbsp;&nbsp;&nbsp;$499726 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% |
| Portfolio turnover rate (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133% |

---

(a) 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.

(b) 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

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Financial Highlights (Continued)

#### For a share outstanding throughout each period

#### First Trust RiverFront Dynamic Europe ETF (RFEU) <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$76.55 | &nbsp;&nbsp;&nbsp;&nbsp;$55.76 | &nbsp;&nbsp;&nbsp;&nbsp;$59.49 | &nbsp;&nbsp;&nbsp;&nbsp;$57.23 | &nbsp;&nbsp;&nbsp;&nbsp;$65.25 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(22.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.97) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(20.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.49) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;$53.75 | &nbsp;&nbsp;&nbsp;&nbsp;$76.55 | &nbsp;&nbsp;&nbsp;&nbsp;$55.76 | &nbsp;&nbsp;&nbsp;&nbsp;$59.49 | &nbsp;&nbsp;&nbsp;&nbsp;$57.23 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(27.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.16)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $18813 | &nbsp;&nbsp;&nbsp;&nbsp;$22966 | &nbsp;&nbsp;&nbsp;&nbsp;$16729 | &nbsp;&nbsp;&nbsp;&nbsp;$38666 | &nbsp;&nbsp;&nbsp;&nbsp;$88706 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% |
| Portfolio turnover rate (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130% |

---

(a) 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.

(b) 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

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### First Trust Exchange-Traded Fund III<br>

#### Financial Highlights (Continued)

#### For a share outstanding throughout each period

#### First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$67.67 | &nbsp;&nbsp;&nbsp;&nbsp;$61.57 | &nbsp;&nbsp;&nbsp;&nbsp;$60.76 | &nbsp;&nbsp;&nbsp;&nbsp;$56.40 | &nbsp;&nbsp;&nbsp;&nbsp;$68.64 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(20.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.87) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(16.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.67) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) |
| Net realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;$47.68 | &nbsp;&nbsp;&nbsp;&nbsp;$67.67 | &nbsp;&nbsp;&nbsp;&nbsp;$61.57 | &nbsp;&nbsp;&nbsp;&nbsp;$60.76 | &nbsp;&nbsp;&nbsp;&nbsp;$56.40 |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(24.97)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.92)% |
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's)<br>| $28608 | &nbsp;&nbsp;&nbsp;&nbsp;$47372 | &nbsp;&nbsp;&nbsp;&nbsp;$46178 | &nbsp;&nbsp;&nbsp;&nbsp;$72917 | &nbsp;&nbsp;&nbsp;&nbsp;$101512 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Portfolio turnover rate (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% |

---

(a) 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.

(b) 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

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
1. Organization

First Trust Exchange-Traded Fund III (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on January 9, 2008, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Trust consists of seventeen funds that are currently offering shares. This report covers the three funds (each a "Fund" and collectively, the "Funds") listed below. The shares of each Fund are listed and traded on The Nasdaq Stock Market LLC ("Nasdaq").

First Trust RiverFront Dynamic Developed International ETF – (ticker "RFDI")

First Trust RiverFront Dynamic Europe ETF – (ticker "RFEU")

First Trust RiverFront Dynamic Emerging Markets ETF – (ticker "RFEM")

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. The investment objective of each Fund is to provide capital appreciation.

Under normal market conditions, RFDI seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of equity securities of developed market companies, including through investments in common stocks, depositary receipts, common and preferred shares of real estate investment trusts ("REITs"), and forward foreign currency exchange contracts and currency spot transactions used to hedge the Fund's exposure to the currencies in which the equity securities of such developed market companies are denominated.

Under normal market conditions, RFEU seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of equity securities of European companies, including through investments in common stocks, depositary receipts, common and preferred shares of REITs, and forward foreign currency exchange contracts and currency spot transactions used to hedge the Fund's exposure to the currencies in which the equity securities of such European companies are denominated.

Under normal market conditions, RFEM seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of equity securities of emerging market companies, including through investments in common stocks, depositary receipts, common and preferred shares of REITs, and forward foreign currency exchange contracts and currency spot transactions used to hedge the Fund's exposure to the currencies in which the equity securities of such emerging market companies are denominated.

There can be no assurance that a Fund will achieve its investment objective. The Funds may not be appropriate for all investors.

2. Significant Accounting Policies

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

A. Portfolio Valuation

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

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

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
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, REITs, 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.

