# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001445546-25-004653
**Filing Date:** 2025-7
**Character Count:** 643175
**Document Hash:** 0f805a4e1edcee13f26ed7ef8961bb9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-004653.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001445546-25-004653

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251113189

**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            |

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### FORM N-CSR

------

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

811-22245

First Trust Exchange-Traded Fund III

(Exact name of registrant as specified in charter)

------

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2025

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

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

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

 **Item 1. Reports to Shareholders.**

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

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

### First Trust Preferred Securities and Income ETF

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

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income ETF | $420.84%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5621174525 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.5% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 1.9% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.8% |
| Bank of America Corp., Series L, 7.25% | 1.4% |
| Credit Agricole S.A., 6.70% | 1.3% |
| Lloyds Banking Group PLC, 8.00% | 1.3% |
| Global Atlantic Fin Co., 4.70%, 10/15/51 | 1.3% |
| Goldman Sachs Group (The), Inc., Series X, 7.50% | 1.2% |
| Wells Fargo & Co., 6.85% | 1.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973421.jpg)

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

First Trust Preferred Securities and Income ETF (FPE)

### First Trust Institutional Preferred Securities and Income ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
![TSR - First Trust Fund Logo](images_27846.jpg)

This semi-annual shareholder report contains important information about the First Trust Institutional Preferred Securities and Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPEI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Institutional Preferred Securities and Income ETF | $420.85%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1499961096 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.5% |
| Credit Agricole S.A., 6.70% | 2.2% |
| Toronto-Dominion Bank (The), 8.13%, 10/31/82 | 2.2% |
| Enbridge, Inc., 8.50%, 01/15/84 | 1.9% |
| Lloyds Banking Group PLC, 8.00% | 1.7% |
| BNP Paribas S.A., 8.50% | 1.7% |
| Global Atlantic Fin Co., 4.70%, 10/15/51 | 1.7% |
| Bank of Montreal, 7.70%, 05/26/84 | 1.6% |
| Commerzbank AG, 7.50% | 1.6% |
| Wells Fargo & Co., 6.85% | 1.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973463.jpg)

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

First Trust Institutional Preferred Securities and Income ETF (FPEI)

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

### First Trust Managed Municipal ETF

#### FMB \| NASDAQ, INC.

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Managed Municipal ETF | $320.65%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1930508711 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

 **Sector Allocation**

---

| | |
|:---|:---|
| Hospital | 14.0% |
| Government Obligation Bond - Unlimited Tax | 10.0% |
| Airport | 9.6% |
| Insured | 9.0% |
| Gas | 7.8% |
| Dedicated Tax | 6.2% |
| Utility | 5.5% |
| Certificates of Participation | 4.9% |
| Continuing Care Retirement Communities | 4.5% |
| All Other | 28.5% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9973715.jpg)

(1) 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.

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

First Trust Managed Municipal ETF (FMB)

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

### First Trust Long/Short Equity ETF

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

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Long/Short Equity ETF | $681.37%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1933803871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;126% |

---

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

 **Fund Allocation**

---

| | |
|:---|:---|
| Common Stocks | 94.7% |
| Money Market Funds | 3.3% |
| Common Stocks Sold Short | (30.6%) |
| Net Other Assets and Liabilities<sup>(1)</sup> | 32.6% |
| Total | 100.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973673.jpg)

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

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

First Trust Long/Short Equity ETF (FTLS)

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

### First Trust Emerging Markets Local Currency Bond ETF

#### FEMB \| NASDAQ, INC.

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Emerging Markets Local Currency Bond ETF | $450.88%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$147607267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Republic of South Africa Government Bond, 8.25%, 03/31/32 | 4.8% |
| Indonesia Treasury Bond, 7.00%, 09/15/30 | 4.3% |
| Colombian TES, Series B, 7.25%, 10/18/34 | 4.2% |
| Romania Government Bond, 6.70%, 02/25/32 | 3.9% |
| Malaysia Government Bond, 2.63%, 04/15/31 | 3.9% |
| Indonesia Treasury Bond, 9.00%, 03/15/29 | 3.8% |
| India Government Bond, 6.10%, 07/12/31 | 3.7% |
| Philippine Government International Bond, 6.25%, 01/14/36 | 3.5% |
| Thailand Government Bond, 3.39%, 06/17/37 | 3.5% |
| Malaysia Government Bond, 3.89%, 08/15/29 | 3.4% |

---

 **Credit Quality <sup>(1)</sup>**![Graphical Representation - Allocation 2 Chart](chartimages_9973631.jpg)

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

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

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

First Trust Emerging Markets Local Currency Bond ETF (FEMB)

### First Trust RiverFront Dynamic Developed International ETF

#### RFDI \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
![TSR - First Trust Fund Logo](images_27846.jpg)

This semi-annual shareholder report contains important information about the First Trust RiverFront Dynamic Developed International ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RFDI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust RiverFront Dynamic Developed International ETF | $430.83%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$110816411 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;149 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| HSBC Holdings PLC | 2.4% |
| Shell PLC | 2.0% |
| Novartis AG | 2.0% |
| Allianz SE | 1.9% |
| BNP Paribas S.A. | 1.6% |
| TotalEnergies SE | 1.5% |
| UBS Group AG | 1.5% |
| 3i Group PLC | 1.5% |
| Barclays PLC | 1.4% |
| Unilever PLC | 1.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973505.jpg)

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

First Trust RiverFront Dynamic Developed International ETF (RFDI)

### First Trust RiverFront Dynamic Europe ETF

#### RFEU \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
![TSR - First Trust Fund Logo](images_27846.jpg)

This semi-annual shareholder report contains important information about the First Trust RiverFront Dynamic Europe ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RFEU. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust RiverFront Dynamic Europe ETF | $430.83%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6597102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Nestle S.A. | 3.5% |
| ASML Holding N.V. | 3.3% |
| Novartis AG | 3.0% |
| Roche Holding AG | 2.8% |
| Allianz SE | 2.7% |
| Nokia Oyj | 2.7% |
| Unilever PLC | 2.4% |
| 3i Group PLC | 2.4% |
| RELX PLC | 2.1% |
| Bouygues S.A. | 2.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973547.jpg)

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

First Trust RiverFront Dynamic Europe ETF (RFEU)

### First Trust RiverFront Dynamic Emerging Markets ETF

#### RFEM \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
![TSR - First Trust Fund Logo](images_27846.jpg)

This semi-annual shareholder report contains important information about the First Trust RiverFront Dynamic Emerging Markets ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RFEM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust RiverFront Dynamic Emerging Markets ETF | $480.95%<sup>(1)</sup> |

---

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$29402834 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.2% |
| Tencent Holdings Ltd. | 4.9% |
| iShares MSCI China ETF | 4.4% |
| Alibaba Group Holding Ltd. | 2.8% |
| MediaTek, Inc. | 2.4% |
| Industrial & Commercial Bank of China Ltd., Class H | 2.3% |
| ICICI Bank Ltd. | 2.2% |
| Haidilao International Holding Ltd. | 2.0% |
| Kasikornbank PCL, NVDR | 1.8% |
| Kasikornbank PCL | 1.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_9973589.jpg)

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

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)

------

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

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

**Item 6. Investments.**

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

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

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

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

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

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended April 30, 2025

![](imge178d4a81.gif)

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

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

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

------

**Table of Contents** 

**First Trust Exchange-Traded Fund III**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_SOI-TOC-ScheduleofInvestments-4433_1) |  |
| [First Trust Preferred Securities and Income ETF (FPE)](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_SOI-TOC-ScheduleofInvestments-4433_1) | 1 |
| [First Trust Institutional Preferred Securities and Income ETF (FPEI)](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_SOI-TOC-ScheduleofInvestments-4435_1) | 9 |
| [Statements of Assets and Liabilities](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_SAL1-TOC-StatementofAssetsandLiabilities-4435_1) | 15 |
| [Statements of Operations](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_SOP1-TOC-StatementofOperations-4435_1) | 16 |
| [Statements of Changes in Net Assets](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_SOC1-TOC-StatementofChanges-4435_1) | 17 |
| [Financial Highlights](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_FIHI-TOC-FinancialHighlights-4435_1) | 18 |
| [Notes to Financial Statements](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_NTF-TOC-NotestoFinancialStatements-4435_1) | 20 |
| [Other Information](#xx_a26e6298-ef15-41f6-8c1c-4a94d800231e_AI-TOC-AdditionalInformation-4435_1) | 28 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

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

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 20.5%** | **$25 PAR PREFERRED SECURITIES — 20.5%** | **$25 PAR PREFERRED SECURITIES — 20.5%** | **$25 PAR PREFERRED SECURITIES — 20.5%** | **$25 PAR PREFERRED SECURITIES — 20.5%** |
|  | **Automobiles — 0.6%**  | **Automobiles — 0.6%**  | **Automobiles — 0.6%**  |  |
| 278688 | Ford Motor Co. | 6.20% | 06/01/59 | $5849661 |
| 531909 | Ford Motor Co. | 6.00% | 12/01/59 | 10909454 |
| 679677 | Ford Motor Co. | 6.50% | 08/15/62 | 14864536 |
|  |  |  |  | 31623651 |
|  | **Banks — 0.9%**  | **Banks — 0.9%**  | **Banks — 0.9%**  |  |
| 987534 | Bank of America Corp., Series KK | 5.38% | (a) | 21656621 |
| 101097 | JPMorgan Chase & Co., Series DD | 5.75% | (a) | 2480920 |
| 108346 | JPMorgan Chase & Co., Series GG | 4.75% | (a) | 2175588 |
| 299471 | JPMorgan Chase & Co., Series LL | 4.63% | (a) | 5839684 |
| 311869 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (a) | 7609604 |
| 6173 | Truist Financial Corp., Series R | 4.75% | (a) | 117904 |
| 238844 | US Bancorp, Series K | 5.50% | (a) | 5319056 |
| 252419 | Wells Fargo & Co., Series Z | 4.75% | (a) | 4785864 |
|  |  |  |  | 49985241 |
|  | **Capital Markets — 3.8%**  | **Capital Markets — 3.8%**  | **Capital Markets — 3.8%**  |  |
| 225115 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 4680141 |
| 197154 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 3337817 |
| 857989 | Affiliated Managers Group, Inc. | 4.20% | 09/30/61 | 13118652 |
| 1111341 | Affiliated Managers Group, Inc. | 6.75% | 03/30/64 | 26327668 |
| 1489700 | Bank of New York Mellon (The) Corp., Series K (b) | 6.15% | (a) | 37421264 |
| 603978 | Brookfield Oaktree Holdings LLC, Series A | 6.63% | (a) | 12429867 |
| 958030 | Brookfield Oaktree Holdings LLC, Series B | 6.55% | (a) | 19495911 |
| 1615406 | Carlyle Finance LLC | 4.63% | 05/15/61 | 27316515 |
| 445340 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 9605984 |
| 38356 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 814681 |
| 909922 | KKR Group Finance Co. IX LLC | 4.63% | 04/01/61 | 15696155 |
| 99175 | Morgan Stanley, Series P | 6.50% | (a) | 2488301 |
| 441271 | Morgan Stanley, Series Q | 6.63% | (a) | 11093553 |
| 1159645 | TPG Operating Group II, L.P. | 6.95% | 03/15/64 | 27761901 |
|  |  |  |  | 211588410 |
|  | **Consumer Finance — 0.0%**  | **Consumer Finance — 0.0%**  | **Consumer Finance — 0.0%**  |  |
| 60806 | Capital One Financial Corp., Series I | 5.00% | (a) | 1136464 |
|  | **Diversified REITs — 0.2%**  | **Diversified REITs — 0.2%**  | **Diversified REITs — 0.2%**  |  |
| 506445 | Global Net Lease, Inc., Series A | 7.25% | (a) | 11445657 |
|  | **Diversified Telecommunication Services — 0.5%**  | **Diversified Telecommunication Services — 0.5%**  | **Diversified Telecommunication Services — 0.5%**  |  |
| 368843 | AT&T, Inc. | 5.35% | 11/01/66 | 8369048 |
| 403744 | AT&T, Inc., Series A | 5.00% | (a) | 8103142 |
| 708693 | AT&T, Inc., Series C | 4.75% | (a) | 13507688 |
|  |  |  |  | 29979878 |
|  | **Electric Utilities — 1.4%**  | **Electric Utilities — 1.4%**  | **Electric Utilities — 1.4%**  |  |
| 216324 | SCE Trust V, Series K (b) | 5.45% | (a) | 4925698 |
| 322085 | SCE Trust VI | 5.00% | (a) | 5272531 |
| 1366259 | SCE Trust VII, Series M | 7.50% | (a) | 31492270 |
| 543428 | SCE Trust VIII, Series N | 6.95% | (a) | 11917376 |
| 50423 | Southern (The) Co. | 5.25% | 12/01/77 | 1087624 |
| 822284 | Southern (The) Co. | 6.50% | 03/15/85 | 20992911 |
| 95266 | Southern (The) Co., Series 2020 | 4.95% | 01/30/80 | 1910083 |
|  |  |  |  | 77598493 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **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)** |
|  | **Financial Services — 1.5%**  | **Financial Services — 1.5%**  | **Financial Services — 1.5%**  |  |
| 22837 | Apollo Global Management, Inc. (b) | 7.63% | 09/15/53 | $606322 |
| 1905537 | Corebridge Financial, Inc. | 6.38% | 12/15/64 | 45466113 |
| 1257930 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 25158600 |
| 345375 | Jackson Financial, Inc. (b) | 8.00% | (a) | 8962481 |
| 115803 | Voya Financial, Inc., Series B (b) | 5.35% | (a) | 2810539 |
|  |  |  |  | 83004055 |
|  | **Food Products — 0.1%**  | **Food Products — 0.1%**  | **Food Products — 0.1%**  |  |
| 232432 | CHS, Inc., Series 3 | 6.75% | (a) | 5687611 |
|  | **Independent Power and Renewable Electricity Producers — 0.4%**  | **Independent Power and Renewable Electricity Producers — 0.4%**  | **Independent Power and Renewable Electricity Producers — 0.4%**  |  |
| 891011 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (a) | 12839469 |
| 642356 | Brookfield Renewable Partners, L.P., Series 17 | 5.25% | (a) | 10900781 |
|  |  |  |  | 23740250 |
|  | **Insurance — 6.8%**  | **Insurance — 6.8%**  | **Insurance — 6.8%**  |  |
| 2498228 | AEGON Funding Co., LLC | 5.10% | 12/15/49 | 50264347 |
| 10842 | Allstate (The) Corp., Series H | 5.10% | (a) | 224755 |
| 717877 | American National Group, Inc. | 7.38% | (a) | 17889495 |
| 87757 | American National Group, Inc., Series B (b) | 6.63% | (a) | 2207966 |
| 313006 | AmTrust Financial Services, Inc. (c) | 7.25% | 06/15/55 | 4788992 |
| 364175 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 5863217 |
| 32 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 658 |
| 314140 | Arch Capital Group Ltd., Series G | 4.55% | (a) | 5337239 |
| 2941 | Argo Group International Holdings, Inc. (b) | 7.00% | (a) | 73584 |
| 379213 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 7011648 |
| 1910076 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 35374607 |
| 532486 | Assurant, Inc. | 5.25% | 01/15/61 | 10383477 |
| 1337922 | Athene Holding Ltd. (b) | 7.25% | 03/30/64 | 33113569 |
| 1147770 | Athene Holding Ltd., Series A (b) | 6.35% | (a) | 26903729 |
| 1274505 | Athene Holding Ltd., Series E (b) | 7.75% | (a) | 32002820 |
| 416791 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 8485865 |
| 725495 | CNO Financial Group, Inc. | 5.13% | 11/25/60 | 12536554 |
| 24996 | Enstar Group Ltd., Series D (b) | 7.00% | (a) | 532915 |
| 1704776 | F&G Annuities & Life, Inc. | 7.95% | 12/15/53 | 43591122 |
| 2387984 | F&G Annuities & Life, Inc. | 7.30% | 01/15/65 | 55950465 |
| 87348 | Globe Life, Inc. | 4.25% | 06/15/61 | 1362629 |
| 4142 | MetLife, Inc., Series F | 4.75% | (a) | 81100 |
| 223423 | Phoenix (The) Cos., Inc. | 7.45% | 01/15/32 | 3943416 |
| 42858 | Prudential Financial, Inc. | 5.63% | 08/15/58 | 990448 |
| 85784 | RenaissanceRe Holdings Ltd., Series F | 5.75% | (a) | 1835778 |
| 859247 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 13430031 |
| 288882 | W.R. Berkley Corp. | 5.10% | 12/30/59 | 5604311 |
|  |  |  |  | 379784737 |
|  | **Mortgage REITs — 0.1%**  | **Mortgage REITs — 0.1%**  | **Mortgage REITs — 0.1%**  |  |
| 300535 | AGNC Investment Corp., Series D, 3 Mo. CME Term SOFR + <br> CSA + 4.33% (d) | 8.85% | (a) | 7345076 |
| 5044 | AGNC Investment Corp., Series F, 3 Mo. CME Term SOFR + <br>CSA + 4.70% (d) | 9.21% | (a) | 124637 |
|  |  |  |  | 7469713 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **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)** |
|  | **Multi-Utilities — 1.5%**  | **Multi-Utilities — 1.5%**  | **Multi-Utilities — 1.5%**  |  |
| 688492 | Algonquin Power & Utilities Corp., Series 19-A, 3 Mo. CME Term <br> SOFR + CSA + 4.01% (d) | 8.86% | 07/01/79 | $17315574 |
| 613959 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 9903159 |
| 616426 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13% | (a) | 10134043 |
| 56983 | Brookfield Infrastructure Partners, L.P., Series 14 | 5.00% | (a) | 925974 |
| 698044 | CMS Energy Corp. | 5.88% | 10/15/78 | 15363948 |
| 486703 | CMS Energy Corp. | 5.88% | 03/01/79 | 10853477 |
| 20021 | DTE Energy Co. | 4.38% | 12/01/81 | 349567 |
| 62805 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 1329582 |
| 771688 | Sempra | 5.75% | 07/01/79 | 16081978 |
|  |  |  |  | 82257302 |
|  | **Real Estate Management & Development — 0.7%**  | **Real Estate Management & Development — 0.7%**  | **Real Estate Management & Development — 0.7%**  |  |
| 1460655 | Brookfield Property Partners, L.P., Series A | 5.75% | (a) | 18491892 |
| 1177385 | Brookfield Property Partners, L.P., Series A2 | 6.38% | (a) | 16966118 |
| 173413 | Brookfield Property Preferred, L.P. | 6.25% | 07/26/81 | 2557842 |
|  |  |  |  | 38015852 |
|  | **Specialized REITs — 0.0%**  | **Specialized REITs — 0.0%**  | **Specialized REITs — 0.0%**  |  |
| 126961 | Public Storage, Series L | 4.63% | (a) | 2398293 |
|  | **Wireless Telecommunication Services — 2.0%**  | **Wireless Telecommunication Services — 2.0%**  | **Wireless Telecommunication Services — 2.0%**  |  |
| 704127 | United States Cellular Corp. | 6.25% | 09/01/69 | 16617397 |
| 2215120 | United States Cellular Corp. | 5.50% | 03/01/70 | 48644035 |
| 2229005 | United States Cellular Corp. | 5.50% | 06/01/70 | 49439331 |
|  |  |  |  | 114700763 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 1150416370 |
|  | (Cost $1,311,045,497) | (Cost $1,311,045,497) | (Cost $1,311,045,497) |  |
| **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** | **$100 PAR PREFERRED SECURITIES — 0.0%** |
|  | **Food Products — 0.0%**  | **Food Products — 0.0%**  | **Food Products — 0.0%**  | **Food Products — 0.0%**  |
| 700 | Dairy Farmers of America, Inc. (e) | 7.88% | (a) | 67025 |
|  | (Cost $64,400) | (Cost $64,400) | (Cost $64,400) |  |
| **$1,000 PAR PREFERRED SECURITIES — 3.6%** | **$1,000 PAR PREFERRED SECURITIES — 3.6%** | **$1,000 PAR PREFERRED SECURITIES — 3.6%** | **$1,000 PAR PREFERRED SECURITIES — 3.6%** | **$1,000 PAR PREFERRED SECURITIES — 3.6%** |
|  | **Banks — 3.6%**  | **Banks — 3.6%**  | **Banks — 3.6%**  | **Banks — 3.6%**  |
| 65708 | Bank of America Corp., Series L | 7.25% | (a) | 76883616 |
| 110579 | Wells Fargo & Co., Series L | 7.50% | (a) | 128492798 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 205376414 |
|  | (Cost $232,358,535) | (Cost $232,358,535) |  |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 72.9%** | **CAPITAL PREFERRED SECURITIES — 72.9%** | **CAPITAL PREFERRED SECURITIES — 72.9%** | **CAPITAL PREFERRED SECURITIES — 72.9%** |
|  | **Banks — 38.8%**  | **Banks — 38.8%**  |  |
| $15600000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (f) | 7.75%<br> (a) | 15305807 |
| 25200000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (f) | 9.38%<br> (a) | 27203476 |
| 11320000 | Banco de Credito e Inversiones S.A. (b) (e) (f) | 8.75%<br> (a) | 11740312 |
| 5000000 | Banco de Credito e Inversiones S.A. (b) (f) (g) | 8.75%<br> (a) | 5185650 |
| 22250000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.50%<br> (a) | 21763357 |
| 15700000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.63%<br> (a) | 15548460 |
| 21630000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 8.38%<br> (a) | 21895833 |
| 23000000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 8.75%<br> (a) | 22974525 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $2800000 | Banco Santander S.A. (b) (f) | 4.75% | (a) | $2648432 |
| 30500000 | Banco Santander S.A. (b) (f) | 8.00% | (a) | 31202545 |
| 21600000 | Banco Santander S.A. (b) (f) | 9.63% | (a) | 23584025 |
| 50600000 | Banco Santander S.A. (b) (f) | 9.63% | (a) | 57288865 |
| 139492000 | Bank of America Corp. (b) | 6.63% | (a) | 139904969 |
| 21265000 | Bank of America Corp., Series TT (b) | 6.13% | (a) | 21265323 |
| 60800000 | Bank of Montreal (b) | 7.70% | 05/26/84 | 62040867 |
| 30189000 | Bank of Montreal (b) | 7.30% | 11/26/84 | 29742991 |
| 38764000 | Bank of Nova Scotia (The) (b) | 8.63% | 10/27/82 | 40172657 |
| 44149000 | Bank of Nova Scotia (The) (b) | 8.00% | 01/27/84 | 45283983 |
| 30800000 | Bank of Nova Scotia (The) (b) | 7.35% | 04/27/85 | 30552621 |
| 15075000 | Barclays PLC (b) (f) | 4.38% | (a) | 13549151 |
| 17900000 | Barclays PLC (b) (f) | 7.63% | (a) | 17168744 |
| 100000000 | Barclays PLC (b) (f) | 8.00% | (a) | 102411892 |
| 25750000 | Barclays PLC (b) (f) | 9.63% | (a) | 28174620 |
| 11600000 | BBVA Mexico S.A. (b) (e) (f) | 5.88% | 09/13/34 | 11172282 |
| 12300000 | BBVA Mexico S.A. (b) (e) (f) | 7.63% | 02/11/35 | 12392250 |
| 31600000 | BBVA Mexico S.A. (b) (e) (f) | 8.45% | 06/29/38 | 32838393 |
| 59483000 | BNP Paribas S.A. (b) (e) (f) | 4.63% | (a) | 50331933 |
| 9300000 | BNP Paribas S.A. (b) (e) (f) | 7.38% | (a) | 9214891 |
| 36770000 | BNP Paribas S.A. (b) (e) (f) | 7.75% | (a) | 37887404 |
| 15600000 | BNP Paribas S.A. (b) (e) (f) | 8.00% | (a) | 16146140 |
| 56900000 | BNP Paribas S.A. (b) (e) (f) | 8.50% | (a) | 59448153 |
| 8300000 | BNP Paribas S.A. (b) (e) (f) | 9.25% | (a) | 8753520 |
| 18500000 | Canadian Imperial Bank of Commerce (b) | 6.95% | 01/28/85 | 17884115 |
| 45055000 | Citigroup, Inc., Series AA (b) | 7.63% | (a) | 46376508 |
| 20000000 | Citigroup, Inc., Series BB (b) | 7.20% | (a) | 19915650 |
| 24790000 | Citigroup, Inc., Series DD (b) | 7.00% | (a) | 24657213 |
| 24700000 | Citigroup, Inc., Series FF (b) | 6.95% | (a) | 24258423 |
| 3803000 | Citigroup, Inc., Series W (b) | 4.00% | (a) | 3728477 |
| 2600000 | Citigroup, Inc., Series X (b) | 3.88% | (a) | 2535149 |
| 4200000 | Citigroup, Inc., Series Z (b) | 7.38% | (a) | 4262748 |
| 5653000 | Citizens Financial Group, Inc., Series G (b) | 4.00% | (a) | 5325010 |
| 12500000 | CoBank ACB (b) | 7.25% | (a) | 12539675 |
| 7341000 | CoBank ACB, Series I (b) | 6.25% | (a) | 7288761 |
| 34455000 | CoBank ACB, Series K (b) | 6.45% | (a) | 34360424 |
| 36800000 | Commerzbank AG (b) (f) (g) | 7.50% | (a) | 36514800 |
| 77700000 | Credit Agricole S.A. (b) (e) (f) | 6.70% | (a) | 73769748 |
| 6200000 | Farm Credit Bank of Texas (b) | 7.75% | (a) | 6439828 |
| 7650000 | Farm Credit Bank of Texas, Series 3 (b) (e) | 6.20% | (a) | 7516125 |
| 15000 | Fifth Third Bancorp, Series L (b) | 4.50% | (a) | 14840 |
| 30800000 | HSBC Holdings PLC (b) (f) | 6.88% | (a) | 30621877 |
| 48450000 | HSBC Holdings PLC (b) (f) | 6.95% | (a) | 47358218 |
| 56700000 | HSBC Holdings PLC (b) (f) | 8.00% | (a) | 59030710 |
| 3250000 | Huntington Bancshares, Inc., Series G (b) | 4.45% | (a) | 3102481 |
| 22200000 | ING Groep N.V. (b) (f) (g) | 7.25% | (a) | 22089000 |
| 285000 | ING Groep N.V. (b) (f) (g) | 7.50% | (a) | 289274 |
| 38873000 | ING Groep N.V. (b) (f) (g) | 8.00% | (a) | 40379329 |
| 200000 | Intesa Sanpaolo S.p.A. (b) (e) (f) | 7.70% | (a) | 201122 |
| 93350000 | JPMorgan Chase & Co., Series NN (b) | 6.88% | (a) | 96392754 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $9300000 | JPMorgan Chase & Co., Series OO (b) | 6.50% | (a) | $9316310 |
| 68555000 | Lloyds Banking Group PLC (b) (f) | 8.00% | (a) | 70451231 |
| 6156000 | NatWest Group PLC (b) (f) | 8.13% | (a) | 6372931 |
| 35116000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00% | (a) | 34819554 |
| 19345000 | PNC Financial Services Group (The), Inc., Series V (b) | 6.20% | (a) | 19380616 |
| 41711000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25% | (a) | 41141440 |
| 43000000 | Royal Bank of Canada (b) | 7.50% | 05/02/84 | 44278132 |
| 33850000 | Royal Bank of Canada (b) | 6.35% | 11/24/84 | 31140370 |
| 33820000 | Societe Generale S.A. (b) (e) (f) | 9.38% | (a) | 35461480 |
| 25000000 | Societe Generale S.A. (b) (e) (f) | 10.00% | (a) | 26945325 |
| 5000000 | Standard Chartered PLC (b) (e) (f) | 7.88% | (a) | 5021700 |
| 17420000 | Sumitomo Mitsui Financial Group, Inc. (b) (f) | 6.60% | (a) | 17032321 |
| 3200000 | Swedbank AB (b) (f) (g) | 7.63% | (a) | 3285848 |
| 8600000 | Swedbank AB (b) (f) (g) | 7.75% | (a) | 8836500 |
| 63430000 | Toronto-Dominion Bank (The) (b) | 8.13% | 10/31/82 | 65718872 |
| 8030000 | Toronto-Dominion Bank (The) (b) | 7.25% | 07/31/84 | 7997138 |
| 65630000 | Wells Fargo & Co. (b) | 6.85% | (a) | 66509970 |
| 35949000 | Wells Fargo & Co. (b) | 7.63% | (a) | 37933924 |
|  |  |  |  | 2183289992 |
|  | **Capital Markets — 6.1%**  | **Capital Markets — 6.1%**  | **Capital Markets — 6.1%**  |  |
| 40400000 | Ares Finance Co. III LLC (b) (e) | 4.13% | 06/30/51 | 38905479 |
| 75038000 | Charles Schwab (The) Corp., Series H (b) | 4.00% | (a) | 65571251 |
| 400000 | Charles Schwab (The) Corp., Series I (b) | 4.00% | (a) | 387855 |
| 81425000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 6106875 |
| 1200000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 90000 |
| 51775000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 3883125 |
| 76900000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 5767500 |
| 27200000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 2040000 |
| 50200000 | Deutsche Bank AG, Series 2020 (b) (f) | 6.00% | (a) | 49288222 |
| 15500000 | Goldman Sachs Group (The), Inc. (b) | 6.85% | (a) | 15325854 |
| 375000 | Goldman Sachs Group (The), Inc., Series R (b) | 7.56% | (a) | 375418 |
| 13608000 | Goldman Sachs Group (The), Inc., Series W (b) | 7.50% | (a) | 14124179 |
| 65985000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50% | (a) | 67454024 |
| 30900000 | Goldman Sachs Group (The), Inc., Series Y (b) | 6.13% | (a) | 29210765 |
| 12536000 | State Street Corp., Series I (b) | 6.70% | (a) | 12611592 |
| 31000000 | State Street Corp., Series J (b) | 6.70% | (a) | 31205871 |
|  |  |  |  | 342348010 |
|  | **Diversified Telecommunication Services — 0.9%**  | **Diversified Telecommunication Services — 0.9%**  | **Diversified Telecommunication Services — 0.9%**  |  |
| 50500000 | Bell Canada (b) | 7.00% | 09/15/55 | 50239481 |
|  | **Electric Utilities — 4.4%**  | **Electric Utilities — 4.4%**  | **Electric Utilities — 4.4%**  |  |
| 51590000 | American Electric Power Co., Inc. (b) | 6.95% | 12/15/54 | 52024904 |
| 4920000 | American Electric Power Co., Inc. (b) | 7.05% | 12/15/54 | 4976870 |
| 23875000 | Duke Energy Corp. (b) | 6.45% | 09/01/54 | 23984873 |
| 42784000 | Entergy Corp. (b) | 7.13% | 12/01/54 | 43123491 |
| 21680000 | EUSHI Finance, Inc. (b) | 7.63% | 12/15/54 | 21830828 |
| 40006000 | NextEra Energy Capital Holdings, Inc. (b) | 6.75% | 06/15/54 | 40513550 |
| 12341000 | NextEra Energy Capital Holdings, Inc. (b) | 6.38% | 08/15/55 | 12397867 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Electric Utilities (Continued)**  | **Electric Utilities (Continued)**  | **Electric Utilities (Continued)**  |  |
| $16250000 | NextEra Energy Capital Holdings, Inc. (b) | 6.50% | 08/15/55 | $16380812 |
| 31000000 | Southern (The) Co., Series 2025 (b) | 6.38% | 03/15/55 | 31657479 |
|  |  |  |  | 246890674 |
|  | **Financial Services — 1.8%**  | **Financial Services — 1.8%**  | **Financial Services — 1.8%**  |  |
| 64250000 | American AgCredit Corp. (b) (e) | 5.25% | (a) | 60234375 |
| 28250000 | Capital Farm Credit ACA, Series 1 (b) (e) | 5.00% | (a) | 27685011 |
| 13950000 | Compeer Financial ACA (b) (e) | 4.88% | (a) | 13322250 |
|  |  |  |  | 101241636 |
|  | **Food Products — 1.9%**  | **Food Products — 1.9%**  | **Food Products — 1.9%**  |  |
| 10700000 | Dairy Farmers of America, Inc. (j) | 7.13% | (a) | 10165000 |
| 20360000 | Land O'Lakes Capital Trust I (j) | 7.45% | 03/15/28 | 20320298 |
| 44888000 | Land O'Lakes, Inc. (e) | 7.00% | (a) | 36808160 |
| 14010000 | Land O'Lakes, Inc. (e) | 7.25% | (a) | 11698350 |
| 31520000 | Land O'Lakes, Inc. (e) | 8.00% | (a) | 29313480 |
|  |  |  |  | 108305288 |
|  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  |  |
| 21500000 | AltaGas Ltd. (b) (e) | 7.20% | 10/15/54 | 21051003 |
|  | **Independent Power and Renewable Electricity Producers — 0.9%**  | **Independent Power and Renewable Electricity Producers — 0.9%**  | **Independent Power and Renewable Electricity Producers — 0.9%**  |  |
| 12435000 | AES (The) Corp. (b) | 7.60% | 01/15/55 | 12317647 |
| 41540000 | AES (The) Corp. (b) | 6.95% | 07/15/55 | 38843612 |
|  |  |  |  | 51161259 |
|  | **Insurance — 7.6%**  | **Insurance — 7.6%**  | **Insurance — 7.6%**  |  |
| 34460000 | Assurant, Inc. (b) | 7.00% | 03/27/48 | 34313300 |
| 12699000 | Assured Guaranty Municipal Holdings, Inc. (b) (e) | 6.40% | 12/15/66 | 11730129 |
| 26475000 | AXIS Specialty Finance LLC (b) | 4.90% | 01/15/40 | 25201954 |
| 24400000 | CNP Assurances SACA (b) (f) (g) | 4.88% | (a) | 20929405 |
| 13700000 | Fortegra Financial Corp. (b) (j) | 8.50% | 10/15/57 | 13391750 |
| 73935000 | Global Atlantic Fin Co. (b) (e) | 4.70% | 10/15/51 | 70291630 |
| 25274000 | Global Atlantic Fin Co. (b) (e) | 7.95% | 10/15/54 | 25729412 |
| 68464000 | Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (d) (e) | 6.71% | 02/12/47 | 62592772 |
| 26429000 | Kuvare US Holdings, Inc. (b) (e) | 7.00% | 02/17/51 | 26419502 |
| 40630000 | Lancashire Holdings Ltd. (b) (g) | 5.63% | 09/18/41 | 37478941 |
| 38910000 | Liberty Mutual Group, Inc. (b) (e) | 4.13% | 12/15/51 | 36760845 |
| 30600000 | Meiji Yasuda Life Insurance Co. (b) (e) | 6.10% | 06/11/55 | 30254499 |
| 17500000 | MetLife, Inc., Series G (b) | 6.35% | 03/15/55 | 17413374 |
| 15499000 | Nippon Life Insurance Co. (b) (e) | 6.50% | 04/30/55 | 15733938 |
|  |  |  |  | 428241451 |
|  | **Multi-Utilities — 4.4%**  | **Multi-Utilities — 4.4%**  | **Multi-Utilities — 4.4%**  |  |
| 60883000 | Algonquin Power & Utilities Corp. (b) | 4.75% | 01/18/82 | 57200139 |
| 1400000 | CenterPoint Energy, Inc., Series B (b) | 6.85% | 02/15/55 | 1401437 |
| 54106000 | Dominion Energy, Inc. (b) | 6.63% | 05/15/55 | 53331689 |
| 15500000 | Dominion Energy, Inc., Series A (b) | 6.88% | 02/01/55 | 15950512 |
| 15550000 | Dominion Energy, Inc., Series B (b) | 7.00% | 06/01/54 | 16183725 |
| 21700000 | NiSource, Inc. (b) | 6.38% | 03/31/55 | 21224813 |
| 39422000 | Sempra (b) | 4.13% | 04/01/52 | 36221560 |
| 35416000 | Sempra (b) | 6.40% | 10/01/54 | 32391183 |
| 13778000 | Sempra (b) | 6.88% | 10/01/54 | 13338526 |
|  |  |  |  | 247243584 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **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 — 3.7%**  | **Oil, Gas & Consumable Fuels — 3.7%**  | **Oil, Gas & Consumable Fuels — 3.7%**  |  |
| $28420000 | Enbridge, Inc. (b) | 7.63% | 01/15/83 | $29058881 |
| 48200000 | Enbridge, Inc. (b) | 8.50% | 01/15/84 | 52074798 |
| 21350000 | Enbridge, Inc., Series 20-A (b) | 5.75% | 07/15/80 | 20500641 |
| 100000 | Energy Transfer, L.P., Series B (b) | 6.63% | (a) | 96377 |
| 100000 | Energy Transfer, L.P., Series F (b) | 6.75% | (a) | 100046 |
| 22531000 | Energy Transfer, L.P., Series G (b) | 7.13% | (a) | 22259691 |
| 100000 | Energy Transfer, L.P., Series H (b) | 6.50% | (a) | 99559 |
| 34700000 | Transcanada Trust (b) | 5.60% | 03/07/82 | 32060517 |
| 57927000 | Venture Global LNG, Inc. (b) (e) | 9.00% | (a) | 49843571 |
|  |  |  |  | 206094081 |
|  | **Retail REITs — 0.5%**  | **Retail REITs — 0.5%**  | **Retail REITs — 0.5%**  |  |
| 27435000 | Scentre Group Trust 2 (b) (e) | 5.13% | 09/24/80 | 26838821 |
|  | **Trading Companies & Distributors — 0.6%**  | **Trading Companies & Distributors — 0.6%**  | **Trading Companies & Distributors — 0.6%**  |  |
| 36433000 | Air Lease Corp., Series D (b) | 6.00% | (a) | 34191944 |
|  | **Wireless Telecommunication Services — 0.9%**  | **Wireless Telecommunication Services — 0.9%**  | **Wireless Telecommunication Services — 0.9%**  |  |
| 6229000 | Rogers Communications, Inc. (b) | 7.00% | 04/15/55 | 6279288 |
| 45275000 | Rogers Communications, Inc. (b) | 7.13% | 04/15/55 | 45139953 |
|  |  |  |  | 51419241 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 4098556465 |
|  | (Cost $4,293,134,709) | (Cost $4,293,134,709) | (Cost $4,293,134,709) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS — 0.8%** | **EXCHANGE-TRADED FUNDS — 0.8%** | **EXCHANGE-TRADED FUNDS — 0.8%** |
|  | **Capital Markets — 0.8%** |  |
| 3995460 | Invesco Preferred ETF | 44069924 |
|  | (Cost $45,482,719) |  |
|  | **Total Investments — 97.8%** | 5498486198 |
|  | (Cost $5,882,085,860) |  |
|  | **Net Other Assets and Liabilities — 2.2%** | 122688327 |
|  | **Net Assets — 100.0%** | $5621174525 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is fair valued by First Trust Advisors L.P.'s (the "Advisor") Pricing Committee in accordance with procedures approved
 by the Trust's Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder,
 as amended. At April 30, 2025, securities noted as such are valued at $4,788,992 or 0.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating
 or variable rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 April 30, 2025, securities noted as such amounted to $1,076,303,205 or 19.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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 April 30, 2025, securities noted as such amounted to $1,209,709,701 or 21.5% of net assets. Of these
 securities, 12.9% originated in emerging markets, and 87.1% originated in foreign markets.

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Claim
 pending with the administrative court of Switzerland.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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).