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.

Forward foreign currency contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety, and one-hundred eighty day forward rates provided by a third-party pricing service.

Securities traded in an over-the-counter market are valued at the mean of their most recent bid and asked price, if available, and otherwise at their last trade price.

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

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

2) the type of security;

3) the size of the holding;

4) the initial cost of the security;

5) transactions in comparable securities;

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

7) relationships among various securities;

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

9) an analysis of the issuer's financial statements;

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

11) other relevant factors.

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

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

2) ADR trading of similar securities;

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

4) foreign currency exchange activity;

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

6) factors relating to the event that precipitated the pricing problem;

7) whether the event is likely to recur;

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

9) other relevant factors.

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
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 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:

• 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.

• 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.

• 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 October 31, 2022, is included with each Fund's Portfolio of Investments.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

B. Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

Distributions received from a Fund's investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

C. Forward Foreign Currency Contracts

The Funds are subject to foreign currency risk in the normal course of pursuing their investment objectives. Forward foreign currency contracts are agreements between two parties ("Counterparties") to exchange one currency for another at a future date and at a specified price. The Funds use forward foreign currency contracts to facilitate transactions in foreign securities and to manage each

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
Fund's foreign currency exposure. These contracts are valued daily, and each Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in "Unrealized appreciation on forward foreign currency contracts" and "Unrealized depreciation on forward foreign currency contracts" on the Statements of Assets and Liabilities. The change in unrealized appreciation (depreciation) is included in "Net change in unrealized appreciation (depreciation) on forward foreign currency contracts" on the Statements of Operations. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or the cost of) the closing transaction and the Fund's basis in the contract. This realized gain or loss is included in "Net realized gain (loss) on forward foreign currency contracts" on the Statements of Operations. Risks arise from the possible inability of Counterparties to meet the terms of their contracts and from movement in currency, securities values and interest rates. Due to the risks, the Funds could incur losses in excess of the net unrealized value shown on the Forward Foreign Currency Contracts table in each Fund's Portfolio of Investments. In the event of default by the Counterparty, a Fund will provide notice to the Counterparty of the Fund's intent to convert the currency held by the Fund into the currency that the Counterparty agreed to exchange with that Fund. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

D. Foreign Currency

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

E. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid quarterly by each Fund, 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. A 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, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br> paid from<br> Ordinary<br> Income | &nbsp;&nbsp;Distributions<br> paid from<br> Capital<br> Gains | &nbsp;&nbsp;Distributions<br> paid from<br> Return of<br> Capital |
| First Trust RiverFront Dynamic Developed International ETF<br>| $8358471 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 731214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp; 2105337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
The tax character of distributions paid by each Fund during the fiscal year ended October 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br> paid from<br> Ordinary<br> Income | &nbsp;&nbsp;Distributions<br> paid from<br> Capital<br> Gains | &nbsp;&nbsp;Distributions<br> paid from<br> Return of<br> Capital |
| First Trust RiverFront Dynamic Developed International ETF<br>| $2850031 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 990423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

As of October 31, 2022, the components of distributable earnings on a tax basis for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed<br> Ordinary<br> Income | &nbsp;&nbsp;Accumulated<br> Capital and<br> Other<br> Gain (Loss) | &nbsp;&nbsp;Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| First Trust RiverFront Dynamic Developed International ETF<br>| $795999 | &nbsp;&nbsp;$(82940557) | &nbsp;&nbsp;$(12391288) |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp;&nbsp; 137868 | &nbsp;&nbsp;&nbsp;&nbsp; (21011350) | &nbsp;&nbsp;&nbsp;&nbsp; (2989163) |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp; 352376 | &nbsp;&nbsp;&nbsp;&nbsp; (22354470) | &nbsp;&nbsp;&nbsp;&nbsp; (5742664) |

---

F. Income and Other Taxes

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

Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in "Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax" on the Statements of Operations. The capital gains tax paid on securities sold is included in "Net realized gain (loss) on foreign capital gains tax" on the Statements of Operations.

India's Finance Bill, 2018 ("Finance Bill, 2018") was enacted into law on March 29, 2018 and amongst other provisions, it introduced a long-term capital gains tax beginning April 1, 2018. Long-term capital gains on the sale of listed shares in excess of INR 0.1 million are taxed at the rate of 10% (plus applicable surcharge and cess (which is a type of tax)) subject to satisfaction of certain conditions. Long-term capital gains accruing as of January 31, 2018 are considered exempt due to a grandfather clause in the provision. The aforesaid exemption from long-term capital gains tax is available with respect to shares acquired between October 1, 2004 and March 31, 2018 only if on such acquisitions Securities Transaction Tax ("STT") was chargeable. Certain exceptions in this regard, such as acquisition of shares in a public offer, bonus, rights issued, etc. for which the condition of chargeability of STT on acquisition is not applicable, have been notified.

In the case of the sale of listed shares held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 15% (plus applicable surcharge and cess) provided the shares are sold on the stock exchange and subjected to STT. For above purposes, the applicable rate of surcharge is 2% or 5% (depending on the level of income of the Fund). The Finance Bill, 2018 increases the cess imposed on the sum of tax and surcharge from 3% to 4%. The cess 4% rate is applied to the capital gains tax, resulting in a higher effective rate of capital gains tax.

Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains are taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess). The Finance Bill, 2018, approves the carry forward of long-term capital losses to be offset against long-term capital gains. Short-term losses can be netted against both short-term gains and long-term gains.

Until March 31, 2020, dividends received by a Fund from Indian companies were exempt from tax in India because Indian companies were required to pay dividend distribution tax. The Indian Finance Act, 2020 has amended the dividend taxation framework effective April 1, 2020 and accordingly dividends would now be taxable in the hands of the shareholders at 20%, plus applicable surcharge and cess. Subsequent to the Indian Finance Act, 2020, "The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions)

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
Bill, 2020" (the "Bill") was enacted into law and is effective retroactively to April 1, 2020. The Bill caps the maximum surcharge at 15% of the tax on dividend income earned by the Fund. The highest effective tax rate proposed for non-corporate entities on dividends will be 23.92%. Note, the Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be off-set against capital gains tax liability during the year or claimed as a refund in the annual tax return.

Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund's shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, 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.

The Funds intend to utilize provisions of the federal income tax laws, which allow them 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 Funds are 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, 2022, for federal income tax purposes, the Funds had non-expiring capital loss carryforwards for federal income tax purposes as follows:

---

| | |
|:---|:---|
|  | Non-Expiring<br> Capital Loss<br> Carryforward |
| First Trust RiverFront Dynamic Developed International ETF<br>| $82940557 |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp; 21011350 |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp; 22354470 |

---

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2022, the adjustments for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated<br> Net<br> Investment<br> Income (Loss) | &nbsp;&nbsp;Accumulated<br> Net Realized<br> Gain (Loss)<br> on Investments | &nbsp;&nbsp;Paid-in<br> Capital |
| First Trust RiverFront Dynamic Developed International ETF<br>| $1746445 | &nbsp;&nbsp;$(1104498) | &nbsp;&nbsp;$(641947) |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22375) | &nbsp;&nbsp;&nbsp;&nbsp; (34802) |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63304 |

---

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
As of October 31, 2022, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | &nbsp;&nbsp;Gross<br> Unrealized<br> Appreciation | &nbsp;&nbsp;Gross<br> Unrealized<br> (Depreciation) | &nbsp;&nbsp;Net Unrealized<br> Appreciation<br> (Depreciation) |
| First Trust RiverFront Dynamic Developed International ETF<br>| $131802118 | &nbsp;&nbsp;$5210073 | &nbsp;&nbsp;$(17011392) | &nbsp;&nbsp;$(11801319) |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21815556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454269 | &nbsp;&nbsp;&nbsp;&nbsp; (3425884) | &nbsp;&nbsp;&nbsp;&nbsp; (2971615) |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34078998 | &nbsp;&nbsp;&nbsp;&nbsp; 2439926 | &nbsp;&nbsp;&nbsp;&nbsp; (8085274) | &nbsp;&nbsp;&nbsp;&nbsp; (5645348) |

---

G. Expenses

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

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 supervising the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

Pursuant to the Investment Management Agreement between First Trust and the Trust, First Trust supervises the investment of the Funds' assets and is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions, acquired fund fees and expenses, if any, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, expenses associated with the execution of portfolio transactions, and extraordinary expenses, which are paid by each respective Fund. RFDI and RFEU have each agreed to pay First Trust an annual unitary management fee equal to 0.83% its average daily net assets. RFEM has agreed to pay First Trust an annual unitary management fee equal to 0.95% of its average daily net assets. First Trust also provides fund reporting services to each Fund for a flat annual fee in the amount of $9,250, which is covered under the annual unitary management fee.