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Country Allocation** | **% of Net** <br>**Assets**<br>|
| United States | 58.7% |
| Canada | 13.0 |
| United Kingdom | 6.8 |
| France | 6.0 |
| Bermuda | 3.0 |
| Spain | 2.8 |
| Mexico | 2.5 |
| Germany | 1.5 |
| Japan | 1.1 |
| Netherlands | 1.1 |
| Australia | 0.5 |
| Switzerland | 0.3 |
| Chile | 0.3 |
| Sweden | 0.2 |
| Italy | 0.0<sup>†</sup> <br>|
| Total Investments | 97.8 |
| Net Other Assets and Liabilities | 2.2 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Amount is less than 0.1%. |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| $25 Par Preferred Securities: |  |  |  |  |
| Insurance | $379784737 | &nbsp;&nbsp; $365189112 | &nbsp;&nbsp; $14595625 | &nbsp;&nbsp; $— |
| Other Industry Categories\* | 770631633 | &nbsp;&nbsp; 770631633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| $100 Par Preferred Securities\* | 67025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67025 | &nbsp;&nbsp; — |
| $1,000 Par Preferred Securities\* | 205376414 | &nbsp;&nbsp; 205376414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital Preferred Securities\* | 4098556465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4098556465 | &nbsp;&nbsp; — |
| Exchange-Traded Funds\* | 44069924 | &nbsp;&nbsp; 44069924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $5498486198 | &nbsp;&nbsp; $1385267083 | &nbsp;&nbsp; $4113219115 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Value** |
| **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** | **$1,000 PAR PREFERRED SECURITIES — 2.2%** |
|  | **Banks — 2.2%**  | **Banks — 2.2%**  | **Banks — 2.2%**  |
| 11501 | Bank of America Corp., Series L | 7.25%<br> (a) | $13457090 |
| 17492 | Wells Fargo & Co., Series L | 7.50%<br> (a) | 20325704 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 33782794 |
|  | (Cost $37,472,205) | (Cost $37,472,205) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** <br>**Amount**<br>| **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES — 95.8%** | **CAPITAL PREFERRED SECURITIES — 95.8%** | **CAPITAL PREFERRED SECURITIES — 95.8%** | **CAPITAL PREFERRED SECURITIES — 95.8%** | **CAPITAL PREFERRED SECURITIES — 95.8%** |
|  | **Banks — 50.7%**  | **Banks — 50.7%**  | **Banks — 50.7%**  |  |
| $14600000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 7.75% | (a) | 14324666 |
| 13800000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 9.38% | (a) | 14897141 |
| 3000000 | Banco de Credito e Inversiones S.A. (b) (c) (d) | 8.75% | (a) | 3111390 |
| 840000 | Banco de Credito e Inversiones S.A. (b) (c) (e) | 8.75% | (a) | 871189 |
| 2000000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 6.63% | (a) | 1781732 |
| 10101000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.50% | (a) | 9880075 |
| 3592000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.63% | (a) | 3557329 |
| 3400000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.38% | (a) | 3441786 |
| 1200000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.75% | (a) | 1198671 |
| 6600000 | Banco Santander S.A. (b) (c) | 4.75% | (a) | 6242732 |
| 8400000 | Banco Santander S.A. (b) (c) | 8.00% | (a) | 8593488 |
| 7000000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 7642971 |
| 20000000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 22643820 |
| 37291000 | Bank of America Corp. (c) | 6.63% | (a) | 37401401 |
| 18722000 | Bank of America Corp., Series TT (c) | 6.13% | (a) | 18722284 |
| 22956000 | Bank of Montreal (c) | 7.70% | 05/26/84 | 23424509 |
| 12500000 | Bank of Montreal (c) | 7.30% | 11/26/84 | 12315326 |
| 19400000 | Bank of Nova Scotia (The) (c) | 8.63% | 10/27/82 | 20104982 |
| 14600000 | Bank of Nova Scotia (The) (c) | 8.00% | 01/27/84 | 14975337 |
| 8400000 | Bank of Nova Scotia (The) (c) | 7.35% | 04/27/85 | 8332533 |
| 6300000 | Barclays PLC (b) (c) | 4.38% | (a) | 5662332 |
| 14600000 | Barclays PLC (b) (c) | 7.63% | (a) | 14003556 |
| 20050000 | Barclays PLC (b) (c) | 8.00% | (a) | 20533584 |
| 6650000 | Barclays PLC (b) (c) | 9.63% | (a) | 7276164 |
| 700000 | BBVA Mexico S.A. (b) (c) (d) | 5.88% | 09/13/34 | 674189 |
| 3350000 | BBVA Mexico S.A. (b) (c) (d) | 7.63% | 02/11/35 | 3375125 |
| 7200000 | BBVA Mexico S.A. (b) (c) (d) | 8.45% | 06/29/38 | 7482165 |
| 18000000 | BNP Paribas S.A. (b) (c) (d) | 4.63% | (a) | 15230819 |
| 2300000 | BNP Paribas S.A. (b) (c) (d) | 7.38% | (a) | 2278952 |
| 9590000 | BNP Paribas S.A. (b) (c) (d) | 7.75% | (a) | 9881431 |
| 3700000 | BNP Paribas S.A. (b) (c) (d) | 8.00% | (a) | 3829533 |
| 23450000 | BNP Paribas S.A. (b) (c) (d) | 8.50% | (a) | 24500161 |
| 1000000 | BNP Paribas S.A. (b) (c) (d) | 9.25% | (a) | 1054641 |
| 5783000 | Canadian Imperial Bank of Commerce (c) | 6.95% | 01/28/85 | 5590478 |
| 1300000 | Citigroup, Inc., Series AA (c) | 7.63% | (a) | 1338130 |
| 4000000 | Citigroup, Inc., Series BB (c) | 7.20% | (a) | 3983130 |
| 6070000 | Citigroup, Inc., Series DD (c) | 7.00% | (a) | 6037486 |
| 6700000 | Citigroup, Inc., Series FF (c) | 6.95% | (a) | 6580220 |
| 4000 | Citigroup, Inc., Series P (c) | 5.95% | (a) | 3999 |
| 8445000 | Citigroup, Inc., Series W (c) | 4.00% | (a) | 8279513 |
| 8195000 | Citigroup, Inc., Series X (c) | 3.88% | (a) | 7990596 |

---

See Notes to Financial Statements

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  | **Banks (Continued)**  | **Banks (Continued)**  |  |
| $2979000 | Citigroup, Inc., Series Y (c) | 4.15% | (a) | $2844161 |
| 12941000 | Citizens Financial Group, Inc., Series G (c) | 4.00% | (a) | 12190157 |
| 3000000 | CoBank ACB (c) | 7.25% | (a) | 3009522 |
| 1101000 | CoBank ACB, Series I (c) | 6.25% | (a) | 1093165 |
| 685000 | CoBank ACB, Series K (c) | 6.45% | (a) | 683120 |
| 23400000 | Commerzbank AG (b) (c) (e) | 7.50% | (a) | 23218650 |
| 1000000 | Corestates Capital III, 3 Mo. CME Term SOFR + CSA + <br> 0.57% (d) (f) | 5.15% | 02/15/27 | 986978 |
| 34600000 | Credit Agricole S.A. (b) (c) (d) | 6.70% | (a) | 32849849 |
| 1500000 | Farm Credit Bank of Texas (c) | 7.75% | (a) | 1558023 |
| 800000 | Farm Credit Bank of Texas, Series 3 (c) (d) | 6.20% | (a) | 786000 |
| 7900000 | HSBC Holdings PLC (b) (c) | 6.88% | (a) | 7854313 |
| 23150000 | HSBC Holdings PLC (b) (c) | 6.95% | (a) | 22628333 |
| 19600000 | HSBC Holdings PLC (b) (c) | 8.00% | (a) | 20405678 |
| 735000 | Huntington Bancshares, Inc., Series F (c) | 5.63% | (a) | 724835 |
| 3700000 | Huntington Bancshares, Inc., Series G (c) | 4.45% | (a) | 3532056 |
| 5440000 | ING Groep N.V. (b) (c) (e) | 7.25% | (a) | 5412800 |
| 1004000 | ING Groep N.V. (b) (c) (e) | 7.50% | (a) | 1019055 |
| 8885000 | ING Groep N.V. (b) (c) (e) | 8.00% | (a) | 9229294 |
| 200000 | Intesa Sanpaolo S.p.A. (b) (c) (d) | 7.70% | (a) | 201122 |
| 4000000 | JPMorgan Chase & Co., Series KK (c) | 3.65% | (a) | 3885341 |
| 22200000 | JPMorgan Chase & Co., Series NN (c) | 6.88% | (a) | 22923611 |
| 2500000 | JPMorgan Chase & Co., Series OO (c) | 6.50% | (a) | 2504384 |
| 24180000 | Lloyds Banking Group PLC (b) (c) | 8.00% | (a) | 24848819 |
| 686000 | NatWest Group PLC (b) (c) | 6.00% | (a) | 683489 |
| 4183000 | NatWest Group PLC (b) (c) | 8.13% | (a) | 4330405 |
| 11084000 | PNC Financial Services Group (The), Inc., Series U (c) | 6.00% | (a) | 10990430 |
| 12525000 | PNC Financial Services Group (The), Inc., Series V (c) | 6.20% | (a) | 12548060 |
| 8499000 | PNC Financial Services Group (The), Inc., Series W (c) | 6.25% | (a) | 8382947 |
| 12000000 | Royal Bank of Canada (c) | 7.50% | 05/02/84 | 12356688 |
| 18100000 | Royal Bank of Canada (c) | 6.35% | 11/24/84 | 16651129 |
| 7200000 | Societe Generale S.A. (b) (c) (d) | 9.38% | (a) | 7549458 |
| 11000000 | Societe Generale S.A. (b) (c) (d) | 10.00% | (a) | 11855943 |
| 6200000 | Sumitomo Mitsui Financial Group, Inc. (b) (c) | 6.60% | (a) | 6062020 |
| 600000 | Swedbank AB (b) (c) (e) | 7.63% | (a) | 616096 |
| 7800000 | Swedbank AB (b) (c) (e) | 7.75% | (a) | 8014500 |
| 31080000 | Toronto-Dominion Bank (The) (c) | 8.13% | 10/31/82 | 32201522 |
| 22645000 | Wells Fargo & Co. (c) | 6.85% | (a) | 22948625 |
| 11640000 | Wells Fargo & Co. (c) | 7.63% | (a) | 12282703 |
|  |  |  |  | 760912847 |
|  | **Capital Markets — 7.4%**  | **Capital Markets — 7.4%**  | **Capital Markets — 7.4%**  |  |
| 8435000 | Ares Finance Co. III LLC (c) (d) | 4.13% | 06/30/51 | 8122963 |
| 23150000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (a) | 20229410 |
| 400000 | Charles Schwab (The) Corp., Series I (c) | 4.00% | (a) | 387855 |
| 6243000 | Credit Suisse Group AG, Claim (g) (h) |  |  | 468225 |
| 2057000 | Credit Suisse Group AG, Claim (g) (h) |  |  | 154275 |
| 7770000 | Credit Suisse Group AG, Claim (g) (h) |  |  | 582750 |
| 4150000 | Credit Suisse Group AG, Claim (g) (h) |  |  | 311250 |
| 18000000 | Credit Suisse Group AG, Claim (g) (h) |  |  | 1350000 |
| 16850000 | Deutsche Bank AG, Series 2020 (b) (c) | 6.00% | (a) | 16543955 |

---

See Notes to Financial Statements

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  | **Capital Markets (Continued)**  |  |
| $4150000 | Goldman Sachs Group (The), Inc. (c) | 6.85% | (a) | $4103374 |
| 2899000 | Goldman Sachs Group (The), Inc., Series T (c) | 3.80% | (a) | 2801596 |
| 8651000 | Goldman Sachs Group (The), Inc., Series W (c) | 7.50% | (a) | 8979150 |
| 16155000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (a) | 16514659 |
| 8000000 | Goldman Sachs Group (The), Inc., Series Y (c) | 6.13% | (a) | 7562657 |
| 811000 | Morgan Stanley, Series M | 5.88% | (a) | 787579 |
| 9887000 | State Street Corp., Series I (c) | 6.70% | (a) | 9946619 |
| 12570000 | State Street Corp., Series J (c) | 6.70% | (a) | 12653477 |
|  |  |  |  | 111499794 |
|  | **Consumer Finance — 0.8%**  | **Consumer Finance — 0.8%**  | **Consumer Finance — 0.8%**  |  |
| 11885000 | American Express Co. (c) | 3.55% | (a) | 11401671 |
|  | **Diversified Telecommunication Services — 1.2%**  | **Diversified Telecommunication Services — 1.2%**  | **Diversified Telecommunication Services — 1.2%**  |  |
| 17446000 | Bell Canada (c) | 7.00% | 09/15/55 | 17356000 |
|  | **Electric Utilities — 5.8%**  | **Electric Utilities — 5.8%**  | **Electric Utilities — 5.8%**  |  |
| 17060000 | American Electric Power Co., Inc. (c) | 6.95% | 12/15/54 | 17203816 |
| 785000 | American Electric Power Co., Inc. (c) | 7.05% | 12/15/54 | 794074 |
| 7134000 | American Electric Power Co., Inc. (c) | 3.88% | 02/15/62 | 6719293 |
| 10850000 | Duke Energy Corp. (c) | 6.45% | 09/01/54 | 10899932 |
| 15000000 | Entergy Corp. (c) | 7.13% | 12/01/54 | 15119025 |
| 7930000 | EUSHI Finance, Inc. (c) | 7.63% | 12/15/54 | 7985169 |
| 12094000 | NextEra Energy Capital Holdings, Inc. (c) | 6.75% | 06/15/54 | 12247435 |
| 3371000 | NextEra Energy Capital Holdings, Inc. (c) | 6.38% | 08/15/55 | 3386534 |
| 4300000 | NextEra Energy Capital Holdings, Inc. (c) | 6.50% | 08/15/55 | 4334615 |
| 8500000 | Southern (The) Co., Series 2025 (c) | 6.38% | 03/15/55 | 8680276 |
|  |  |  |  | 87370169 |
|  | **Financial Services — 2.2%**  | **Financial Services — 2.2%**  | **Financial Services — 2.2%**  |  |
| 3000000 | American AgCredit Corp. (c) (d) | 5.25% | (a) | 2812500 |
| 4200000 | Capital Farm Credit ACA, Series 1 (c) (d) | 5.00% | (a) | 4116002 |
| 650000 | Compeer Financial ACA (c) (d) | 4.88% | (a) | 620750 |
| 12665000 | Corebridge Financial, Inc. (c) | 6.88% | 12/15/52 | 12811556 |
| 12355000 | Corebridge Financial, Inc. (c) | 6.38% | 09/15/54 | 11933908 |
| 755000 | Voya Financial, Inc., Series A (c) | 7.76% | (a) | 767499 |
|  |  |  |  | 33062215 |
|  | **Food Products — 1.3%**  | **Food Products — 1.3%**  | **Food Products — 1.3%**  |  |
| 1200000 | Dairy Farmers of America, Inc. (d) (i) | 7.13% | (a) | 1140000 |
| 1131000 | Land O'Lakes Capital Trust I (d) (i) | 7.45% | 03/15/28 | 1128794 |
| 7146000 | Land O'Lakes, Inc. (d) | 7.00% | (a) | 5859720 |
| 3875000 | Land O'Lakes, Inc. (d) | 7.25% | (a) | 3235625 |
| 400000 | Land O'Lakes, Inc. (e) | 7.25% | (a) | 334000 |
| 7935000 | Land O'Lakes, Inc. (d) | 8.00% | (a) | 7379520 |
|  |  |  |  | 19077659 |
|  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  | **Gas Utilities — 0.4%**  |  |
| 5800000 | AltaGas Ltd. (c) (d) | 7.20% | 10/15/54 | 5678875 |
|  | **Independent Power and Renewable Electricity Producers — 1.4%**  | **Independent Power and Renewable Electricity Producers — 1.4%**  | **Independent Power and Renewable Electricity Producers — 1.4%**  |  |
| 2630000 | AES (The) Corp. (c) | 7.60% | 01/15/55 | 2605180 |
| 19955000 | AES (The) Corp. (c) | 6.95% | 07/15/55 | 18659708 |
|  |  |  |  | 21264888 |

---

See Notes to Financial Statements

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Insurance — 10.0%**  | **Insurance — 10.0%**  | **Insurance — 10.0%**  |  |
| $4288000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | $4269746 |
| 2300000 | Assured Guaranty Municipal Holdings, Inc. (c) (d) | 6.40% | 12/15/66 | 2124521 |
| 1700000 | Assured Guaranty Municipal Holdings, Inc. (c) (e) | 6.40% | 12/15/66 | 1570298 |
| 6196000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 5898066 |
| 11200000 | CNP Assurances SACA (b) (c) (e) | 4.88% | (a) | 9606940 |
| 25534000 | Global Atlantic Fin Co. (c) (d) | 4.70% | 10/15/51 | 24275735 |
| 6106000 | Global Atlantic Fin Co. (c) (d) | 7.95% | 10/15/54 | 6216024 |
| 22521000 | Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (d) (f) | 6.71% | 02/12/47 | 20589680 |
| 2464000 | Kuvare US Holdings, Inc. (c) (d) | 7.00% | 02/17/51 | 2463115 |
| 6850000 | Lancashire Holdings Ltd. (c) (e) | 5.63% | 09/18/41 | 6318748 |
| 14818000 | Liberty Mutual Group, Inc. (c) (d) | 4.13% | 12/15/51 | 13999543 |
| 6585000 | Liberty Mutual Group, Inc. (d) | 4.30% | 02/01/61 | 4108500 |
| 4000000 | Lincoln National Corp., Series C (c) | 9.25% | (a) | 4241560 |
| 8800000 | Meiji Yasuda Life Insurance Co. (c) (d) | 6.10% | 06/11/55 | 8700640 |
| 6514000 | MetLife Capital Trust IV (d) | 7.88% | 12/15/37 | 7039387 |
| 2900000 | MetLife, Inc. (d) | 9.25% | 04/08/38 | 3366146 |
| 16500000 | MetLife, Inc., Series G (c) | 6.35% | 03/15/55 | 16418324 |
| 4144000 | Nippon Life Insurance Co. (c) (d) | 6.50% | 04/30/55 | 4206816 |
| 4175000 | Prudential Financial, Inc. (c) | 6.00% | 09/01/52 | 4153595 |
|  |  |  |  | 149567384 |
|  | **Multi-Utilities — 6.4%**  | **Multi-Utilities — 6.4%**  | **Multi-Utilities — 6.4%**  |  |
| 18559000 | Algonquin Power & Utilities Corp. (c) | 4.75% | 01/18/82 | 17436351 |
| 13575000 | CenterPoint Energy, Inc., Series B (c) | 6.85% | 02/15/55 | 13588933 |
| 9316000 | Dominion Energy, Inc. (c) | 6.63% | 05/15/55 | 9182679 |
| 3388000 | Dominion Energy, Inc., Series A (c) | 6.88% | 02/01/55 | 3486473 |
| 16700000 | Dominion Energy, Inc., Series B (c) | 7.00% | 06/01/54 | 17380592 |
| 8037000 | NiSource, Inc. (c) | 6.38% | 03/31/55 | 7861006 |
| 7154000 | Sempra (c) | 4.13% | 04/01/52 | 6573209 |
| 18364000 | Sempra (c) | 6.40% | 10/01/54 | 16795564 |
| 3522000 | Sempra (c) | 6.88% | 10/01/54 | 3409659 |
|  |  |  |  | 95714466 |
|  | **Oil, Gas & Consumable Fuels — 5.5%**  | **Oil, Gas & Consumable Fuels — 5.5%**  | **Oil, Gas & Consumable Fuels — 5.5%**  |  |
| 11955000 | Enbridge, Inc. (c) | 7.63% | 01/15/83 | 12223748 |
| 26050000 | Enbridge, Inc. (c) | 8.50% | 01/15/84 | 28144159 |
| 3214000 | Enbridge, Inc., Series 20-A (c) | 5.75% | 07/15/80 | 3086139 |
| 100000 | Energy Transfer, L.P., Series F (c) | 6.75% | (a) | 100046 |
| 15074000 | Energy Transfer, L.P., Series G (c) | 7.13% | (a) | 14892485 |
| 7650000 | Transcanada Trust (c) | 5.60% | 03/07/82 | 7068097 |
| 19877000 | Venture Global LNG, Inc. (c) (d) | 9.00% | (a) | 17103262 |
|  |  |  |  | 82617936 |
|  | **Retail REITs — 0.7%**  | **Retail REITs — 0.7%**  | **Retail REITs — 0.7%**  |  |
| 11220000 | Scentre Group Trust 2 (c) (d) | 5.13% | 09/24/80 | 10976183 |
|  | **Trading Companies & Distributors — 0.7%**  | **Trading Companies & Distributors — 0.7%**  | **Trading Companies & Distributors — 0.7%**  |  |
| 11935000 | Air Lease Corp., Series D (c) | 6.00% | (a) | 11200858 |

---

See Notes to Financial Statements

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Wireless Telecommunication Services — 1.3%**  | **Wireless Telecommunication Services — 1.3%**  | **Wireless Telecommunication Services — 1.3%**  |  |
| $6000000 | Rogers Communications, Inc. (c) | 7.00% | 04/15/55 | $6048440 |
| 12700000 | Rogers Communications, Inc. (c) | 7.13% | 04/15/55 | 12662118 |
|  |  |  |  | 18710558 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 1436411503 |
|  | (Cost $1,440,230,458) | (Cost $1,440,230,458) | (Cost $1,440,230,458) |  |
|  | **Total Investments — 98.0%** | **Total Investments — 98.0%** | **Total Investments — 98.0%** | 1470194297 |
|  | (Cost $1,477,702,663) | (Cost $1,477,702,663) | (Cost $1,477,702,663) |  |
|  | **Net Other Assets and Liabilities — 2.0%** | **Net Other Assets and Liabilities — 2.0%** | **Net Other Assets and Liabilities — 2.0%** | 29766799 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1499961096 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under
 certain circumstances. At April 30, 2025, securities noted as such amounted to $426,900,361 or 28.5% of net assets. Of these
 securities, 8.3% originated in emerging markets, and 91.7% originated in foreign markets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security
 has been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods
 of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions,
 which require subjective judgment. At April 30, 2025, securities noted as such amounted to $310,771,650 or 20.7% of
 net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating
 or variable rate security.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Claim
 pending with the administrative court of Switzerland.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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).

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |

---

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

See Notes to Financial Statements

------

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Country Allocation** | **% of Net** <br>**Assets**<br>|
| United States | 50.3% |
| Canada | 17.0 |
| United Kingdom | 8.5 |
| France | 7.9 |
| Spain | 5.0 |
| Germany | 2.7 |
| Mexico | 2.1 |
| Japan | 1.3 |
| Netherlands | 1.0 |
| Australia | 0.7 |
| Sweden | 0.6 |
| Bermuda | 0.4 |
| Chile | 0.3 |
| Switzerland | 0.2 |
| Italy | 0.0<sup>†</sup> <br>|
| Total Investments | 98.0 |
| Net Other Assets and Liabilities | 2.0 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Amount is less than 0.1%. |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| $1,000 Par Preferred Securities\* | $33782794 | &nbsp;&nbsp; $33782794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Capital Preferred Securities\* | 1436411503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1436411503 | &nbsp;&nbsp; — |
| Total Investments | $1470194297 | &nbsp;&nbsp; $33782794 | &nbsp;&nbsp; $1436411503 | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **Preferred** <br> **Securities and** <br> **Income ETF** <br>**(FPE)** <br>| **First Trust** <br> **Institutional** <br> **Preferred** <br> **Securities and** <br> **Income ETF** <br>**(FPEI)** <br>|
| **ASSETS:** |  |  |
| Investments, at value | $5498486198 | &nbsp;&nbsp; $1470194297 |
| Cash | 70572601 | &nbsp;&nbsp; 12663935 |
| Foreign currency, at value | 5988 | &nbsp;&nbsp; — |
| Receivables: |  |  |
| Interest | 53202553 | &nbsp;&nbsp; 18160934 |
| Investment securities sold | 1868964 | &nbsp;&nbsp; — |
| Dividends | 715227 | &nbsp;&nbsp; — |
| Reclaims | 172625 | &nbsp;&nbsp; — |
| Capital shares sold | 8329 | &nbsp;&nbsp; — |
| Total Assets | 5625032485 | &nbsp;&nbsp; 1501019166 |
| **LIABILITIES:** |  |  |
| Investment advisory fees payable | 3857960 | &nbsp;&nbsp; 1058070 |
| Total Liabilities | 3857960 | &nbsp;&nbsp; 1058070 |
| **NET ASSETS** | $5621174525 | &nbsp;&nbsp; $1499961096 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital | $6648767398 | &nbsp;&nbsp; $1519511836 |
| Par value | 3252050 | &nbsp;&nbsp; 817000 |
| Accumulated distributable earnings (loss) | (1030844923)<br>| &nbsp;&nbsp; (20367740)<br>|
| **NET ASSETS** | $5621174525 | &nbsp;&nbsp; $1499961096 |
| **NET ASSET VALUE,** per share | $17.29 | &nbsp;&nbsp; $18.36 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per <br> share)<br>| 325205000 | &nbsp;&nbsp; 81700002 |
| Investments, at cost | $5882085860 | &nbsp;&nbsp; $1477702663 |
| Foreign currency, at cost (proceeds) | $5822 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Statements of Operations**

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

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

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **Preferred** <br> **Securities and** <br> **Income ETF** <br>**(FPE)** <br>| **First Trust** <br> **Institutional** <br> **Preferred** <br> **Securities and** <br> **Income ETF** <br>**(FPEI)** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest | $143448395 | &nbsp;&nbsp; $49202114 |
| Dividends | 47414417 | &nbsp;&nbsp; 1167312 |
| Foreign withholding tax | (243038)<br>| &nbsp;&nbsp; — |
| Total investment income | 190619774 | &nbsp;&nbsp; 50369426 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 23811677<br>| &nbsp;&nbsp; 6506450<br>|
| Legal fees | 90016 | &nbsp;&nbsp; 14425 |
| Total expenses | 23901693 | &nbsp;&nbsp; 6520875 |
| **NET INVESTMENT INCOME (LOSS)** | 166718081 | &nbsp;&nbsp; 43848551 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments | 9418651 | &nbsp;&nbsp; 11280028 |
| In-kind redemptions | 390557 | &nbsp;&nbsp; — |
| Foreign currency transactions | (68)<br>| &nbsp;&nbsp; — |
| Net realized gain (loss) | 9809140 | &nbsp;&nbsp; 11280028 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | (213949387)<br>| &nbsp;&nbsp; (44674212)<br>|
| Foreign currency translation | 166 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | (213949221)<br>| &nbsp;&nbsp; (44674212)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (204140081)<br>| &nbsp;&nbsp; (33394184)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(37422000)<br>| &nbsp;&nbsp; $10454367 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Preferred Securities** <br> **and Income ETF (FPE)** | **First Trust Preferred Securities** <br> **and Income ETF (FPE)** | **First Trust Institutional Preferred** <br> **Securities and Income ETF** <br> **(FPEI)** | **First Trust Institutional Preferred** <br> **Securities and Income ETF** <br> **(FPEI)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $166718081 | &nbsp;&nbsp; $307151880 | &nbsp;&nbsp; $43848551 | &nbsp;&nbsp; $72683234 |
| Net realized gain (loss) | 9809140 | &nbsp;&nbsp; (40792366)<br>| &nbsp;&nbsp; 11280028 | &nbsp;&nbsp; 8219344 |
| Net change in unrealized appreciation (depreciation) | (213949221)<br>| &nbsp;&nbsp; 764314571 | &nbsp;&nbsp; (44674212)<br>| &nbsp;&nbsp; 139775216 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (37422000)<br>| &nbsp;&nbsp; 1030674085 | &nbsp;&nbsp; 10454367 | &nbsp;&nbsp; 220677794 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (167463651)<br>| &nbsp;&nbsp; (301130215)<br>| &nbsp;&nbsp; (43939756)<br>| &nbsp;&nbsp; (70141773)<br>|
| Return of capital |  | &nbsp;&nbsp; (8971630)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2905829)<br>|
| Total distributions to shareholders | (167463651)<br>| &nbsp;&nbsp; (310101845)<br>| &nbsp;&nbsp; (43939756)<br>| &nbsp;&nbsp; (73047602)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 298011880<br>| &nbsp;&nbsp; 476200013<br>| &nbsp;&nbsp; 133299515<br>| &nbsp;&nbsp; 333562849<br>|
| Cost of shares redeemed | (151990885) <br>| &nbsp;&nbsp; (388327513) <br>| &nbsp;&nbsp; (89643023) <br>| &nbsp;&nbsp; (32700393) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 146020995 | &nbsp;&nbsp; 87872500 | &nbsp;&nbsp; 43656492 | &nbsp;&nbsp; 300862456 |
| Total increase (decrease) in net assets | (58864656)<br>| &nbsp;&nbsp; 808444740 | &nbsp;&nbsp; 10171103 | &nbsp;&nbsp; 448492648 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 5680039181 | &nbsp;&nbsp; 4871594441 | &nbsp;&nbsp; 1489789993 | &nbsp;&nbsp; 1041297345 |
| End of period | $5621174525 | &nbsp;&nbsp; $5680039181 | &nbsp;&nbsp; $1499961096 | &nbsp;&nbsp; $1489789993 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 317205000 | &nbsp;&nbsp; 312655000 | &nbsp;&nbsp; 79450002 | &nbsp;&nbsp; 63000002 |
| Shares sold | 16750000 | &nbsp;&nbsp; 27450000 | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp; 18250000 |
| Shares redeemed | (8750000)<br>| &nbsp;&nbsp; (22900000)<br>| &nbsp;&nbsp; (4850000)<br>| &nbsp;&nbsp; (1800000)<br>|
| Shares outstanding, end of period | 325205000 | &nbsp;&nbsp; 317205000 | &nbsp;&nbsp; 81700002 | &nbsp;&nbsp; 79450002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Financial Highlights**

**For a share outstanding throughout each period**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $17.91 | &nbsp;&nbsp;&nbsp;&nbsp; $15.58 | &nbsp;&nbsp;&nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp;&nbsp; $20.45 | &nbsp;&nbsp;&nbsp;&nbsp; $19.23 | &nbsp;&nbsp;&nbsp;&nbsp; $19.89 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br>|
| Net realized and unrealized gain <br> (loss)<br>| (0.61) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.84) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66) <br>|
| Total from investment operations | (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>|
| Total distributions | (0.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>|
| Net asset value, end of period | $17.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.23<br>|
| **Total return** (b) | (0.61)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.65)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $5621175<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5680039<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4871594<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6026696<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7698246<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5422433<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.84<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 5.85<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.24<br> % <br>|
| Portfolio turnover rate (d) | 23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Institutional Preferred Securities and Income ETF (FPEI)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $18.75 | &nbsp;&nbsp;&nbsp;&nbsp; $16.53 | &nbsp;&nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp;&nbsp; $20.52 | &nbsp;&nbsp;&nbsp;&nbsp; $19.36 | &nbsp;&nbsp;&nbsp;&nbsp; $19.85 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>|
| Net realized and unrealized gain (loss) | (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50) <br>|
| Total from investment operations | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>|
| Total distributions | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>|
| Net asset value, end of period | $18.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.36<br>|
| **Total return** (b) | 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.68)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1499961<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1489790<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1041297<br>| &nbsp;&nbsp;&nbsp;&nbsp; $649036<br>| &nbsp;&nbsp;&nbsp;&nbsp; $492418<br>| &nbsp;&nbsp;&nbsp;&nbsp; $284519<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.85<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 5.73<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.22<br> % <br>|
| Portfolio turnover rate (e) | 24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary legal fees. If the legal fees expense was not included, the expense ratio would have been 0.85%.

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

**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 under the Investment Company Act of 1940, as amended (the "1940 Act").

This report covers the two funds (each a "Fund" and collectively, the "Funds") listed below, each a diversified series of the Trust and listed and traded on NYSE Arca, Inc.

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

First Trust Preferred Securities and Income ETF – (ticker "FPE") <br> 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 ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. 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, exchange-traded funds and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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.

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.

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

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

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

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

4)

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

5)

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

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the "1933 Act")) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

1)

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

2)

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

3)

ADR trading of similar securities;

4)

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

5)

foreign currency exchange activity;

6)

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

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

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

10)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

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

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

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

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

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

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income 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 real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Restricted Securities**

Each Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of April 30, 2025, each 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.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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. Each Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Par <br>Amount<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| **FPE**  |  |  |  |  |  |  |
| Dairy Farmers of America, Inc., <br> 7.13%<br>| 09/15/16 - <br> 12/08/21<br>| &nbsp;&nbsp; $10700000 | &nbsp;&nbsp; $95.00 | &nbsp;&nbsp; $10903500 | &nbsp;&nbsp; $10165000 | 0.18<br> %<br>|
| Fortegra Financial Corp., 8.50%, <br> 10/15/57<br>| 10/12/17 - <br> 03/12/18<br>| &nbsp;&nbsp; 13700000 | 97.75 | &nbsp;&nbsp; 13718518 | &nbsp;&nbsp; 13391750 | 0.24 |
| Land O'Lakes Capital Trust I, <br> 7.45%, 03/15/28<br>| 03/20/15 - <br> 05/08/18<br>| &nbsp;&nbsp; 20360000 | 99.81 | &nbsp;&nbsp; 21172317 | &nbsp;&nbsp; 20320298 | 0.36 |
|  |  |  |  | &nbsp;&nbsp; $45794335 | &nbsp;&nbsp; $43877048 | 0.78<br> %<br>|
| **FPEI**  |  |  |  |  |  |  |
| Dairy Farmers of America, Inc., <br> 7.13%<br>| 01/21/21 - <br> 12/08/21<br>| &nbsp;&nbsp; 1200000 | 95.00 | &nbsp;&nbsp; 1222750 | &nbsp;&nbsp; 1140000 | 0.08 |
| Land O'Lakes Capital Trust I, <br> 7.45%, 03/15/28<br>| 05/04/18 - <br> 01/16/24<br>| &nbsp;&nbsp; 1131000 | 99.81 | &nbsp;&nbsp; 1180189 | &nbsp;&nbsp; 1128794 | 0.07 |
|  |  |  |  | &nbsp;&nbsp; $2402939 | &nbsp;&nbsp; $2268794 | 0.15<br> %<br>|

---

**D. Dividends and Distributions to Shareholders**

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Preferred Securities and Income ETF | $301130215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8971630 |
| First Trust Institutional Preferred Securities and Income ETF | 70141773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2905829 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Preferred Securities and Income ETF | $— | &nbsp;&nbsp; $(674921715)<br>| &nbsp;&nbsp; $(151037557)<br>|
| First Trust Institutional Preferred Securities and Income ETF |  | &nbsp;&nbsp; (29606504)<br>| &nbsp;&nbsp; 42724153 |

---

**E. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

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

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

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

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Preferred Securities and Income ETF | $674921715 |
| First Trust Institutional Preferred Securities and Income ETF | 29606504 |

---

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

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Institutional Preferred Securities and Income ETF | $8139285 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Preferred Securities and Income ETF | $5882085860 | &nbsp;&nbsp; $100647061 | &nbsp;&nbsp; $(484246723)<br>| &nbsp;&nbsp; $(383599662)<br>|
| First Trust Institutional Preferred Securities and Income <br> ETF<br>| 1477702663 | &nbsp;&nbsp; 44853729 | &nbsp;&nbsp; (52362095)<br>| &nbsp;&nbsp; (7508366)<br>|

---

**F. Expenses**

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

**G. Segment Reporting**

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

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

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 Fund's assets and will pay Stonebridge for its services as each Fund's sub-advisor. The Sub-Advisor receives a monthly portfolio management fee calculated at an annual rate of 0.425% of the average daily net assets of the Fund less the amount of Fund Expenses owed by the Sub-Advisor. During any period in which the Advisor's management fee is reduced in accordance with the breakpoints described below, the investment sub-advisory fee (which is based on the Advisor's management fee) paid to Stonebridge will be reduced to reflect the reduction in the Advisor's management fee. 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.

The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the schedule below:

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

---

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

---

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

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

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

**4. Purchases and Sales of Securities** 

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

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Preferred Securities and Income ETF | $1378058663 | &nbsp;&nbsp; $1289555552 |
| First Trust Institutional Preferred Securities and Income ETF | 400702234 | &nbsp;&nbsp; 358391954 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Preferred Securities and Income ETF | $18604919 | &nbsp;&nbsp; $6560562 |
| First Trust Institutional Preferred Securities and Income ETF |  | &nbsp;&nbsp; — |

---

**5. Borrowings** 

The Trust, on behalf of FPE, along with First Trust Exchange-Traded Fund IV, First Trust Series Fund and First Trust Variable Insurance Trust, has a $620 million Credit Agreement with BNY as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the credit agreement may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. Prior to February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that FPE accesses the credit line, there would also be an interest fee charged. FPE did not have any borrowings outstanding during the six months ended April 30, 2025.

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

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

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

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**7. Distribution Plan** 

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

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 28, 2026.

**8. Indemnification**

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

**9. Subsequent Events**

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

------

**Other Information**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

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

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

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

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

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

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

Not applicable for the most recent fiscal half year.