RiverFront Investment Group, LLC ("RIG" or the "Sub-Advisor") serves as the Funds' sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. The Sub-Advisor receives a monthly portfolio management fee calculated at an annual rate of 0.35% of each Fund's average daily net assets that is paid by First Trust out of its investment advisory fee.

The Trust has multiple service agreements with Brown Brothers Harriman & Co. ("BBH"). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Funds. As custodian, BBH is responsible for custody of each Fund's assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.

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 Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee 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 Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

4. Reorganization

On January 15, 2021, the Board of Trustees of RFDI approved a reorganization of RFDI with the First Trust RiverFront Dynamic Asia Pacific ETF ("RFAP"). The merger was completed on August 27, 2021. RFDI was the surviving fund. Under the terms of the reorganization, which was tax-free, the assets of RFAP were transferred to, and the liabilities of RFAP were assumed by, RFDI in exchange for shares of RFDI. The cost of the investments received from RFAP was carried forward to RFDI for U.S. GAAP and tax

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
purposes. The RFDI shares were then distributed to RFAP shareholders and the separate existence of RFAP ceased. When the reorganization occurred, the transactions were based on the relative NAVs of RFAP and RFDI.

The following table summarizes the asset transfers and conversion ratios for the reorganization.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Acquired<br> Fund | &nbsp;&nbsp;Shares<br> Redeemed | &nbsp;&nbsp;Net Assets on<br> August 27, 2021 | &nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation) | &nbsp;&nbsp;Accumulated<br> Net Realized<br> Gain (Loss) | &nbsp;&nbsp;Share<br> Conversion<br> Ratio | &nbsp;&nbsp;Acquiring<br> (Surviving)<br> Fund | &nbsp;&nbsp;Shares<br> Issued | &nbsp;&nbsp;Net Assets on<br> August 27, 2021\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RFAP | &nbsp;&nbsp;150002 | &nbsp;&nbsp;$8762219 | &nbsp;&nbsp;$514662 | &nbsp;&nbsp;$(8654877) | &nbsp;&nbsp;0.782867 | &nbsp;&nbsp;RFDI | &nbsp;&nbsp;117432 | &nbsp;&nbsp;$171615711 |

---

\* Amount reflects net assets of RFDI prior to the reorganization.

The following table summarizes the operations of the Acquired Fund for the period November 1, 2020 to August 27, 2021, and the operations of RFDI, the Acquiring (Surviving) Fund, for the fiscal year ended October 31, 2021, as presented in the Statements of Operations and the combined Acquired and Acquiring (Surviving) Funds' pro-forma results of operations for the year ended October 31, 2021, assuming the acquisition had been completed on November 1, 2020.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of RFAP that have been included in RFDI's Statement of Operations since August 27, 2021.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Investment<br> Income** | &nbsp;&nbsp;**Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | &nbsp;&nbsp;**Net Increase<br> (Decrease) from<br> Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired Fund for the Period November 1, 2020 to August 27, 2021<br> RFAP | &nbsp;&nbsp;&nbsp;&nbsp;$89635 | &nbsp;&nbsp;$1793143 | &nbsp;&nbsp;$1882778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquiring Fund for the Fiscal Year Ended October 31, 2021<br> RFDI | &nbsp;&nbsp;&nbsp;&nbsp;2920667 | &nbsp;&nbsp;&nbsp;&nbsp;43052608 | &nbsp;&nbsp;&nbsp;&nbsp;45973275 |
| Combined Total | &nbsp;&nbsp;$3010302 | &nbsp;&nbsp;$44845751 | &nbsp;&nbsp;$47856053 |

---

5. Purchases and Sales of Securities

For the fiscal year ended October 31, 2022, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| First Trust RiverFront Dynamic Developed International ETF | $142358650 | $143637081 |
| First Trust RiverFront Dynamic Europe ETF | &nbsp;&nbsp;&nbsp; 16082693 | &nbsp;&nbsp;&nbsp; 15699462 |
| First Trust RiverFront Dynamic Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 29128209 | &nbsp;&nbsp;&nbsp; 32444085 |