------

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

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended April 30, 2025

![](img642cad3b1.gif)

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

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

First Trust Managed Municipal ETF (FMB)<br>

------

**Table of Contents** 

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

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f8580673-0c74-438a-b79a-314279c8027f_SOI-TOC-ScheduleofInvestments-4455_1) | 1 |
| [Statement of Assets and Liabilities](#xx_f8580673-0c74-438a-b79a-314279c8027f_SAL1-TOC-StatementofAssetsandLiabilities-4455_1) | 40 |
| [Statement of Operations](#xx_f8580673-0c74-438a-b79a-314279c8027f_SOP1-TOC-StatementofOperations-4455_1) | 41 |
| [Statements of Changes in Net Assets](#xx_f8580673-0c74-438a-b79a-314279c8027f_SOC1-TOC-StatementofChanges-4455_1) | 42 |
| [Financial Highlights](#xx_f8580673-0c74-438a-b79a-314279c8027f_FIHI-TOC-FinancialHighlights-4455_1) | 43 |
| [Notes to Financial Statements](#xx_f8580673-0c74-438a-b79a-314279c8027f_NTF-TOC-NotestoFinancialStatements-4455_1) | 44 |
| [Other Information](#xx_f8580673-0c74-438a-b79a-314279c8027f_AI-TOC-AdditionalInformation-4455_1) | 52 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