---

For the fiscal year ended October 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| First Trust RiverFront Dynamic Developed International ETF | $15767996 | $13102008 |
| First Trust RiverFront Dynamic Europe ETF | &nbsp;&nbsp;&nbsp; 7048680 | &nbsp;&nbsp;&nbsp; 3385062 |
| First Trust RiverFront Dynamic Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3002772 |

---

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
6. Derivative Transactions

The following table presents the type of derivatives held by each Fund at October 31, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| **Fund** | &nbsp;&nbsp;**Derivative<br> Instrument** | &nbsp;&nbsp;**Risk<br> Exposure** | &nbsp;&nbsp;**Statements of Assets and<br> Liabilities Location** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Statements of Assets and<br> Liabilities Location** | &nbsp;&nbsp;**Value** |
| RFDI | &nbsp;&nbsp;Forward foreign<br> currency<br> contracts | &nbsp;&nbsp;Currency Risk | &nbsp;&nbsp;Unrealized appreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;$410206 | &nbsp;&nbsp;Unrealized depreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;$— |
| RFEU | &nbsp;&nbsp;Forward foreign<br> currency<br> contracts | &nbsp;&nbsp;Currency Risk | &nbsp;&nbsp;Unrealized appreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;77750 | &nbsp;&nbsp;Unrealized depreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;— |
| RFEM | &nbsp;&nbsp;Forward foreign<br> currency<br> contracts | &nbsp;&nbsp;Currency Risk | &nbsp;&nbsp;Unrealized appreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;835 | &nbsp;&nbsp;Unrealized depreciation<br> on forward foreign<br> currency contracts | &nbsp;&nbsp;461 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Equity Risk** | &nbsp;&nbsp;**Equity Risk** | &nbsp;&nbsp;**Equity Risk** |
| **Statements of Operations Location** | &nbsp;&nbsp;**RFDI** | &nbsp;&nbsp;**RFEU** | &nbsp;&nbsp;**RFEM** |
| **Currency Risk Exposure** |  |  |  |
| Net realized gain (loss) on forward foreign currency contracts | &nbsp;&nbsp;$1683195 | &nbsp;&nbsp;$137835 | &nbsp;&nbsp;$268083 |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |

---

For the fiscal year ended October 31, 2022, the notional values of forward foreign currency contracts opened and closed were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Opened | &nbsp;&nbsp;Closed |
| First Trust RiverFront Dynamic Developed International ETF | $233286853 | $228069316 |
| First Trust RiverFront Dynamic Europe ETF | &nbsp;&nbsp;&nbsp; 36633330 | &nbsp;&nbsp;&nbsp; 34538615 |
| First Trust RiverFront Dynamic Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 34862373 | &nbsp;&nbsp;&nbsp; 31777915 |

---

The Funds do not have the right to offset financial assets and liabilities related to forward foreign currency contracts on the Statements of Assets and Liabilities.

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 large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation ("NSCC") 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

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022
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.

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, each 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 Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or to provide 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 28, 2024.

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 to the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:

At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Funds. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee each Fund pays to First Trust, as investment manager, will be discounted as the Fund's net assets reach certain predefined levels. 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 RIG will be reduced to reflect the reduction in the Advisor's management fee.

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Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund III:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust RiverFront Dynamic Developed International ETF, First Trust RiverFront Dynamic Europe ETF, and First Trust RiverFront Dynamic Emerging Markets ETF (the "Funds"), each a series of the First Trust Exchange-Traded Fund III, including the portfolios of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](imgffa49c636.jpg)

Chicago, Illinois

December 22, 2022

We have served as the auditor of one or more First Trust investment companies since 2001.

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Additional Information

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

#### Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund's website at <u>www.ftportfolios.com</u>; and (3) on the Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

#### Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at <u>www.sec.gov</u>. Each Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

#### Federal Tax Information
For the taxable year ended October 31, 2022, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:

---

| | |
|:---|:---|
|  | Dividends<br> Received Deduction |
| First Trust RiverFront Dynamic Developed International ETF<br>| 0.00% |
| First Trust RiverFront Dynamic Europe ETF<br>| 0.00% |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| 0.00% |

---

For the taxable year ended October 31, 2022, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:

---

| | |
|:---|:---|
|  | Qualified<br> Dividend Income |
| First Trust RiverFront Dynamic Developed International ETF<br>| 73.57% |
| First Trust RiverFront Dynamic Europe ETF<br>| 92.06% |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| 50.76% |