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

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **MUNICIPAL BONDS — 98.8%** | **MUNICIPAL BONDS — 98.8%** | **MUNICIPAL BONDS — 98.8%** | **MUNICIPAL BONDS — 98.8%** | **MUNICIPAL BONDS — 98.8%** |
|  | **Alabama — 4.6%** | **Alabama — 4.6%** | **Alabama — 4.6%** |  |
| $225000 | AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, <br> BAM | 4.00% | 01/01/35 | $223637 |
| 500000 | AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, <br> AGM, AMT | 5.00% | 10/01/25 | 501738 |
| 7695000 | Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, Ser <br> C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 7682233 |
| 10070000 | Black Belt Energy Gas Dist AL Gas Proj Rev Proj No 6, Ser B <br> (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 10053293 |
| 4150000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C (Mandatory <br> put 06/01/32) | 5.50% | 10/01/54 | 4438801 |
| 5300000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29) | 5.25% | 02/01/53 | 5542128 |
| 1250000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory put <br> 12/01/28) | 5.50% | 11/01/53 | 1303418 |
| 3000000 | Black Belt Energy Gas Dist AL Gas Sply Rev, Ser B (Mandatory <br> put 12/01/30) | 5.25% | 12/01/53 | 3183184 |
| 8600000 | Energy SE AL A Cooperative Dist Energy Sply Rev, Ser A-1 <br> (Mandatory put 01/01/31) | 5.50% | 11/01/53 | 9217821 |
| 4500000 | Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B-1 <br> (Mandatory put 11/01/31) | 5.75% | 04/01/54 | 4893384 |
| 400000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, <br>Ser A | 4.00% | 12/01/33 | 387630 |
| 950000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, <br>Ser A | 4.00% | 12/01/34 | 911498 |
| 1500000 | Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking <br> Proj, Ser C | 5.50% | 10/01/49 | 1535260 |
| 450000 | Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth <br> Sys Inc, Ser A | 5.00% | 02/01/36 | 452073 |
| 2225000 | Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM | 5.13% | 08/01/44 | 2310172 |
| 600000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.00% | 10/01/39 | 624050 |
| 3050000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/42 | 3172547 |
| 4000000 | Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put <br> 12/01/25) | 4.00% | 12/01/50 | 4001949 |
| 1000000 | Midcity Impt Dist AL Spl Assmnt Rev | 4.50% | 11/01/42 | 841418 |
| 75000 | Mobile AL Impt Dist Sales Tax Rev Mcgowin Park Proj, Ser A | 5.00% | 08/01/25 | 75074 |
| 1605000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) (b) | 4.00% | 11/01/32 | 1043250 |
| 1765000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) (b) | 4.00% | 11/01/34 | 1147250 |
| 8170000 | SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put <br> 10/01/28) | 4.00% | 11/01/51 | 8124357 |
| 4500000 | SE Energy Auth AL Cmdy Sply Rev Proj #6, Ser B (Mandatory put <br> 06/01/30) | 5.00% | 01/01/54 | 4697625 |
| 1500000 | SE Energy Auth AL Cmdy Sply Rev Var Proj No 3, Ser A-1 <br> (Mandatory put 12/01/29) | 5.50% | 01/01/53 | 1590660 |
| 2920000 | SE Energy Auth Cooperative Dist AL Energy Sply Rev, Ser C <br> (Mandatory put 11/01/32) | 5.00% | 10/01/55 | 3063755 |
| 1650000 | Univ of AL at Birmingham Gen Rev Brd of Trustees, Ser B | 3.00% | 10/01/41 | 1327588 |
| 6000000 | Walker Cnty AL Econ & Indl Dev Auth Sol Wst Disp Rev Var AL <br> Pwr Co Plant Gorgas Proj, AMT (c) | 2.70% | 08/01/63 | 6000000 |
|  |  |  |  | 88345793 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |  |
| $1880000 | AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham <br> Hydroelectric Proj, AMT | 4.00% | 01/01/28 | $1862525 |
|  | **Arizona — 2.1%** | **Arizona — 2.1%** | **Arizona — 2.1%** |  |
| 1345000 | AZ Indl Dev Auth Hosp Rev Phoenix Children's Hosp, Ser A | 5.00% | 02/01/35 | 1415388 |
| 2000000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (d) | 5.00% | 07/01/49 | 1864281 |
| 465000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (d) | 4.00% | 07/15/30 | 455186 |
| 925000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (d) | 4.00% | 07/15/40 | 824022 |
| 175000 | AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red <br> Rock Cmps Proj, Ser A | 5.00% | 07/15/39 | 172439 |
| 450000 | AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Pebble, Ser A (d) | 4.00% | 07/15/30 | 438184 |
| 500000 | AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Sustainable <br> Bonds, Ser A | 4.00% | 07/01/41 | 447006 |
| 375000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (d) | 5.00% | 07/01/37 | 376006 |
| 450000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (d) | 5.00% | 07/01/26 | 451526 |
| 1030000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (d) | 5.00% | 07/01/37 | 1031925 |
| 500000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (d) | 4.00% | 07/15/51 | 393094 |
| 1100000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV <br> Proj, Ser A (d) | 4.00% | 07/15/56 | 839453 |
| 800000 | AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & <br> Skye Canyon Cmps Proj, Ser A (d) | 4.00% | 12/15/51 | 618130 |
| 325000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/41 | 334400 |
| 360000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/42 | 367814 |
| 500000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/43 | 507864 |
| 1165000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Equitable <br> Sch Revolving Fund Sustainable Bonds, Ser A | 5.00% | 11/01/49 | 1150899 |
| 595000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable <br> Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/38 | 561684 |
| 3800000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable <br> Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/46 | 3281156 |
| 2000000 | Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser <br> 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | 2031716 |
| 4000000 | Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth <br> Svcs, Ser A | 5.00% | 11/15/42 | 3970418 |
| 200000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ <br> Projs, Ser C | 5.00% | 07/01/25 | 200369 |
| 435000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/31 | 431669 |
| 450000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/32 | 443587 |
| 985000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/34 | 955453 |
| 500000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty <br> Learning Ctr Proj | 5.00% | 07/01/35 | 500930 |
| 500000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch <br> Proj | 4.00% | 07/01/34 | 485002 |
| 1000000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (d) | 5.00% | 07/01/39 | 1004712 |
| 2100000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs <br> Proj Auth, Ser B (d) | 5.00% | 07/01/49 | 1982618 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |  |
| $200000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs <br> Paragon Mgmt Inc (d) | 4.00% | 07/01/26 | $198711 |
| 1475000 | Maricopa Cnty AZ Indl Dev Auth Ref Banner Hlth Oblig Grp, <br>Ser A | 4.00% | 01/01/38 | 1412810 |
| 175000 | Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs <br> Projs, Ser A (d) | 4.00% | 07/01/26 | 175084 |
| 3655000 | Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (d) | 5.00% | 07/01/35 | 3656351 |
| 2500000 | Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC <br> Proj, Ser A (d) | 4.00% | 12/01/41 | 1926160 |
| 300000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/32 | 304577 |
| 300000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/33 | 303498 |
| 300000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/34 | 302666 |
| 850000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/35 | 854815 |
| 700000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/44 | 673297 |
| 200000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix <br> Stdt Hsg LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/26 | 201745 |
| 1000000 | Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe <br> Proj, Ser A | 4.00% | 12/01/38 | 915941 |
| 2150000 | Yuma AZ Indl Dev Auth Hosp Rev Ref Yuma Regl Med Ctr, Ser A | 5.25% | 08/01/49 | 2216107 |
|  |  |  |  | 40678693 |
|  | **California — 6.1%** | **California — 6.1%** | **California — 6.1%** |  |
| 1245000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1305979 |
| 2000000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 1996431 |
| 2000000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 04/01/32) | 5.00% | 05/01/54 | 2102719 |
| 2400000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2374062 |
| 3000000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 3112737 |
| 250000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref <br> Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/36 | 246426 |
| 600000 | CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs <br> Proj, Ser C (d) | 4.50% | 07/01/26 | 601401 |
| 2000000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (d) | 5.00% | 07/01/43 | 1987600 |
| 455000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (d) | 4.00% | 07/01/26 | 453344 |
| 800000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (d) | 5.00% | 07/01/32 | 806091 |
| 655000 | CA Sch Fin Auth Sch Fac Rev, Ser A (d) | 5.00% | 07/01/40 | 655678 |
| 225000 | CA St Enterprise Dev Auth Lease Rev Riverside Cnty Library Fac <br> Proj | 4.00% | 11/01/37 | 225502 |
| 2000000 | CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly <br> Wellness Vlg Proj, Ser A | 5.00% | 11/01/44 | 2138955 |
| 600000 | CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A | 5.00% | 11/15/33 | 622641 |
| 445000 | CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch <br> Proj (a) | 5.38% | 07/01/34 | 445297 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $300000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj (d) | 4.00% | 07/01/26 | $298437 |
| 500000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (d) | 5.00% | 07/01/38 | 500145 |
| 1000000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS | 5.25% | 11/01/35 | 1050651 |
| 200000 | CA St Muni Fin Auth Rev Channing House Proj, Ser B | 5.00% | 05/15/37 | 203637 |
| 600000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | 600053 |
| 1000000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 984302 |
| 680000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A | 5.00% | 11/15/27 | 713674 |
| 750000 | CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc Proj <br> Remk, Ser A, AMT (Mandatory put 06/02/25) | 3.75% | 11/01/46 | 749763 |
| 2750000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 2662887 |
| 1000000 | CA St Muni Fin Auth Stdt Hsg Rev Sustainable Bond Orchard Park <br> Stdt Hsg Proj, BAM | 4.00% | 05/15/40 | 974548 |
| 1000000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt <br> Inc, Ser A1, AMT | 3.38% | 07/01/25 | 998701 |
| 1000000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs <br> Inc Proj Remk, AMT (Mandatory put 08/15/25) (d) | 3.70% | 07/01/43 | 996592 |
| 5990000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (d) | 5.00% | 07/01/37 | 5990235 |
| 1000000 | CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B | 4.00% | 05/01/37 | 998409 |
| 4015000 | CA St Ref, AGM | 5.25% | 08/01/32 | 4491752 |
| 500000 | CA St Ref, Ser C | 5.00% | 09/01/32 | 502358 |
| 350000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (d) | 5.00% | 12/01/30 | 354328 |
| 450000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, <br>Ser A (d) | 5.00% | 12/01/33 | 454242 |
| 500000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (d) | 5.00% | 11/01/32 | 505235 |
| 100000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/30 | 102264 |
| 195000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & <br> Svcs, Ser A | 5.00% | 04/01/31 | 199319 |
| 2000000 | Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put <br> 08/01/35) | 5.00% | 12/01/55 | 2113717 |
| 370000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/30 | 383120 |
| 300000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/38 | 323006 |
| 250000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/39 | 268204 |
| 1000000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link <br> Glendale Sustainable Bonds, Ser A-2 (d) | 4.00% | 07/01/56 | 752590 |
| 1000000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay <br> Sustainable Bonds, Ser A-2 (d) | 4.00% | 07/01/56 | 768068 |
| 1000000 | Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1 <br> Laguna Ridge | 5.00% | 09/01/44 | 1027778 |
| 155000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No <br> 19 Mangini | 4.00% | 09/01/25 | 155064 |
| 165000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/39 | 156721 |
| 170000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/40 | 159566 |
| 175000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs <br> Ranch | 4.00% | 09/01/41 | 161877 |
| 1000000 | Fontana CA Spl Tax Cmnty Facs Dt #109 | 5.00% | 09/01/44 | 1020176 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $250000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/27 | $251449 |
| 265000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/28 | 266525 |
| 280000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/29 | 281109 |
| 535000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/36 | 517132 |
| 1360000 | Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation <br> Ref Sub, AGM | 5.00% | 09/01/32 | 1366767 |
| 2000000 | Irvine CA Facs Fing Auth Lease Rev Gateway Preserve Land Acq <br> Proj, Ser A | 5.25% | 05/01/43 | 2012199 |
| 175000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/31 | 185023 |
| 365000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/32 | 384949 |
| 125000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/34 | 131064 |
| 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/40 | 1096364 |
| 825000 | Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Impt Area #1 Mountain House Sch Facs | 5.00% | 09/01/42 | 830648 |
| 1045000 | Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist <br> #2014-1 Mountain House Sch Facs | 4.00% | 09/01/49 | 904483 |
| 2620000 | Long Beach CA Unif Sch Dist Ref | 4.00% | 08/01/31 | 2635264 |
| 190000 | Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord <br> Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | 205599 |
| 4000000 | Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser <br> A, AMT | 5.00% | 05/15/39 | 4098292 |
| 1340000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Priv <br> Activity, Ser H, AMT | 5.00% | 05/15/41 | 1360839 |
| 1500000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable <br> Bond Priv Activity, Ser G, AMT | 5.00% | 05/15/34 | 1577603 |
| 1500000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable <br> Bond Priv Activity, Ser G, AMT | 5.50% | 05/15/35 | 1630615 |
| 2000000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl <br> Arpt, Ser F, AMT | 5.00% | 05/15/36 | 2049142 |
| 2000000 | Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref <br> Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 2095543 |
| 3645000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/31 | 3882262 |
| 3000000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord <br> Ref, Ser D, AMT | 5.00% | 05/15/36 | 3113378 |
| 100000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 103121 |
| 325000 | Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A | 5.00% | 09/01/28 | 326970 |
| 175000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/30 | 182678 |
| 150000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/31 | 156509 |
| 145000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/32 | 151168 |
| 165000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/33 | 171304 |
| 110000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline <br> 208 | 5.00% | 09/01/26 | 112586 |
| 200000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 <br> Cmnty Fac Dt #2018-1 | 4.00% | 09/01/50 | 168896 |
| 500000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-<br> 1, Ser A | 5.00% | 09/01/43 | 501472 |
| 500000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 <br> Phase 2 Pub Impts | 4.00% | 09/01/33 | 488575 |
| 215000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II <br> Spl Tax | 4.00% | 09/01/27 | 216246 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $225000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II <br> Spl Tax | 4.00% | 09/01/28 | $226365 |
| 315000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/39 | 326321 |
| 480000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/44 | 488834 |
| 110000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/30 | 114797 |
| 100000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/31 | 104177 |
| 350000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt <br>No 1 | 4.00% | 09/01/37 | 339061 |
| 640000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt <br>No 1 | 4.00% | 09/01/46 | 566743 |
| 205000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/32 | 204289 |
| 310000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/41 | 283759 |
| 520000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/46 | 463018 |
| 710000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/51 | 605141 |
| 260000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/30 | 262923 |
| 220000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/31 | 222089 |
| 315000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/32 | 317026 |
| 515000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/33 | 515005 |
| 615000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 <br> Impt Area #1 | 4.00% | 09/01/35 | 604625 |
| 500000 | Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr <br> Complex, Ser C | 5.00% | 06/01/35 | 516548 |
| 1435000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser <br> B, AMT | 5.25% | 07/01/35 | 1568623 |
| 2000000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/46 | 2005325 |
| 1000000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev <br> Ref, Ser A, AMT | 5.00% | 05/01/34 | 1047087 |
| 7000000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT | 5.00% | 05/01/39 | 7120128 |
| 2000000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, <br> AMT | 5.00% | 05/01/40 | 2027444 |
| 700000 | San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock <br> Fac and Svcs, Ser A (d) | 4.00% | 09/01/41 | 630402 |
| 185000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/29 | 184564 |
| 145000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/30 | 144068 |
| 335000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/31 | 331830 |
| 245000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/32 | 241248 |
| 300000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/33 | 293350 |
| 525000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/42 | 462690 |
| 280000 | San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref <br> Mission Bay N Redev Proj, Ser A | 5.00% | 08/01/35 | 283648 |
| 800000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/36 | 780266 |
| 2110000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/40 | 2316091 |
| 1665000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital <br> Projs Ref, Ser A | 5.25% | 11/15/41 | 1812788 |
| 1000000 | Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM | 5.00% | 09/01/43 | 1045829 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **California (Continued)** | **California (Continued)** | **California (Continued)** |  |
| $1000000 | Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr <br> Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A | 4.00% | 06/01/37 | $971329 |
| 1000000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/34 | 1036379 |
| 1500000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San <br> Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/35 | 1550137 |
| 300000 | Vacaville CA Unif Sch Dist, Ser D | 4.00% | 08/01/35 | 302312 |
| 1050000 | Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, <br> BAM | 5.00% | 09/01/46 | 1068683 |
|  |  |  |  | 117536998 |
|  | **Colorado — 5.8%** | **Colorado — 5.8%** | **Colorado — 5.8%** |  |
| 5000000 | Adams & Weld Cntys Co Sch Dist #27J Brighton | 5.00% | 12/01/40 | 5019800 |
| 1640000 | Adams Cnty CO, COPS | 5.00% | 12/01/41 | 1757230 |
| 880000 | Adams Cnty CO Sch Dist #14 | 5.50% | 12/01/38 | 997983 |
| 1120000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 981851 |
| 1000000 | Bennett Ranch Met Dist #1 Co, Ser A (a) | 5.00% | 12/01/51 | 827387 |
| 1340000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/50 | 1214240 |
| 455000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/25 | 459080 |
| 250000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/26 | 256792 |
| 150000 | Canyons Met Dist #5 CO Ref, Ser A, BAM | 5.00% | 12/01/44 | 152317 |
| 750000 | Cascade Ridge Met Dist CO | 5.00% | 12/01/51 | 604869 |
| 1010000 | Cathedral Pines CO Met Dist Ref | 5.00% | 12/01/37 | 1012644 |
| 880000 | Centrl Weld Cnty CO Wtr Dist Rev, AGM | 4.00% | 12/01/38 | 866359 |
| 4000000 | Cherry Creek CO Sch Dist #5 | 5.25% | 12/15/44 | 4303441 |
| 495000 | CO Springs CO Pikes Peak Americas Mountain Enterprise Pikes <br> Peak | 5.00% | 12/01/25 | 499296 |
| 450000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/41 | 473499 |
| 500000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.00% | 12/15/42 | 523902 |
| 1000000 | CO Springs CO Sch Dist #11, BAM, COPS | 5.25% | 12/15/48 | 1045156 |
| 1920000 | CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland <br> Classical Schs Proj (d) | 5.00% | 07/01/36 | 1925881 |
| 660000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (d) | 5.00% | 12/15/28 | 662723 |
| 2245000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (d) | 5.00% | 12/15/35 | 2248004 |
| 4000000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch <br> Univ Lab Bldg Corp (d) | 5.00% | 12/15/45 | 3818598 |
| 4215000 | CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A | 4.00% | 11/15/38 | 4097936 |
| 1245000 | CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods <br> Proj | 5.00% | 01/01/31 | 1248373 |
| 505000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A | 5.00% | 12/01/39 | 528576 |
| 250000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/35 | 258388 |
| 4630000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/39 | 4327996 |
| 1500000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | 1557253 |
| 3025000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 3002234 |
| 1750000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 4.00% | 08/01/49 | 1513238 |
| 1000000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.00% | 12/01/35 | 1076752 |
| 1000000 | CO St Hlth Facs Auth Rev Ref Covenant Living Cmntys and Svcs | 5.13% | 12/01/45 | 1019628 |
| 300000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.00% | 05/15/25 | 299954 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |  |
| $350000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty <br> Proj, Ser A | 5.00% | 05/15/26 | $350865 |
| 1580000 | CO St Hlth Facs Auth Rev Ref Intermountain Hlth, Ser A | 5.00% | 05/15/44 | 1633801 |
| 1800000 | CO St Hlth Facs Auth Rev Ref Intermountain Hlth, Ser A | 5.00% | 05/15/45 | 1858307 |
| 7580000 | CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B | 4.00% | 01/01/40 | 7140316 |
| 325773 | CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada <br> Proj, Ser A (a) (b) | 5.25% | 11/01/32 | 4887 |
| 500000 | CO St Hlth Sciences Fac, Ser A, COPS | 5.00% | 11/01/44 | 526693 |
| 180000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/32 | 184094 |
| 5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/32 | 5139410 |
| 5000000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 5113989 |
| 750000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.25% | 11/15/36 | 809619 |
| 500000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.50% | 11/15/41 | 533638 |
| 900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50% | 11/15/33 | 1007361 |
| 1300000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/41 | 1416724 |
| 1500000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.50% | 11/15/42 | 1601498 |
| 2000000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/47 | 2008400 |
| 1787000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B | 6.00% | 12/01/48 | 1800550 |
| 3750000 | E-470 CO Pub Hwy Auth Sr Ref, Ser A | 5.00% | 09/01/40 | 4020180 |
| 250000 | Eagle Cnty CO, COPS | 5.25% | 12/01/39 | 274639 |
| 1000000 | Eagle Cnty CO, COPS | 5.25% | 12/01/44 | 1063490 |
| 350000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/41 | 382291 |
| 385000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/42 | 416584 |
| 375000 | El Paso Cnty CO Sch Dist #20 | 5.25% | 12/15/43 | 403058 |
| 2000000 | Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr <br> Bonds, Ser A (d) | 5.00% | 12/01/51 | 1766467 |
| 225000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/38 | 219684 |
| 1000000 | Jefferson Ctr CO Met Dist #1 Spl Rev, Ser A-2 | 4.38% | 12/01/47 | 866491 |
| 170000 | Lorson Ranch Met Dist #2 CO | 5.00% | 12/01/27 | 172441 |
| 1700000 | Nexus N at Dia Met Dist CO | 5.00% | 12/01/51 | 1446963 |
| 150000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/31 | 151060 |
| 150000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/34 | 150921 |
| 155000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax <br> Supported, Ser A | 5.00% | 12/01/35 | 155863 |
| 2950000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM | 4.00% | 12/01/34 | 2906682 |
| 420000 | Park Creek CO Met Dist Rev Sr, Ser A | 5.00% | 12/01/30 | 437697 |
| 1300000 | Park Creek Met Dist CO Ltd Property Tax Supported Rev Sr, Ser <br> A, AGM | 5.00% | 12/01/43 | 1340710 |
| 920000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/40 | 860279 |
| 1195000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/50 | 1050802 |
| 500000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (d) | 4.13% | 12/15/27 | 496766 |
| 2500000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, <br>Ser A (d) | 5.00% | 12/15/41 | 2402896 |
| 500000 | Ravenna CO Met Dist Ref, AGM | 5.00% | 12/01/38 | 523414 |
| 1000000 | Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A | 6.38% | 12/01/42 | 1021925 |
| 250000 | Sand Creek CO Met Dist, AGM | 5.00% | 12/01/36 | 265984 |
| 300000 | Sand Creek CO Met Dist, AGM | 5.00% | 12/01/37 | 317482 |
| 300000 | Sand Creek CO Met Dist, AGM | 5.00% | 12/01/38 | 317031 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |  |
| $1650000 | Silverthorne CO, COPS | 5.00% | 12/01/44 | $1728086 |
| 175000 | Sterling Hills CO W Met Dist Ref | 5.00% | 12/01/32 | 180274 |
| 800000 | Sterling Ranch Cmnty Auth Brd CO Spl Assmnt Rev Spl Impt Dist <br> No 1 | 5.63% | 12/01/43 | 799371 |
| 1800000 | Takoda CO Met Dist Ref | 6.00% | 12/01/36 | 1882354 |
| 500000 | Telluride CO, COPS | 5.00% | 12/01/43 | 518799 |
| 825000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 (a) | 4.50% | 12/01/37 | 700484 |
| 825000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 (a) | 4.50% | 12/01/42 | 646287 |
| 1400000 | Thompson Crossing Met Dist #4 CO Ref | 5.00% | 12/01/39 | 1360004 |
| 625000 | Trails at Crowfoot Met Dist #3 Co Ref, Ser A, AGC | 5.00% | 12/01/39 | 656487 |
| 1035000 | Univ of CO CO Enterprise Sys Rev Ref, Ser B | 5.00% | 06/01/42 | 1110033 |
|  |  |  |  | 112725511 |
|  | **Connecticut — 2.5%** | **Connecticut — 2.5%** | **Connecticut — 2.5%** |  |
| 2000000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00% | 12/01/40 | 1924422 |
| 445000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/34 | 465795 |
| 4700000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 4.00% | 07/01/37 | 4564494 |
| 5130000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R | 4.00% | 07/01/42 | 4817576 |
| 200000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 4.00% | 07/01/33 | 200092 |
| 5490000 | CT St Spl Tax Oblig Rev, Ser A | 5.00% | 05/01/41 | 5738378 |
| 1680000 | CT St Spl Tax Oblig Rev, Ser A | 5.25% | 07/01/43 | 1808831 |
| 5000000 | CT St, Ser A | 4.00% | 01/15/37 | 5001831 |
| 500000 | CT St, Ser A (e) | 5.00% | 03/15/37 | 554760 |
| 5145000 | CT St, Ser A | 4.00% | 04/15/37 | 5138595 |
| 5695000 | CT St, Ser A | 4.00% | 01/15/38 | 5678743 |
| 500000 | CT St, Ser A (e) | 5.00% | 03/15/38 | 550570 |
| 965000 | CT St, Ser A | 3.00% | 01/15/39 | 817320 |
| 4000000 | CT St, Ser B | 5.00% | 06/15/25 | 4007562 |
| 625000 | Hamden CT, BAM | 6.00% | 08/15/33 | 672989 |
| 500000 | Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point <br> Proj Ltd (d) | 5.00% | 04/01/39 | 500618 |
| 1750000 | Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A | 6.00% | 10/01/40 | 1774929 |
| 4000000 | Univ of CT CT, Ser A | 5.00% | 02/15/39 | 4181527 |
|  |  |  |  | 48399032 |
|  | **Delaware — 0.7%** | **Delaware — 0.7%** | **Delaware — 0.7%** |  |
| 3025000 | DE St Econ Dev Auth Retmnt Cmntys Rev Acts Retmnt Life <br> Cmntys Inc, Ser B | 5.00% | 11/15/43 | 3035293 |
| 325000 | DE St Hlth Facs Auth Rev Beebe Med Ctr | 5.00% | 06/01/26 | 329195 |
| 4335000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig <br> Grp, Ser A | 5.00% | 10/01/35 | 4546277 |
| 3000000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig <br> Grp, Ser A | 5.00% | 10/01/38 | 3110640 |
| 1619000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (d) | 5.00% | 07/01/28 | 1620319 |
|  |  |  |  | 12641724 |
|  | **District of Columbia — 0.8%** | **District of Columbia — 0.8%** | **District of Columbia — 0.8%** |  |
| 2500000 | Dist of Columbia, Ser D | 5.00% | 06/01/42 | 2513645 |
| 2000000 | Met WA DC Arpts Auth Arpt Sys Rev Ref Arpt Sys Rev, Ser A, <br> AMT | 5.00% | 10/01/32 | 2085040 |
| 3175000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/33 | 3321091 |
| 700000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/42 | 729008 |
| 1850000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/45 | 1906268 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |  |
| $1750000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/46 | $1796845 |
| 3250000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/48 | 3310844 |
|  |  |  |  | 15662741 |
|  | **Florida — 7.7%** | **Florida — 7.7%** | **Florida — 7.7%** |  |
| 130000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 2.88% | 05/01/25 | 130000 |
| 1000000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 3.63% | 05/01/40 | 825372 |
| 545000 | Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at the <br> Univ of FL Inc Proj | 4.00% | 10/01/40 | 479876 |
| 2945000 | Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & <br> Clinics Inc, Ser B-1 | 5.00% | 12/01/37 | 3029902 |
| 1665000 | Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Phase 4 <br> Master Impt Proj (d) | 4.50% | 05/01/33 | 1667158 |
| 1000000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AGM | 5.25% | 05/01/44 | 1026747 |
| 955000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/41 | 792902 |
| 100000 | Bexley CDD FL Spl Assmnt Rev | 4.10% | 05/01/26 | 99865 |
| 2725000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00% | 10/01/38 | 2763230 |
| 1450000 | Broward Cnty FL Convention Ctr Hotel Rev First Tier | 5.00% | 01/01/32 | 1593644 |
| 1000000 | Buckhead Trails CDD FL Spl Assmnt | 5.60% | 05/01/44 | 977224 |
| 1500000 | Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country <br> Utils Proj (d) | 5.00% | 10/01/34 | 1515515 |
| 1670000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 1674139 |
| 500000 | Collier Cnty FL Indl Dev Auth NCH Hlthcare Sys Projs, Ser A, <br> AGM | 5.00% | 10/01/40 | 527865 |
| 800000 | Collier Cnty FL Indl Dev Auth NCH Hlthcare Sys Projs, Ser A, <br> AGM | 5.00% | 10/01/42 | 835007 |
| 280000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj | 3.88% | 05/01/27 | 278014 |
| 1000000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 4.50% | 05/01/52 | 891412 |
| 925000 | Cypress Mill CDD FL Spl Assmnt CDD Assmnt Area Two Proj | 4.00% | 06/15/40 | 823489 |
| 215000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 2.50% | 05/01/26 | 211438 |
| 1000000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 802490 |
| 85000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 2.50% | 05/01/26 | 83470 |
| 710000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (d) | 5.00% | 11/01/29 | 719167 |
| 1780000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (d) | 5.50% | 11/01/39 | 1810925 |
| 800000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 3.40% | 11/01/41 | 630997 |
| 1250000 | Fallschase Cmnty Dev Dist FL Spl Assmnt | 3.38% | 05/01/41 | 1002994 |
| 1060000 | FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser <br> A | 5.00% | 08/01/42 | 1079752 |
| 155000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/29 | 154805 |
| 450000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy <br> Projs, Ser A | 4.00% | 07/01/45 | 380224 |
| 1000000 | Fort Pierce FL Utils Auth Ref, Ser A, AGM | 5.00% | 10/01/35 | 1070477 |
| 1000000 | Gir E CDD FL Capital Impt Rev Assmnt Area One | 5.30% | 05/01/45 | 956548 |
| 2000000 | Halifax FL Hosp Med Ctr Ref | 5.00% | 06/01/36 | 2006107 |
| 50000 | Harmony FL CDD Capital Impt Rev Ref, Ser 2015 | 4.75% | 05/01/25 | 50000 |
| 365000 | Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser <br> A-1, AGM | 5.00% | 05/01/25 | 365000 |
| 1500000 | Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser C | 5.00% | 11/15/43 | 1564483 |
| 2000000 | Hillsborough Cnty FL Indl Dev Auth Hlth Sys Rev Ref Baycare <br> Hlth Sys, Ser C | 5.25% | 11/15/49 | 2095181 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $3000000 | Hillsborough Cnty FL Sol Wst & Res Recovery Rev Ref, Ser B | 5.00% | 09/01/43 | $3154695 |
| 2710000 | Hyde Park CDD #1 FL Spl Assmnt | 4.00% | 05/01/42 | 2328250 |
| 1825000 | JEA FL Elec Sys Rev Ref Sub, Ser III B | 5.00% | 10/01/31 | 1888544 |
| 1000000 | Lakeland FL Energy Sys Rev Ref | 5.00% | 10/01/42 | 1047042 |
| 2000000 | Lakeland FL Hosp Sys Rev Ref Lakeland Regl Hlth Sys | 5.00% | 11/15/42 | 2064000 |
| 1000000 | Lakeland FL Hosp Sys Rev Ref Lakeland Regl Hlth Sys | 5.00% | 11/15/43 | 1025257 |
| 1500000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, <br> AGM | 5.25% | 10/01/48 | 1557374 |
| 1500000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/41 | 1580760 |
| 1500000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/42 | 1567483 |
| 1000000 | Lee Cnty FL Arpt Rev, AMT | 5.25% | 10/01/44 | 1032257 |
| 3500000 | Lee Cnty FL Indl Dev Auth Hlthcare Facs Rev Shell Point, Ser C | 5.00% | 11/15/44 | 3480685 |
| 4225000 | Lee Cnty FL Indl Dev Auth Hosp Rev Exchange Ref Lee Hlth <br> Sys, Ser 2019 A-1 | 5.00% | 04/01/44 | 4207511 |
| 300000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/40 | 310944 |
| 1250000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/41 | 1286141 |
| 1085000 | Liberty Cove CDD FL Spl Assmnt Rev Assmnt Area One Proj | 5.38% | 05/01/44 | 1038414 |
| 210000 | Miami World Ctr CDD FL Spl Assmnt | 4.75% | 11/01/27 | 212705 |
| 2000000 | Miami World Ctr CDD FL Spl Assmnt | 5.13% | 11/01/39 | 2021548 |
| 3000000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/35 | 3177703 |
| 1000000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A | 4.00% | 10/01/36 | 996891 |
| 2575000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/38 | 2576217 |
| 2625000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser B, AMT | 5.00% | 10/01/40 | 2637312 |
| 1650000 | Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.25% | 04/01/47 | 1700049 |
| 1155000 | Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser A | 5.25% | 04/01/48 | 1187895 |
| 1790000 | Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ of <br> Miami, Ser B | 5.25% | 04/01/43 | 1872325 |
| 550000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/32 | 556864 |
| 1210000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/37 | 1212327 |
| 2000000 | Miami-Dade Cnty FL Indl Dev Auth Sol Wst Disp Rev Var Ref <br> Wst Mgmt Inc Proj Remk, Ser A, AMT (Mandatory put <br> 07/01/25) | 4.50% | 11/01/33 | 2000138 |
| 2000000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/42 | 2016354 |
| 1610000 | N Miami Beach FL Spl Oblig Parks Proj | 5.00% | 11/01/44 | 1676826 |
| 715000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/30 | 704931 |
| 1375000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 1304351 |
| 1500000 | N River Ranch CDD FL Capital Impt Rev Phase 1 Proj, Ser A-1 | 4.25% | 05/01/51 | 1270439 |
| 780000 | N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr <br> Conservation Auth Proj, AGM | 4.00% | 10/01/41 | 760589 |
| 355000 | Nthrn Palm Beach Cnty FL Impt Dist | 5.00% | 08/01/37 | 356895 |
| 145000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/36 | 154669 |
| 500000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/37 | 530034 |
| 1500000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/41 | 1550476 |
| 2000000 | Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/44 | 2041549 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $1750000 | Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig Grp, <br>Ser A | 5.00% | 10/01/45 | $1779569 |
| 2000000 | Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Oblig <br> Grp, Ser A | 5.00% | 10/01/46 | 2029889 |
| 1015000 | Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp, Ser B | 5.00% | 11/15/42 | 1026000 |
| 685000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj | 5.00% | 11/01/33 | 735794 |
| 1880000 | Pasco Cnty FL Sch Brd, Ser C, AGM, COPS | 5.00% | 08/01/34 | 2008722 |
| 4250000 | Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary <br> Phosphate Tailings Recovery Proj (b) (f) | 5.88% | 01/01/33 | 2465000 |
| 605000 | Pompano Beach FL Rev John Knox Vlg Proj, Ser A | 4.00% | 09/01/41 | 539521 |
| 2290000 | Putnam Cnty FL Dev Auth Ref Seminole Proj, Ser A | 5.00% | 03/15/42 | 2301949 |
| 815000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.50% | 05/01/40 | 782273 |
| 500000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | 508182 |
| 215000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area | 3.25% | 05/01/27 | 210723 |
| 105000 | Rivington CDD FL Spl Assmnt Rev Assmnt Area | 2.88% | 05/01/25 | 105000 |
| 2000000 | S Broward FL Hosp Dist Ref | 4.00% | 05/01/33 | 2003206 |
| 205000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/31 | 191753 |
| 500000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/36 | 440963 |
| 1175000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar's <br> Landing Proj, Ser A | 4.00% | 12/15/41 | 964913 |
| 1500000 | Saint Johns Cnty FL Sch Brd, Ser A, AGM, COPS | 5.25% | 07/01/46 | 1593398 |
| 335000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (d) | 4.13% | 06/15/39 | 302060 |
| 3000000 | Sarasota Cnty FL Pub Hosp Dist Sarasota Memorial Hosp Dt | 5.00% | 07/01/41 | 3032336 |
| 500000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50% | 05/01/31 | 493034 |
| 1745000 | Sarasota Natl FL CDD Spl Assmnt Ref | 4.00% | 05/01/39 | 1692831 |
| 1615000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.13% | 05/01/41 | 1426253 |
| 3635000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.25% | 05/01/53 | 3013351 |
| 2050000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (d) | 5.00% | 03/01/30 | 2052223 |
| 2730000 | Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two A Proj | 5.13% | 11/01/34 | 2856655 |
| 1245000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 4.00% | 05/01/50 | 1001566 |
| 120000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/31 | 127359 |
| 200000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/32 | 211215 |
| 250000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/33 | 262500 |
| 250000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/34 | 261743 |
| 400000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/38 | 384144 |
| 300000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/39 | 283738 |
| 230000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A | 5.00% | 04/01/34 | 241119 |
| 620000 | Tern Bay CDD FL Spl Assmnt | 3.13% | 06/15/27 | 604492 |
| 2850000 | Tern Bay CDD FL Spl Assmnt | 4.00% | 06/15/42 | 2475825 |
| 665000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | 660966 |
| 775000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM | 3.00% | 05/01/26 | 769656 |
| 825000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM | 3.00% | 05/01/28 | 811266 |
| 635000 | Trout Creek CDD FL Capital Impt Rev | 4.00% | 05/01/40 | 564799 |
| 750000 | Two Lakes CDD FL Spl Assmnt | 5.00% | 05/01/44 | 755447 |
| 750000 | Two Rivers W CDD FL Spl Assmnt Proj, Ser 2024 | 5.63% | 05/01/44 | 750295 |
| 1750000 | Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E <br> Proj | 5.13% | 05/01/44 | 1736492 |
| 1000000 | Villamar CDD FL Spl Assmnt Area Six Proj | 5.50% | 05/01/44 | 1004269 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |  |
| $70000 | Vlg FL CDD #6 Spl Assmnt Rev Ref | 4.00% | 05/01/25 | $70000 |
| 500000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A | 4.00% | 10/15/36 | 501382 |
| 500000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A | 4.00% | 10/15/37 | 498028 |
| 850000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/41 | 877830 |
| 1315000 | Volusia Cnty FL Eductnl Fac Auth Stetson Univ Inc Proj | 5.25% | 06/01/42 | 1352835 |
| 835000 | Westside FL CDD Spl Assmnt Rev Ref (d) | 4.10% | 05/01/37 | 776595 |
| 1105000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38% | 05/01/43 | 1101574 |
| 775000 | Yarborough Lane CDD FL Spl Assmnt Proj, Ser 2024 | 5.35% | 05/01/44 | 747307 |
|  |  |  |  | 148391903 |
|  | **Georgia — 4.0%** | **Georgia — 4.0%** | **Georgia — 4.0%** |  |
| 8980000 | Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, Ser <br> D, AMT | 4.00% | 07/01/37 | 8649657 |
| 1000000 | Atlanta GA Arpt Rev Ref, Ser C, AMT | 4.00% | 07/01/39 | 949815 |
| 3000000 | Atlanta GA Arpt Rev, Ser A | 5.00% | 07/01/42 | 3144397 |
| 2400000 | Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev Var GA Pwr <br> Co Plt Bowen Proj, AMT (c) | 2.70% | 11/01/62 | 2400000 |
| 1000000 | Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev Var GA Pwr <br> Co Plt Bowen Proj, AMT (c) | 2.75% | 11/01/62 | 1000000 |
| 3500000 | Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj <br> Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 3546207 |
| 1300000 | Brookhaven Dev Auth GA Children's Hlthcare of Atlanta, Ser A | 5.00% | 07/01/35 | 1367387 |
| 2000000 | Burke Cnty GA Dev Auth Poll Control Rev Adjustable GA Pwr Co <br> Plant Vogtle Proj Remk (c) | 2.70% | 11/01/52 | 2000000 |
| 1000000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 2nd Ser (Mandatory put 03/12/27) | 3.38% | 11/01/48 | 993862 |
| 875000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 5th Ser (Mandatory put 06/13/28) | 3.70% | 10/01/32 | 881230 |
| 1400000 | Carroll City Cnty GA Hosp Auth Ref Tanner Med Ctr Inc Proj, <br> RANS | 5.00% | 07/01/41 | 1494163 |
| 1000000 | Carroll City Cnty GA Hosp Auth Ref Tanner Med Ctr Inc Proj, <br> RANS | 5.00% | 07/01/42 | 1059307 |
| 600000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/31 | 652743 |
| 250000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/36 | 271973 |
| 250000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/37 | 270705 |
| 250000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth <br> Sys Inc Proj, Ser B | 5.00% | 04/01/38 | 269170 |
| 625000 | De Kalb GA Priv Hosp Auth Children's Hlthcare of Atlanta, Ser B | 4.00% | 07/01/37 | 616595 |
| 350000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/35 | 349238 |
| 400000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/36 | 397887 |
| 2775000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref <br> Lenbrook Sq Fdtn Inc | 5.00% | 07/01/31 | 2788772 |
| 750000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC <br> Projs | 5.00% | 06/15/34 | 786723 |
| 890000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC <br> Projs | 5.00% | 06/15/35 | 930965 |
| 2525000 | GA St Hsg & Fin Auth Rev Sf Mtge, Ser C | 3.25% | 12/01/33 | 2339948 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |  |
| $40000 | Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc <br> Proj, Ser A | 5.00% | 02/15/26 | $40518 |
| 250000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First <br> Tier, Ser A | 4.00% | 01/01/36 | 247187 |
| 1000000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First <br> Tier, Ser A | 4.00% | 01/01/54 | 834673 |
| 3625000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/27) | 4.00% | 07/01/52 | 3623445 |
| 14500000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29) | 4.00% | 09/01/52 | 14381338 |
| 2500000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 06/01/30) | 5.00% | 06/01/53 | 2587424 |
| 1700000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 09/01/31) | 5.00% | 05/01/54 | 1788602 |
| 2795000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser B (Mandatory put <br> 03/01/30) | 5.00% | 07/01/53 | 2914399 |
| 2000000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 04/01/31) | 5.00% | 04/01/54 | 2101488 |
| 2265000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put <br> 12/01/30) | 5.00% | 05/01/54 | 2349958 |
| 2500000 | Monroe Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Scherer Proj 2nd Ser Remk (Mandatory put 03/06/26) | 3.88% | 12/01/41 | 2507314 |
| 600000 | Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj J Bonds, Ser A, <br> AGM | 5.00% | 07/01/38 | 642687 |
| 800000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/42 | 835172 |
| 750000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.00% | 01/01/43 | 778696 |
| 1815000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A, BAM | 5.00% | 01/01/45 | 1866626 |
| 1750000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A | 5.25% | 01/01/49 | 1841045 |
| 680000 | Paulding Cnty GA Hosp Auth Ref Antic Ctfs Wellstar Hlth Sys <br> Inc, Ser A | 5.00% | 04/01/43 | 694490 |
| 275000 | Priv Clgs & Univs Auth GA Ref Mercer Univ Proj | 5.00% | 10/01/29 | 291712 |
|  |  |  |  | 77487518 |
|  | **Guam — 0.0%** | **Guam — 0.0%** | **Guam — 0.0%** |  |
| 300000 | Guam Port Auth Port Rev, Ser B, AMT | 5.00% | 07/01/32 | 306374 |
|  | **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| 3460000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00% | 07/01/43 | 3474638 |
|  | **Idaho — 0.5%** | **Idaho — 0.5%** | **Idaho — 0.5%** |  |
| 1000000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/25 | 999997 |
| 1265000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/30 | 1268236 |
| 1000000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/37 | 967376 |
| 2000000 | ID St Hlth Facs Auth Rev Ref St Luke's Hlth Sys Proj, Ser A | 5.00% | 03/01/34 | 2073654 |
| 2500000 | ID St Hlth Facs Auth Rev Var St Luke's Hlth Sys Proj, Ser D (c) | 2.50% | 03/01/60 | 2500000 |
| 2000000 | ID St Hsg & Fin Assn Sales Tax Rev Transprtn Expansion & <br> Congestion Mitigation Fund, Ser A | 5.00% | 08/15/48 | 2085186 |
|  |  |  |  | 9894449 |
|  | **Illinois — 4.1%** | **Illinois — 4.1%** | **Illinois — 4.1%** |  |
| 1000000 | Bolingbrook IL Ref, Ser A, AGM | 5.00% | 01/01/31 | 1035248 |
| 1210000 | Bolingbrook IL Ref, Ser A | 4.00% | 01/01/35 | 1097775 |
| 1000000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/36 | 1068159 |
| 1250000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/37 | 1329054 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |  |
| $500000 | Chicago IL Brd of Edu Ref Dedicated, Ser C | 5.00% | 12/01/30 | $504455 |
| 3435000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/30 | 3522509 |
| 500000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/37 | 521527 |
| 500000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/38 | 520371 |
| 2600000 | Chicago IL Chicago Wks, Ser A | 5.00% | 01/01/35 | 2687239 |
| 2000000 | Chicago IL Chicago Wks, Ser A | 5.50% | 01/01/41 | 2047637 |
| 560000 | Chicago IL ETM, Ser A | 5.00% | 01/01/27 | 577819 |
| 2000000 | Chicago IL Met Wtr Reclamation Dist Greater Chicago Sustainable <br> Bond, Ser A | 5.00% | 12/01/42 | 2126079 |
| 200000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.50% | 01/01/37 | 219675 |
| 500000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.75% | 01/01/42 | 540653 |
| 325000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien O'Hare Intl Arpt, Ser <br> C, AMT | 5.00% | 01/01/34 | 342229 |
| 3320000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/36 | 3386095 |
| 2100000 | Chicago IL O'Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/37 | 2135240 |
| 1455000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.00% | 01/01/39 | 1515830 |
| 1250000 | Chicago IL O'Hare Intl Arpt Rev Ref, Ser C, AMT | 5.25% | 01/01/41 | 1323716 |
| 1350000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/32 | 1360819 |
| 2155000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/37 | 2054477 |
| 500000 | Chicago IL Ref, Ser A | 5.63% | 01/01/29 | 511126 |
| 645000 | Chicago IL Ref, Ser C | 5.00% | 01/01/26 | 652639 |
| 1500000 | Chicago IL Unrefunded, Ser A | 5.00% | 01/01/27 | 1528028 |
| 1000000 | Cook Cnty IL Sch Dist #81 Schiller Park, BAM | 3.00% | 12/01/35 | 895157 |
| 1650000 | DuPage Cnty IL Sch Dist #58 Downers Grove | 5.50% | 12/15/42 | 1809512 |
| 325000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/33 | 338765 |
| 850000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/34 | 882624 |
| 970000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/35 | 1005290 |
| 300000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana <br> Champaign Proj, Ser A | 5.00% | 10/01/36 | 309718 |
| 845000 | IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp | 5.00% | 12/01/33 | 853767 |
| 4350000 | IL St Fin Auth Rev Township High Sch Dist #207 Proj | 4.00% | 12/01/38 | 4241020 |
| 500000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/27 | 504248 |
| 95000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/31 | 95523 |
| 465000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev CHF Chicago LLC Univ <br> IL Chicago Proj, Ser A | 5.00% | 02/15/32 | 466808 |
| 2170000 | IL St Hsg Dev Auth Mf Hsg Rev Var S Shore HHDC (Mandatory <br> put 02/01/26) | 5.00% | 02/01/27 | 2193541 |
| 3175000 | IL St Sales Tax Rev Junior Oblig, Ser A, BAM | 3.00% | 06/15/34 | 2816619 |
| 500000 | IL St Toll Hwy Auth Ref Sr, Ser A | 5.00% | 01/01/38 | 544370 |
| 1500000 | IL St, Ser A | 5.00% | 12/01/26 | 1535331 |
| 2000000 | IL St, Ser A | 4.00% | 03/01/38 | 1869070 |
| 2500000 | IL St, Ser A | 5.50% | 03/01/42 | 2629071 |
| 750000 | IL St, Ser B | 5.25% | 05/01/38 | 792898 |
| 1000000 | IL St, Ser B | 5.25% | 05/01/39 | 1053593 |
| 1000000 | IL St, Ser B | 5.25% | 05/01/45 | 1023634 |
| 4500000 | IL St, Ser C | 5.00% | 11/01/29 | 4638775 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |  |
| $325000 | IL St, Ser D | 5.00% | 11/01/26 | $332204 |
| 3460000 | Kane Cook & DuPage Cntys IL Cmnty Clg Dist #509 | 4.00% | 12/15/40 | 3421515 |
| 1500000 | Lincolnwood IL Tax Incr Allocation Rev Nts Dist 1860 Dev <br> Proj, Ser A, COPS (d) | 4.82% | 01/01/41 | 1423795 |
| 1175000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50% | 02/01/39 | 1246538 |
| 700000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50% | 02/01/40 | 739865 |
| 1140000 | Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, <br> BAM | 5.00% | 12/01/43 | 1161810 |
| 875000 | Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, <br> BAM | 5.00% | 12/01/44 | 897319 |
| 645000 | Rockford IL Ref Wtrwks Sys, Ser B, BAM | 5.00% | 12/15/26 | 664274 |
| 125000 | Romeoville IL Rev Ref Lewis Univ Proj | 5.00% | 10/01/25 | 125030 |
| 2000000 | Sales Tax Securitization Corp IL Ref Second Lien, Ser A, BAM | 4.00% | 01/01/40 | 1909805 |
| 950000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.50% | 01/01/36 | 997954 |
| 1025000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/43 | 1045032 |
| 885000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/34 | 941548 |
| 510000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/35 | 542702 |
| 630000 | Will Cnty IL Forest Preserve Dist | 5.00% | 12/15/41 | 667457 |
|  |  |  |  | 79224581 |
|  | **Indiana — 2.4%** | **Indiana — 2.4%** | **Indiana — 2.4%** |  |
| 3080000 | Borden Henryville Multi Sch Bldg Corp IN | 5.00% | 07/15/39 | 3241425 |
| 2000000 | Brownsburg IN 1999 Sch Bldg Corp First Mtge, Ser A | 5.00% | 07/15/42 | 2095467 |
| 2000000 | Carmel IN Redev Auth | 3.00% | 07/15/40 | 1725824 |
| 2550000 | Danville IN Multi Sch Bldg Corp First Mtg | 5.00% | 07/15/41 | 2686254 |
| 250000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (d) | 5.30% | 01/01/32 | 233612 |
| 750000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/40 | 797119 |
| 1000000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/41 | 1056550 |
| 1010000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/42 | 1061339 |
| 1210000 | Franklin Twp IN Multi Sch Bldg Corp First Mtge | 5.00% | 07/15/43 | 1266072 |
| 3000000 | IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp <br> Proj Remk, Ser A | 4.25% | 11/01/30 | 3030228 |
| 1500000 | IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | 1506274 |
| 1555000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/31 | 1627100 |
| 1000000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.50% | 03/01/39 | 1056921 |
| 2000000 | IN St Fin Auth Hlth Sys Rev IN Univ Hlth, Ser A | 5.00% | 10/01/43 | 2091539 |
| 430000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/36 | 407286 |
| 1330000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/37 | 1257145 |
| 1000000 | IN St Fin Auth Hosp Rev Reid Hlth, AGM | 5.00% | 01/01/40 | 1037260 |
| 500000 | IN St Fin Auth Rev Marian Univ Proj, Ser A | 5.00% | 09/15/34 | 505287 |
| 2800000 | IN St Muni Pwr Agy Ref, Ser A | 5.00% | 01/01/42 | 2815815 |
| 3000000 | IN St Muni Pwr Agy Var Ref Remk, Ser B (c) | 2.60% | 01/01/42 | 3000000 |
| 2000000 | IPS Multi Sch Bldg Corp IN Ref Sustainable Bond First Mortgage | 5.00% | 07/15/43 | 2069684 |
| 2250000 | IPS Multi Sch Bldg Corp IN Sustainable Bond First Mtge | 5.00% | 07/15/41 | 2349809 |
| 1080000 | Msd Warren Twp IN Vision 2005 Sch Bldg Corp Rev | 3.00% | 07/10/35 | 968457 |
| 2485000 | Northern IN Commuter Transprtn Dist Indl Rev | 5.25% | 01/01/49 | 2612710 |
| 1000000 | Penn IN High Sch Bldg Corp 1st Mtge Bonds, Ser A | 5.00% | 07/15/42 | 1045190 |
| 1500000 | Sunman Dearborn IN High Sch Bldg Corp First Mtge | 5.00% | 07/15/41 | 1569701 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |  |
| $2000000 | Sunman Dearborn IN High Sch Bldg Corp First Mtge | 5.00% | 07/15/42 | $2081223 |
| 1500000 | Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1513663 |
|  |  |  |  | 46708954 |
|  | **Iowa — 1.0%** | **Iowa — 1.0%** | **Iowa — 1.0%** |  |
| 720000 | Altoona IA, Ser A, BAM, COPS | 5.00% | 06/01/34 | 748644 |
| 2385000 | Coralville IA Ref, Ser A | 5.00% | 05/01/38 | 2385829 |
| 2000000 | Dallas Ctr IA Grimes Cmnty Sch Dist | 3.00% | 05/01/39 | 1673754 |
| 4000000 | IA St Brd Regents Hosp Rev Univ of IA Hlth Cares Hosp Sys, Ser <br> A | 5.00% | 09/01/40 | 4279734 |
| 3000000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer <br> Company Proj (Pre-refunded maturity 12/01/32) | 5.00% | 12/01/50 | 3349536 |
| 4375000 | IA St Fin Auth Rev Sustainable Bonds, Ser A | 5.00% | 08/01/54 | 4543397 |
| 200000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/38 | 192732 |
| 300000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/39 | 285953 |
| 1060000 | Univ of IA IA Facs Corp Museum of Art Proj | 3.00% | 06/01/38 | 905291 |
| 1085000 | Univ of IA IA Facs Corp Museum of Art Proj | 3.00% | 06/01/39 | 907727 |
|  |  |  |  | 19272597 |
|  | **Kansas — 0.5%** | **Kansas — 0.5%** | **Kansas — 0.5%** |  |
| 1240000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/29 | 1261563 |
| 1470000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/30 | 1495429 |
| 1900000 | KS St Dept of Transprtn Hwy Rev | 5.00% | 09/01/35 | 1909152 |
| 500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/31 | 504446 |
| 625000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/32 | 629762 |
| 575000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/33 | 578727 |
| 500000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/34 | 502807 |
| 525000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/35 | 525993 |
| 600000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/36 | 594767 |
| 2000000 | Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg <br> E Proj Areas 2B 3 5 (d) | 5.75% | 09/01/39 | 2035466 |
| 150000 | Wyandotte Cnty KS Unif Sch Dist #202, Ser A, AGM (Pre-<br> refunded maturity 09/01/27) | 5.00% | 09/01/32 | 156926 |
|  |  |  |  | 10195038 |
|  | **Kentucky — 2.8%** | **Kentucky — 2.8%** | **Kentucky — 2.8%** |  |
| 1350000 | Ashland KY Med Ctr Rev Ref Ashland Hosp Corp DBA Kings <br> Daughters Med Ctr, AGM | 3.00% | 02/01/40 | 1137345 |
| 5100000 | Boyle Cnty KY Eductnl Facs Rev Ref Ctr Clg, Ser A | 5.25% | 06/01/43 | 5243075 |
| 2000000 | Jefferson Cnty KY Sch Dist Fin Corp Sch Bldg Rev, Ser B | 3.00% | 12/01/38 | 1687239 |
| 145000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/28 | 149593 |
| 2950000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/46 | 2952423 |
| 160000 | KY St Econ Dev Fin Auth Hlth Sys Rev Norton Hlthcare Inc, Ser <br> B, CABS, NATL-RE | (g) | 10/01/25 | 157020 |
| 625000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/38 | 597822 |
| 3795000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/44 | 3766440 |
| 895000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/36 | 919866 |
| 1420000 | KY St Econ Dev Fin Auth Sol Wst Disp Rev Ref Rep Svcs <br> Remk, Ser A, AMT (Mandatory put 06/02/25) | 3.85% | 04/01/31 | 1420000 |
| 1480000 | KY St Hsg Corp Sf Mtge, Ser C | 4.00% | 07/01/39 | 1446730 |
| 4545000 | KY St Muni Energy Agy Pwr Sys Rev Energy Ctr I Proj | 5.00% | 01/01/44 | 4692738 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |  |
| $1500000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser A-1 (Mandatory put <br> 02/01/32) | 5.25% | 04/01/54 | $1594601 |
| 6300000 | KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put <br> 02/01/28) | 4.00% | 02/01/50 | 6289945 |
| 1500000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton <br> Hlthcare Inc, Ser A | 4.00% | 10/01/39 | 1424780 |
| 1300000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/40 | 1356898 |
| 1000000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton <br> Hlthcare Inc, Ser A | 5.00% | 10/01/41 | 1034698 |
| 290000 | Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys <br> Sustainable Bond, Ser A | 5.00% | 05/15/29 | 311256 |
| 16200000 | Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj <br> Sustainable Bond, Ser B-1 (c) | 3.00% | 08/01/61 | 16200000 |
| 1000000 | Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec <br> Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1006648 |
|  |  |  |  | 53389117 |
|  | **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |  |
| 3690000 | E Baton Rouge Parish LA Capital Impts Dist Movebr Sales T | 5.00% | 08/01/48 | 3818296 |
| 6500000 | E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A | 4.00% | 02/01/45 | 6166284 |
| 1000000 | LA Pub Facs Auth Rev Ref Ochsner Clinic Fdtn Proj | 5.00% | 05/15/36 | 1011927 |
| 1700000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp <br> Womans Fdtn Proj, Ser A | 5.00% | 10/01/37 | 1711782 |
| 1500000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref <br> Westlake Chemical Corp Proj Remk | 3.50% | 11/01/32 | 1420794 |
| 1525000 | LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (d) | 5.00% | 10/01/43 | 1529882 |
| 2000000 | Lafayette LA Utils Rev Electric Projs, AGC | 5.00% | 11/01/46 | 2061310 |
|  |  |  |  | 17720275 |
|  | **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |  |
| 2400000 | Bar Harbor ME | 5.00% | 09/01/49 | 2528469 |
|  | **Maryland — 1.0%** | **Maryland — 1.0%** | **Maryland — 1.0%** |  |
| 565000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/39 | 532392 |
| 650000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/40 | 603420 |
| 685000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/34 | 678895 |
| 650000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/36 | 633194 |
| 2020000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A | 5.00% | 09/01/38 | 2006016 |
| 125000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (d) | 2.80% | 06/01/25 | 124814 |
| 135000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (d) | 2.85% | 06/01/26 | 132969 |
| 2000000 | Cmnty Dev Admin MD Mf Dev Rev Sustainable Bonds Vlgs at <br> Marley Station, Ser D-2 | 3.30% | 01/01/29 | 1986687 |
| 750000 | MD St Dept of Transprtn BWI Thurgood Marshall Arpt Proj, Ser A, <br> AGC, AMT | 5.25% | 08/01/41 | 798525 |
| 750000 | MD St Dept of Transprtn BWI Thurgood Marshall Arpt Proj, Ser A, <br> AGC, AMT | 5.25% | 08/01/42 | 793059 |
| 500000 | MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj | 4.00% | 07/01/40 | 434189 |
| 2660000 | MD St Econ Dev Corp Stdt Hsg Rev College Park Leonard Town <br> Proj, AGM | 5.00% | 07/01/40 | 2770256 |
| 250000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/35 | 236673 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |  |
| $225000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/36 | $210512 |
| 750000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ <br> Proj, Ser A | 4.00% | 06/01/46 | 638270 |
| 1000000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/40 | 1057331 |
| 1500000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Univ of MD Med <br> Sys Issue, Ser A | 5.00% | 07/01/41 | 1572260 |
| 1000000 | MD St Stadium Auth Rev Football Stadium Issue, Ser A | 5.00% | 09/01/37 | 1085586 |
| 2500000 | MD Stadium Auth Built to Learn Rev Built to Learn Bonds | 5.00% | 06/01/46 | 2586969 |
| 1480000 | WA MD Suburban San Dist Consol Pub Impt | 3.00% | 06/01/39 | 1263822 |
|  |  |  |  | 20145839 |
|  | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |  |
| 2155000 | MA St Bay Transprtn Auth Sales Tax Rev Sr, Ser A | 5.00% | 07/01/45 | 2154936 |
| 1000000 | MA St Dev Fin Agy Rev Lasell Vlg Inc (e) | 5.25% | 07/01/45 | 1012931 |
| 160000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (d) | 5.00% | 11/15/28 | 165742 |
| 3935000 | MA St Dev Fin Agy Rev Ref UMass Memorial Hlth Care Oblig <br> Grp, Ser N-1 | 5.00% | 07/01/45 | 3961017 |
| 3920000 | MA St Port Auth Ref, Ser A, AMT | 5.00% | 07/01/32 | 4102290 |
| 1555000 | MA St Port Auth, Ser C, AMT | 5.00% | 07/01/31 | 1631024 |
| 2000000 | MA St Transprtn Fund Rev Rail Enhancement Prog, Ser A | 5.00% | 06/01/45 | 1999936 |
| 3000000 | MA St Transprtn Fund Rev Rail Enhancement Proj Commonwealth <br> Transprtn Fund, Ser B | 5.00% | 06/01/40 | 3082576 |
|  |  |  |  | 18110452 |
|  | **Michigan — 2.3%** | **Michigan — 2.3%** | **Michigan — 2.3%** |  |
| 1620000 | Charles Stewart Mott MI Cmnty Clg Ref, AGM | 5.00% | 05/01/41 | 1706282 |
| 155000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/36 | 156195 |
| 100000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/37 | 100281 |
| 150000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/38 | 149116 |
| 2500000 | Grand Rapids MI Santn Swr Sys Rev | 5.00% | 01/01/43 | 2535140 |
| 2000000 | Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr <br> Lien, Ser A | 5.00% | 07/01/37 | 2187865 |
| 1000000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C | 5.00% | 07/01/31 | 1015620 |
| 650000 | Howell MI Pub Schs, Ser II (e) | 5.00% | 05/01/39 | 698047 |
| 500000 | Howell MI Pub Schs, Ser II (e) | 5.00% | 05/01/40 | 534257 |
| 4965000 | Kalamazoo MI Hosp Fin Auth Unrefunded Ref Bronson Hlthcare <br> Grp | 4.00% | 05/15/36 | 4788047 |