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The following Funds met the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to their shareholders credit for foreign taxes paid. For the taxable year ended October 31, 2022, the total amount of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Gross Foreign Income | Gross Foreign Income | &nbsp;&nbsp;Foreign Taxes Paid | &nbsp;&nbsp;Foreign Taxes Paid |
|  | Amount | &nbsp;&nbsp;Per Share | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Per Share |
| First Trust RiverFront Dynamic Developed International ETF<br>| &nbsp;&nbsp;&nbsp;$7126594 | &nbsp;&nbsp;&nbsp;$2.89 | &nbsp;&nbsp;&nbsp;$502488 | &nbsp;&nbsp;&nbsp;$0.20 |
| First Trust RiverFront Dynamic Europe ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 966341 | &nbsp;&nbsp;&nbsp;&nbsp; 2.76 | &nbsp;&nbsp;&nbsp;&nbsp; 78439 | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 |
| First Trust RiverFront Dynamic Emerging Markets ETF<br>| &nbsp;&nbsp;&nbsp; 2755273 | &nbsp;&nbsp;&nbsp;&nbsp; 4.59 | &nbsp;&nbsp;&nbsp;&nbsp; 387618 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 |

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The foreign taxes paid will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after the calendar year end. Gross foreign income and foreign taxes paid will be posted on each Fund's website and disclosed in the tax letter.

#### Risk Considerations
**Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund's investment objective, risks, charges and expenses, and read each Fund's prospectus and statement of additional information carefully. You can download each Fund's prospectus at**

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

#### www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.
**Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.**

**Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.**

**Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.**

**Defined Outcome Funds Risk. To the extent a fund's investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor's investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund's share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.**

**Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.**

**Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.**

**ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.**

**Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments**

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.

**Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund's shares.**

**Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.**

**Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.**

**LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.**

**Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.**

**Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund's shares and result in increased market volatility. During any such events, a fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund's shares may widen.**

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[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
**Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.**

**Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund's ability to meet its investment objective. Although the funds and the funds' investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.**

**Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.**

**Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company's capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.**

**Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.**

**Variable Interest Entities Risk. In order to gain exposure to certain Chinese companies that have been selected by a Fund's Advisor or Sub-Advisor but are unavailable to direct investment by foreign investors, certain Funds invest significantly in non-Chinese shell companies that have created structures known as variable interest entities ("VIEs") in order to gain exposure to such Chinese companies. In China, direct ownership of companies in certain sectors by foreign individuals and entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund's associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund's net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund's shares.**

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which to invest in such securities.

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| | | |
|:---|:---|:---|
| **NOT FDIC INSURED** | **NOT BANK GUARANTEED** | **MAY LOSE VALUE** |

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#### Advisory and Sub-Advisory Agreements

#### Board Considerations Regarding Approval of Continuation of Investment Management and Investment Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the continuation of 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 RiverFront Investment Group, LLC (the "Sub-Advisor") on behalf of the following three series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust RiverFront Dynamic Developed International ETF (RFDI)<br> First Trust RiverFront Dynamic Europe ETF (RFEU)<br> First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)

The Board approved the continuation of the Agreements for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined for each Fund that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the sub-advisory fee rate as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor 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 affiliate, First Trust Portfolios L.P. ("FTP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's unitary fee.

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
In reviewing the Agreements for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of each Fund's investments, including portfolio risk monitoring and performance review. The Board considered that the Sub-Advisor is responsible for the selection and ongoing monitoring of the securities in the Funds' investment portfolios, but that the Advisor executes each Fund's portfolio trades. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreement, the Board noted that each Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund's investments. In addition to the written materials provided by the Sub-Advisor, at the June 12–13, 2022 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to each Fund, including the Sub-Advisor's day-to-day management of the Funds' investments. In considering the Sub-Advisor's management of the Funds, the Board noted the background and experience of the Sub-Advisor's portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed each Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate payable by each Fund under the Advisory Agreement for the services provided. The Board noted that the sub-advisory fee for each Fund is paid by the Advisor from the Fund's unitary fee. The Board considered that as part of the unitary fee the Advisor is 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, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for each of RFEU and RFEM was below the median total (net) expense ratio of the peer funds in its respective Expense Group and that the unitary fee rate for RFDI was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Groups, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, including that RFEU's Expense Group did not include any other actively-managed ETFs and that RFEM's Expense Group contained both actively-managed ETFs and open-end mutual funds, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that, for each Fund, not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rates overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and Sub-Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information comparing each Fund's performance for periods ended December 31, 2021 to the performance of the funds in its Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that RFDI outperformed its Performance Universe median for the one-year period ended December 31, 2021 and underperformed its Performance Universe median for the three- and five-year periods ended December 31. 2021. The Board also noted that RFDI outperformed its benchmark index for the one- and three-year periods ended December 31, 2021 and underperformed its benchmark index for the five-year period ended December 31, 2021. The Board noted that RFEU outperformed its Performance Universe median and benchmark index for the one-, three- and five-year periods ended December 31, 2021. The Board noted that

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
RFEM outperformed its Performance Universe median and benchmark index for the one-year period ended December 31, 2021 and underperformed its Performance Universe median and benchmark index for the three- and five-year periods ended December 31, 2021.

On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to each Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds and noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Funds. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2021 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board also considered the Advisor's compensation for fund reporting services provided to the Funds pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's statement to the effect that, although growth of the Funds will provide some economies of scale, the Sub-Advisor believes that expenses will remain the same for the next twelve months. The Board also noted the Sub-Advisor's recent investments in personnel and infrastructure to improve services to the Funds. The Board did not review the profitability of the Sub-Advisor with respect to each Fund. The Board noted that the Advisor pays the Sub-Advisor for each Fund from its unitary fee and its understanding that each Fund's sub-advisory fee rate was the product of an arm's length negotiation. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Funds, and noted the Sub-Advisor's statements regarding such potential benefits. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

#### Board Considerations Regarding Approval of Amendments to the Investment Management and Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund III (the "Trust"), including the Independent Trustees, unanimously approved the amendment (the "Advisory Agreement Amendment") of the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") and the amendment (the "Sub-Advisory Agreement Amendment" and together with the Advisory Agreement Amendment, the "Amendments") of the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, the Advisor and RiverFront Investment Group, LLC (the "Sub-Advisor") on behalf of the following three series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)<br> First Trust RiverFront Dynamic Developed International ETF (RFDI)<br> First Trust RiverFront Dynamic Europe ETF (RFEU)

The Board approved the Amendments for each Fund at a meeting held on October 24, 2022. As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendments at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022. Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendments, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.

------

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#### Additional Information (Continued)

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
In reviewing the Advisory Agreement Amendment for each Fund, the Board considered that the purpose of the Advisory Agreement Amendment is to modify the unitary fee rate for each Fund under the Advisory Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by each Fund to the Advisor will be reduced as assets of such Fund meet certain thresholds. In reviewing the Sub-Advisory Agreement Amendment for each Fund, the Board considered that the purpose of the Sub-Advisory Agreement Amendment is to modify the sub-advisory fee rate for each Fund under the Sub-Advisory Agreement to reflect the modification of the unitary fee rate schedule under the Advisory Agreement Amendment. The Board noted the Advisor's representations that the quality and quantity of the services provided to each Fund by the Advisor under the Advisory Agreement and by the Sub-Advisor under the Sub-Advisory Agreement will not be reduced or modified as a result of the Advisory Agreement Amendment and the Sub-Advisory Agreement Amendment, and that the obligations of the Advisor under the Advisory Agreement and the obligations of the Sub-Advisor under the Sub-Advisory Agreement will remain the same in all respects.

The Board noted that it, including the Independent Trustees, last approved the continuation of the Agreements for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board noted that in connection with such approval it had determined for each Fund, based upon the information provided, that the terms of the Agreements were fair and reasonable and that the continuation of the Agreements was in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendments are fair and reasonable and that the Amendments are in the best interests of each Fund.

------

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#### Board of Trustees and Officers<br>

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Trust** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson, Trustee<br> (1951) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | &nbsp;&nbsp;223 |  |
| Thomas R. Kadlec, Trustee<br> (1957) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
| Denise M. Keefe, Trustee<br> (1964) | &nbsp;&nbsp;• Indefinite Term<br>• Since 2021 | &nbsp;&nbsp;Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021) |
| Robert F. Keith, Trustee<br> (1956) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;President, Hibs Enterprises (Financial and Management Consulting) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Formerly, Director of Trust Company of Illinois |
| Niel B. Nielson, Trustee<br> (1954) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | &nbsp;&nbsp;223 |  |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(1)</sup>, Trustee and<br> Chairman of the Board<br> (1955) | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | &nbsp;&nbsp;223 |  |