| 1325000 | Kentwood MI (e) | 5.00% | 10/01/43 | 1390626 |
| 3630000 | Kentwood MI Pub Schs, Ser II, AGM | 5.00% | 05/01/46 | 3758654 |
| 1195000 | Lake Shore MI Pub Schs, Ser I | 5.00% | 11/01/37 | 1285427 |
| 1000000 | Lakeview MI Public Sch Distn | 3.00% | 11/01/35 | 895719 |
| 1000000 | L'Anse Creuse MI Pub Schs, Ser I | 5.00% | 05/01/42 | 1061093 |
| 500000 | MI St Fin Auth Act 38 Facs Sr Rev Sustainable Bonds Henry Ford <br> Hlth Detroit Util Plant Proj | 5.25% | 02/28/42 | 520489 |
| 890000 | MI St Fin Auth Ltd Oblig Rev Ref Clg for Creative Studies Proj | 5.00% | 12/01/25 | 890007 |
| 2010000 | MI St Fin Auth Rev Henry Ford Hlth Sys, Ser A | 5.00% | 11/15/48 | 2005317 |
| 325000 | MI St Fin Auth Rev Loc Govt Loan Pgm Great Lakes Wtr Auth Ref <br> 2nd Lien, Ser C | 5.00% | 07/01/27 | 325634 |
| 795000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 5.00% | 02/15/37 | 818350 |
| 2000000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 4.00% | 02/15/44 | 1822355 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |  |
| $1070000 | MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A | 5.00% | 04/15/33 | $1160643 |
| 1000000 | MI St Fin Auth Rev Ref CHE Trinity Hlth Credit Grp Remk, Ser <br> 2013-2 | 4.00% | 12/01/35 | 980329 |
| 1955000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/35 | 1906785 |
| 665000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/36 | 639862 |
| 2000000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B | 5.00% | 05/15/33 | 2001525 |
| 1000000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr <br> Auth, Ser D-1 | 5.00% | 07/01/34 | 1002070 |
| 2500000 | MI St Fin Auth Rev Ref Sr Turbo, Ser A-2 | 5.00% | 06/01/40 | 2541266 |
| 650000 | Midland MI Pub Schs Sch Bldg & Site, Ser II | 5.00% | 05/01/35 | 681632 |
| 4500000 | Univ of MI MI, Ser A | 3.00% | 04/01/28 | 4451409 |
|  |  |  |  | 44010042 |
|  | **Minnesota — 0.9%** | **Minnesota — 0.9%** | **Minnesota — 0.9%** |  |
| 1015000 | Maple Grove MN, Ser A | 4.00% | 02/01/37 | 1018879 |
| 1740000 | Minneapolis MN & Saint Paul MN Hsg & Redev Auth Hlth Care <br> Children's Hlth Care | 5.00% | 08/15/40 | 1862171 |
| 2325000 | Minneapolis MN & Saint Paul MN Hsg & Redev Auth Hlth Care <br> Children's Hlth Care | 5.00% | 08/15/42 | 2451122 |
| 950000 | Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref <br> Sub, Ser B, AMT | 5.00% | 01/01/39 | 961971 |
| 3000000 | Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Subord <br> Priv Activity, Ser B, AMT | 5.25% | 01/01/42 | 3117465 |
| 285000 | MN St Agric & Econ Devbrd HealthPartners Oblig Grp | 5.00% | 01/01/40 | 299309 |
| 1760000 | MN St Agric & Econ Devbrd HealthPartners Oblig Grp | 5.00% | 01/01/44 | 1788721 |
| 500000 | Rochester MN Hlth Care Facs Rev Mayo Clinic, Ser A | 4.25% | 11/15/50 | 479349 |
| 500000 | Saint Paul MN Hsg & Redev Auth Hlth Care Fac Rev Ref <br> HealthPartners Oblig Grp, Ser A | 5.00% | 07/01/30 | 500529 |
| 4000000 | Saint Paul MN Hsg & Redev Auth Hlth Care Fac Rev Ref <br> HealthPartners Oblig Grp, Ser A | 5.00% | 07/01/32 | 4001970 |
|  |  |  |  | 16481486 |
|  | **Mississippi — 0.6%** | **Mississippi — 0.6%** | **Mississippi — 0.6%** |  |
| 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/41 | 525276 |
| 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/42 | 522241 |
| 500000 | Gulfport MS Hosp Fac Rev Memorial Hosp at Gulfport Proj | 5.25% | 07/01/43 | 519043 |
| 4400000 | MS St Busn Fin Corp Sol Wst Disp Rev Adj Ref MS Pwr Co Proj <br> Remk, AMT (c) | 2.70% | 05/01/28 | 4400000 |
| 5000000 | MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth <br> Care, Ser A | 5.00% | 09/01/41 | 4971835 |
| 1150000 | Warren Cnty MS Lease Pur Jail Proj, BAM, COPS | 6.00% | 09/01/43 | 1277808 |
|  |  |  |  | 12216203 |
|  | **Missouri — 2.0%** | **Missouri — 2.0%** | **Missouri — 2.0%** |  |
| 2150000 | Jackson Cnty MO Consol Sch Dist #4 | 4.00% | 03/01/31 | 2175117 |
| 2000000 | Jackson Cnty MO Consol Sch Dist #4 | 5.00% | 03/01/35 | 2045463 |
| 735000 | Jackson Cnty MO Consol Sch Dist #4 (e) | 5.75% | 03/01/39 | 841162 |
| 690000 | Jackson Cnty MO Consol Sch Dist #4 (e) | 5.75% | 03/01/42 | 771842 |
| 1610000 | Jackson Cnty MO Consol Sch Dist #4 | 5.75% | 03/01/43 | 1767911 |
| 700000 | Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj | 5.00% | 12/01/31 | 702905 |
| 1260000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt Terminal Mod Proj, Ser B, AMT | 5.00% | 03/01/46 | 1260867 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Missouri (Continued)** | **Missouri (Continued)** | **Missouri (Continued)** |  |
| $4310000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt Terminal Mod, Ser A, AMT | 5.00% | 03/01/31 | $4469728 |
| 1000000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl <br> Arpt, Ser A, AMT | 5.00% | 03/01/30 | 1051611 |
| 220000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/30 | 222037 |
| 415000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/31 | 418570 |
| 1550000 | Maryville MO Sch Dist #R-II | 5.00% | 03/01/41 | 1592422 |
| 530000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Dogwood Energy Fac <br> Proj, Ser C, BAM | 5.00% | 06/01/38 | 572150 |
| 555000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Dogwood Energy Fac <br> Proj, Ser C, BAM | 5.00% | 06/01/39 | 598921 |
| 1000000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Ref Prairie St Proj | 5.00% | 12/01/38 | 1083127 |
| 1000000 | MO Jt Muni Elec Util Commn Pwr Proj Rev Ref Prairie St Proj | 5.00% | 12/01/39 | 1081307 |
| 500000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Cox Health & <br> Oblig Grp, Ser A | 5.00% | 11/15/37 | 515741 |
| 550000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Mercy Hlth | 5.50% | 12/01/42 | 591800 |
| 950000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref BJC Hlth <br> Sys, Ser A | 4.00% | 07/01/46 | 846089 |
| 710000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth <br> Sys, Ser A | 4.00% | 02/15/39 | 691064 |
| 1000000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C <br> (Mandatory put 05/01/28) | 5.00% | 05/01/52 | 1043174 |
| 1960000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/29 | 1942944 |
| 2120000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/31 | 2085917 |
| 555000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/32 | 543323 |
| 260000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A | 5.00% | 02/01/28 | 261047 |
| 700000 | MO St Hlth & Eductnl Facs Auth Ref Lutheran Sr Svcs Projs, Ser A | 5.25% | 02/01/44 | 709617 |
| 2570000 | St Charles Cnty MO Pub Wtr Sply Dist #2 Pub Wtr Sply Dist No 2, <br> COPS | 5.25% | 12/01/46 | 2720146 |
| 1135000 | St Louis Cnty MO Pattonville Sch Dist #R-3 | 5.50% | 03/01/39 | 1229950 |
| 1010000 | St Louis Cnty MO Pattonville Sch Dist #R-3 | 5.50% | 03/01/40 | 1086806 |
| 1295000 | St Louis Cnty MO Spl Oblig Convention Ctr, Ser A | 5.25% | 12/01/38 | 1352165 |
| 1900000 | St Louis MO Muni Library Dist Ref, BAM, COPS | 3.00% | 03/15/39 | 1536835 |
|  |  |  |  | 37811758 |
|  | **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |  |
| 2000000 | Forsyth MT Poll Control Rev Ref Puget Sound Energy Proj, Ser A | 3.90% | 03/01/31 | 1964511 |
| 250000 | MT St Brd of Hsg Sf Mtge Ref, Ser A-1 | 2.80% | 12/01/39 | 199734 |
|  |  |  |  | 2164245 |
|  | **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |  |
| 3000000 | Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A <br> (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 3110087 |
| 1600000 | Douglas Cnty NE Hosp Auth #2 Var Ref Hlth Facs Childrens, Ser <br> A (c) | 2.50% | 08/15/32 | 1600000 |
|  |  |  |  | 4710087 |
|  | **Nevada — 0.8%** | **Nevada — 0.8%** | **Nevada — 0.8%** |  |
| 750000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A | 5.00% | 09/01/30 | 763752 |
| 2505000 | Clark Cnty NV Arpt Rev Ref, Ser B | 5.00% | 07/01/38 | 2596630 |
| 1750000 | Clark Cnty NV Poll Control Rev Var Ref NV Pwr CO Proj Remk <br> (Mandatory put 03/31/26) | 3.75% | 01/01/36 | 1745648 |
| 1035000 | Clark Cnty NV Ref Las Vegas Convention & Visitors Auth, Ser C | 3.00% | 07/01/33 | 966174 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Nevada (Continued)** | **Nevada (Continued)** | **Nevada (Continued)** |  |
| $250000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.25% | 06/01/27 | $238419 |
| 250000 | Las Vegas NV Spl Impt Dist #816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 233220 |
| 1000000 | Las Vegas NV Spl Impt Dist #818 Summerlin Vlg 27 | 5.00% | 12/01/39 | 1003512 |
| 1230000 | Las Vegas Vly NV Wtr Dist Ref Wtr Impt, Ser A | 5.00% | 06/01/46 | 1233388 |
| 135000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/25 | 134937 |
| 170000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/26 | 169275 |
| 230000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/27 | 227514 |
| 375000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A | 5.00% | 07/15/27 | 375468 |
| 950000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/30 | 978112 |
| 275000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/31 | 282914 |
| 450000 | Reno Tahoe NV Arpt Auth Arpt Rev Tahoe Intl Arpt, Ser B | 5.00% | 07/01/43 | 466996 |
| 1200000 | Reno Tahoe NV Arpt Auth Arpt Rev Tahoe Intl Arpt, Ser B | 5.00% | 07/01/49 | 1223173 |
| 1770000 | Washoe Cnty NV Hwy Rev Ref Fuel Tax | 5.00% | 02/01/42 | 1806480 |
|  |  |  |  | 14445612 |
|  | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |  |
| 320000 | Natl Fin Auth NH Rev Adventist Hlth Energy Proj, Ser C | 5.25% | 07/01/41 | 330761 |
| 1575000 | Natl Fin Auth NH Rev Adventist Hlth Energy Proj, Ser C | 5.25% | 07/01/43 | 1612559 |
| 1500000 | Natl Fin Auth NH Spl Rev (d) (e) | 5.88% | 12/15/33 | 1500279 |
|  |  |  |  | 3443599 |
|  | **New Jersey — 1.5%** | **New Jersey — 1.5%** | **New Jersey — 1.5%** |  |
| 450000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref Sub, Ser A, <br> BAM | 5.00% | 07/01/28 | 462907 |
| 2000000 | NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit <br> Transprtn Proj Bonds, Ser A | 5.25% | 11/01/40 | 2123452 |
| 3250000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/39 | 3349936 |
| 3880000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/44 | 3939393 |
| 1050000 | NJ St Econ Dev Auth Rev Sustainable Bonds, Ser QQQ | 5.00% | 06/15/31 | 1127371 |
| 350000 | NJ St Econ Dev Auth Rev Sustainable Bonds, Ser QQQ | 4.00% | 06/15/35 | 348759 |
| 490000 | NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container <br> Terminal LLC Proj, AMT | 5.00% | 10/01/25 | 491643 |
| 750000 | NJ St Econ Dev Auth Wtr Facs Rev Var Ref NJ American Wtr Co <br> Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/28) | 3.75% | 11/01/34 | 746344 |
| 1290000 | NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, <br> AMBAC | (g) | 12/15/25 | 1261622 |
| 2500000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog <br> Bonds, Ser CC | 5.25% | 06/15/41 | 2649527 |
| 140000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/39 | 143769 |
| 500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/30 | 523579 |
| 3100000 | NJ St Transprtn Trust Fund Auth Ref, Ser A | 5.25% | 06/15/39 | 3370954 |
| 1000000 | NJ St Transprtn Trust Fund Auth Ref, Ser AA | 5.25% | 06/15/41 | 1072547 |
| 2250000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA <br> (Pre-refunded maturity 12/15/28) | 5.00% | 06/15/31 | 2405581 |
| 1000000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA | 5.00% | 06/15/34 | 1035765 |
| 3000000 | NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser CC | 5.25% | 06/15/50 | 3119315 |
| 220000 | NJ St Transprtn Trust Fund Auth, Ser BB (Pre-refunded maturity <br> 12/15/28) | 5.00% | 06/15/31 | 235212 |
| 1000000 | NJ St Transprtn Trust Fund Auth, Ser BB | 5.00% | 06/15/34 | 1035765 |
|  |  |  |  | 29443441 |
|  | **New Mexico — 0.6%** | **New Mexico — 0.6%** | **New Mexico — 0.6%** |  |
| 2555000 | Albuquerque NM, Ser A | 2.50% | 07/01/27 | 2493426 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New Mexico (Continued)** | **New Mexico (Continued)** | **New Mexico (Continued)** |  |
| $2000000 | Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | $1993916 |
| 565000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/33 | 569147 |
| 375000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/34 | 376512 |
| 300000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref <br> Albuquerque Acdmy Proj | 4.00% | 09/01/35 | 298919 |
| 240000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.30% | 10/01/25 | 239107 |
| 250000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.45% | 10/01/26 | 247481 |
| 260000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.55% | 10/01/27 | 254598 |
| 365000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 5.00% | 10/01/33 | 352127 |
| 825000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 5.00% | 06/01/32 | 851639 |
| 3000000 | NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30) | 5.00% | 06/01/54 | 3144252 |
|  |  |  |  | 10821124 |
|  | **New York — 6.8%** | **New York — 6.8%** | **New York — 6.8%** |  |
| 415000 | Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/36 | 431658 |
| 2000000 | Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj | 5.00% | 07/01/42 | 2019784 |
| 2700000 | Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref <br> NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 2684514 |
| 495000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 502252 |
| 2000000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/42 | 2013657 |
| 1000000 | Kings Park NY Centrl Sch Dist, Ser B | 3.00% | 07/15/31 | 950139 |
| 350000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/35 | 373759 |
| 9000000 | Met Transprtn Auth NY Rev Var Ref Remk, Ser 2002D-2A-1 (c) | 2.45% | 11/01/32 | 9000000 |
| 250000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.00% | 06/01/44 | 255996 |
| 630000 | Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj | 5.25% | 06/01/49 | 655875 |
| 375000 | N Babylon NY Union Free Sch Dist | 3.00% | 07/01/35 | 341636 |
| 5000000 | New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev <br> Bonds, Ser F-2A (Mandatory put 12/22/26) | 3.40% | 11/01/62 | 4977898 |
| 3000000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev <br> Adjustable 2nd Gen Resolution Fiscal 2014, Ser AA-1 (c) | 2.50% | 06/15/50 | 3000000 |
| 175000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> 2nd Gen Resolution, Subser EE-2 | 5.00% | 06/15/40 | 181207 |
| 2000000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref <br> Fiscal 2025, Ser DD (e) | 5.50% | 06/15/39 | 2288434 |
| 1500000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var <br> 2nd Gen Resolution, Subser CC (c) | 2.55% | 06/15/53 | 1500000 |
| 1000000 | New York City NY Transitional Fin Auth Bldg Aid Rev Subord <br> Ref, Ser S-2A | 5.00% | 07/15/34 | 1037555 |
| 10000000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/37 | 9816202 |
| 2500000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/38 | 2435046 |
| 4000000 | New York City NY Transitional Fin Auth Rev Subord, Ser A-1 | 5.25% | 08/01/40 | 4312869 |
| 9765000 | NY NY Adjustable Fiscal 2020, Subser B-3 (c) | 2.50% | 10/01/46 | 9765000 |
| 5690000 | NY NY, Ser A, Subser A-1 | 4.00% | 08/01/40 | 5412774 |
| 5730000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/39 | 6210229 |
| 2925000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/41 | 3136129 |
| 3000000 | NY NY, Ser C, Subser C-1 | 5.25% | 09/01/45 | 3213273 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |  |
| $6015000 | NY NY, Ser F-1 | 5.00% | 03/01/42 | $6263251 |
| 750000 | NY St Dorm Auth Rev Non St Supported Debt White Plains Hosp <br> Obligated Grp, AGC | 5.25% | 10/01/44 | 792216 |
| 450000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 452136 |
| 280000 | NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, <br>Ser A | 5.00% | 07/01/31 | 301634 |
| 500000 | NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth <br> Oblig Grp, Ser A | 5.00% | 05/01/38 | 526089 |
| 1000000 | NY St Dorm Auth Revs Non St Supported Debt Var Memorial <br> Sloan Kettering Cancer Ctr, Ser 2-B (Mandatory put 07/01/32) | 5.00% | 07/01/49 | 1086509 |
| 1000000 | NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp <br> Obligated Grp, AGC | 5.25% | 10/01/43 | 1062383 |
| 8000000 | NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E | 5.00% | 03/15/38 | 8246997 |
| 1925000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 3.00% | 03/15/42 | 1513699 |
| 4625000 | NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg <br> Remk, Ser A (Mandatory put 11/01/31) | 3.57% | 05/01/42 | 4487797 |
| 195000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 176889 |
| 2225000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/40 | 2361565 |
| 4185000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/41 | 4411990 |
| 1250000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | 1228352 |
| 2720000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia <br> Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 2758516 |
| 1000000 | NY St Transprtn Dev Corp Spl Fac Rev LaGuardia Arpt Terminal <br> C&D Redev Proj, AMT | 6.00% | 04/01/35 | 1091753 |
| 1000000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/40 | 1032737 |
| 1000000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt New Terminal, AMT | 5.25% | 06/30/43 | 1011708 |
| 1240000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AGM, AMT | 5.50% | 06/30/42 | 1293550 |
| 500000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AGM, AMT | 5.50% | 06/30/43 | 519477 |
| 750000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl <br> Arpt Terminal One Prj, AGM, AMT | 5.50% | 06/30/44 | 776491 |
| 2500000 | Port Auth of NY & NJ NY Ref, Ser 246, AMT | 5.00% | 09/01/43 | 2553712 |
| 1250000 | Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A | 6.25% | 12/15/49 | 1415381 |
| 4000000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75% | 12/01/44 | 4068557 |
| 150000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 143832 |
| 2165000 | Util Debt Securitization Auth NY Ref Restructuring Bonds, <br>Ser TE-1 | 5.00% | 12/15/39 | 2348106 |
| 750000 | Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AGM | 5.25% | 11/01/34 | 829024 |
| 675000 | Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AGM | 5.75% | 11/01/48 | 730848 |
| 500000 | Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr <br> Oblig Grp Proj, AGM | 5.75% | 11/01/49 | 539823 |
| 850000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/40 | 906271 |
| 500000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 529542 |
|  |  |  |  | 131976721 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **North Carolina — 0.9%** | **North Carolina — 0.9%** | **North Carolina — 0.9%** |  |
| $890000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/29 | $936294 |
| 925000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/42 | 974749 |
| 500000 | Charlotte NC Arpt Rev, Ser B, AMT | 5.00% | 07/01/40 | 514132 |
| 900000 | NC St Capital Facs Fin Agy Stdt Rev Ref Hsg NC A&T Univ Fdtn <br> Proj, Ser A, AGC | 5.00% | 06/01/26 | 901065 |
| 375000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser A | 5.00% | 02/01/32 | 400879 |
| 1500000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser B <br> (Mandatory put 02/01/26) | 5.00% | 02/01/51 | 1516384 |
| 4000000 | NC St Med Care Commn Retmnt Facs Rev Carolina Meadows | 5.25% | 12/01/44 | 4159719 |
| 500000 | NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield <br> Proj, Ser A | 5.00% | 10/01/45 | 471425 |
| 750000 | NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes Proj, Ser A | 5.00% | 10/01/39 | 768827 |
| 250000 | NC St Med Care Commn Retmnt Facs Rev United Methodist <br> Retmnt Homes, Ser 2024 B-1 | 4.25% | 10/01/28 | 249041 |
| 3500000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/34 | 3556095 |
| 1000000 | Raleigh Durham NC Arpt Auth Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/35 | 1013461 |
| 2450000 | Wake Cnty NC Ltd Oblig | 4.00% | 03/01/38 | 2438256 |
|  |  |  |  | 17900327 |
|  | **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |  |
| 900000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig <br> Grp Hosp Facs Rev | 4.00% | 11/15/36 | 855519 |
| 1000000 | Brunswick OH City Sch Dist, BAM | 5.25% | 12/01/53 | 1037486 |
| 1750000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/37 | 1647236 |
| 2000000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/48 | 1680264 |
| 1875000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 2, Ser B-2 | 5.00% | 06/01/55 | 1638628 |
| 370000 | Butler Cnty OH Port Auth Econ Dev Lease Rev Ref Cmnty First <br> Solutions Oblg Grp Proj, Ser A | 4.00% | 05/15/46 | 304540 |
| 3000000 | Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.00% | 01/01/39 | 3087407 |
| 750000 | Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.25% | 01/01/42 | 785030 |
| 650000 | Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT | 5.25% | 01/01/43 | 676348 |
| 5000000 | Columbus OH, Ser A | 3.00% | 07/01/27 | 4929104 |
| 895000 | Ehove OH Jt Vocational Sch Dist (e) | 5.50% | 12/01/39 | 973937 |
| 310000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/31 | 329271 |
| 250000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/32 | 265541 |
| 380000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp <br> Proj, Ser A | 5.00% | 08/15/33 | 402544 |
| 1000000 | Hamilton Cnty OH Hosp Facs Rev UC Hlth | 4.00% | 09/15/50 | 801891 |
| 2000000 | Hamilton Cnty OH Hosp Facs Rev Var Ref Trihealth Inc Obligated <br> Grp Proj Remk, Ser B (c) | 2.60% | 08/15/51 | 2000000 |
| 2860000 | Kings OH Loc Sch Dist | 5.25% | 12/01/49 | 2997515 |
| 960000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth <br> Network Oblig Grp | 5.00% | 08/01/32 | 995726 |
| 360000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/42 | 376072 |
| 400000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/43 | 416074 |
| 400000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/44 | 414018 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |  |
| $500000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25% | 09/01/49 | $510807 |
| 400000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig <br> Grp Proj | 4.00% | 08/01/37 | 392898 |
| 1375000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig <br> Grp Proj | 4.00% | 08/01/41 | 1305179 |
| 2500000 | OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser <br> A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 2313375 |
| 3000000 | OH St Air Quality Dev Auth OH Vly Electric Corp Proj Remk, Ser <br> B, AMT (Mandatory put 10/01/29) | 2.60% | 06/01/41 | 2788498 |
| 2225000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25% | 09/01/29 | 2145198 |
| 1000000 | OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 1005507 |
| 2000000 | OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser <br> B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 2009860 |
| 500000 | OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 <br> Proj, Ser A | 5.00% | 12/01/45 | 463223 |
| 1000000 | OH St Hgr Eductnl Fac Commn Ref Univ of Dayton 2025 Proj | 5.00% | 02/01/41 | 1054743 |
| 1275000 | OH St Hgr Eductnl Fac Commn Ref Univ of Dayton 2025 Proj | 5.00% | 02/01/42 | 1332893 |
| 1985000 | OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc, Ser C (c) | 3.80% | 01/15/51 | 1985000 |
| 325000 | OH St Hosp Rev Ref, Ser A | 5.00% | 01/15/35 | 340927 |
| 500000 | OH St Hosp Rev Ref, Ser A | 4.00% | 01/15/38 | 484468 |
| 2000000 | OH St Hosp Rev Term Floaters Univ Hosp Hlth Sys Inc Ref, Ser <br> C (c) | 3.80% | 01/15/45 | 2000000 |
| 700000 | OH St Wtr Dev Auth Rev Sustainable Bond, Ser A | 5.00% | 12/01/39 | 754335 |
| 2275000 | OH St, Ser A | 5.00% | 02/01/34 | 2298760 |
| 580000 | Port of Gtr Cincinnati Dev Auth OH Rev Subord Ref Duke Energy <br> Convention Ctr Proj, Ser B | 5.00% | 12/01/42 | 602478 |
| 685000 | Port of Gtr Cincinnati Dev Auth OH Rev Subord Ref Duke Energy <br> Convention Ctr Proj, Ser B | 5.00% | 12/01/43 | 707628 |
| 2000000 | Univ of Cincinnati OH Recpts, Ser A | 5.25% | 06/01/49 | 2100086 |
| 1115000 | Upper Arlington OH Spl Oblig Non Tax Rev Kingsdale Mixed Use <br> Dev, Ser A | 5.00% | 12/01/40 | 1159110 |
| 1075000 | Warren Cnty OH Hlth Care Facs Rev Ref Otterbein Homes <br> Obligated Grp | 5.00% | 07/01/35 | 1130083 |
| 1000000 | Warren Cnty OH Hlth Care Facs Rev Ref Otterbein Homes <br> Obligated Grp | 5.00% | 07/01/42 | 1001832 |
| 1950000 | Warren Cnty OH Hosp Facs Rev Ref Cmnty First Solutions <br> Obligated Grp, Ser A | 5.00% | 05/15/44 | 1933117 |
|  |  |  |  | 58434156 |
|  | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |  |
| 335000 | Catoosa OK Indl Auth Sales Tax Rev | 4.50% | 10/01/32 | 319023 |
| 5900000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (f) | 7.25% | 09/01/51 | 5674421 |
| 1500000 | OK St Turnpike Auth Sr Bonds, Ser A | 5.25% | 01/01/46 | 1606978 |
| 2305000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest <br> City Del City Pub Schs Proj, BAM | 5.00% | 10/01/43 | 2432075 |
| 1000000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc <br> Proj | 5.00% | 11/15/25 | 999387 |
| 250000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc <br> Proj | 5.00% | 11/15/26 | 250686 |
|  |  |  |  | 11282570 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** |  |
| $750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/40 | $793580 |
| 750000 | Astoria OR Hosp Facs Auth Columbia Memorial Hosp Proj | 5.25% | 08/01/44 | 778209 |
| 500000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.25% | 11/15/50 | 466748 |
| 170000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 4.00% | 05/15/26 | 169039 |
| 250000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette <br> View Proj, Ser A | 5.00% | 11/15/32 | 251736 |
| 1250000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A | 5.00% | 08/15/34 | 1314654 |
| 1890000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/29 | 1984580 |
| 1000000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/38 | 1020039 |
| 4950000 | Tri Cnty Met Transprtn Dist OR Rev, Ser A, GARVEE | 5.00% | 10/01/32 | 5133850 |
| 1000000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/47 | 982539 |
|  |  |  |  | 12894974 |
|  | **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** |  |
| 2245000 | Adams Cnty PA Gen Auth Rev Ref The Brethren Home Cmnty <br> Proj, Ser A | 5.00% | 06/01/44 | 2227658 |
| 1500000 | Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, <br> AGM, AMT | 5.50% | 01/01/42 | 1591866 |
| 2300000 | Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, <br> AGM, AMT | 5.50% | 01/01/43 | 2428968 |
| 1500000 | Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network <br> Obligated Grp Issue, Ser A | 5.00% | 04/01/32 | 1545328 |
| 3050000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med <br> Ctr, Ser A | 4.00% | 07/15/35 | 3012952 |
| 2180000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med <br> Ctr, Ser A | 4.00% | 07/15/36 | 2141003 |
| 500000 | Armstrong PA Sch Dist Ref, Ser A, BAM | 4.00% | 03/15/37 | 494606 |
| 460000 | Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at <br> Wyomissing, Ser A | 5.00% | 05/15/32 | 464489 |
| 1050000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke's Univ Hlth <br> Network Proj | 4.00% | 08/15/44 | 933746 |
| 1185000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/32 | 1203125 |
| 415000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/33 | 420739 |
| 2000000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2025170 |
| 2000000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds, <br> AGM | 4.00% | 06/01/39 | 1842525 |
| 300000 | Colonial PA Sch Dist, Ser A | 5.00% | 02/15/34 | 301329 |
| 1000000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social <br> Ministries | 5.00% | 01/01/33 | 1001710 |
| 1375000 | Cumberland Cnty PA Muni Auth Ref Messiah Vlg Proj | 5.00% | 07/01/28 | 1374966 |
| 100000 | Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran <br> Ministries Proj | 5.00% | 01/01/30 | 100018 |
| 235000 | Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran <br> Ministries Proj | 5.00% | 01/01/38 | 234992 |
| 100000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/32 | 98467 |
| 115000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/33 | 112034 |
| 1810000 | Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1 | 4.00% | 02/15/47 | 1657401 |
| 1110000 | Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors <br> Inc Proj, Ser A | 5.00% | 06/15/38 | 1054133 |
| 1100000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/38 | 1120609 |
| 1735000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/40 | 1752691 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |  |
| $1500000 | Lancaster PA Muni Auth Hlthcare Facs Rev Ref Luthercare <br> Proj, Ser A | 5.00% | 12/01/45 | $1479746 |
| 550000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/46 | 432937 |
| 2415000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/51 | 1834833 |
| 405000 | Lebanon PA Auth Swr Rev Ref Sustainable Bond, BAM | 4.00% | 12/15/29 | 409761 |
| 420000 | Lebanon PA Auth Swr Rev Ref Sustainable Bond, BAM | 4.00% | 12/15/30 | 424772 |
| 1000000 | Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj <br> Remk, Ser A | 3.00% | 09/01/29 | 987780 |
| 500000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social <br> Ministries Proj, Ser A | 5.00% | 01/01/41 | 493515 |
| 550000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/36 | 553231 |
| 4750000 | Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Var <br> Constellation Energy Generation LLC Proj Ref, Ser A <br> (Mandatory put 04/03/28) | 4.10% | 04/01/53 | 4747709 |
| 1015000 | Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys <br> In Obligated Grp, Ser A | 5.00% | 11/15/42 | 1026000 |
| 480000 | Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living <br> Proj, Ser A | 5.00% | 12/01/26 | 484679 |
| 100000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/33 | 97186 |
| 285000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/34 | 274524 |
| 580000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 5.00% | 12/01/44 | 568674 |
| 140000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/25 | 140239 |
| 1000000 | PA St Econ Dev Fing Auth Pkg Sys Rev Ref Sr Insured Capitol <br> Region Parking Sys, Ser A, AGM | 5.00% | 01/01/38 | 1042207 |
| 1250000 | PA St Econ Dev Fing Auth Pkg Sys Rev Ref Sr Insured Capitol <br> Region Parking Sys, Ser A, AGM | 5.00% | 01/01/39 | 1291734 |
| 1000000 | PA St Econ Dev Fing Auth Pkg Sys Rev Ref Sr Insured Capitol <br> Region Parking Sys, Ser A, AGM | 5.00% | 01/01/40 | 1029675 |
| 2000000 | PA St Econ Dev Fing Auth Rev PA Bridges Finco LP P3 Proj | 5.00% | 12/31/34 | 2011263 |
| 1500000 | PA St Econ Dev Fing Auth Rev Ref Presbyterian Sr Living Prj, <br>Ser B-2 | 5.00% | 07/01/42 | 1516357 |
| 500000 | PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Ref Core <br> Nat Res Inc Proj, AMT (Mandatory put 03/27/35) (d) | 5.45% | 01/01/51 | 495666 |
| 2000000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/35 | 2128708 |
| 5835000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/36 | 6173397 |
| 210000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT | 5.50% | 06/30/37 | 224275 |
| 2630000 | PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated <br> Grp, Ser B | 5.00% | 03/15/41 | 2696192 |
| 2500000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.65% | 10/01/42 | 2240128 |
| 880000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.70% | 10/01/47 | 727234 |
| 750000 | PA St Turnpike Commn Turnpike Rev Ref Subord, First Ser | 5.00% | 12/01/38 | 811018 |
| 900000 | PA St Turnpike Commn Turnpike Rev Ref Subord, Ser 2017-3 | 5.00% | 12/01/40 | 914889 |
| 1000000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/41 | 1080681 |
| 545000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/42 | 585121 |
| 1675000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.00% | 12/01/47 | 1736368 |
| 2875000 | PA St Turnpike Commn Turnpike Rev Sub, Ser A, BAM | 5.00% | 12/01/44 | 2941418 |
| 4500000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A | 4.00% | 12/01/45 | 4081393 |
| 2420000 | PA St Turnpike Commn Turnpike Rev, Ser B | 5.00% | 12/01/40 | 2425451 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |  |
| $1200000 | Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT | 4.00% | 07/01/38 | $1148191 |
| 4000000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/29 | 4086860 |
| 620000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch <br> Proj | 5.00% | 08/01/40 | 619275 |
| 2425000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T <br> Chrt High Sch, Ser A | 4.00% | 06/01/41 | 2093819 |
| 1000000 | Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street <br> Lighting Proj, Ser A | 5.00% | 11/01/41 | 1046685 |
| 1000000 | Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street <br> Lighting Proj, Ser A | 5.00% | 11/01/42 | 1046631 |
| 2415000 | Philadelphia PA Gas Wks Rev 1998 General Ordinance <br> Seventeenth, Ser A | 5.00% | 08/01/44 | 2468948 |
| 3785000 | Philadelphia PA Gas Wks Rev 1998 General Ordinance <br> Seventeenth, Ser A | 5.25% | 08/01/49 | 3976303 |
| 290000 | Philadelphia PA Gas Wks Rev Ref | 5.00% | 08/01/25 | 290962 |
| 1760000 | Philadelphia PA Sch Dist Sustainable Bond, Ser B | 5.00% | 09/01/35 | 1906192 |
| 2000000 | Philadelphia PA, Ser A | 4.00% | 05/01/41 | 1946764 |
| 2350000 | Pittsburgh PA Wtr & Swr Auth First Lien, Ser A, AGC | 5.25% | 09/01/50 | 2510262 |
| 2000000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/40 | 2156788 |
| 3650000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/41 | 3912961 |
| 235000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/36 | 235351 |
| 105000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/28 | 102485 |
| 135000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/29 | 131342 |
| 215000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home <br> Proj, Ser A | 4.00% | 11/15/36 | 200060 |
|  |  |  |  | 109129165 |
|  | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** |  |
| 5000000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 4778156 |
| 429000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (g) | 07/01/27 | 392434 |
| 1536000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1, CABS | (g) | 07/01/31 | 1184919 |
| 8258000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-1 | 4.50% | 07/01/34 | 8105187 |
| 3500000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br>Ser A-2 | 4.33% | 07/01/40 | 3290994 |
|  |  |  |  | 17751690 |
|  | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |  |
| 1275000 | Providence RI Pub Bldgs Auth Rev Capital Impt Prog Proj, Ser A, <br> AGC | 5.25% | 09/15/42 | 1355076 |
| 1000000 | Providence RI Pub Bldgs Auth Rev Capital Impt Prog Proj, Ser A, <br> AGC | 5.25% | 09/15/43 | 1056988 |
| 150000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/31 | 157225 |
| 230000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/35 | 238187 |
| 2975000 | RI St Hlth & Eductnl Bldg Corp Pub Schs Rev City of Cranston <br> Issue, Ser D, AGC | 5.50% | 05/15/49 | 3187725 |
| 1125000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/29 | 1136469 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Rhode Island (Continued)** | **Rhode Island (Continued)** | **Rhode Island (Continued)** |  |
| $1460000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/32 | $1470806 |
| 35000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig <br> Grp | 5.00% | 05/15/39 | 35027 |
|  |  |  |  | 8637503 |
|  | **South Carolina — 1.9%** | **South Carolina — 1.9%** | **South Carolina — 1.9%** |  |
| 2250000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.25% | 11/01/40 | 1978320 |
| 760000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/41 | 802940 |
| 955000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/42 | 1002111 |
| 1000000 | Charleston Cnty SC Arpt Dist Arpt Sys Rev, Ser A, AMT | 5.25% | 07/01/43 | 1043393 |
| 3775000 | Clemson SC Univ Univ Revs, Ser A | 5.00% | 05/01/50 | 3966021 |
| 685000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/26 | 685310 |
| 1000000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, <br>Ser A-1 | 5.00% | 12/01/31 | 999997 |
| 1000000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman | 5.25% | 11/15/47 | 963592 |
| 1100000 | SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman <br> Proj, Ser A | 5.00% | 11/15/54 | 985887 |
| 1000000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.25% | 11/01/41 | 1073567 |
| 1475000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.25% | 11/01/43 | 1553252 |
| 4000000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.50% | 11/01/45 | 4312682 |
| 1250000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig <br> Grp, Ser A | 5.50% | 11/01/46 | 1343565 |
| 350000 | SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & South of Broad Hlthcare Proj | 5.00% | 11/15/35 | 355774 |
| 800000 | SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial Hosp <br> & South of Broad Hlthcare Proj | 5.25% | 11/15/39 | 828684 |
| 350000 | SC St Jobs Econ Dev Auth Hosp Facs Rev Bon Secours Mercy Hlth <br> Inc, Ser A (e) | 5.25% | 11/01/42 | 368634 |
| 1000000 | SC St Jobs Econ Dev Auth Hosp Facs Rev Bon Secours Mercy Hlth <br> Inc, Ser A (e) | 5.25% | 11/01/43 | 1046628 |
| 1000000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser B | 5.00% | 12/01/41 | 1031430 |
| 2375000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/39 | 2602513 |
| 2000000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/40 | 2186247 |
| 1995000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/42 | 2164033 |
| 355000 | SC St Pub Svc Auth Rev Ref, Ser A | 4.00% | 12/01/35 | 349978 |
| 1750000 | SC St Pub Svc Auth Rev Santee Cooper, Ser A | 5.25% | 12/01/49 | 1814348 |
| 1000000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/40 | 1040930 |
| 1125000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/42 | 1153273 |
| 1000000 | SC St Pub Svc Auth Rev, Ser A | 5.00% | 12/01/43 | 1018845 |
|  |  |  |  | 36671954 |
|  | **South Dakota — 0.0%** | **South Dakota — 0.0%** | **South Dakota — 0.0%** |  |
| 105000 | SD St Hlth & Eductnl Facs Auth Ref Sanford Oblig Grp | 5.00% | 11/01/35 | 105487 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **South Dakota (Continued)** | **South Dakota (Continued)** | **South Dakota (Continued)** |  |
| $200000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue | 3.00% | 09/01/28 | $192943 |
| 640000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty <br> Issue | 3.00% | 09/01/32 | 584542 |
|  |  |  |  | 882972 |
|  | **Tennessee — 1.4%** | **Tennessee — 1.4%** | **Tennessee — 1.4%** |  |
| 2500000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25% | 12/01/43 | 2608658 |
| 4175000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25% | 12/01/49 | 4285363 |
| 250000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/34 | 259542 |
| 200000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/37 | 193097 |
| 2500000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref <br> Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 2481186 |
| 1500000 | Cleveland TN Hlth & Eductnl Facs Brd Rev Hamilton Hlth Care <br> Sys Inc Proj, Ser A | 5.00% | 08/15/43 | 1550377 |
| 3000000 | Cleveland TN Hlth & Eductnl Facs Brd Rev Hamilton Hlth Care <br> Sys Inc Proj, Ser A | 5.00% | 08/15/49 | 3032284 |
| 595000 | Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/43 | 659848 |
| 790000 | Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/44 | 872985 |
| 745000 | Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.50% | 12/01/45 | 821617 |
| 1000000 | Hamilton Cnty & Chattanooga Sports Auth TN Pub Fac Rev <br> Stadium Proj, Ser A | 5.75% | 12/01/50 | 1108723 |
| 550000 | Knox Cnty TN Hlth Eductnl & Hsg Fac Brd Stdt Hsg Rev Univ of <br> TN Proj, Ser A-1, BAM | 5.00% | 07/01/43 | 565106 |
| 930000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.00% | 05/01/42 | 946925 |
| 1000000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Belmont Univ | 5.25% | 05/01/48 | 1015348 |
| 1385000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd <br> Ref Lipscomb Univ Proj, Ser A | 5.00% | 10/01/29 | 1403994 |
| 270000 | Met Knoxville TN Arpt Auth Arpt Rev, Ser A | 5.00% | 06/01/43 | 280128 |
| 525000 | Met Knoxville TN Arpt Auth Arpt Rev, Ser A | 5.00% | 06/01/44 | 542033 |
| 600000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.25% | 07/01/35 | 647989 |
| 750000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50% | 07/01/38 | 810914 |
| 2000000 | TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 <br> (Mandatory put 05/01/28) | 5.00% | 05/01/53 | 2051912 |
|  |  |  |  | 26138029 |
|  | **Texas — 10.3%** | **Texas — 10.3%** | **Texas — 10.3%** |  |
| 415000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 5.00% | 08/15/33 | 443376 |
| 565000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 4.00% | 08/15/35 | 565208 |
| 1000000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy Trad Schs <br> TX Proj, Ser A | 4.13% | 02/15/41 | 787219 |
| 2000000 | Arlington TX Hsg Fin Corp Mf Hsg Rev Var 6900 Matlok Road <br> (Mandatory put 04/01/27) | 4.50% | 04/01/41 | 2019197 |
| 1000000 | Aubrey TX Spl Assmnt Ref Jackson Ridge Pub Impt Dt Phase #1 & <br> #2 Assmnts, BAM | 5.00% | 09/01/40 | 1056387 |
| 1305000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/30 | 1381881 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $350000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/35 | $366952 |
| 1390000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/40 | 1428592 |
| 3150000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00% | 11/15/37 | 3204963 |
| 1860000 | Barbers Hill TX Indep Sch Dist Sch Bldg | 5.00% | 02/15/39 | 1891587 |
| 555000 | Bexar Cnty TX Hosp Dist Ref | 3.00% | 02/15/35 | 497628 |
| 910000 | Bexar Cnty TX Rev Ref Tax Exempt Venue Proj | 4.00% | 08/15/38 | 885320 |
| 1000000 | Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/37 | 1043620 |
| 1000000 | Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/40 | 1023326 |
| 1000000 | Celina TX Spl Assmnt Rev Ref Sutton Fields II Pub Impt Dt <br> Neighborhood Proj, BAM | 5.00% | 09/01/45 | 1002016 |
| 808000 | Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub <br> Impt Dt Major Impt Area, AGC | 5.00% | 09/01/39 | 842464 |
| 850000 | Centrl TX Regl Mobility Auth Rev Sr Lien, Ser A (Pre-refunded <br> maturity 07/01/25) | 5.00% | 01/01/29 | 852299 |
| 445000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/39 | 463399 |
| 640000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/41 | 601492 |
| 220000 | Clifton TX Hgr Edu Fin Corp Edu Rev Uplift Edu, Ser A | 4.00% | 12/01/25 | 219264 |
| 1050000 | Cmnty TX Indep Sch Dist, Ser B | 5.25% | 02/15/40 | 1114545 |
| 415000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00% | 07/15/35 | 449970 |
| 2500000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/41 | 2643484 |
| 490000 | Dallas TX Hotel Occupancy Tax Rev Ref | 4.00% | 08/15/37 | 462258 |
| 875000 | Denton Cnty TX Spl Assmnt Rev Green Meadows Pub Impt Dt <br> Impt Area #1 Proj (d) | 5.38% | 12/31/45 | 820583 |
| 825000 | Flower Mound TX Ctfs Oblig | 3.00% | 03/01/37 | 733711 |
| 709000 | Fort Worth TX Spl Assmnt Rev Walsh Ranch / Quail Vly Impt <br> Area #1-3 Proj, BAM | 5.00% | 09/01/30 | 748126 |
| 1000000 | Fort Worth TX Spl Assmnt Rev Walsh Ranch / Quail Vly Impt <br> Area #1-3 Proj, BAM | 5.00% | 09/01/44 | 1025296 |
| 505000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/36 | 539800 |
| 535000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/37 | 569833 |
| 1170000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.50% | 12/01/31 | 1005324 |
| 2240000 | Garland TX Wtr & Swr Rev Ref | 5.00% | 03/01/38 | 2393993 |
| 2000000 | Harris Cnty Houston TX Sports Auth Rev Ref Sr Lien, Ser A, AGC | 5.00% | 11/15/38 | 2169994 |
| 500000 | Harris Cnty TX Cultural Edu Facs Fin Corp Rev Ref Memorial <br> Hermann Hlth Sys, Ser B | 5.00% | 07/01/39 | 533208 |
| 2000000 | Harris Cnty TX Toll Road Rev Ref, Ser A | 3.00% | 08/15/37 | 1698195 |
| 1000000 | Hidalgo Cnty TX Ctfs Oblig | 3.00% | 08/15/41 | 797082 |
| 850000 | Hidalgo Cnty TX Ctfs Oblig | 5.25% | 08/15/42 | 901076 |
| 2310000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AGM, AMT | 5.00% | 07/01/37 | 2414887 |
| 3540000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AGM, AMT | 5.25% | 07/01/42 | 3716110 |
| 275000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AGM, AMT | 5.25% | 07/01/48 | 282612 |
| 1770000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E <br> Proj, Ser A, AMT | 5.00% | 07/01/27 | 1778208 |
| 2750000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt <br> Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 2762902 |
| 2000000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1904051 |
| 1180000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1123390 |
| 250000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/40 | 235295 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $750000 | Houston TX Arpt Sys Rev United Airls Inc Terminal E Proj, Ser A, <br> AMT | 4.00% | 07/01/41 | $674542 |
| 2000000 | Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, Ser <br> B-1, AMT | 4.00% | 07/15/41 | 1798451 |
| 675000 | Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area <br> #2 Proj (d) | 3.38% | 09/01/41 | 526910 |
| 500000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (d) | 4.63% | 09/01/39 | 470959 |
| 140000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (d) | 4.35% | 08/15/25 | 140341 |
| 140000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch, Ser <br> A (d) | 4.20% | 08/15/25 | 140282 |
| 1290000 | Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj <br> Accd Inv (d) | 5.13% | 09/01/38 | 1259922 |
| 1000000 | Leonard TX Indep Sch Dist, BAM | 5.00% | 02/15/42 | 1031485 |
| 3795000 | Liberty Hill TX Indep Sch Dist Ref, Ser A | 5.00% | 02/01/36 | 4100683 |
| 330000 | Lindsay TX Indep Sch Dist | 5.00% | 02/15/40 | 353523 |
| 400000 | Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/37 | 407349 |
| 1500000 | Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/42 | 1579772 |
| 1190000 | Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/43 | 1243480 |
| 2375000 | Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans <br> Svcs Corp Proj | 5.00% | 05/15/45 | 2450639 |
| 2635000 | Lubbock TX Elec Light & Pwr Sys | 4.00% | 04/15/41 | 2459742 |
| 1500000 | McGregor TX Indep Sch Distn | 5.00% | 02/15/44 | 1573223 |
| 370000 | Mission TX Ctfs Oblig, AGM | 5.00% | 02/15/30 | 382639 |
| 1000000 | Mission TX Econ Dev Corp Sol Wst Disp Rev Var Wst Mgmt Inc <br> Proj Remk, Ser A, AMT (Mandatory put 06/02/25) | 3.75% | 05/01/46 | 999684 |
| 1570000 | N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/35 | 1424291 |
| 2003000 | N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impt <br> Proj (d) | 4.75% | 09/15/41 | 1854428 |
| 1200000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/32 | 1224214 |
| 1000000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 5.25% | 01/01/38 | 1078227 |
| 5950000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 4.00% | 01/02/38 | 5796686 |
| 1000000 | New Hope Cultural Edu Facs Fin Corp TX Edu Rev Ref Jubilee <br> Acad Ctr (d) | 4.00% | 08/15/36 | 911603 |
| 1085000 | New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Ref Childrens <br> Hlth Sys of TX Proj, Ser A | 4.00% | 08/15/37 | 1026093 |
| 1415000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/31 | 1421569 |
| 1200000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Longhorn Vlg Proj | 5.00% | 01/01/32 | 1204739 |
| 1410000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref <br> Westminster Proj | 5.00% | 11/01/40 | 1442310 |
| 505000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/32 | 551159 |
| 500000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/37 | 533755 |
| 1550000 | Northside TX Indep Sch Dist Ref, Ser A | 4.00% | 08/15/33 | 1559214 |
| 2500000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/39 | 2513872 |
| 3500000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/40 | 3515638 |
| 1675000 | Pflugerville TX Ctfs Oblig | 5.00% | 08/01/39 | 1802742 |
| 1770000 | Pflugerville TX Ctfs Oblig | 5.00% | 08/01/40 | 1895056 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $500000 | Pilot Point TX Spl Assmnt Rev Bryson Ranch Pub Impt Dt Zone A <br> Impt Area #1 Proj (d) (e) | 6.38% | 09/15/55 | $504379 |
| 1012000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 <br> Proj (d) | 5.13% | 09/01/42 | 954734 |
| 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/41 | 1083143 |
| 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/42 | 1074475 |
| 1000000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/43 | 1071227 |
| 515000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/36 | 554403 |
| 595000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/39 | 631262 |
| 425000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/40 | 449186 |
| 915000 | Round Rock TX Ctfs Oblig (e) | 5.00% | 08/15/42 | 966632 |
| 5185000 | Round Rock TX Indep Sch Dist Ref Sch Bldg | 3.00% | 08/01/37 | 4619041 |
| 1120000 | San Antonio TX Elec & Gas Rev Ref, Ser B | 5.25% | 02/01/49 | 1184037 |
| 4710000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Methodist <br> Hosp of Dallas Proj | 4.00% | 10/01/41 | 4432698 |
| 2200000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor <br> Scott & White Hlth Proj, Ser A | 4.00% | 11/15/34 | 2193498 |
| 6500000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Cook <br> Childrens Med Ctr | 5.25% | 12/01/49 | 6823124 |
| 750000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott & White Hlth Proj, Ser F (Mandatory put 11/15/30) | 5.00% | 11/15/52 | 797937 |
| 440000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/40 | 450920 |
| 1075000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Ref Trinity <br> Terrace Proj | 5.00% | 10/01/44 | 1081475 |
| 1500000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/37 | 1613307 |
| 1835000 | Tarrant Cnty TX Hsg Fin Corp Var Nts Wildwood Branch <br> (Mandatory put 02/01/28) | 3.60% | 02/01/43 | 1838114 |
| 1000000 | Temple TX JNR Clg Dist | 3.00% | 07/01/39 | 826682 |
| 1180000 | Travis Cnty TX | 4.00% | 03/01/41 | 1133602 |
| 1000000 | TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Nts Aspen <br> Park (Mandatory put 03/01/26) | 5.00% | 03/01/41 | 1003795 |
| 4000000 | TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put <br> 01/01/30) | 5.50% | 01/01/54 | 4222146 |
| 1500000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/32 | 1635943 |
| 1000000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/34 | 1079507 |
| 8505000 | TX St Muni Gas Acq & Sply Corp IV, Ser B (Mandatory put <br> 01/01/34) | 5.50% | 01/01/54 | 9136299 |
| 1750000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien <br> Bond Surface Transprtn Corp, AMT | 5.38% | 06/30/37 | 1830267 |
| 1795000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien <br> Bond Surface Transprtn Corp, AMT | 5.50% | 06/30/41 | 1851532 |
| 5000000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N <br> Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/34 | 5216612 |
| 2450000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N <br> Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/36 | 2538801 |
| 2000000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/36 | 2164677 |
| 500000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/40 | 531250 |
| 250000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref Second <br> Tier, Ser C | 5.00% | 08/15/42 | 260663 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |  |
| $2510000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser A | 5.00% | 08/15/39 | $2621561 |
| 1000000 | TX St Univ Sys Fing Rev Ref | 5.00% | 03/15/43 | 1049451 |
| 785000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A | 5.00% | 04/15/30 | 817089 |
| 5000000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 4.70% | 10/15/41 | 5158897 |
| 1500000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master <br> Trust, Ser A | 5.00% | 10/15/49 | 1562259 |
| 3000000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund, Ser A | 4.88% | 10/15/48 | 3087973 |
| 150000 | Univ of Houston TX Univ Revs Ref, Ser A | 5.00% | 02/15/26 | 152318 |
| 4105000 | Univ of N TX Univ Rev Ref, Ser A | 5.00% | 04/15/38 | 4167532 |
| 1700000 | Univ of TX TX Permanent Univ Fnd Ref, Ser B | 5.00% | 07/01/44 | 1799940 |
| 1560000 | Uptown Dev Auth TX Incr Contract Rev, Ser A | 5.00% | 09/01/36 | 1565152 |
| 1605000 | W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/36 | 1416890 |
| 1290000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AGM | 4.38% | 01/10/40 | 1286845 |
| 1350000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AGM | 4.50% | 01/10/41 | 1349380 |
| 2000000 | Woodsboro TX Indep Sch Dist | 5.00% | 08/15/43 | 2091559 |
|  |  |  |  | 198631559 |
|  | **Utah — 0.9%** | **Utah — 0.9%** | **Utah — 0.9%** |  |
| 4400000 | Black Desert Pub Infra Dist Sr Bonds, Ser A (d) | 4.00% | 03/01/51 | 3429229 |
| 2000000 | Firefly Pub Infra Dist #1 UT Spl Assmnt Firefly Assmnt Area <br> #1, Ser A-2 (d) | 5.63% | 12/01/43 | 1948999 |
| 3000000 | Intermountain Pwr Agy UT Pwr Sply Rev Ref, Ser A | 5.00% | 07/01/42 | 3088414 |
| 1750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1 | 4.00% | 06/01/52 | 1328452 |
| 2750000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 2087567 |
| 700000 | Ogden City UT Muni Bldg Auth Lease Rev, Ser A | 5.00% | 01/15/43 | 728246 |
| 1050000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/37 | 1115567 |
| 1000000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/43 | 1029225 |
| 400000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/32 | 403943 |
| 325000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/37 | 326789 |
| 1590000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy <br> Proj, Ser A (d) | 5.00% | 06/15/49 | 1408884 |
| 750000 | UT St Telecommunication Open Infra Agy Sales Tax Ref | 5.25% | 06/01/33 | 830562 |
|  |  |  |  | 17725877 |
|  | **Vermont — 0.2%** | **Vermont — 0.2%** | **Vermont — 0.2%** |  |
| 745000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/25 | 745000 |
| 585000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/26 | 586078 |
| 2000000 | VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc <br> Remk, AMT (Mandatory put 04/03/28) (d) | 4.63% | 04/01/36 | 2014472 |
|  |  |  |  | 3345550 |
|  | **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** |  |
| 3000000 | Gloucester Cnty VA Indl Dev Auth Sol Wst Disp Rev Var Wst <br> Mgmt Svsc Remk, Ser A, AMT (Mandatory put 07/01/27) | 4.25% | 09/01/38 | 2978947 |
| 5335000 | Isle of Wight Cnty VA Econ Dev Auth Riverside Hlth Sys, AGM | 5.25% | 07/01/43 | 5744041 |
| 510000 | Loudoun Cnty VA Econ Dev Auth Pub Fac Rev Ref, Ser A | 3.00% | 12/01/35 | 456621 |
| 4590000 | Loudoun Cnty VA, Ser A | 4.00% | 12/01/41 | 4497467 |
| 200000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/36 | 188110 |
| 350000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/46 | 292317 |
| 4105000 | VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 01/01/35 | 4216483 |
| 2500000 | VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express <br> Lanes LLC Proj, AMT | 5.00% | 07/01/38 | 2531495 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Virginia (Continued)** | **Virginia (Continued)** | **Virginia (Continued)** |  |
| $750000 | VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of <br> VA | 4.00% | 12/01/31 | $735889 |
| 2000000 | VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of <br> VA, Ser A | 5.00% | 12/01/39 | 2035822 |
| 1570000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/32 | 1589209 |
| 1000000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/35 | 1006158 |
| 275000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster <br> Canterbury on Chesapeake Bay | 5.00% | 09/01/36 | 276072 |
| 1790000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Westminster <br> Canterbury on Chesapeake Bay, Ser A | 6.50% | 09/01/43 | 1961250 |
| 1000000 | Williamsburg VA Econ Dev Auth Stdt Hsg Rev William & Mary <br> Proj, Ser A, AGM | 5.25% | 07/01/53 | 1046025 |
| 2500000 | Winchester VA Econ Dev Auth Rev Ref Vly Hlth Sys, Ser A | 5.00% | 01/01/42 | 2573715 |
| 2000000 | Winchester VA Econ Dev Auth Rev Ref Vly Hlth Sys, Ser A | 5.00% | 01/01/43 | 2037493 |
| 1185000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Prerefunded Ref (Pre-<br> refunded maturity 12/01/26) | 5.00% | 12/01/34 | 1218117 |
| 1180000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref | 5.00% | 12/01/34 | 1209159 |
|  |  |  |  | 36594390 |
|  | **Washington — 2.9%** | **Washington — 2.9%** | **Washington — 2.9%** |  |
| 1235000 | Benton Cnty WA Pub Util Dist #1 Ref | 4.00% | 11/01/36 | 1238632 |
| 945000 | Centrl Puget Sound WA Regl Transit Auth Sales Tax & Mtr Ve <br> Sustainable Bond, Ser S-1 | 5.00% | 11/01/31 | 963545 |
| 585000 | Pierce Cnty WA Sch Dist #403 Bethel | 5.00% | 12/01/36 | 613448 |
| 2000000 | Port of Seattle WA Rev Intermediate Lien, Ser C, AMT | 5.00% | 05/01/30 | 2040046 |
| 2445000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/33 | 2579162 |
| 5000000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/39 | 5142842 |
| 1725000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, <br> AMT | 5.00% | 08/01/46 | 1720557 |
| 1895000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/35 | 1995825 |
| 2315000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/37 | 2412145 |
| 2000000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/39 | 2066171 |
| 1325000 | Port of Seattle WA Rev, Ser A, AMT | 5.00% | 05/01/36 | 1333786 |
| 2195000 | Seattle WA Muni Light & Pwr Rev Sustainable Bond, Ser A | 4.00% | 07/01/38 | 2185435 |
| 750000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/42 | 779382 |
| 1000000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/44 | 1032443 |
| 500000 | Snohomish Cnty WA Hsg Auth | 5.00% | 04/01/34 | 521278 |
| 3025000 | Spokane Cnty WA Arpt Rev, Ser B, AMT | 5.25% | 01/01/40 | 3199418 |
| 5000000 | WA St Bid Grp 2, Ser 2024-A | 5.00% | 08/01/41 | 5350258 |
| 1000000 | WA St Convention Ctr Pub Facs Dist for Exchange Pur Sustainable <br> Bond 1st Priority, Ser 2021-B | 4.00% | 07/01/58 | 784044 |
| 3240000 | WA St Convention Ctr Pub Facs Dist Sub For Exchange Pur <br> Sustainable Bond, Ser B | 4.00% | 07/01/58 | 2499394 |
| 305000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (d) | 5.00% | 12/01/28 | 320049 |
| 450000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (d) | 5.00% | 12/01/32 | 474949 |
| 2100000 | WA St Hsg Fin Commn Nonprofit Hsg Rev Heron's Key, Ser A <br> (Pre-refunded maturity 07/01/25) (d) | 7.00% | 07/01/45 | 2109844 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |  |
| $1580000 | WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights <br> Proj, Ser A | 5.00% | 07/01/38 | $1631002 |
| 2100000 | WA St Hsg Fin Commn Nonprofit Rev Radford Court & Nordheim <br> Court Portfolio | 5.50% | 07/01/44 | 2181446 |
| 2351254 | WA St Hsg Fin Commn Sustainable Ctf, Ser A-1, Class A | 3.50% | 12/20/35 | 2166382 |
| 3000000 | WA St Ref, Ser D | 4.00% | 07/01/39 | 2977364 |
| 4000000 | WA St, Ser A-1 | 5.00% | 08/01/37 | 4015288 |
| 2000000 | WA St, Ser C | 5.00% | 02/01/41 | 2102419 |
|  |  |  |  | 56436554 |
|  | **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |  |
| 1000000 | WV St Econ Dev Auth Sol Wst Disp Facs Var Ref Core Nat Res <br> Inc Proj, AMT (Mandatory put 03/27/35) (d) | 5.45% | 01/01/55 | 991367 |
|  | **Wisconsin — 2.0%** | **Wisconsin — 2.0%** | **Wisconsin — 2.0%** |  |
| 1375000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (d) | 5.00% | 06/15/54 | 1251917 |
| 500000 | Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas <br> Proj, Ser A (d) | 5.00% | 07/01/40 | 455233 |
| 845000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (d) | 4.20% | 07/15/27 | 838670 |
| 1250000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las <br> Vegas Proj, Ser A (d) | 5.13% | 07/15/37 | 1250571 |
| 2750000 | Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, <br>Ser A | 4.00% | 07/01/51 | 2172743 |
| 805000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 4.00% | 07/01/27 | 798007 |
| 1730000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/37 | 1726285 |
| 2000000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/52 | 1823642 |
| 1200000 | Pub Fin Auth WI Edu Rev Ref Triad Eductnl Svcs Inc | 5.25% | 06/15/45 | 1184411 |
| 1275000 | Pub Fin Auth WI Edu Rev Triad Eductnl Svcs Inc, Ser A | 4.00% | 06/15/41 | 1113056 |
| 610000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/34 | 620477 |
| 1000000 | Pub Fin Auth WI Exempt Facs Rev Ref Celanese Proj, Ser B, AMT | 5.00% | 12/01/25 | 1000703 |
| 1200000 | Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc <br> Oblig Grp, Ser A | 4.00% | 11/15/37 | 1153549 |
| 1000000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (d) | 5.00% | 10/01/43 | 950266 |
| 2369000 | Pub Fin Auth WI Rev Anthem Freedom Proj, CABS (d) | (g) | 12/15/37 | 1158400 |
| 1500000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (f) | 6.50% | 01/01/41 | 1106509 |
| 2000000 | Pub Fin Auth WI Rev Sustainable Fargo Moorhead Met Area Flood <br> Mgmnt, AMT | 4.00% | 03/31/56 | 1571938 |
| 600000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/37 | 552988 |
| 535000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/38 | 483611 |
| 1595000 | Pub Fin Auth WI Stdt Hsg Rev NC A&T Real Estate Fdtn LLC <br> Proj, Ser B | 5.00% | 06/01/39 | 1602879 |
| 1750000 | Pub Fin Auth WI Tax Incr Rev Miami Worldcenter Proj, Ser A (d) | 5.00% | 06/01/41 | 1751951 |
| 1125000 | Public Fin Auth WI Rev Ref Kahala Nui Proj | 5.25% | 11/15/50 | 1152993 |
| 1675000 | Univ Hosps & Clinics Auth WI Var Ref Univ WI Hosp & Clinic <br> Oblig Grp, Ser B (c) | 2.35% | 04/01/48 | 1675000 |
| 825000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/41 | 881732 |
| 840000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/42 | 889574 |
| 925000 | WI St Hlth & Eductnl Facs Auth Rev Aspirus Inc Obligated Grp | 5.00% | 08/15/43 | 971098 |
| 750000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp <br> Inc, Ser A | 5.00% | 12/01/39 | 784567 |
| 1555000 | WI St Hlth & Eductnl Facs Auth Rev Fort Hlthcare Inc, Ser A | 5.00% | 10/01/36 | 1619162 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |  |
| $2000000 | WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys <br> Inc, Ser A | 5.25% | 02/15/35 | $2169213 |
| 2000000 | WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys <br> Inc, Ser A | 5.25% | 02/15/36 | 2154952 |
| 1890000 | WI St Hlth & Eductnl Facs Auth Rev Var Fort Hlthcare Inc, Ser B <br> (Mandatory put 10/03/34) | 5.00% | 10/01/54 | 2038178 |
|  |  |  |  | 38904275 |
|  | **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |  |
| 1750000 | Consol Muni Elec Pwr Sys Wy Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/38 | 1892786 |
| 1000000 | Consol Muni Elec Pwr Sys Wy Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj | 5.25% | 06/01/39 | 1075514 |
|  |  |  |  | 2968300 |
|  | **Total Investments — 98.8%** | **Total Investments — 98.8%** | **Total Investments — 98.8%** | 1907548751 |
|  | (Cost $1,944,128,518) | (Cost $1,944,128,518) | (Cost $1,944,128,518) |  |
|  | **Net Other Assets and Liabilities — 1.2%** | **Net Other Assets and Liabilities — 1.2%** | **Net Other Assets and Liabilities — 1.2%** | 22959960 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1930508711 |

---

**Futures Contracts at April 30, 2025** (See Note 2C - Futures Contracts in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Ultra 10-Year U.S. Treasury Notes | 266 | Jun-2025 | &nbsp;&nbsp; $(30519344)<br>| &nbsp;&nbsp; $(756327)<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 issuer is in default.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 April 30, 2025, securities noted as such amounted to $91,856,913 or 4.8% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 2D - Restricted Securities in the Notes to Financial Statements).

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

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

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

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Municipal Bonds\* | $1907548751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1907548751 | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Futures Contracts\*\* | $(756327)<br>| &nbsp;&nbsp; $(756327)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities. 

See Notes to Financial Statements

------

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

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $1907548751 |
| Cash | 14293658 |
| Cash segregated as collateral | 678301 |
| Receivables: |  |
| Interest | 26860760 |
| Investment securities sold | 2269205 |
| Variation margin | 8312 |
| Total Assets | 1951658987 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 20115796 |
| Investment advisory fees | 1034480 |
| Total Liabilities | 21150276 |
| **NET ASSETS** | $1930508711 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $2153437670 |
| Par value | 387000 |
| Accumulated distributable earnings (loss) | (223315959)<br>|
| **NET ASSETS** | $1930508711 |
| **NET ASSET VALUE,** per share | $49.88 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 38700002 |
| Investments, at cost | $1944128518 |

---

See Notes to Financial Statements

------

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

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $39761476 |
| Total investment income | 39761476 |
| **EXPENSES:** |  |
| Investment advisory fees | 6467728<br>|
| Total expenses | 6467728 |
| **NET INVESTMENT INCOME (LOSS)** | 33293748 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (9674941)<br>|
| Futures contracts | (387330)<br>|
| Net realized gain (loss) | (10062271)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (38698488)<br>|
| Futures contracts | (1151906)<br>|
| Net change in unrealized appreciation (depreciation) | (39850394)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (49912665)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(16618917)<br>|

---

See Notes to Financial Statements

------

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

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $33293748 | &nbsp;&nbsp; $62709656 |
| Net realized gain (loss) | (10062271)<br>| &nbsp;&nbsp; (17573898)<br>|
| Net change in unrealized appreciation (depreciation) | (39850394)<br>| &nbsp;&nbsp; 126869610 |
| Net increase (decrease) in net assets resulting from operations | (16618917)<br>| &nbsp;&nbsp; 172005368 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (33020552)<br>| &nbsp;&nbsp; (62393365)<br>|
| Return of capital |  | &nbsp;&nbsp; (126888)<br>|
| Total distributions to shareholders | (33020552)<br>| &nbsp;&nbsp; (62520253)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 98920215<br>| &nbsp;&nbsp; 210173712<br>|
| Cost of shares redeemed | (144319515) <br>| &nbsp;&nbsp; (104140869) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | (45399300)<br>| &nbsp;&nbsp; 106032843 |
| Total increase (decrease) in net assets | (95038769)<br>| &nbsp;&nbsp; 215517958 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2025547480 | &nbsp;&nbsp; 1810029522 |
| End of period | $1930508711 | &nbsp;&nbsp; $2025547480 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 39600002 | &nbsp;&nbsp; 37550002 |
| Shares sold | 1950000 | &nbsp;&nbsp; 4100000 |
| Shares redeemed | (2850000)<br>| &nbsp;&nbsp; (2050000)<br>|
| Shares outstanding, end of period | 38700002 | &nbsp;&nbsp; 39600002 |

---

See Notes to Financial Statements

------

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

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of <br> period<br>| $51.15 | &nbsp;&nbsp;&nbsp;&nbsp; $48.20 | &nbsp;&nbsp;&nbsp;&nbsp; $48.36 | &nbsp;&nbsp;&nbsp;&nbsp; $56.51 | &nbsp;&nbsp;&nbsp;&nbsp; $55.40 | &nbsp;&nbsp;&nbsp;&nbsp; $55.38 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.85<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br>|
| Net realized and unrealized gain <br> (loss)<br>| (1.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br>|
| Total from investment operations | (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; (6.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.84) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.23) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>|
| Total distributions | (0.84) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.63) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26) <br>|
| Net asset value, end of period | $49.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.40<br>|
| **Total return** (c) | (0.86)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.47)% (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1930509<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2025547<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1810030<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1757812<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2393405<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1714485<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.65<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>|
| Ratio of net expenses to average <br> net assets<br>| 0.65<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 3.35<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> % <br>|
| Portfolio turnover rate (f) | 17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year. For some periods, the total returns would have been lower
 if certain fees had not been waived by the advisor.

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

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

**April 30, 2025 (Unaudited)**

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

**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 under the Investment Company Act of 1940, as amended (the "1940 Act").

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

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

**A. Portfolio Valuation**

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

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

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.

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

Exchange-traded futures contracts are valued at the end of the day settlement price.

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

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

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

4)

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

5)

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

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

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the issuer;

4)

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

5)

the type, size and cost of the security;

6)

the financial statements of the issuer;

7)

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

8)

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

9)

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

10)

the coupon payments;

11)

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

12)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

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

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

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

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

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

**B. Securities Transactions and Investment Income**

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

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2025, the Fund held $14,003,118 of when-issued or delayed-delivery securities. At April 30, 2025, the Fund had no forward purchase commitments.

**C. Futures Contracts**

The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in "Net realized gain (loss) on futures contracts" on the Statement of Operations.

Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of "Net change in unrealized appreciation (depreciation) on futures contracts" on the Statement of Operations. This daily fluctuation in the value of the contract 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 $678,301 is shown as "Cash segregated as collateral" on the Statement of Assets and Liabilities.

**D. Restricted Securities**

The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of April 30, 2025, the Fund held 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.

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

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Principal <br>Value<br>| Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| OK St Dev Fin Auth Sr OK Proton <br> Ctr, Ser A1, 7.25%, 09/01/51<br>| 02/12/21 - <br> 10/14/21<br>| &nbsp;&nbsp; $5900000 | &nbsp;&nbsp; $96.18 | &nbsp;&nbsp; $6311285 | &nbsp;&nbsp; $5674421 | 0.29<br> %<br>|
| Polk Cnty FL Indl Dev Auth Mineral <br> Dev LLC Secondary Phosphate <br> Tailings Recovery Proj, 5.88%, <br> 01/01/33<br>| 10/23/20 - <br> 11/12/20<br>| &nbsp;&nbsp; 4250000 | 58.00 | &nbsp;&nbsp; 4260631 | &nbsp;&nbsp; 2465000 | 0.13 |
| Pub Fin Auth WI Rev Sr Proton Intl <br> AR LLC, Ser A, 6.50%, 01/01/41<br>| 12/17/21 | &nbsp;&nbsp; 1500000 | 73.77 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1106509 | 0.06 |
|  |  |  |  | &nbsp;&nbsp; $12071916 | &nbsp;&nbsp; $9245930 | 0.48<br> %<br>|

---

**E. Dividends and Distributions to Shareholders**

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

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

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

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $95389 |
| Capital gains |  |
| Tax-exempt income | 62297976 |
| Return of capital | 126888 |

---

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

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (176143015)<br>|
| Net unrealized appreciation (depreciation) | 2466525 |

---

**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 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. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $176,143,015 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

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

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $1944128518 | &nbsp;&nbsp; $12612680 | &nbsp;&nbsp; $(49948774)<br>| &nbsp;&nbsp; $(37336094)<br>|

---

**G. Expenses**

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

**H. Segment Reporting**

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

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

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

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

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.65000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125<br> %<br>|
| Fund net assets greater than $10 billion | 0.58500<br> %<br>|

---

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

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

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

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $344,955,881 and $405,869,598, respectively.

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

**5. Borrowings** 

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund IV, First Trust Series Fund and First Trust Variable Insurance Trust, has a $620 million Credit Agreement with BNY as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the credit agreement may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. Prior to February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not have any borrowings outstanding during the six months ended April 30, 2025.

**6. Derivative Transactions** 

The following table presents the types of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Futures contracts | Interest Rate Risk | &nbsp;&nbsp; Unrealized appreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Unrealized depreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; $756327 |

---

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

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund's Portfolio of Investments. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| **Interest Rate Risk Exposure** |  |
| Net realized gain (loss) on futures contracts | $(387330)<br>|
| Net change in unrealized appreciation <br> (depreciation) on futures contracts<br>| (1151906)<br>|

---

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

The average notional value of futures contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $35,135,896.

The Fund does not have the right to offset financial assets and financial liabilities related to futures contracts on the Statement of Assets and Liabilities.

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

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

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

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

**8. Distribution Plan** 

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

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 28, 2026.

**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.

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

**10. Subsequent Events**

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

------

**Other Information**

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

**April 30, 2025 (Unaudited)**

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

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

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

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

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

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

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

Not applicable for the most recent fiscal half year.

------

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

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended April 30, 2025

![](img0778da2d1.gif)

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

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

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

------

**Table of Contents** 

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

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_SOI-TOC-ScheduleofInvestments-4454_1) | 1 |
| [Statement of Assets and Liabilities](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_SAL1-TOC-StatementofAssetsandLiabilities-4454_1) | 15 |
| [Statement of Operations](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_SOP1-TOC-StatementofOperations-4454_1) | 16 |
| [Statements of Changes in Net Assets](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_SOC1-TOC-StatementofChanges-4454_1) | 17 |
| [Financial Highlights](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_FIHI-TOC-FinancialHighlights-4454_1) | 18 |
| [Notes to Financial Statements](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_NTF-TOC-NotestoFinancialStatements-4454_1) | 19 |
| [Other Information](#xx_f436149e-7eb6-4f71-a74b-59f4b9718f01_AI-TOC-AdditionalInformation-4454_1) | 26 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

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

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 94.7%** | **COMMON STOCKS — 94.7%** | **COMMON STOCKS — 94.7%** |
|  | **Aerospace & Defense — 1.3%**  |  |
| 58995 | Hexcel Corp. | $2859488 |
| 4264 | Lockheed Martin Corp. | 2037126 |
| 14974 | TransDigm Group, Inc. | 21159310 |
|  |  | 26055924 |
|  | **Automobile Components — 0.0%**  |  |
| 10445 | Patrick Industries, Inc. | 804056 |
|  | **Automobiles — 0.7%**  |  |
| 48266 | Tesla, Inc. (a) | 13618735 |
|  | **Banks — 3.0%**  |  |
| 67865 | Bank OZK | 2891049 |
| 27005 | Berkshire Hills Bancorp, Inc. | 670534 |
| 610691 | Citigroup, Inc. (b) | 41759051 |
| 29183 | Commerce Bancshares, Inc. | 1772575 |
| 42467 | JPMorgan Chase & Co. | 10388278 |
| 10378 | TowneBank | 341955 |
|  |  | 57823442 |
|  | **Beverages — 3.5%**  |  |
| 671469 | Coca-Cola (The) Co. (b) | 48715076 |
| 1095 | Coca-Cola Consolidated, Inc. | 1484612 |
| 295556 | Monster Beverage Corp. (a) | 17768827 |
|  |  | 67968515 |
|  | **Biotechnology — 6.7%**  |  |
| 228295 | AbbVie, Inc. (b) | 44540355 |
| 83081 | Alkermes PLC (a) | 2390240 |
| 155060 | Amgen, Inc. (b) | 45110055 |
| 83843 | Dynavax Technologies Corp. (a) | 985155 |
| 334819 | Gilead Sciences, Inc. | 35671616 |
| 4921 | United Therapeutics Corp. (a) | 1491506 |
|  |  | 130188927 |
|  | **Broadline Retail — 1.9%**  |  |
| 184369 | Amazon.com, Inc. (a) (b) | 34001331 |
| 29355 | eBay, Inc. | 2000837 |
|  |  | 36002168 |
|  | **Building Products — 1.3%**  |  |
| 71966 | A.O. Smith Corp. | 4883613 |
| 49352 | Allegion PLC | 6869798 |
| 9970 | Armstrong World Industries, Inc. | 1445849 |
| 4530 | Carlisle Cos., Inc. | 1719044 |
| 29699 | Carrier Global Corp. | 1857376 |
| 103769 | Hayward Holdings, Inc. (a) | 1383241 |
| 81878 | Masco Corp. | 4962626 |
| 10196 | Owens Corning | 1482600 |
|  |  | 24604147 |
|  | **Capital Markets — 3.0%**  |  |
| 12306 | Affiliated Managers Group, Inc. | 2038243 |
| 3559 | Ameriprise Financial, Inc. | 1676360 |
| 16404 | Cboe Global Markets, Inc. | 3638407 |
| 24353 | Charles Schwab (The) Corp. | 1982334 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Capital Markets (Continued)**  |  |
| 105133 | CME Group, Inc. | $29130252 |
| 3093 | Goldman Sachs Group (The), Inc. | 1693572 |
| 45996 | Janus Henderson Group PLC | 1527527 |
| 23341 | Jefferies Financial Group, Inc. | 1090725 |
| 14554 | Morgan Stanley | 1679823 |
| 7368 | Morningstar, Inc. | 2097817 |
| 12413 | Raymond James Financial, Inc. | 1701078 |
| 24005 | SEI Investments Co. | 1879351 |
| 18115 | Stifel Financial Corp. | 1552274 |
| 51191 | Tradeweb Markets, Inc., Class A | 7079715 |
|  |  | 58767478 |
|  | **Chemicals — 1.1%**  |  |
| 53522 | Axalta Coating Systems Ltd. (a) | 1739465 |
| 6668 | Balchem Corp. | 1043876 |
| 11504 | Cabot Corp. | 903524 |
| 199379 | Corteva, Inc. | 12359504 |
| 23893 | DuPont de Nemours, Inc. | 1576699 |
| 58210 | Ecovyst, Inc. (a) | 348096 |
| 21954 | Methanex Corp. | 686941 |
| 36510 | Westlake Corp. | 3374619 |
|  |  | 22032724 |
|  | **Commercial Services & Supplies — 0.3%**  |  |
| 90947 | Rollins, Inc. | 5195802 |
|  | **Construction & Engineering — 0.1%**  |  |
| 11616 | Granite Construction, Inc. | 944265 |
|  | **Construction Materials — 0.1%**  |  |
| 18838 | CRH PLC | 1797522 |
|  | **Consumer Finance — 0.2%**  |  |
| 6414 | American Express Co. | 1708754 |
| 29002 | OneMain Holdings, Inc. | 1365124 |
| 50794 | SLM Corp. | 1468454 |
|  |  | 4542332 |
|  | **Consumer Staples Distribution & Retail — 1.4%**  |  |
| 18969 | BJ's Wholesale Club Holdings, Inc. (a) | 2229996 |
| 4678 | Casey's General Stores, Inc. | 2163996 |
| 21476 | Chefs' Warehouse (The), Inc. (a) | 1223488 |
| 6566 | Costco Wholesale Corp. | 6529887 |
| 22719 | Performance Food Group Co. (a) | 1832514 |
| 112966 | US Foods Holding Corp. (a) | 7417347 |
| 62848 | Walmart, Inc. | 6111968 |
|  |  | 27509196 |
|  | **Containers & Packaging — 0.6%**  |  |
| 75488 | Crown Holdings, Inc. | 7271759 |
| 9047 | Packaging Corp. of America | 1679214 |
| 35916 | Silgan Holdings, Inc. | 1855061 |
|  |  | 10806034 |
|  | **Diversified Consumer Services — 0.2%**  |  |
| 22733 | Frontdoor, Inc. (a) | 934554 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Diversified Consumer Services (Continued)**  |  |
| 8533 | Grand Canyon Education, Inc. (a) | $1522031 |
| 19113 | Service Corp. International | 1527129 |
|  |  | 3983714 |
|  | **Diversified Telecommunication Services — 1.8%**  |  |
| 69486 | AT&T, Inc. | 1924762 |
| 60659 | Iridium Communications, Inc. | 1463702 |
| 199158 | TELUS Corp. | 3063050 |
| 661021 | Verizon Communications, Inc. | 29124585 |
|  |  | 35576099 |
|  | **Electric Utilities — 0.8%**  |  |
| 29448 | Alliant Energy Corp. | 1797506 |
| 19929 | American Electric Power Co., Inc. | 2159108 |
| 16382 | Duke Energy Corp. | 1998932 |
| 43442 | Exelon Corp. | 2037430 |
| 11359 | IDACORP, Inc. | 1341384 |
| 41546 | OGE Energy Corp. | 1885357 |
| 20576 | Pinnacle West Capital Corp. | 1958424 |
| 21364 | Southern (The) Co. | 1963138 |
|  |  | 15141279 |
|  | **Electrical Equipment — 0.1%**  |  |
| 6626 | Acuity, Inc. | 1614160 |
|  | **Electronic Equipment, Instruments & Components — 0.3%**  |  |
| 38411 | Avnet, Inc. | 1804933 |
| 8368 | Littelfuse, Inc. | 1525570 |
| 14069 | TD SYNNEX Corp. | 1558845 |
|  |  | 4889348 |
|  | **Energy Equipment & Services — 0.1%**  |  |
| 52222 | TechnipFMC PLC | 1471094 |
| 21313 | USA Compression Partners, L.P. (c) | 520037 |
|  |  | 1991131 |
|  | **Entertainment — 4.2%**  |  |
| 38372 | Cinemark Holdings, Inc. | 1147707 |
| 113985 | Live Nation Entertainment, Inc. (a) | 15097313 |
| 6620 | Netflix, Inc. (a) | 7491986 |
| 78803 | Spotify Technology S.A. (a) | 48383466 |
| 58546 | TKO Group Holdings, Inc. | 9537729 |
|  |  | 81658201 |
|  | **Financial Services — 7.0%**  |  |
| 64979 | Berkshire Hathaway, Inc., Class B (a) (b) | 34650052 |
| 5135 | Corpay, Inc. (a) | 1670775 |
| 26786 | Fidelity National Information Services, Inc. | 2112880 |
| 34009 | Jack Henry & Associates, Inc. | 5898181 |
| 83461 | Mastercard, Inc., Class A | 45741635 |
| 131889 | Visa, Inc., Class A (b) | 45567649 |
|  |  | 135641172 |
|  | **Food Products — 1.0%**  |  |
| 10696 | Cal-Maine Foods, Inc. | 998686 |
| 112122 | Flowers Foods, Inc. | 1972226 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)**  |  |
| 167638 | Hormel Foods Corp. | $5012376 |
| 14706 | Ingredion, Inc. | 1953251 |
| 7024 | Lancaster Colony Corp. | 1143367 |
| 96214 | McCormick & Co., Inc. | 7375765 |
| 27576 | Pilgrim's Pride Corp. | 1505098 |
|  |  | 19960769 |
|  | **Gas Utilities — 0.1%**  |  |
| 12596 | Atmos Energy Corp. | 2023295 |
|  | **Ground Transportation — 0.1%**  |  |
| 11874 | Ryder System, Inc. | 1634694 |
| 51388 | Schneider National, Inc., Class B | 1104328 |
|  |  | 2739022 |
|  | **Health Care Equipment & Supplies — 2.9%**  |  |
| 283790 | Boston Scientific Corp. (a) | 29193477 |
| 70595 | Stryker Corp. | 26396883 |
|  |  | 55590360 |
|  | **Health Care Providers & Services — 0.7%**  |  |
| 12087 | Addus HomeCare Corp. (a) | 1263696 |
| 14727 | Cardinal Health, Inc. | 2080778 |
| 19260 | Encompass Health Corp. | 2253227 |
| 10861 | Quest Diagnostics, Inc. | 1935648 |
| 13987 | UnitedHealth Group, Inc. | 5754811 |
|  |  | 13288160 |
|  | **Health Care REITs — 0.1%**  |  |
| 51820 | Omega Healthcare Investors, Inc. | 2023571 |
|  | **Hotels, Restaurants & Leisure — 2.0%**  |  |
| 52510 | Aramark | 1755409 |
| 20205 | Boyd Gaming Corp. | 1396974 |
| 13296 | Choice Hotels International, Inc. | 1676759 |
| 156715 | DoorDash, Inc., Class A (a) | 30228756 |
| 7527 | InterContinental Hotels Group PLC, ADR | 812088 |
| 6279 | Monarch Casino & Resort, Inc. | 490955 |
| 27418 | Travel + Leisure Co. | 1204473 |
| 18910 | United Parks & Resorts, Inc. (a) | 825421 |
|  |  | 38390835 |
|  | **Household Durables — 0.8%**  |  |
| 15881 | KB Home | 858050 |
| 8286 | M/I Homes, Inc. (a) | 883951 |
| 13445 | Meritage Homes Corp. | 916142 |
| 1652 | NVR, Inc. (a) | 11771739 |
| 15763 | Taylor Morrison Home Corp. (a) | 904008 |
|  |  | 15333890 |
|  | **Household Products — 1.5%**  |  |
| 258140 | Colgate-Palmolive Co. | 23797927 |
| 34229 | Procter & Gamble (The) Co. | 5564608 |
|  |  | 29362535 |
|  | **Industrial Conglomerates — 1.3%**  |  |
| 178800 | 3M Co. | 24837108 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance — 1.1%**  |  |
| 209402 | American International Group, Inc. | $17070451 |
| 11189 | Hanover Insurance Group (The), Inc. | 1858493 |
| 27574 | RLI Corp. | 2040752 |
|  |  | 20969696 |
|  | **Interactive Media & Services — 3.8%**  |  |
| 152268 | Alphabet, Inc., Class A (b) | 24180159 |
| 124042 | Alphabet, Inc., Class C (b) | 19957117 |
| 50439 | Meta Platforms, Inc., Class A (b) | 27691011 |
| 45255 | Yelp, Inc. (a) | 1587545 |
|  |  | 73415832 |
|  | **IT Services — 0.5%**  |  |
| 36190 | VeriSign, Inc. (a) | 10209923 |
|  | **Machinery — 2.4%**  |  |
| 21060 | Allison Transmission Holdings, Inc. | 1942574 |
| 5667 | Caterpillar, Inc. | 1752633 |
| 122354 | CNH Industrial N.V. | 1415636 |
| 5272 | Cummins, Inc. | 1549124 |
| 4055 | Deere & Co. | 1879736 |
| 22222 | Donaldson Co., Inc. | 1460652 |
| 134440 | Fortive Corp. | 9369124 |
| 13801 | ITT, Inc. | 1891013 |
| 11753 | Mueller Industries, Inc. | 864551 |
| 100452 | Otis Worldwide Corp. | 9670514 |
| 22872 | Snap-on, Inc. | 7177462 |
| 48935 | Toro (The) Co. | 3341282 |
| 9904 | Watts Water Technologies, Inc., Class A | 2057556 |
| 10341 | Westinghouse Air Brake Technologies Corp. | 1910396 |
|  |  | 46282253 |
|  | **Marine Transportation — 0.1%**  |  |
| 17830 | Global Ship Lease, Inc., Class A | 383702 |
| 6770 | Matson, Inc. | 738539 |
|  |  | 1122241 |
|  | **Metals & Mining — 0.7%**  |  |
| 83142 | ArcelorMittal S.A. | 2468486 |
| 31841 | Osisko Gold Royalties Ltd. | 765139 |
| 13025 | Reliance, Inc. | 3754196 |
| 71929 | Wheaton Precious Metals Corp. | 6007510 |
|  |  | 12995331 |
|  | **Mortgage REITs — 0.1%**  |  |
| 88529 | Annaly Capital Management, Inc. | 1735168 |
| 80319 | Arbor Realty Trust, Inc. | 926078 |
|  |  | 2661246 |
|  | **Multi-Utilities — 0.7%**  |  |
| 20588 | Ameren Corp. | 2043153 |
| 55786 | CenterPoint Energy, Inc. | 2163381 |
| 26178 | CMS Energy Corp. | 1928010 |
| 33884 | Dominion Energy, Inc. | 1842612 |
| 14333 | DTE Energy Co. | 1963621 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Multi-Utilities (Continued)**  |  |
| 46871 | NiSource, Inc. | $1833125 |
| 17918 | WEC Energy Group, Inc. | 1962379 |
|  |  | 13736281 |
|  | **Office REITs — 0.2%**  |  |
| 63634 | Cousins Properties, Inc. | 1752480 |
| 45491 | Highwoods Properties, Inc. | 1293764 |
|  |  | 3046244 |
|  | **Oil, Gas & Consumable Fuels — 3.2%**  |  |
| 146308 | Antero Midstream Corp. | 2421397 |
| 26114 | Black Stone Minerals, L.P. (c) | 368468 |
| 11458 | Cheniere Energy Partners, L.P. (c) | 673501 |
| 8519 | Cheniere Energy, Inc. | 1968826 |
| 13218 | Core Natural Resources, Inc. | 954472 |
| 70885 | Coterra Energy, Inc. | 1740936 |
| 251264 | Enterprise Products Partners, L.P. (c) | 7512794 |
| 15334 | EOG Resources, Inc. | 1691800 |
| 19374 | Expand Energy Corp. | 2012959 |
| 66322 | Exxon Mobil Corp. | 7005593 |
| 5591 | Gulfport Energy Corp. (a) | 964447 |
| 54834 | Hess Midstream, L.P., Class A (d) | 2038180 |
| 52898 | Kimbell Royalty Partners, L.P. (c) | 634776 |
| 69715 | Kinder Morgan, Inc. | 1833504 |
| 41454 | Magnolia Oil & Gas Corp., Class A | 851051 |
| 31559 | Northern Oil & Gas, Inc. | 766884 |
| 19182 | ONEOK, Inc. | 1575993 |
| 84427 | Pembina Pipeline Corp. | 3225111 |
| 217138 | Plains All American Pipeline, L.P. (c) | 3791229 |
| 97915 | Plains GP Holdings, L.P., Class A (c) | 1825136 |
| 41129 | Range Resources Corp. | 1395507 |
| 258900 | Suncor Energy, Inc. | 9136581 |
| 9451 | Targa Resources Corp. | 1615176 |
| 100849 | TotalEnergies SE, ADR | 5733266 |
|  |  | 61737587 |
|  | **Passenger Airlines — 0.0%**  |  |
| 9671 | SkyWest, Inc. (a) | 862363 |
|  | **Personal Care Products — 0.0%**  |  |
| 7015 | Interparfums, Inc. | 766038 |
|  | **Pharmaceuticals — 3.5%**  |  |
| 11168 | Eli Lilly & Co. | 10039474 |
| 32776 | Innoviva, Inc. (a) | 612583 |
| 29765 | Jazz Pharmaceuticals PLC (a) | 3481314 |
| 290151 | Johnson & Johnson (b) | 45353503 |
| 41347 | Pacira BioSciences, Inc. (a) | 1112234 |
| 192996 | Royalty Pharma PLC, Class A | 6334129 |
|  |  | 66933237 |
|  | **Professional Services — 0.5%**  |  |
| 4684 | CACI International, Inc., Class A (a) | 2144663 |
| 47712 | ExlService Holdings, Inc. (a) | 2313078 |
| 35840 | Genpact Ltd. | 1801319 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services (Continued)**  |  |
| 14873 | Leidos Holdings, Inc. | $2189008 |
| 21597 | SS&C Technologies Holdings, Inc. | 1632733 |
|  |  | 10080801 |
|  | **Real Estate Management & Development — 0.1%**  |  |
| 5638 | Jones Lang LaSalle, Inc. (a) | 1282138 |
|  | **Residential REITs — 0.5%**  |  |
| 41477 | Camden Property Trust | 4720083 |
| 72927 | Equity LifeStyle Properties, Inc. | 4724211 |
|  |  | 9444294 |
|  | **Retail REITs — 0.2%**  |  |
| 75305 | Acadia Realty Trust | 1438326 |
| 68877 | Brixmor Property Group, Inc. | 1715726 |
| 38095 | Tanger, Inc. | 1200373 |
|  |  | 4354425 |
|  | **Semiconductors & Semiconductor Equipment — 8.9%**  |  |
| 189744 | Analog Devices, Inc. | 36984900 |
| 66767 | ASML Holding N.V. | 44605697 |
| 79597 | Broadcom, Inc. (b) | 15320035 |
| 40640 | Cirrus Logic, Inc. (a) | 3903066 |
| 653559 | NVIDIA Corp. (b) | 71185646 |
|  |  | 171999344 |
|  | **Software — 5.1%**  |  |
| 13797 | Descartes Systems Group (The), Inc. (a) | 1454066 |
| 191531 | Gen Digital, Inc. | 4954907 |
| 4518 | InterDigital, Inc. | 908118 |
| 57960 | JFrog Ltd. (a) | 1957309 |
| 170798 | Microsoft Corp. (b) | 67509618 |
| 23346 | Oracle Corp. | 3285249 |
| 32306 | Roper Technologies, Inc. | 18093944 |
|  |  | 98163211 |
|  | **Specialized REITs — 0.2%**  |  |
| 28625 | EPR Properties | 1416651 |
| 33427 | Four Corners Property Trust, Inc. | 934285 |
| 15367 | Lamar Advertising Co., Class A | 1748918 |
|  |  | 4099854 |
|  | **Specialty Retail — 3.3%**  |  |
| 3615 | Asbury Automotive Group, Inc. (a) | 788576 |
| 8593 | AutoNation, Inc. (a) | 1496471 |
| 6428 | AutoZone, Inc. (a) | 24185993 |
| 2091 | Group 1 Automotive, Inc. | 843990 |
| 7784 | Lowe's Cos., Inc. | 1740191 |
| 9179 | Penske Automotive Group, Inc. | 1428895 |
| 263355 | TJX (The) Cos., Inc. | 33888522 |
|  |  | 64372638 |
|  | **Technology Hardware, Storage & Peripherals — 4.3%**  |  |
| 376473 | Apple, Inc. (b) | 80000513 |
| 32932 | Logitech International S.A. | 2482743 |
|  |  | 82483256 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Textiles, Apparel & Luxury Goods — 1.4%**  |  |
| 31711 | Columbia Sportswear Co. | $1971473 |
| 37198 | Ralph Lauren Corp. | 8367690 |
| 244332 | Tapestry, Inc. | 17262056 |
|  |  | 27601219 |
|  | **Tobacco — 3.5%**  |  |
| 414410 | Altria Group, Inc. (b) | 24512352 |
| 252795 | Philip Morris International, Inc. | 43318951 |
|  |  | 67831303 |
|  | **Trading Companies & Distributors — 0.1%**  |  |
| 32705 | Air Lease Corp. | 1529286 |
|  | **Wireless Telecommunication Services — 0.1%**  |  |
| 7014 | T-Mobile US, Inc. | 1732107 |
|  | **Total Common Stocks** | 1832418064 |
|  | (Cost $1,821,259,385) |  |
| **MONEY MARKET FUNDS — 3.3%** | **MONEY MARKET FUNDS — 3.3%** | **MONEY MARKET FUNDS — 3.3%** |
| 63005956 | Dreyfus Government Cash Management Fund, Institutional Shares - 4.21% (e) | 63005956 |
|  | (Cost $63,005,956) |  |
|  | **Total Investments — 98.0%** | 1895424020 |
|  | (Cost $1,884,265,341) |  |
| **COMMON STOCKS SOLD SHORT — (30.6)%** | **COMMON STOCKS SOLD SHORT — (30.6)%** | **COMMON STOCKS SOLD SHORT — (30.6)%** |
|  | **Aerospace & Defense — (2.4)%**  |  |
| (37092) | Boeing (The) Co. (a) | (6796738)<br>|
| (14381) | BWX Technologies, Inc. | (1569255)<br>|
| (63056) | General Electric Co. | (12708306)<br>|
| (9158) | L3Harris Technologies, Inc. | (2014943)<br>|
| (10497) | Moog, Inc., Class A | (1755623)<br>|
| (96731) | RTX Corp. | (12200681)<br>|
| (69185) | Textron, Inc. | (4868549)<br>|
| (24434) | Woodward, Inc. | (4583085)<br>|
|  |  | (46497180)<br>|
|  | **Air Freight & Logistics — (0.0)%**  |  |
| (32721) | Hub Group, Inc., Class A | (1033657)<br>|
|  | **Automobile Components — (0.0)%**  |  |
| (37655) | Fox Factory Holding Corp. (a) | (764773)<br>|
|  | **Banks — (0.8)%**  |  |
| (158405) | Bank of America Corp. | (6317191)<br>|
| (76251) | ING Groep N.V., ADR | (1476982)<br>|
| (130307) | Mitsubishi UFJ Financial Group, Inc., ADR | (1647081)<br>|
| (19695) | PNC Financial Services Group (The), Inc. | (3164790)<br>|
| (31837) | Wells Fargo & Co. | (2260745)<br>|
| (15258) | WSFS Financial Corp. | (786550)<br>|
|  |  | (15653339)<br>|
|  | **Beverages — (0.5)%**  |  |
| (78709) | Coca-Cola Europacific Partners PLC | (7142055)<br>|
| (8234) | Coca-Cola Femsa S.A.B. de C.V., ADR | (775066)<br>|
| (24571) | Fomento Economico Mexicano S.A.B. de C.V., ADR | (2587572)<br>|
|  |  | (10504693)<br>|

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Biotechnology — (0.0)%**  |  |
| (23417) | Vericel Corp. (a) | $(890314)<br>|
|  | **Broadline Retail — (0.1)%**  |  |
| (50471) | Coupang, Inc. (a) | (1179507)<br>|
|  | **Building Products — (0.6)%**  |  |
| (144927) | Johnson Controls International PLC | (12159375)<br>|
|  | **Capital Markets — (1.7)%**  |  |
| (90843) | Bank of New York Mellon (The) Corp. | (7304686)<br>|
| (20535) | KKR & Co., Inc. | (2346534)<br>|
| (17949) | S&P Global, Inc. | (8975398)<br>|
| (111872) | State Street Corp. | (9855923)<br>|
| (14131) | StoneX Group, Inc. (a) | (1251512)<br>|
| (87470) | UBS Group AG | (2644218)<br>|
|  |  | (32378271)<br>|
|  | **Chemicals — (1.7)%**  |  |
| (40852) | Air Products and Chemicals, Inc. | (11074569)<br>|
| (26825) | Albemarle Corp. | (1570604)<br>|
| (81020) | International Flavors & Fragrances, Inc. | (6356829)<br>|
| (27670) | Linde PLC | (12540874)<br>|
| (73724) | Perimeter Solutions, Inc. (a) | (746824)<br>|
|  |  | (32289700)<br>|
|  | **Commercial Services & Supplies — (2.1)%**  |  |
| (12995) | Brink's (The) Co. | (1159674)<br>|
| (16250) | Casella Waste Systems, Inc., Class A (a) | (1908562)<br>|
| (161430) | Copart, Inc. (a) | (9852073)<br>|
| (72945) | GFL Environmental, Inc. | (3639955)<br>|
| (9316) | MSA Safety, Inc. | (1466525)<br>|
| (10883) | VSE Corp. | (1246321)<br>|
| (51606) | Waste Connections, Inc. | (10198894)<br>|
| (47432) | Waste Management, Inc. | (11068732)<br>|
|  |  | (40540736)<br>|
|  | **Communications Equipment — (0.0)%**  |  |
| (57800) | Extreme Networks, Inc. (a) | (760648)<br>|
|  | **Construction & Engineering — (0.0)%**  |  |
| (23920) | Tutor Perini Corp. (a) | (513323)<br>|
|  | **Consumer Finance — (0.1)%**  |  |
| (2358) | Credit Acceptance Corp. (a) | (1149336)<br>|
|  | **Consumer Staples Distribution & Retail — (1.0)%**  |  |
| (172851) | Dollar Tree, Inc. (a) | (14134026)<br>|
| (71403) | Kroger (The) Co. | (5156011)<br>|
|  |  | (19290037)<br>|
|  | **Containers & Packaging — (0.4)%**  |  |
| (15627) | International Paper Co. | (713841)<br>|
| (185878) | Smurfit WestRock PLC | (7810594)<br>|
|  |  | (8524435)<br>|
|  | **Diversified Telecommunication Services — (0.1)%**  |  |
| (21229) | Cogent Communications Holdings, Inc. | (1153796)<br>|

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Electric Utilities — (0.6)%**  |  |
| (9360) | Evergy, Inc. | $(646776)<br>|
| (178090) | FirstEnergy Corp. | (7636499)<br>|
| (57505) | Portland General Electric Co. | (2422111)<br>|
| (9206) | Xcel Energy, Inc. | (650864)<br>|
|  |  | (11356250)<br>|
|  | **Electrical Equipment — (0.0)%**  |  |
| (2151) | GE Vernova, Inc. | (797634)<br>|
|  | **Electronic Equipment, Instruments & Components — (0.4)%**  |  |
| (42599) | Knowles Corp. (a) | (670508)<br>|
| (11343) | Novanta, Inc. (a) | (1348229)<br>|
| (9154) | Rogers Corp. (a) | (565809)<br>|
| (15159) | Sanmina Corp. (a) | (1164060)<br>|
| (54447) | Trimble, Inc. (a) | (3383336)<br>|
|  |  | (7131942)<br>|
|  | **Entertainment — (2.1)%**  |  |
| (14221) | Liberty Media Corp.-Liberty Live, Class C (a) | (1016944)<br>|
| (199142) | ROBLOX Corp., Class A (a) | (13352471)<br>|
| (37018) | Sphere Entertainment Co. (a) | (1008740)<br>|
| (61166) | Take-Two Interactive Software, Inc. (a) | (14271251)<br>|
| (113324) | Walt Disney (The) Co. | (10306818)<br>|
|  |  | (39956224)<br>|
|  | **Financial Services — (0.1)%**  |  |
| (149444) | Rocket Cos., Inc., Class A | (1929322)<br>|
|  | **Ground Transportation — (0.4)%**  |  |
| (49254) | J.B. Hunt Transport Services, Inc. | (6431587)<br>|
| (76737) | RXO, Inc. (a) | (1081224)<br>|
| (40513) | Werner Enterprises, Inc. | (999051)<br>|
|  |  | (8511862)<br>|
|  | **Health Care Equipment & Supplies — (2.6)%**  |  |
| (55437) | Alcon AG | (5411205)<br>|
| (232056) | Baxter International, Inc. | (7233185)<br>|
| (16289) | Becton Dickinson & Co. | (3373289)<br>|
| (84100) | Cooper (The) Cos., Inc. (a) | (6868447)<br>|
| (22788) | Masimo Corp. (a) | (3667956)<br>|
| (25229) | Merit Medical Systems, Inc. (a) | (2382879)<br>|
| (49547) | PROCEPT BioRobotics Corp. (a) | (2674547)<br>|
| (22897) | QuidelOrtho Corp. (a) | (636308)<br>|
| (40730) | Solventum Corp. (a) | (2693068)<br>|
| (56914) | STAAR Surgical Co. (a) | (1039250)<br>|
| (26059) | STERIS PLC | (5856500)<br>|
| (73973) | Zimmer Biomet Holdings, Inc. | (7622918)<br>|
|  |  | (49459552)<br>|
|  | **Health Care Providers & Services — (0.3)%**  |  |
| (84664) | Henry Schein, Inc. (a) | (5500620)<br>|
|  | **Health Care REITs — (0.1)%**  |  |
| (144968) | Healthcare Realty Trust, Inc. | (2251353)<br>|
|  | **Health Care Technology — (0.1)%**  |  |
| (46776) | Schrodinger, Inc. (a) | (1198869)<br>|