---

<sup>(1)</sup> Mr. Bowen is deemed an "interested person" of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

------

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#### Board of Trustees and Officers (Continued)<br>

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position and Offices with Trust** | &nbsp;&nbsp;**Term of Office and Length of Service** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** |
| **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** | **OFFICERS<sup>(2)</sup>** |
| James M. Dykas<br> (1966) | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
| Donald P. Swade<br> (1972) | &nbsp;&nbsp;Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| W. Scott Jardine<br> (1960) | &nbsp;&nbsp;Secretary and Chief Legal Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
| Daniel J. Lindquist<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Kristi A. Maher<br> (1966) | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

---

| | | | |
|:---|:---|:---|:---|
| Roger F. Testin<br> (1966) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Stan Ueland<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Inception | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

<sup>(2)</sup> The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

------

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#### Privacy Policy

#### First Trust Exchange-Traded Fund III

#### October 31, 2022 (Unaudited)

#### Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

#### Sources of Information
We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of "cookies." For example, we may identify the pages on our website that your browser requests or visits.

#### Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

#### Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

#### Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust's website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust's website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <u>Google Analytics</u> and <u>AddThis</u>.

#### Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

#### Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to <u>www.ftportfolios.com</u>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2022

------

[**Table of Contents**](#JOB_10-31_0c85765c-2f80-4071-9424-bd0a202e2ee0_TOC)

![](imgc52657291.jpg)

## First Trust Exchange-Traded Fund III

#### INVESTMENT ADVISOR
First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

#### INVESTMENT SUB-ADVISOR
RiverFront Investment Group, LLC

1214 E. Cary Street

Richmond, VA 23219

#### ADMINISTRATOR, CUSTODIAN,<br> FUND ACCOUNTANT &<br> TRANSFER AGENT
Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

#### INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, IL 60606

#### LEGAL COUNSEL
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

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

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

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

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

As of the end of the period covered by the report, the registrant's Board of Trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is "independent," as defined by Item 3 of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees (Registrant) -- The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $209,000 for fiscal year ended October 31, 2021 and $213,000 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees (Registrant) -- The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2021, and $0 for the fiscal year ended October 31, 2022.

Audit-Related Fees (Investment Advisor) -- The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2021, and $0 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees (Registrant) -- The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant were $133,756 for fiscal year ended October 31, 2021 and $137,000 for the fiscal year ended October 31, 2022. These fees were for tax consultation and/or tax return preparation and professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services.

Tax Fees (Investment Advisor and Distributor) -- The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant's advisor and distributor were $0 for the fiscal year ended October 31, 2021, and $0 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees (Registrant) -- The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended October 31, 2021, and $0 for the fiscal year ended October 31, 2022.

All Other Fees (Investment Advisor and Distributor) -- The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant's investment advisor and distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended October 31, 2021, and $0 for the fiscal year ended October 31, 2022.

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

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

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

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

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant for fiscal year ended October 31, 2021 were $133,756 for the registrant, $16,500 for the registrant's investment advisor, $29,500 for the registrant's distributor and $4,000 for Stonebridge Advisors LLC ("Stonebridge"), which is under common control with the registrant's investment advisor and serves as the registrant's investment sub-advisor for the First Trust Preferred Securities and Income ETF and the First Trust Institutional Preferred Securities and Income ETF, and for the fiscal year ended October 31, 2022 were $137,000 for the registrant, $0 for the registrant's investment advisor, $0 for the registrant's distributor and $0 for Stonebridge.

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

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

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

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

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

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

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting
period is included as part of the report to shareholders filed under Item 1 of this form.

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

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. 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 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 have
materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

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

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

**Item 13. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto](ethics.htm).

(a)(2) [Certifications pursuant to 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.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**<br>

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 III

---

| | |
|:---|:---|
| 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>January 6, 2023</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>January 6, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Donald P. Swade |
|  | &nbsp;&nbsp;&nbsp;Donald P. Swade, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u>January 6, 2023</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund III;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | January 6, 2023 | &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, Donald P. Swade, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund III;

&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: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ Donald P. Swade |
|  |  | &nbsp;&nbsp;&nbsp;Donald P. Swade, 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 III (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: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Donald P. Swade, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded Fund III (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: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ Donald P. Swade |
|  |  | &nbsp;&nbsp;&nbsp;Donald P. Swade, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---