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Hotels, Restaurants & Leisure — (0.5)%**  |  |
| (17554) | Flutter Entertainment PLC (a) | $(4230339)<br>|
| (20009) | Marriott International, Inc., Class A | (4773747)<br>|
|  |  | (9004086)<br>|
|  | **Household Products — (0.1)%**  |  |
| (34354) | Energizer Holdings, Inc. | (928932)<br>|
| (25551) | Spectrum Brands Holdings, Inc. | (1612268)<br>|
|  |  | (2541200)<br>|
|  | **Industrial REITs — (0.2)%**  |  |
| (100400) | Americold Realty Trust, Inc. | (1941736)<br>|
| (48701) | Lineage, Inc. | (2348849)<br>|
|  |  | (4290585)<br>|
|  | **Insurance — (1.4)%**  |  |
| (37962) | Arthur J. Gallagher & Co. | (12174034)<br>|
| (48530) | Fidelity National Financial, Inc. | (3108347)<br>|
| (3254) | Markel Group, Inc. (a) | (5917724)<br>|
| (19950) | Willis Towers Watson PLC | (6140610)<br>|
|  |  | (27340715)<br>|
|  | **IT Services — (0.3)%**  |  |
| (35716) | Amdocs Ltd. | (3163724)<br>|
| (25481) | Cloudflare, Inc., Class A (a) | (3077595)<br>|
|  |  | (6241319)<br>|
|  | **Life Sciences Tools & Services — (1.0)%**  |  |
| (28843) | Danaher Corp. | (5749275)<br>|
| (66250) | QIAGEN N.V. | (2832188)<br>|
| (29399) | Repligen Corp. (a) | (4056768)<br>|
| (25454) | Revvity, Inc. | (2378167)<br>|
| (8861) | Thermo Fisher Scientific, Inc. | (3801369)<br>|
|  |  | (18817767)<br>|
|  | **Machinery — (0.6)%**  |  |
| (30151) | Dover Corp. | (5145268)<br>|
| (65319) | Pentair PLC | (5926393)<br>|
|  |  | (11071661)<br>|
|  | **Media — (0.5)%**  |  |
| (69100) | EchoStar Corp., Class A (a) | (1553368)<br>|
| (71309) | Fox Corp., Class A | (3550475)<br>|
| (137309) | News Corp., Class A | (3723820)<br>|
|  |  | (8827663)<br>|
|  | **Oil, Gas & Consumable Fuels — (0.6)%**  |  |
| (5808) | Chevron Corp. | (790236)<br>|
| (36772) | Golar LNG Ltd. | (1562994)<br>|
| (137725) | Shell PLC, ADR | (8880508)<br>|
|  |  | (11233738)<br>|
|  | **Personal Care Products — (0.8)%**  |  |
| (29566) | Edgewell Personal Care Co. | (903241)<br>|
| (543905) | Kenvue, Inc. | (12836158)<br>|
| (28349) | Unilever PLC, ADR | (1801579)<br>|
|  |  | (15540978)<br>|

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Pharmaceuticals — (0.6)%**  |  |
| (50241) | Dr. Reddy's Laboratories Ltd., ADR | $(699355)<br>|
| (21364) | Perrigo Co. PLC | (549482)<br>|
| (116569) | Sanofi S.A., ADR | (6405466)<br>|
| (50695) | Verona Pharma PLC, ADR (a) | (3653589)<br>|
|  |  | (11307892)<br>|
|  | **Professional Services — (0.2)%**  |  |
| (12578) | Dayforce, Inc. (a) | (727889)<br>|
| (14399) | Jacobs Solutions, Inc. | (1782596)<br>|
| (28896) | TransUnion | (2397212)<br>|
|  |  | (4907697)<br>|
|  | **Real Estate Management & Development — (0.6)%**  |  |
| (141502) | CoStar Group, Inc. (a) | (10495203)<br>|
| (13339) | St. Joe (The) Co. | (564507)<br>|
|  |  | (11059710)<br>|
|  | **Residential REITs — (0.2)%**  |  |
| (74331) | American Homes 4 Rent, Class A | (2779236)<br>|
| (2946) | AvalonBay Communities, Inc. | (618601)<br>|
|  |  | (3397837)<br>|
|  | **Retail REITs — (0.0)%**  |  |
| (31319) | Curbline Properties Corp. | (716892)<br>|
|  | **Semiconductors & Semiconductor Equipment — (0.5)%**  |  |
| (329561) | Intel Corp. | (6624176)<br>|
| (33346) | Kulicke & Soffa Industries, Inc. | (1074742)<br>|
| (17698) | Silicon Laboratories, Inc. (a) | (1800948)<br>|
|  |  | (9499866)<br>|
|  | **Software — (3.2)%**  |  |
| (142500) | BlackBerry Ltd. (a) | (484500)<br>|
| (82685) | Braze, Inc., Class A (a) | (2573984)<br>|
| (228282) | CCC Intelligent Solutions Holdings, Inc. (a) | (2113891)<br>|
| (14190) | Crowdstrike Holdings, Inc., Class A (a) | (6085665)<br>|
| (12589) | Datadog, Inc., Class A (a) | (1286092)<br>|
| (84199) | Five9, Inc. (a) | (2116763)<br>|
| (124261) | Gitlab, Inc., Class A (a) | (5799261)<br>|
| (64637) | Guidewire Software, Inc. (a) | (13235719)<br>|
| (3306) | HubSpot, Inc. (a) | (2021619)<br>|
| (7352) | Intuit, Inc. | (4613159)<br>|
| (80276) | nCino, Inc. (a) | (1862403)<br>|
| (89145) | NCR Voyix Corp. (a) | (763973)<br>|
| (9481) | Nutanix, Inc., Class A (a) | (651345)<br>|
| (3394) | Palo Alto Networks, Inc. (a) | (634440)<br>|
| (96502) | Procore Technologies, Inc. (a) | (6184813)<br>|
| (39413) | Progress Software Corp. | (2363204)<br>|
| (41987) | Q2 Holdings, Inc. (a) | (3327470)<br>|
| (158724) | SentinelOne, Inc., Class A (a) | (2936394)<br>|
| (112663) | Sprinklr, Inc., Class A (a) | (866379)<br>|
| (58825) | Tenable Holdings, Inc. (a) | (1798280)<br>|
|  |  | (61719354)<br>|

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** | **COMMON STOCKS SOLD SHORT (Continued)** |
|  | **Specialized REITs — (0.0)%**  |  |
| (6586) | Extra Space Storage, Inc. | $(964981)<br>|
|  | **Specialty Retail — (0.4)%**  |  |
| (22476) | Burlington Stores, Inc. (a) | (5057999)<br>|
| (28859) | CarMax, Inc. (a) | (1866312)<br>|
|  |  | (6924311)<br>|
|  | **Textiles, Apparel & Luxury Goods — (0.0)%**  |  |
| (13175) | Birkenstock Holding PLC (a) | (677590)<br>|
|  | **Trading Companies & Distributors — (0.4)%**  |  |
| (53667) | AerCap Holdings N.V. | (5688702)<br>|
| (8375) | GATX Corp. | (1222415)<br>|
|  |  | (6911117)<br>|
|  | **Wireless Telecommunication Services — (0.3)%**  |  |
| (45695) | Telephone and Data Systems, Inc. | (1713106)<br>|
| (422090) | Vodafone Group PLC, ADR | (4119598)<br>|
|  |  | (5832704)<br>|
|  | **Total Investments Sold Short — (30.6)%** | (592206411)<br>|
|  | (Proceeds $614,511,639) |  |
|  | **Net Other Assets and Liabilities — 32.6%** | 630586262 |
|  | **Net Assets — 100.0%** | $1933803871 |

---

**Futures Contracts at April 30, 2025** (See Note 2D - Futures Contracts in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Short** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)/** <br>**Value**<br>|
| Russell 2000 E-mini Futures | 505 | Jun-2025 | &nbsp;&nbsp; $(49737450)<br>| &nbsp;&nbsp; $(2784300)<br>|
| S&P 500 E-mini Futures | 224 | Jun-2025 | &nbsp;&nbsp; (62574400)<br>| &nbsp;&nbsp; (4117922)<br>|
|  |  | &nbsp;&nbsp; Total | &nbsp;&nbsp; $(112311850)<br>| &nbsp;&nbsp; $(6902222)<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 security or a portion of this security is segregated as collateral for investments sold short. At April 30, 2025, the segregated value
 of these securities amounts to $345,172,181.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security
 is a Master Limited Partnership.

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

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

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

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1832418064 | &nbsp;&nbsp; $1832418064 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 63005956 | &nbsp;&nbsp; 63005956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1895424020 | &nbsp;&nbsp; $1895424020 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks Sold Short\* | $(592206411)<br>| &nbsp;&nbsp; $(592206411)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Futures Contracts\*\* | (6902222)<br>| &nbsp;&nbsp; (6902222)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $(599108633)<br>| &nbsp;&nbsp; $(599108633)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities. 

See Notes to Financial Statements

------

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

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $1895424020 |
| Restricted Cash | 621403705 |
| Cash segregated as collateral | 8800458 |
| Receivables: |  |
| Dividends | 2004863 |
| Margin interest rebate | 710496 |
| Variation margin | 427652 |
| Margin interest income | 52493 |
| Reclaims | 13777 |
| Total Assets | 2528837464 |
| **LIABILITIES:** |  |
| Investments sold short, at value | 592206411 |
| Payables: |  |
| Investment advisory fees | 1470047 |
| Investment securities purchased | 1073722 |
| Dividends on investments sold short | 283413 |
| Total Liabilities | 595033593 |
| **NET ASSETS** | $1933803871 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $2055035703 |
| Par value | 304000 |
| Accumulated distributable earnings (loss) | (121535832)<br>|
| **NET ASSETS** | $1933803871 |
| **NET ASSET VALUE,** per share | $63.61 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 30400002 |
| Investments, at cost | $1884265341 |
| Investments sold short, proceeds | $614511639 |

---

See Notes to Financial Statements

------

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

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $14102969 |
| Margin interest rebate | 10042542 |
| Margin interest income | 327650 |
| Total investment income | 24473161 |
| **EXPENSES:** |  |
| Investment advisory fees | 8541021<br>|
| Dividend expense on investments sold short | 3734396 |
| Margin interest expense | 20609 |
| Total expenses | 12296026 |
| **NET INVESTMENT INCOME (LOSS)** | 12177135 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (26534882)<br>|
| In-kind redemptions | 75826548 |
| Investments sold short | (13492651)<br>|
| Futures contracts | (2142447)<br>|
| Foreign currency transactions | 1026 |
| Net realized gain (loss) | 33657594 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | (72560595)<br>|
| Investments sold short | 28991000 |
| Futures contracts | (6505881)<br>|
| Foreign currency translation | 50 |
| Net change in unrealized appreciation (depreciation) | (50075426)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (16417832)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(4240697)<br>|

---

See Notes to Financial Statements

------

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

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $12177135 | &nbsp;&nbsp; $20340902 |
| Net realized gain (loss) | 33657594 | &nbsp;&nbsp; 151024392 |
| Net change in unrealized appreciation (depreciation) | (50075426)<br>| &nbsp;&nbsp; 42390821 |
| Net increase (decrease) in net assets resulting from operations | (4240697)<br>| &nbsp;&nbsp; 213756115 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (11825181)<br>| &nbsp;&nbsp; (19894717)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 835992389<br>| &nbsp;&nbsp; 2245169326<br>|
| Cost of shares redeemed | (452388783) <br>| &nbsp;&nbsp; (1604646911) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | 383603606 | &nbsp;&nbsp; 640522415 |
| Total increase (decrease) in net assets | 367537728 | &nbsp;&nbsp; 834383813 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1566266143 | &nbsp;&nbsp; 731882330 |
| End of period | $1933803871 | &nbsp;&nbsp; $1566266143 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 24600002 | &nbsp;&nbsp; 13850002 |
| Shares sold | 12700000 | &nbsp;&nbsp; 36850000 |
| Shares redeemed | (6900000)<br>| &nbsp;&nbsp; (26100000)<br>|
| Shares outstanding, end of period | 30400002 | &nbsp;&nbsp; 24600002 |

---

See Notes to Financial Statements

------

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

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $63.67 | &nbsp;&nbsp;&nbsp;&nbsp; $52.84 | &nbsp;&nbsp;&nbsp;&nbsp; $48.82 | &nbsp;&nbsp;&nbsp;&nbsp; $50.26 | &nbsp;&nbsp;&nbsp;&nbsp; $41.86 | &nbsp;&nbsp;&nbsp;&nbsp; $41.67 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br>|
| Net realized and unrealized gain (loss) | (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.56) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br>|
| Total from investment operations | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.44) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11) <br>|
| Net asset value, end of period | $63.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.86<br>|
| **Total return** (b) | 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.74)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1933804<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1566266<br>| &nbsp;&nbsp;&nbsp;&nbsp; $731882<br>| &nbsp;&nbsp;&nbsp;&nbsp; $524765<br>| &nbsp;&nbsp;&nbsp;&nbsp; $429755<br>| &nbsp;&nbsp;&nbsp;&nbsp; $301375<br>|
| Ratio of total expenses to average net <br> assets (c)<br>| 1.37<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> % <br>|
| Ratio of total expenses to average net <br> assets excluding dividend expense and <br> margin interest expense (c)<br>| 0.95<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets (c)<br>| 1.35<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> % <br>|
| Portfolio turnover rate (e) | 126<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 235<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 280<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 223<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 250<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 250<br> % <br>|

---

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

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

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

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

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

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

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

**April 30, 2025 (Unaudited)**

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

**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 under the Investment Company Act of 1940, as amended (the "1940 Act").

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

The Fund is an actively managed exchange-traded fund ("ETF"). The 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. ETFs that provide exposure to U.S. exchange-listed equity securities. The Fund pursues its investment objective by establishing long and short positions in its 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 ("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. 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, exchange-traded funds and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

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

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

Exchange-traded futures contracts are valued at the end of the day settlement price.

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

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

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

o Quoted prices for similar investments in active markets.

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

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

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

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

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

**B. Securities Transactions and Investment Income** 

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

Distributions received from the Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. The Fund records the character of distributions received from the REITs during the year based on estimates available. The

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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 master limited partnerships ("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. 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 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 six months ended April 30, 2025, the Fund had margin interest income of $327,650 and margin interest expense of $20,609, as shown on the Statement of Operations. Restricted cash in the amount of $621,403,705, as shown on the Statement of Assets and Liabilities, is associated with collateral at the broker as of April 30, 2025.

**D. 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 contract 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 $5,946,873 is included in "Cash segregated as collateral" on the Statement of Assets and Liabilities.

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

**E. Dividends and Distributions to Shareholders**

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

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

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

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $19894717 |
| Capital gains |  |
| Return of capital |  |

---

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

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $3267280 |
| Accumulated capital and other gain (loss) | (178026408)<br>|
| Net unrealized appreciation (depreciation) | 69289174 |

---

**F. Income Taxes**

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

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

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $178,026,408 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

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

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $1269753702 | &nbsp;&nbsp; $116013705 | &nbsp;&nbsp; $(89452020)<br>| &nbsp;&nbsp; $26561685 |

---

**G. Expenses**

Expenses, other than the investment advisory fee, dividend and interest expense on investments sold short and other excluded expenses, are paid by the Advisor (see Note 3).

**H. Segment Reporting**

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

**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, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, dividend expenses on investments sold short, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

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

---

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

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

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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

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

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments, investments sold short, and in-kind transactions, were $2,002,143,807 and $2,029,625,061, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $781,782,487 and $936,721,371, respectively.

For the six months ended April 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were $810,876,449 and $455,055,079, respectively. For the six months ended April 30, 2025, the Fund had no in-kind transactions in investments sold short.

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Futures contracts | Equity Risk | &nbsp;&nbsp; Unrealized appreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Unrealized depreciation on <br> futures contracts\*<br>| &nbsp;&nbsp; $6902222 |

---

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

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund's Portfolio of Investments. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| **Equity Risk Exposure** |  |
| Net realized gain (loss) on futures contracts | $(2142447)<br>|
| Net change in unrealized appreciation <br> (depreciation) on futures contracts<br>| (6505881)<br>|

---

The average notional value of futures contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $144,454,459.

The Fund does not have the right to offset financial assets and financial 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 Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation the

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

"basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of the Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund's shares at or close to the NAV per share of the Fund.

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

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

**7. Distribution Plan** 

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

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 28, 2026.

**8. Indemnification**

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

**9. Subsequent Events**

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

------

**Other Information**

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

**April 30, 2025 (Unaudited)**

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

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

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

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

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

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

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

Not applicable for the most recent fiscal half year.

------

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

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended April 30, 2025

![](img26d6085e1.gif)

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

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

First Trust Emerging Markets Local Currency Bond ETF <br> (FEMB)<br>

------

**Table of Contents** 

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_SOI-TOC-ScheduleofInvestments-4450_1) | 1 |
| [Statement of Assets and Liabilities](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_SAL1-TOC-StatementofAssetsandLiabilities-4450_1) | 5 |
| [Statement of Operations](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_SOP1-TOC-StatementofOperations-4450_1) | 6 |
| [Statements of Changes in Net Assets](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_SOC1-TOC-StatementofChanges-4450_1) | 7 |
| [Financial Highlights](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_FIHI-TOC-FinancialHighlights-4450_1) | 8 |
| [Notes to Financial Statements](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_NTF-TOC-NotestoFinancialStatements-4450_1) | 9 |
| [Other Information](#xx_d2bd3f48-10f1-4e06-b33c-8f56b201976d_AI-TOC-AdditionalInformation-4450_1) | 17 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **FOREIGN SOVEREIGN BONDS AND NOTES (a) — 91.9%** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) — 91.9%** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) — 91.9%** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) — 91.9%** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) — 91.9%** |
|  | **Brazil — 8.5%** | **Brazil — 8.5%** | **Brazil — 8.5%** |  |
| 24300000 | Brazil Notas do Tesouro Nacional, Series F (BRL)  | 10.00% | 01/01/29 | $3865802 |
| 29200000 | Brazil Notas do Tesouro Nacional, Series F (BRL)  | 10.00% | 01/01/31 | 4401088 |
| 13500000 | Brazil Notas do Tesouro Nacional, Series F (BRL)  | 10.00% | 01/01/33 | 1966408 |
| 16000000 | Brazil Notas do Tesouro Nacional, Series F (BRL)  | 10.00% | 01/01/35 | 2253481 |
|  |  |  |  | 12486779 |
|  | **Chile — 2.3%** | **Chile — 2.3%** | **Chile — 2.3%** |  |
| 325000000 | Bonos de la Tesoreria de la Republica en pesos (CLP)  | 4.50% | 03/01/26 | 343548 |
| 3010000000 | Bonos de la Tesoreria de la Republica en pesos (CLP) (b) (c) | 4.70% | 09/01/30 | 3072322 |
|  |  |  |  | 3415870 |
|  | **Colombia — 6.7%** | **Colombia — 6.7%** | **Colombia — 6.7%** |  |
| 8150000000 | Colombian TES, Series B (COP)  | 7.75% | 09/18/30 | 1679566 |
| 13260000000 | Colombian TES, Series B (COP)  | 7.00% | 06/30/32 | 2442521 |
| 32933000000 | Colombian TES, Series B (COP)  | 7.25% | 10/18/34 | 5732104 |
|  |  |  |  | 9854191 |
|  | **Czech Republic — 2.1%** | **Czech Republic — 2.1%** | **Czech Republic — 2.1%** |  |
| 22740000 | Czech Republic Government Bond (CZK) (c) | 2.40% | 09/17/25 | 1028400 |
| 31930000 | Czech Republic Government Bond (CZK)  | 3.50% | 05/30/35 | 1386246 |
| 23700000 | Czech Republic Government Bond (CZK)  | 1.50% | 04/24/40 | 740867 |
|  |  |  |  | 3155513 |
|  | **Hungary — 4.0%** | **Hungary — 4.0%** | **Hungary — 4.0%** |  |
| 133540000 | Hungary Government Bond (HUF)  | 5.50% | 06/24/25 | 373572 |
| 900000000 | Hungary Government Bond (HUF)  | 6.75% | 10/22/28 | 2557528 |
| 1070000000 | Hungary Government Bond (HUF)  | 7.00% | 10/24/35 | 3039558 |
|  |  |  |  | 5970658 |
|  | **India — 4.3%** | **India — 4.3%** | **India — 4.3%** |  |
| 423000000 | India Government Bond (INR)  | 6.10% | 07/12/31 | 5007059 |
| 105000000 | India Government Bond (INR)  | 7.18% | 07/24/37 | 1324080 |
|  |  |  |  | 6331139 |
|  | **Indonesia — 12.3%** | **Indonesia — 12.3%** | **Indonesia — 12.3%** |  |
| 51993000000 | Indonesia Treasury Bond (IDR)  | 8.38% | 09/15/26 | 3216738 |
| 78599000000 | Indonesia Treasury Bond (IDR)  | 9.00% | 03/15/29 | 5124702 |
| 95930000000 | Indonesia Treasury Bond (IDR)  | 7.00% | 09/15/30 | 5867853 |
| 34395000000 | Indonesia Treasury Bond (IDR)  | 8.38% | 03/15/34 | 2275395 |
| 24561000000 | Indonesia Treasury Bond (IDR)  | 8.25% | 05/15/36 | 1620864 |
|  |  |  |  | 18105552 |
|  | **Israel — 0.4%** | **Israel — 0.4%** | **Israel — 0.4%** |  |
| 500000 | Israel Government Bond - Fixed (ILS)  | 6.25% | 10/30/26 | 141855 |
| 1850000 | Israel Government Bond - Fixed (ILS)  | 3.75% | 02/28/29 | 502664 |
|  |  |  |  | 644519 |
|  | **Malaysia — 11.6%** | **Malaysia — 11.6%** | **Malaysia — 11.6%** |  |
| 19540000 | Malaysia Government Bond (MYR)  | 3.89% | 08/15/29 | 4626081 |
| 17300000 | Malaysia Government Bond (MYR)  | 4.50% | 04/15/30 | 4207268 |
| 23855000 | Malaysia Government Bond (MYR)  | 2.63% | 04/15/31 | 5274496 |
| 12030000 | Malaysia Government Bond (MYR)  | 4.64% | 11/07/33 | 2990724 |
|  |  |  |  | 17098569 |
|  | **Mexico — 4.5%** | **Mexico — 4.5%** | **Mexico — 4.5%** |  |
| 37300000 | Mexican Bonos, Series M (MXN)  | 7.50% | 06/03/27 | 1875416 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)** | **FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)** |
|  | **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** |  |
| 51180000 | Mexican Bonos, Series M (MXN)  | 8.50% | 05/31/29 | $2595783 |
| 47340000 | Mexican Bonos, Series M (MXN)  | 7.50% | 05/26/33 | 2183644 |
|  |  |  |  | 6654843 |
|  | **Peru — 2.0%** | **Peru — 2.0%** | **Peru — 2.0%** |  |
| 1400000 | Peru Government Bond (PEN)  | 6.95% | 08/12/31 | 415132 |
| 9170000 | Peru Government Bond (PEN)  | 6.90% | 08/12/37 | 2475834 |
|  |  |  |  | 2890966 |
|  | **Philippines — 3.2%** | **Philippines — 3.2%** | **Philippines — 3.2%** |  |
| 275000000 | Philippine Government International Bond (PHP)  | 6.25% | 01/14/36 | 4786492 |
|  | **Poland — 4.3%** | **Poland — 4.3%** | **Poland — 4.3%** |  |
| 1016000 | Republic of Poland Government Bond (PLN)  | 7.50% | 07/25/28 | 293235 |
| 12699000 | Republic of Poland Government Bond (PLN)  | 1.75% | 04/25/32 | 2742628 |
| 11590000 | Republic of Poland Government Bond (PLN)  | 6.00% | 10/25/33 | 3249283 |
|  |  |  |  | 6285146 |
|  | **Romania — 4.7%** | **Romania — 4.7%** | **Romania — 4.7%** |  |
| 24335000 | Romania Government Bond (RON)  | 6.70% | 02/25/32 | 5317597 |
| 8600000 | Romania Government Bond (RON)  | 4.75% | 10/11/34 | 1603652 |
|  |  |  |  | 6921249 |
|  | **South Africa — 9.2%** | **South Africa — 9.2%** | **South Africa — 9.2%** |  |
| 63380000 | Republic of South Africa Government Bond, Series R186 (ZAR)  | 10.50% | 12/21/26 | 3535127 |
| 131100000 | Republic of South Africa Government Bond (ZAR)  | 8.25% | 03/31/32 | 6542894 |
| 56360000 | Republic of South Africa Government Bond (ZAR)  | 8.88% | 02/28/35 | 2718528 |
| 20000000 | Republic of South Africa Government Bond (ZAR)  | 8.75% | 01/31/44 | 834504 |
|  |  |  |  | 13631053 |
|  | **Supranational — 6.1%** | **Supranational — 6.1%** | **Supranational — 6.1%** |  |
| 100000000 | African Development Bank (ZAR)  | (d) | 04/05/46 | 604888 |
| 162020000 | Asian Development Bank (INR)  | 6.20% | 10/06/26 | 1913357 |
| 186000000 | European Bank for Reconstruction & Development (INR)  | 6.30% | 10/26/27 | 2191320 |
| 201000000 | Inter-American Development Bank (INR)  | 7.35% | 10/06/30 | 2454648 |
| 62000000 | International Bank for Reconstruction & Development (INR)  | 6.75% | 07/13/29 | 739291 |
| 62500000 | International Finance Corp. (MXN)  | (d) | 02/22/38 | 1038307 |
|  |  |  |  | 8941811 |
|  | **Thailand — 4.7%** | **Thailand — 4.7%** | **Thailand — 4.7%** |  |
| 65660000 | Thailand Government Bond (THB)  | 3.35% | 06/17/33 | 2187206 |
| 139450000 | Thailand Government Bond (THB)  | 3.39% | 06/17/37 | 4769264 |
|  |  |  |  | 6956470 |
|  | **Turkey — 1.0%** | **Turkey — 1.0%** | **Turkey — 1.0%** |  |
| 11800000 | Turkiye Government Bond (TRY)  | 10.60% | 02/11/26 | 242302 |
| 56000000 | Turkiye Government Bond (TRY)  | 26.20% | 10/05/33 | 1211493 |
|  |  |  |  | 1453795 |
|  | **Total Investments — 91.9%** | **Total Investments — 91.9%** | **Total Investments — 91.9%** | 135584615 |
|  | (Cost $139,670,102) | (Cost $139,670,102) | (Cost $139,670,102) |  |
|  | **Net Other Assets and Liabilities — 8.1%** | **Net Other Assets and Liabilities — 8.1%** | **Net Other Assets and Liabilities — 8.1%** | 12022652 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $147607267 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

**Forward Foreign Currency Contracts at April 30, 2025** (See Note 2C - Forward Foreign Currency Contracts in the Notes to Financial Statements):

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** <br>**Date**<br>| **Counterparty** | **Amount** <br>**Purchased** | **Amount** <br>**Purchased** | **Amount** <br>**Sold** | **Amount** <br>**Sold** | **Purchase Value** <br>**as of** <br>**4/30/2025**<br>| **Sale Value** <br>**as of** <br>**4/30/2025**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 05/05/2025 | BNY | CZK | 16316314 | USD | 745395 | $740796 | $745395 | $(4599)<br>|
| 05/22/2025 | JPM | BRL | 21600000 | USD | 3709070 | 3784085 | 3709070 | 75015 |
| 05/22/2025 | JPM | CLP | 644000000 | USD | 687322 | 680000 | 687322 | (7322)<br>|
| 05/22/2025 | BNY | CNH | 5100000 | USD | 702703 | 702892 | 702703 | 189 |
| 05/22/2025 | BNS | COP | 11790000000 | USD | 2717842 | 2780754 | 2717842 | 62912 |
| 05/22/2025 | JPM | COP | 12000000000 | USD | 2790054 | 2830285 | 2790054 | 40231 |
| 05/22/2025 | BNY | CZK | 57300000 | USD | 2595602 | 2602633 | 2595602 | 7031 |
| 05/22/2025 | BNY | HUF | 550000000 | USD | 1519964 | 1538824 | 1519964 | 18860 |
| 05/22/2025 | JPM | IDR | 23800000000 | USD | 1422720 | 1432451 | 1422720 | 9731 |
| 05/22/2025 | JPM | INR | 310200000 | USD | 3610850 | 3665511 | 3610850 | 54661 |
| 05/22/2025 | JPM | KRW | 6780000000 | USD | 4771459 | 4777005 | 4771459 | 5546 |
| 05/22/2025 | BNY | MXN | 91300000 | USD | 4603701 | 4641262 | 4603701 | 37561 |
| 05/22/2025 | BNS | PEN | 6000000 | USD | 1619394 | 1635400 | 1619394 | 16006 |
| 05/22/2025 | JPM | PHP | 187700000 | USD | 3310419 | 3358393 | 3310419 | 47974 |
| 05/22/2025 | BNY | PLN | 2600000 | USD | 687961 | 687399 | 687961 | (562)<br>|
| 05/22/2025 | BNY | THB | 105200000 | USD | 3149615 | 3154566 | 3149615 | 4951 |
| 05/22/2025 | BNY | TRY | 112300000 | USD | 2840859 | 2840214 | 2840859 | (645)<br>|
| 05/22/2025 | BNY | USD | 744905 | CZK | 16300000 | 744905 | 740366 | 4539 |
| 05/22/2025 | JPM | USD | 3194205 | IDR | 53800000000 | 3194205 | 3238060 | (43855)<br>|
| 05/22/2025 | BNY | USD | 2121201 | ILS | 7830000 | 2121201 | 2152832 | (31631)<br>|
| 05/22/2025 | BNY | USD | 693264 | PLN | 2600000 | 693264 | 687400 | 5864 |
| 05/22/2025 | BNY | USD | 375640 | RON | 1650000 | 375640 | 375112 | 528 |
| 05/22/2025 | BNY | ZAR | 55400000 | USD | 2968678 | 2973000 | 2968678 | 4322 |
| 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) | $307307 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal
 Value is in local currency in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933 Act"), and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security
 has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in
 periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions,
 which require subjective judgment. At April 30, 2025, securities noted as such amounted to $3,072,322 or 2.1% of net
 assets.

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

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

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

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| BNS | – Bank of Nova Scotia |
| BNY | – Bank of New York (The) |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| CNH | – Chinese Yuan |
| CNY | – China Yuan Renminbi |
| COP | – Colombian Peso |
| CZK | – Czech Koruna |
| EUR | – Euro |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| JPM | – JPMorgan Chase and Co. |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| PEN | – Peruvian Nuevo Sol |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| RON | – Romanian New Leu |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments** <br>(including <br> cash)**‡**<br>|
| INR | 12.1% |
| ZAR | 12.0 |
| MYR | 11.9 |
| BRL | 11.3 |
| IDR | 11.3 |
| COP | 10.7 |
| MXN | 8.6 |
| THB | 7.0 |
| HUF | 5.9 |
| PHP | 5.7 |
| RON | 4.5 |
| PLN | 4.4 |
| CZK | 4.0 |
| KRW | 3.3 |
| PEN | 3.2 |
| TRY | 3.0 |
| CLP | 2.7 |
| CNH | 0.5 |
| EUR | 0.0<sup>‡</sup><sup>‡</sup> <br>|
| CNY | 0.0<sup>‡</sup><sup>‡</sup> <br>|
| ILS | (1.0) |
| USD | (21.1) |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| <sup>‡</sup> <br>| The weightings include the impact of currency forwards. |
| <sup>‡</sup><sup>‡</sup> <br>| Amount is less than 0.1%. |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Foreign Sovereign Bonds and Notes\* | $135584615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135584615 | &nbsp;&nbsp; $— |
| Forward Foreign Currency Contracts | 395921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 395921 | &nbsp;&nbsp; — |
| Total | $135980536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135980536 | &nbsp;&nbsp; $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Forward Foreign Currency Contracts | $(88614)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(88614)<br>| &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Statement of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $135584615 |
| Cash | 6903118 |
| Foreign currency, at value | 1133781 |
| Unrealized appreciation on forward foreign currency contracts | 395921 |
| Receivables: |  |
| Capital shares sold | 4145170 |
| Interest | 2845004 |
| Reclaims | 25537 |
| Total Assets | 151033146 |
| **LIABILITIES:** |  |
| Unrealized depreciation on forward foreign currency contracts | 88614 |
| Payables: |  |
| Investment securities purchased | 3223148 |
| Investment advisory fees | 97060 |
| Deferred foreign capital gains tax | 17057 |
| Total Liabilities | 3425879 |
| **NET ASSETS** | $147607267 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $203129466 |
| Par value | 53500 |
| Accumulated distributable earnings (loss) | (55575699)<br>|
| **NET ASSETS** | $147607267 |
| **NET ASSET VALUE,** per share | $27.59 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 5350002 |
| Investments, at cost | $139670102 |
| Foreign currency, at cost (proceeds) | $1131441 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Statement of Operations**

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

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $5757631 |
| Foreign withholding tax | (91650)<br>|
| Total investment income | 5665981 |
| **EXPENSES:** |  |
| Investment advisory fees | 678862<br>|
| Other expenses | 21088 |
| Total expenses | 699950 |
| **NET INVESTMENT INCOME (LOSS)** | 4966031 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | (6223994)<br>|
| Forward foreign currency contracts | 314352 |
| Foreign currency transactions | (263774)<br>|
| Foreign capital gains tax | (16580)<br>|
| Net realized gain (loss) | (6189996)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | 4751832 |
| Forward foreign currency contracts | 321349 |
| Foreign currency translation | 152871 |
| Net change in unrealized appreciation (depreciation) | 5226052 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (963944)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4002087 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $4966031 | &nbsp;&nbsp; $9614168 |
| Net realized gain (loss) | (6189996)<br>| &nbsp;&nbsp; (3911818)<br>|
| Net change in unrealized appreciation (depreciation) | 5226052 | &nbsp;&nbsp; 3710087 |
| Net increase (decrease) in net assets resulting from operations | 4002087 | &nbsp;&nbsp; 9412437 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (4821001)<br>| &nbsp;&nbsp; (8062892)<br>|
| Return of capital |  | &nbsp;&nbsp; (1219236)<br>|
| Total distributions to shareholders | (4821001)<br>| &nbsp;&nbsp; (9282128)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 8373914<br>| &nbsp;&nbsp; 114256493<br>|
| Cost of shares redeemed | (60719289) <br>| &nbsp;&nbsp; (40132690) <br>|
| Net increase (decrease) in net assets resulting from shareholder transactions | (52345375)<br>| &nbsp;&nbsp; 74123803 |
| Total increase (decrease) in net assets | (53164289)<br>| &nbsp;&nbsp; 74254112 |
| **NET ASSETS:** |  |  |
| Beginning of period | 200771556 | &nbsp;&nbsp; 126517444 |
| End of period | $147607267 | &nbsp;&nbsp; $200771556 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares outstanding, beginning of period | 7350002 | &nbsp;&nbsp; 4700002 |
| Shares sold | 300000 | &nbsp;&nbsp; 4100000 |
| Shares redeemed | (2300000)<br>| &nbsp;&nbsp; (1450000)<br>|
| Shares outstanding, end of period | 5350002 | &nbsp;&nbsp; 7350002 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**Financial Highlights**

**For a share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $27.32 | &nbsp;&nbsp;&nbsp;&nbsp; $26.92 | &nbsp;&nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp;&nbsp; $32.00 | &nbsp;&nbsp;&nbsp;&nbsp; $34.36 | &nbsp;&nbsp;&nbsp;&nbsp; $38.45 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br>|
| Net realized and unrealized gain (loss) | 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.55) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.25) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.72) <br>|
| Total from investment operations | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp; (5.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.99) <br>|
| Total distributions | (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.03) <br>|
| Net asset value, end of period | $27.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.36<br>|
| **Total return** (c) | 4.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.71)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.37)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $147607<br>| &nbsp;&nbsp;&nbsp;&nbsp; $200772<br>| &nbsp;&nbsp;&nbsp;&nbsp; $126517<br>| &nbsp;&nbsp;&nbsp;&nbsp; $116331<br>| &nbsp;&nbsp;&nbsp;&nbsp; $259230<br>| &nbsp;&nbsp;&nbsp;&nbsp; $180385<br>|
| Ratio of total expenses to average net assets | 0.88<br> % (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 6.22<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br> % <br>|
| Portfolio turnover rate (f) | 15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> % <br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 other expenses. If these other expenses were not included, the expense ratio would have been 0.85%.

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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

**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 under the Investment Company Act of 1940, as amended (the "1940 Act").

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

The Fund is an actively managed exchange-traded fund. The investment objective of the Fund is to seek 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, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

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

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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)

available market prices for the fixed-income security, or economic data relating to the country of issue;

3)

the fundamental business data relating to the borrower/issuer;

4)

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

5)

the type, size and cost of a security;

6)

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

7)

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

8)

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

9)

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

10)

the coupon payments;

11)

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

12)

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

13)

the economic, political and social prospects/developments of the country of issue and the assessment of the country's government leaders/officials (for sovereign debt only);

14)

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

15)

other relevant factors.

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

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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

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

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

o Quoted prices for similar investments in active markets.

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

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

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

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

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

**B. Securities Transactions and Investment Income**

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

**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 and 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 Fund's 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 shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statement 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

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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. Dividends and Distributions to Shareholders**

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

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

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

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $8062892 |
| Capital gains |  |
| Return of capital | 1219236 |

---

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

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital and other gain (loss) | (39001271)<br>|
| Net unrealized appreciation (depreciation) | (15755514)<br>|

---

**F. Income Taxes**

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

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

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2024, for federal income tax purposes, the Fund had $39,001,271 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund's shareholders.

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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

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

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $139670102 | &nbsp;&nbsp; $4670189 | &nbsp;&nbsp; $(8448369)<br>| &nbsp;&nbsp; $(3778180)<br>|

---

**G. Expenses**

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

**H. Segment Reporting**

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

**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.

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. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

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

---

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. 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.

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

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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

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

**4. Purchases and Sales of Securities** 

For the six months ended April 30, 2025, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $22,913,085 and $67,484,239, respectively.

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

**5. Borrowings** 

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund IV, First Trust Series Fund and First Trust Variable Insurance Trust, has a $620 million Credit Agreement with BNY as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the credit agreement may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. Prior to February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not have any borrowings outstanding during the six months ended April 30, 2025.

**6. Derivative Transactions** 

The following table presents the types of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statement of Assets and** <br>**Liabilities Location**<br>| **Value** |
| Forward foreign <br> currency contracts<br>| Currency Risk | &nbsp;&nbsp; Unrealized appreciation on <br> forward foreign currency <br> contracts<br>| &nbsp;&nbsp; $395921 | &nbsp;&nbsp; Unrealized depreciation on <br> forward foreign currency <br> contracts<br>| &nbsp;&nbsp; $88614 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | |
|:---|:---|
| **Statement of Operations Location** | **Statement of Operations Location** |
| **Currency Risk Exposure** |  |
| Net realized gain (loss) on forward foreign <br> currency contracts<br>| $314352 |
| Net change in unrealized appreciation <br> (depreciation) on forward foreign currency <br> contracts<br>| 321349 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

The average notional value of forward foreign currency contracts during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $54,086,416.

**7. 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 a fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

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 April 30, 2025, derivative assets and liabilities (by type) on a gross basis are as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** | **Gross Amount** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amount** <br>**of Assets** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amount Not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | **Gross Amount Not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | **Net** <br>**Amount** |
|  | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** | **Gross Amount** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amount** <br>**of Assets** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments**<br>| **Cash Collateral** <br>**Received**<br>| **Net** <br>**Amount** |
| Forward Foreign Currency <br> Contracts\*<br>| $395921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $395921 | &nbsp;&nbsp; $(88614)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $307307 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities** | **Gross Amount** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amount** <br>**of Liabilities** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amount Not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | **Gross Amount Not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | **Net** <br>**Amount** |
|  | **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities** | **Gross Amount** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amount** <br>**of Liabilities** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments**<br>| **Cash Collateral** <br>**Pledged**<br>| **Net** <br>**Amount** |
| Forward Foreign Currency <br> Contracts\*<br>| $(88614)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(88614)<br>| &nbsp;&nbsp; $88614 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* The respective Counterparties for each contract are disclosed in the Forward Foreign Currency Contracts table in the Portfolio of Investments.

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

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

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of

------

**Notes to Financial Statements (Continued)**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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.

**9. Distribution Plan** 

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

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 28, 2026.

**10. 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.

**11. Subsequent Events**

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

------

**Other Information**

**First Trust Emerging Markets Local Currency Bond ETF (FEMB)**

**April 30, 2025 (Unaudited)**

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

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

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

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

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

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

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

Not applicable for the most recent fiscal half year.

------

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

Semi-Annual Financial Statements and Other Information <br> For the Six Months Ended April 30, 2025

![](img22737cfb1.gif)

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

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

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)

------

**Table of Contents** 

**First Trust Exchange-Traded Fund III**

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

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SOI-TOC-ScheduleofInvestments-4436_1) |  |
| [First Trust RiverFront Dynamic Developed International ETF (RFDI)](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SOI-TOC-ScheduleofInvestments-4436_1) | 1 |
| [First Trust RiverFront Dynamic Europe ETF (RFEU)](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SOI-TOC-ScheduleofInvestments-4437_1) | 5 |
| [First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SOI-TOC-ScheduleofInvestments-4442_1) | 8 |
| [Statements of Assets and Liabilities](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SAL1-TOC-StatementofAssetsandLiabilities-4436_1) | 12 |
| [Statements of Operations](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SOP1-TOC-StatementofOperations-4436_1) | 13 |
| [Statements of Changes in Net Assets](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_SOC1-TOC-StatementofChanges-4436_1) | 14 |
| [Financial Highlights](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_FIHI-TOC-FinancialHighlights-4436_1) | 16 |
| [Notes to Financial Statements](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_NTF-TOC-NotestoFinancialStatements-4436_1) | 19 |
| [Other Information](#xx_3058eb2c-9a97-47ec-9891-7fc9b253af5f_AI-TOC-AdditionalInformation-4436_1) | 29 |

---

**Performance and Risk Disclosure**

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

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

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

**How to Read This Report**

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

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

------

**First Trust RiverFront Dynamic Developed International ETF (RFDI)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.0%** | **COMMON STOCKS (a) (b) — 99.0%** | **COMMON STOCKS (a) (b) — 99.0%** |
|  | **Australia — 8.1%** |  |
| 171434 | APA Group (AUD) | $902654 |
| 38294 | BHP Group Ltd. (AUD) | 936770 |
| 44727 | Coles Group Ltd. (AUD) | 607950 |
| 46555 | Fortescue Ltd. (AUD) | 482798 |
| 105231 | Harvey Norman Holdings Ltd. <br> (AUD) | 352532 |
| 12032 | JB Hi-Fi Ltd. (AUD) | 798377 |
| 136930 | Medibank Pvt Ltd. (AUD) | 407853 |
| 154179 | Metcash Ltd. (AUD) | 318005 |
| 8129 | Rio Tinto Ltd. (AUD) | 609743 |
| 151903 | Stockland (AUD) | 534185 |
| 82097 | Super Retail Group Ltd. (AUD) | 705194 |
| 298010 | Ventia Services Group Pty Ltd. <br> (AUD) | 809374 |
| 278369 | Vicinity Ltd. (AUD) | 420809 |
| 19871 | Wesfarmers Ltd. (AUD) | 996885 |
| 10300 | Woodside Energy Group Ltd. <br> (AUD) | 136835 |
|  |  | 9019964 |
|  | **Austria — 0.4%** |  |
| 11108 | Wienerberger AG (EUR) | 388584 |
|  | **Belgium — 0.2%** |  |
| 27767 | Proximus SADP (EUR) | 212956 |
|  | **Bermuda — 0.2%** |  |
| 14636 | Orient Overseas International <br> Ltd. (HKD) | 204756 |
|  | **Canada — 2.6%** |  |
| 22711 | ARC Resources Ltd. (CAD) | 420251 |
| 72023 | B2Gold Corp. (CAD) | 225170 |
| 30408 | Canadian Natural Resources Ltd. <br> (CAD) | 872581 |
| 1042 | George Weston Ltd. (CAD) | 203018 |
| 17626 | Pembina Pipeline Corp. (CAD) | 673792 |
| 14155 | Suncor Energy, Inc. (CAD) | 499933 |
|  |  | 2894745 |
|  | **Cayman Islands — 0.6%** |  |
| 117649 | CK Hutchison Holdings Ltd. <br> (HKD) | 664427 |
|  | **Denmark — 1.5%** |  |
| 223 | A.P. Moller - Maersk A/S, <br> Class A (DKK) | 377702 |
| 223 | A.P. Moller - Maersk A/S, <br> Class B (DKK) | 380241 |
| 12807 | Novo Nordisk A/S, Class B <br> (DKK) | 845701 |
|  |  | 1603644 |
|  | **Finland — 2.0%** |  |
| 5247 | Elisa Oyj (EUR) | 279490 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Finland (Continued)** |  |
| 97366 | Nordea Bank Abp (EUR) | $1342915 |
| 10193 | Orion Oyj, Class B (EUR) | 636824 |
|  |  | 2259229 |
|  | **France — 9.0%** |  |
| 25977 | AXA S.A. (EUR) | 1223323 |
| 21419 | BNP Paribas S.A. (EUR) | 1802610 |
| 1591 | Christian Dior SE (EUR) | 815389 |
| 51164 | Credit Agricole S.A. (EUR) | 955778 |
| 10578 | FDJ UNITED (EUR) (c) (d) | 376754 |
| 414 | Hermes International S.C.A. <br> (EUR) | 1121378 |
| 1184 | LVMH Moet Hennessy Louis <br> Vuitton SE (EUR) | 654417 |
| 2302 | Sanofi S.A. (EUR) | 250090 |
| 28881 | TotalEnergies SE (EUR) | 1673844 |
| 8142 | Vinci S.A. (EUR) | 1130820 |
|  |  | 10004403 |
|  | **Germany — 6.8%** |  |
| 4982 | Allianz SE (EUR) | 2054928 |
| 12977 | Bayer AG (EUR) | 338564 |
| 7103 | Bayerische Motoren Werke AG <br> (EUR) | 597864 |
| 52440 | Deutsche Bank AG (EUR) | 1365164 |
| 17905 | DHL Group (EUR) | 760840 |
| 20251 | Fresenius SE & Co. KGaA <br> (EUR) (e) | 958948 |
| 1416 | Hapag-Lloyd AG (EUR) (c) (d) | 221047 |
| 12842 | Mercedes-Benz Group AG <br> (EUR) | 763336 |
| 1490 | SAP SE (EUR) | 430932 |
|  |  | 7491623 |
|  | **Greece — 1.4%** |  |
| 23720 | Eurobank Ergasias Services and <br> Holdings S.A. (EUR) | 66668 |
| 50572 | Hellenic Telecommunications <br> Organization S.A. (EUR) | 957896 |
| 21323 | OPAP S.A. (EUR) | 472728 |
|  |  | 1497292 |
|  | **Israel — 0.8%** |  |
| 8773 | First International Bank Of Israel <br> (The) Ltd. (ILS) | 481677 |
| 63175 | ICL Group Ltd. (ILS) | 419077 |
|  |  | 900754 |
|  | **Italy — 5.1%** |  |
| 19823 | ACEA S.p.A (EUR) | 464849 |
| 16151 | Azimut Holding S.p.A. (EUR) | 446255 |
| 40617 | Banca Mediolanum S.p.A (EUR) | 603690 |
| 78930 | Banca Popolare di Sondrio <br> S.p.A. (EUR) | 983574 |
| 47219 | Eni S.p.A. (EUR) | 679349 |
| 71655 | Pirelli & C S.p.A. (EUR) (c) (d) | 440289 |

---

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Developed International ETF (RFDI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Italy (Continued)** |  |
| 44174 | Poste Italiane S.p.A. <br> (EUR) (c) (d) | $892758 |
| 64797 | Unipol Assicurazioni S.p.A. <br> (EUR) | 1156132 |
|  |  | 5666896 |
|  | **Japan — 20.8%** |  |
| 25300 | Advantest Corp. (JPY) | 1037445 |
| 22500 | Bandai Namco Holdings, Inc. <br> (JPY) | 778798 |
| 21600 | Chugai Pharmaceutical Co., Ltd. <br> (JPY) | 1241645 |
| 3300 | Disco Corp. (JPY) | 637474 |
| 3200 | Fast Retailing Co., Ltd. (JPY) | 1051448 |
| 82500 | Honda Motor Co., Ltd. (JPY) | 838387 |
| 6400 | Hoya Corp. (JPY) | 751098 |
| 22500 | ITOCHU Corp. (JPY) | 1145930 |
| 564 | Japan Metropolitan Fund Invest <br> (JPY) | 375132 |
| 32100 | Japan Tobacco, Inc. (JPY) | 989402 |
| 45100 | KDDI Corp. (JPY) | 795984 |
| 12700 | Mitsui OSK Lines Ltd. (JPY) | 420935 |
| 45600 | Mizuho Financial Group, Inc. <br> (JPY) | 1141754 |
| 54300 | MS&AD Insurance Group <br> Holdings, Inc. (JPY) | 1232365 |
| 12750 | Nintendo Co., Ltd. (JPY) | 1054920 |
| 544200 | Nippon Telegraph & Telephone <br> Corp. (JPY) | 568255 |
| 22200 | Nippon Yusen KK (JPY) | 721989 |
| 12700 | Niterra Co., Ltd. (JPY) | 394554 |
| 16100 | Obic Co., Ltd. (JPY) | 562002 |
| 3200 | Oracle Corp. Japan (JPY) | 383942 |
| 38100 | ORIX Corp. (JPY) | 759708 |
| 24800 | Recruit Holdings Co., Ltd. (JPY) | 1377547 |
| 6400 | SCREEN Holdings Co., Ltd. <br> (JPY) | 423623 |
| 16100 | Sega Sammy Holdings, Inc. <br> (JPY) | 336965 |
| 25800 | Sekisui House Ltd. (JPY) | 591137 |
| 9600 | Shinko Electric Industries Co., <br> Ltd. (JPY) (e) | 395804 |
| 29900 | Shionogi & Co., Ltd. (JPY) | 500634 |
| 323800 | SoftBank Corp. (JPY) | 488938 |
| 22700 | Takeda Pharmaceutical Co., Ltd. <br> (JPY) | 687922 |
| 19400 | Tokyo Gas Co., Ltd. (JPY) | 643546 |
| 32300 | USS Co., Ltd. (JPY) | 322819 |
| 38700 | ZOZO, Inc. (JPY) | 393550 |
|  |  | 23045652 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Jersey — 0.3%** |  |
| 133940 | Man Group PLC (GBP) | $290957 |
|  | **Luxembourg — 0.4%** |  |
| 99535 | B&M European Value Retail <br> S.A. (GBP) | 446233 |
|  | **Netherlands — 3.1%** |  |
| 1948 | ASML Holding N.V. (EUR) | 1285455 |
| 1638 | Ferrari N.V. (EUR) | 745212 |
| 144896 | Koninklijke KPN N.V. (EUR) | 672175 |
| 75969 | Stellantis N.V. (EUR) | 700540 |
|  |  | 3403382 |
|  | **New Zealand — 0.1%** |  |
| 127916 | Spark New Zealand Ltd. (NZD) | 158043 |
|  | **Norway — 0.5%** |  |
| 24884 | Equinor ASA (NOK) | 569036 |
|  | **Portugal — 0.2%** |  |
| 71890 | Navigator (The) Co., S.A. (EUR) | 272500 |
|  | **Singapore — 1.4%** |  |
| 44516 | Hafnia Ltd. (NOK) | 204750 |
| 162600 | Keppel DC REIT (SGD) | 268904 |
| 211700 | Singapore Airlines Ltd. (SGD) | 1087594 |
|  |  | 1561248 |
|  | **Spain — 2.4%** |  |
| 100680 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 1375507 |
| 28646 | Endesa S.A. (EUR) | 859967 |
| 13381 | Logista Integral S.A. (EUR) | 456579 |
|  |  | 2692053 |
|  | **Switzerland — 8.2%** |  |
| 25787 | ABB Ltd. (CHF) | 1349416 |
| 26460 | EFG International AG (CHF) | 398174 |
| 2117 | Kuehne + Nagel International <br> AG (CHF) | 484395 |
| 11245 | Nestle S.A. (CHF) | 1195416 |
| 19401 | Novartis AG (CHF) | 2204664 |
| 1132 | Roche Holding AG (CHF) | 369356 |
| 1596 | Roche Holding AG (CHF) | 556139 |
| 3885 | Sandoz Group AG (CHF) | 168420 |
| 6727 | SGS S.A. (CHF) | 657907 |
| 54962 | UBS Group AG (CHF) | 1657484 |
|  |  | 9041371 |
|  | **United Kingdom — 22.9%** |  |
| 28403 | 3i Group PLC (GBP) | 1602675 |
| 4565 | AstraZeneca PLC (GBP) | 652664 |
| 402953 | Barclays PLC (GBP) | 1593854 |
| 69477 | Barratt Redrow PLC (GBP) | 431292 |
| 18499 | Big Yellow Group PLC (GBP) | 248014 |
| 29885 | BP PLC, ADR | 820642 |
| 284787 | BP PLC (GBP) | 1329507 |

---

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Developed International ETF (RFDI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **United Kingdom (Continued)** |  |
| 25827 | British American Tobacco PLC <br> (GBP) | $1117945 |
| 138360 | BT Group PLC (GBP) | 320472 |
| 524881 | Centrica PLC (GBP) | 1120258 |
| 74354 | Evraz PLC (GBP) (e) (f) (g) (h) | 0 |
| 2051 | GSK PLC (GBP) | 40549 |
| 237749 | HSBC Holdings PLC (GBP) | 2636164 |
| 42022 | IG Group Holdings PLC (GBP) | 596426 |
| 29721 | Imperial Brands PLC (GBP) | 1217580 |
| 23966 | Inchcape PLC (GBP) | 214473 |
| 45375 | Investec PLC (GBP) | 284576 |
| 91726 | J Sainsbury PLC (GBP) | 326143 |
| 23407 | Mondi PLC (GBP) | 353432 |
| 59661 | National Grid PLC (GBP) | 861092 |
| 215393 | NatWest Group PLC (GBP) | 1372687 |
| 126580 | OSB Group PLC (GBP) | 799602 |
| 23929 | Reckitt Benckiser Group PLC <br> (GBP) | 1542839 |
| 16365 | Rio Tinto PLC (GBP) | 969870 |
| 80537 | Safestore Holdings PLC (GBP) | 675650 |
| 69121 | Shell PLC (GBP) | 2248118 |
| 268520 | Taylor Wimpey PLC (GBP) | 420301 |
| 24787 | Unilever PLC (GBP) | 1572063 |
|  |  | 25368888 |
|  | **Total Common Stocks** | 109658636 |
|  | (Cost $90,569,990) |  |
| **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** |
| 498657 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - 4.21% (i) | 498657 |
|  | (Cost $498,657) |  |
|  | **Total Investments — 99.4%** | 110157293 |
|  | (Cost $91,068,647) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.6%** | 659118 |
|  | **Net Assets — 100.0%** | $110816411 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| AUD | – Australian Dollar |
| CAD | – Canadian Dollar |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| ILS | – Israeli Shekel |
| JPY | – Japanese Yen |
| NOK | – Norwegian Krone |
| NZD | – New Zealand Dollar |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 30.8% |
| GBP | 23.0 |
| JPY | 20.9 |
| CHF | 8.2 |
| AUD | 8.2 |
| CAD | 2.6 |
| DKK | 1.5 |
| SGD | 1.2 |
| USD | 1.2 |
| ILS | 0.8 |
| HKD | 0.8 |
| NOK | 0.7 |
| NZD | 0.1 |
| Total | 100.0% |

---

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Developed International ETF (RFDI)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| United Kingdom | $25368888 | $25368888 | $— | $—\*\* |
| Other Country <br> Categories\*<br>| 84289748 | 84289748 |  |  |
| Money Market <br> Funds<br>| 498657 | 498657 |  |  |
| Total Investments | $110157293 | $110157293 | $— | $—\*\* |

---

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

\* See Portfolio of Investments for country breakout.

\*\* Investment is valued at $0.

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

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Europe ETF (RFEU)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 100.0%** | **COMMON STOCKS (a) (b) — 100.0%** | **COMMON STOCKS (a) (b) — 100.0%** |
|  | **Austria — 0.9%** |  |
| 2171 | Raiffeisen Bank International <br> AG (EUR) | $57747 |
|  | **Bermuda — 1.6%** |  |
| 2810 | Hiscox Ltd. (GBP) | 41156 |
| 3021 | Stolt-Nielsen Ltd. (NOK) | 67660 |
|  |  | 108816 |
|  | **Denmark — 2.0%** |  |
| 24 | A.P. Moller - Maersk A/S, <br> Class A (DKK) | 40649 |
| 24 | A.P. Moller - Maersk A/S, <br> Class B (DKK) | 40923 |
| 733 | Novo Nordisk A/S, Class B <br> (DKK) | 48403 |
|  |  | 129975 |
|  | **Finland — 3.8%** |  |
| 36087 | Nokia Oyj (EUR) | 179427 |
| 831 | Orion Oyj, Class B (EUR) | 51918 |
| 1031 | TietoEVRY Oyj (EUR) | 18431 |
|  |  | 249776 |
|  | **France — 12.3%** |  |
| 550 | Amundi S.A. (EUR) (c) (d) | 43210 |
| 3162 | Bouygues S.A. (EUR) | 138626 |
| 2465 | Carrefour S.A. (EUR) | 37964 |
| 49 | Christian Dior SE (EUR) | 25113 |
| 221 | Cie de Saint-Gobain S.A. (EUR) | 23909 |
| 864 | FDJ UNITED (EUR) (c) (d) | 30773 |
| 221 | LVMH Moet Hennessy Louis <br> Vuitton SE (EUR) | 122150 |
| 1458 | Rexel S.A. (EUR) | 40285 |
| 260 | Sanofi S.A. (EUR) | 28246 |
| 1436 | Sodexo S.A. (EUR) | 90937 |
| 2273 | TotalEnergies SE (EUR) | 131735 |
| 694 | Vinci S.A. (EUR) | 96388 |
|  |  | 809336 |
|  | **Germany — 8.4%** |  |
| 441 | Allianz SE (EUR) | 181899 |
| 531 | Brenntag SE (EUR) | 35238 |
| 1601 | DHL Group (EUR) | 68032 |
| 1698 | Fresenius SE & Co. KGaA <br> (EUR) (e) | 80406 |
| 2218 | Mercedes-Benz Group AG <br> (EUR) | 131839 |
| 444 | Nemetschek SE (EUR) | 58497 |
|  |  | 555911 |
|  | **Greece — 2.8%** |  |
| 4959 | Hellenic Telecommunications <br> Organization S.A. (EUR) | 93930 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Greece (Continued)** |  |
| 4241 | National Bank of Greece S.A. <br> (EUR) | $44652 |
| 1989 | OPAP S.A. (EUR) | 44096 |
|  |  | 182678 |
|  | **Israel — 0.6%** |  |
| 708 | First International Bank Of Israel <br> (The) Ltd. (ILS) | 38872 |
|  | **Italy — 6.0%** |  |
| 20931 | A2A S.p.A. (EUR) | 53091 |
| 1507 | Azimut Holding S.p.A. (EUR) | 41639 |
| 10237 | BPER Banca S.p.A. (EUR) | 82779 |
| 11463 | Enel S.p.A. (EUR) | 99264 |
| 4786 | Eni S.p.A. (EUR) | 68857 |
| 10225 | Hera S.p.A. (EUR) | 48256 |
|  |  | 393886 |
|  | **Jersey — 1.7%** |  |
| 1840 | Experian PLC (GBP) | 91097 |
| 10957 | Man Group PLC (GBP) | 23802 |
|  |  | 114899 |
|  | **Luxembourg — 2.2%** |  |
| 7070 | B&M European Value Retail <br> S.A. (GBP) | 31696 |
| 6975 | Tenaris S.A. (EUR) | 116035 |
|  |  | 147731 |
|  | **Netherlands — 6.5%** |  |
| 336 | ASML Holding N.V. (EUR) | 221722 |
| 82 | Ferrari N.V. (EUR) | 37306 |
| 9016 | Stellantis N.V. (EUR) | 83140 |
| 504 | Wolters Kluwer N.V. (EUR) | 88755 |
|  |  | 430923 |
|  | **Norway — 0.7%** |  |
| 2167 | Equinor ASA (NOK) | 49554 |
|  | **Portugal — 0.9%** |  |
| 2569 | Galp Energia SGPS S.A. (EUR) | 39682 |
| 5123 | Navigator (The) Co., S.A. (EUR) | 19419 |
|  |  | 59101 |
|  | **Singapore — 1.1%** |  |
| 15195 | Hafnia Ltd. (NOK) | 69889 |
|  | **Spain — 5.0%** |  |
| 2912 | Acerinox S.A. (EUR) | 32774 |
| 1517 | Amadeus IT Group S.A. (EUR) | 118888 |
| 9625 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 131498 |
| 1281 | Logista Integral S.A. (EUR) | 43710 |
|  |  | 326870 |
|  | **Sweden — 2.2%** |  |
| 446 | Evolution AB (SEK) (c) (d) | 31110 |

---

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Europe ETF (RFEU)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Sweden (Continued)** |  |
| 1006 | Investor AB, Class A (SEK) | $29850 |
| 9956 | Telefonaktiebolaget LM <br> Ericsson, Class B (SEK) | 83826 |
|  |  | 144786 |
|  | **Switzerland — 13.1%** |  |
| 166 | Kuehne + Nagel International <br> AG (CHF) | 37983 |
| 2166 | Nestle S.A. (CHF) | 230260 |
| 1756 | Novartis AG (CHF) | 199546 |
| 47 | Partners Group Holding AG <br> (CHF) | 61245 |
| 567 | Roche Holding AG (CHF) | 185004 |
| 146 | Roche Holding AG (CHF) | 50875 |
| 430 | SGS S.A. (CHF) | 42054 |
| 87 | Swisscom AG (CHF) | 57975 |
|  |  | 864942 |
|  | **United Kingdom — 28.2%** |  |
| 2807 | 3i Group PLC (GBP) | 158388 |
| 507 | AstraZeneca PLC (GBP) | 72487 |
| 4946 | Auto Trader Group PLC <br> (GBP) (c) (d) | 55316 |
| 10126 | Beazley PLC (GBP) | 119362 |
| 5652 | BP PLC (GBP) | 26386 |
| 2694 | British American Tobacco PLC <br> (GBP) | 116612 |
| 32815 | BT Group PLC (GBP) | 76007 |
| 490 | Diageo PLC (GBP) | 13661 |
| 14761 | Drax Group PLC (GBP) | 121376 |
| 2102 | Dunelm Group PLC (GBP) | 30843 |
| 44089 | Evraz PLC (GBP) (e) (f) (g) (h) | 0 |
| 5662 | GSK PLC (GBP) | 111941 |
| 7450 | HSBC Holdings PLC (GBP) | 82606 |
| 10899 | Inchcape PLC (GBP) | 97536 |
| 1710 | Intermediate Capital Group PLC <br> (GBP) | 42752 |
| 686 | Intertek Group PLC (GBP) | 41908 |
| 5522 | National Grid PLC (GBP) | 79699 |
| 337 | Next PLC (GBP) | 55376 |
| 6235 | OSB Group PLC (GBP) | 39386 |
| 2569 | RELX PLC (GBP) | 139241 |
| 4047 | Shell PLC (GBP) | 131626 |
| 17651 | Tesco PLC (GBP) | 87201 |
| 2518 | Unilever PLC (GBP) | 159699 |
|  |  | 1859409 |
|  | **Total Common Stocks** | 6595101 |
|  | (Cost $6,325,935) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
| 42627 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - 4.21% (i) | $42627 |
|  | (Cost $42,627) |  |
|  | **Total Investments — 100.6%** | 6637728 |
|  | (Cost $6,368,562) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.6)%** | (40626)<br>|
|  | **Net Assets — 100.0%** | $6597102 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| ILS | – Israeli Shekel |
| NOK | – Norwegian Krone |
| SEK | – Swedish Krona |
| USD | – United States Dollar |

---

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

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Europe ETF (RFEU)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 47.9% |
| GBP | 30.8 |
| CHF | 13.0 |
| NOK | 2.8 |
| SEK | 2.2 |
| DKK | 2.0 |
| USD | 0.7 |
| ILS | 0.6 |
| Total | 100.0% |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| United Kingdom | $1859409 | $1859409 | $— | $—\*\* |
| Other Country <br> Categories\*<br>| 4735692 | 4735692 |  |  |
| Money Market Funds | 42627 | 42627 |  |  |
| Total Investments | $6637728 | $6637728 | $— | $—\*\* |

---

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

\* See Portfolio of Investments for country breakout.

\*\* Investment is valued at $0.

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

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 94.0%** | **COMMON STOCKS (a) (b) — 94.0%** | **COMMON STOCKS (a) (b) — 94.0%** |
|  | **Bermuda — 0.9%** |  |
| 190550 | COSCO SHIPPING Ports Ltd. <br> (HKD) | $98769 |
| 12703 | Orient Overseas International <br> Ltd. (HKD) | 177713 |
|  |  | 276482 |
|  | **Brazil — 5.9%** |  |
| 49997 | Banco do Brasil S.A. (BRL) | 254868 |
| 37183 | BB Seguridade Participacoes <br> S.A. (BRL) | 280225 |
| 34394 | Fleury S.A. (BRL) | 78725 |
| 52908 | JBS S.A. (BRL) | 410947 |
| 46009 | Petroleo Brasileiro S.A. (BRL) | 259832 |
| 23094 | Suzano S.A. (BRL) | 203791 |
| 27935 | Vale S.A. (BRL) | 260195 |
|  |  | 1748583 |
|  | **Cayman Islands — 12.5%** |  |
| 53839 | Alibaba Group Holding Ltd. <br> (HKD) | 815679 |
| 18099 | ANTA Sports Products Ltd. <br> (HKD) | 214581 |
| 82522 | China Medical System Holdings <br> Ltd. (HKD) | 88315 |
| 203755 | Fufeng Group Ltd. (HKD) | 170505 |
| 266000 | Haidilao International Holding <br> Ltd. (HKD) (c) (d) | 604327 |
| 9097 | Meituan, Class B <br> (HKD) (c) (d) (e) | 152836 |
| 23590 | Tencent Holdings Ltd. (HKD) | 1451486 |
| 123133 | Topsports International Holdings <br> Ltd. (HKD) (c) (d) | 49218 |
| 73198 | Wisdom Marine Lines Co., Ltd. <br> (TWD) | 138235 |
|  |  | 3685182 |
|  | **Chile — 1.5%** |  |
| 2120892 | Banco de Chile (CLP) | 311339 |
| 1720672 | Enel Chile S.A. (CLP) | 121752 |
|  |  | 433091 |
|  | **China — 2.3%** |  |
| 995000 | Industrial & Commercial Bank <br> of China Ltd., Class H (HKD) | 682526 |
|  | **Greece — 1.6%** |  |
| 73062 | Eurobank Ergasias Services and <br> Holdings S.A. (EUR) | 205348 |
| 4742 | Motor Oil Hellas Corinth <br> Refineries S.A. (EUR) | 114423 |
| 7044 | OPAP S.A. (EUR) | 156165 |
|  |  | 475936 |
|  | **Hong Kong — 1.7%** |  |
| 91025 | China Merchants Port Holdings <br> Co., Ltd. (HKD) | 148117 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hong Kong (Continued)** |  |
| 153315 | China Resources Pharmaceutical <br> Group Ltd. (HKD) (c) (d) | $96865 |
| 219545 | Lenovo Group Ltd. (HKD) | 254488 |
|  |  | 499470 |
|  | **India — 23.4%** |  |
| 3466 | Bajaj Finance Ltd. (INR) | 354236 |
| 90405 | Bank of Baroda (INR) | 267447 |
| 103141 | Bharat Petroleum Corp., Ltd. <br> (INR) | 378521 |
| 4169 | Britannia Industries Ltd. (INR) | 268392 |
| 43902 | CG Power & Industrial Solutions <br> Ltd. (INR) | 325717 |
| 7390 | Eicher Motors Ltd. (INR) | 486959 |
| 18707 | HCL Technologies Ltd. (INR) | 347087 |
| 11022 | Hindustan Unilever Ltd. (INR) | 305557 |
| 38578 | ICICI Bank Ltd. (INR) | 651614 |
| 14950 | Indian Railway Catering & <br> Tourism Corp., Ltd. (INR) | 132983 |
| 1582 | Infosys Ltd. (INR) | 28090 |
| 8267 | InterGlobe Aviation Ltd. <br> (INR) (c) (d) (e) | 513680 |
| 4997 | ITC Hotels Ltd. (INR) (e) | 11500 |
| 50332 | ITC Ltd. (INR) | 253675 |
| 21080 | LIC Housing Finance Ltd. (INR) | 149946 |
| 1539 | LTIMindtree Ltd. (INR) (c) (d) | 83550 |
| 41184 | REC Ltd. (INR) | 204790 |
| 10527 | Reliance Industries Ltd. (INR) | 175068 |
| 50383 | Shriram Finance Ltd. (INR) | 364795 |
| 36737 | State Bank of India (INR) | 342937 |
| 18834 | Sun Pharmaceutical Industries <br> Ltd. (INR) | 408476 |
| 8648 | Tata Consultancy Services Ltd. <br> (INR) | 353531 |
| 7112 | Titan Co., Ltd. (INR) | 284510 |
| 37848 | Vedanta Ltd. (INR) | 187798 |
|  |  | 6880859 |
|  | **Indonesia — 0.7%** |  |
| 738853 | Alamtri Resources Indonesia <br> Tbk PT (IDR) | 84568 |
| 235279 | Indofood Sukses Makmur Tbk <br> PT (IDR) | 113387 |
|  |  | 197955 |
|  | **Israel — 1.8%** |  |
| 23668 | Bank Hapoalim BM (ILS) | 346658 |
| 27843 | ICL Group Ltd. (ILS) | 184699 |
|  |  | 531357 |
|  | **Malaysia — 1.8%** |  |
| 86300 | Alliance Bank Malaysia Bhd <br> (MYR) | 87600 |
| 129100 | IOI Corp. Bhd (MYR) | 109503 |
| 43600 | MISC Bhd (MYR) | 75883 |

---

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Malaysia (Continued)** |  |
| 326000 | Sunway Real Estate Investment <br> Trust (MYR) | $142791 |
| 89500 | TIME dotCom Bhd (MYR) | 106819 |
|  |  | 522596 |
|  | **Mexico — 0.6%** |  |
| 31266 | Alsea S.A.B. de C.V. (MXN) | 70725 |
| 41239 | Banco del Bajio S.A. <br> (MXN) (c) (d) | 98753 |
|  |  | 169478 |
|  | **Philippines — 1.4%** |  |
| 66650 | International Container Terminal <br> Services, Inc. (PHP) | 405950 |
|  | **Poland — 2.2%** |  |
| 5704 | Asseco Poland S.A. (PLN) | 234809 |
| 4964 | Bank Handlowy w Warszawie <br> S.A. (PLN) | 154442 |
| 14600 | ORLEN S.A. (PLN) | 263544 |
|  |  | 652795 |
|  | **Russia — 0.0%** |  |
| 59735 | Rosneft Oil Co. PJSC <br> (RUB) (e) (f) (g) (h) | 0 |
| 23602 | Severstal PAO <br> (RUB) (e) (f) (g) (h) | 0 |
|  |  | 0 |
|  | **Saudi Arabia — 0.6%** |  |
| 6678 | SABIC Agri-Nutrients Co. <br> (SAR) | 175720 |
|  | **Singapore — 2.2%** |  |
| 46000 | Sembcorp Industries Ltd. (SGD) | 232448 |
| 78500 | Singapore Airlines Ltd. (SGD) | 403288 |
|  |  | 635736 |
|  | **South Africa — 1.1%** |  |
| 1597 | Absa Group Ltd. (ZAR) | 14660 |
| 18275 | Exxaro Resources Ltd. (ZAR) | 149354 |
| 9259 | Kumba Iron Ore Ltd. (ZAR) | 161026 |
|  |  | 325040 |
|  | **South Korea — 5.9%** |  |
| 1784 | Hyundai Motor Co. (KRW) | 239205 |
| 6073 | Kia Corp. (KRW) | 386211 |
| 4604 | KT Corp. (KRW) | 167772 |
| 5938 | Meritz Financial Group, Inc. <br> (KRW) | 518400 |
| 249 | Samsung Biologics Co., Ltd. <br> (KRW) (c) (d) (e) | 184276 |
| 2474 | Samsung SDS Co., Ltd. (KRW) | 223469 |
|  |  | 1719333 |
|  | **Taiwan — 19.1%** |  |
| 5882 | Bora Pharmaceuticals Co., Ltd. <br> (TWD) | 130944 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Taiwan (Continued)** |  |
| 32967 | Chicony Electronics Co., Ltd. <br> (TWD) | $158738 |
| 62525 | Evergreen Marine Corp. Taiwan <br> Ltd. (TWD) | 403696 |
| 5711 | Global Unichip Corp. (TWD) | 183028 |
| 12478 | International Games System Co., <br> Ltd. (TWD) | 324601 |
| 5650 | Jentech Precision Industrial Co., <br> Ltd. (TWD) | 176656 |
| 17047 | MediaTek, Inc. (TWD) | 719553 |
| 15216 | Nan Ya Printed Circuit Board <br> Corp. (TWD) | 47004 |
| 19221 | Realtek Semiconductor Corp. <br> (TWD) | 314911 |
| 20768 | Sino-American Silicon Products, <br> Inc. (TWD) | 71753 |
| 95753 | Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (TWD) | 2718436 |
| 20035 | Tripod Technology Corp. <br> (TWD) | 114949 |
| 54787 | Unimicron Technology Corp. <br> (TWD) | 160851 |
| 1538 | Wiwynn Corp. (TWD) | 91848 |
|  |  | 5616968 |
|  | **Thailand — 3.6%** |  |
| 112300 | Kasikornbank PCL, NVDR <br> (THB) | 536203 |
| 110100 | Kasikornbank PCL (THB) | 525698 |
|  |  | 1061901 |
|  | **Turkey — 3.2%** |  |
| 225457 | Akbank T.A.S. (TRY) | 284056 |
| 77419 | Aksa Enerji Uretim A/S (TRY) | 62547 |
| 26670 | Torunlar Gayrimenkul Yatirim <br> Ortakligi A/S (TRY) | 42504 |
| 86549 | Turkiye Petrol Rafinerileri A/S <br> (TRY) | 280367 |
| 460844 | Yapi ve Kredi Bankasi A/S <br> (TRY) (e) | 272474 |
|  |  | 941948 |
|  | **Total Common Stocks** | 27638906 |
|  | (Cost $23,040,351) |  |
| **EXCHANGE-TRADED FUNDS (a) (b) — 6.2%** | **EXCHANGE-TRADED FUNDS (a) (b) — 6.2%** | **EXCHANGE-TRADED FUNDS (a) (b) — 6.2%** |
|  | **United States — 6.2%** |  |
| 1062 | iShares Core MSCI Emerging <br> Markets ETF  | 57528 |
| 25366 | iShares MSCI China ETF  | 1310408 |
| 5577 | SPDR S&P China ETF  | 456310 |
|  | **Total Exchange-Traded Funds** | 1824246 |
|  | (Cost $2,009,559) |  |

---

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 59875 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - 4.21% (i) | $59875 |
|  | (Cost $59,875) |  |
|  | **Total Investments — 100.4%** | 29523027 |
|  | (Cost $25,109,785) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.4)%** | (120193)<br>|
|  | **Net Assets — 100.0%** | $29402834 |

---

**Forward Foreign Currency Contracts at April 30, 2025** (See Note 2C - Forward Foreign Currency Contracts in the Notes to Financial Statements):

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** <br>**Date**<br>| **Counterparty** | **Amount** <br>**Purchased** | **Amount** <br>**Purchased** | **Amount** <br>**Sold** | **Amount** <br>**Sold** | **Purchase Value** <br>**as of** <br>**4/30/2025**<br>| **Sale Value** <br>**as of** <br>**4/30/2025**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 05/29/2025 | SG | USD | 3052729 | TWD | 99000000 | &nbsp;&nbsp; $3052729 | &nbsp;&nbsp; $3103180 | &nbsp;&nbsp; $(50451)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| EUR | – Euro |
| HKD | – Hong Kong Dollar |
| IDR | – Indonesian Rupiah |
| ILS | – Israeli Shekel |
| INR | – Indian Rupee |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| NVDR | – Non-Voting Depositary Receipt |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| RUB | – Russian Ruble |
| SAR | – Saudi Riyal |
| SG | – Societe Generale |
| SGD | – Singapore Dollar |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

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

See Notes to Financial Statements

------

**First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments‡**<br>|
| INR | 23.3% |
| HKD | 17.0 |
| USD | 16.8 |
| TWD | 9.0 |
| BRL | 5.9 |
| KRW | 5.8 |
| THB | 3.6 |
| TRY | 3.2 |
| PLN | 2.2 |
| SGD | 2.1 |
| ILS | 1.8 |
| MYR | 1.8 |
| EUR | 1.6 |
| CLP | 1.5 |
| PHP | 1.4 |
| ZAR | 1.1 |
| IDR | 0.7 |
| SAR | 0.6 |
| MXN | 0.6 |
| RUB | 0.0<sup>‡</sup><sup>‡</sup> <br>|
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| <sup>‡</sup> <br>| The weightings include the impact of currency forwards. |
| <sup>‡</sup><sup>‡</sup> <br>| Investments are valued at $0. |

---

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Russia | $—\*\* | $— | $— | $—\*\* |
| Thailand | 1061901 |  | 1061901 |  |
| Other Country <br> Categories\*<br>| 26577005 | 26577005 |  |  |
| Exchange-Traded <br> Funds\*<br>| 1824246 | 1824246 |  |  |
| Money Market <br> Funds<br>| 59875 | 59875 |  |  |
| Total Investments | $29523027 | $28461126 | $1061901 | $—\*\* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Forward Foreign <br> Currency Contracts<br>| $(50451) | $— | $(50451) | $— |

---

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

\* See Portfolio of Investments for country breakout.

\*\* Investments are valued at $0.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **RiverFront** <br> **Dynamic** <br> **Developed** <br> **International** <br> **ETF** <br>**(RFDI)** <br>| **First Trust** <br> **RiverFront** <br> **Dynamic** <br> **Europe ETF** <br>**(RFEU)** <br>| **First Trust** <br> **RiverFront** <br> **Dynamic** <br> **Emerging** <br> **Markets ETF** <br>**(RFEM)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $110157293 | &nbsp;&nbsp; $6637728 | &nbsp;&nbsp; $29523027 |
| Cash | 6288 | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 54149 |
| Foreign currency, at value | 90602 | &nbsp;&nbsp; 1909 | &nbsp;&nbsp; 64710 |
| Receivables: |  |  |  |
| Reclaims | 556298 | &nbsp;&nbsp; 47053 | &nbsp;&nbsp; 6392 |
| Dividends | 454234 | &nbsp;&nbsp; 23231 | &nbsp;&nbsp; 89990 |
| Total Assets | 111264715 | &nbsp;&nbsp; 6711039 | &nbsp;&nbsp; 29738268 |
| **LIABILITIES:** |  |  |  |
| Unrealized depreciation on forward foreign currency contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 50451 |
| Payables: |  |  |  |
| Investment securities purchased | 376643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees | 71661 | &nbsp;&nbsp; 4308 | &nbsp;&nbsp; 22164 |
| Tax expense |  | &nbsp;&nbsp; 109629 | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 262819 |
| Total Liabilities | 448304 | &nbsp;&nbsp; 113937 | &nbsp;&nbsp; 335434 |
| **NET ASSETS** | $110816411 | &nbsp;&nbsp; $6597102 | &nbsp;&nbsp; $29402834 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $168200910 | &nbsp;&nbsp; $27622877 | &nbsp;&nbsp; $47559438 |
| Par value | 16174 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 4500 |
| Accumulated distributable earnings (loss) | (57400673)<br>| &nbsp;&nbsp; (21026775)<br>| &nbsp;&nbsp; (18161104)<br>|
| **NET ASSETS** | $110816411 | &nbsp;&nbsp; $6597102 | &nbsp;&nbsp; $29402834 |
| **NET ASSET VALUE,** per share | $68.52 | &nbsp;&nbsp; $65.97 | &nbsp;&nbsp; $65.34 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 1617387 | &nbsp;&nbsp; 100002 | &nbsp;&nbsp; 450002 |
| Investments, at cost | $91068647 | &nbsp;&nbsp; $6368562 | &nbsp;&nbsp; $25109785 |
| Foreign currency, at cost (proceeds) | $88574 | &nbsp;&nbsp; $1918 | &nbsp;&nbsp; $63118 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Statements of Operations**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **RiverFront** <br> **Dynamic** <br> **Developed** <br> **International** <br> **ETF** <br>**(RFDI)** <br>| **First Trust** <br> **RiverFront** <br> **Dynamic** <br> **Europe ETF** <br>**(RFEU)** <br>| **First Trust** <br> **RiverFront** <br> **Dynamic** <br> **Emerging** <br> **Markets ETF** <br>**(RFEM)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $2316171 | &nbsp;&nbsp; $136661 | &nbsp;&nbsp; $562182 |
| Foreign withholding tax | (168503)<br>| &nbsp;&nbsp; (12651)<br>| &nbsp;&nbsp; (17201)<br>|
| Total investment income | 2147668 | &nbsp;&nbsp; 124010 | &nbsp;&nbsp; 544981 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 450857<br>| &nbsp;&nbsp; 25726<br>| &nbsp;&nbsp; 137024<br>|
| Total expenses | 450857 | &nbsp;&nbsp; 25726 | &nbsp;&nbsp; 137024 |
| **NET INVESTMENT INCOME (LOSS)** | 1696811 | &nbsp;&nbsp; 98284 | &nbsp;&nbsp; 407957 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 20849 | &nbsp;&nbsp; 4923 | &nbsp;&nbsp; 13431 |
| In-kind redemptions | 4537905 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 74809 |
| Foreign currency transactions | (20208)<br>| &nbsp;&nbsp; (2067)<br>| &nbsp;&nbsp; (354)<br>|
| Foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (35445)<br>|
| Net realized gain (loss) | 4538546 | &nbsp;&nbsp; 2856 | &nbsp;&nbsp; 52441 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 3572631 | &nbsp;&nbsp; 331925 | &nbsp;&nbsp; 430534 |
| Forward foreign currency contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (38710)<br>|
| Foreign currency translation | 57231 | &nbsp;&nbsp; 2649 | &nbsp;&nbsp; 3117 |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (4871)<br>|
| Net change in unrealized appreciation (depreciation) | 3629862 | &nbsp;&nbsp; 334574 | &nbsp;&nbsp; 390070 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8168408 | &nbsp;&nbsp; 337430 | &nbsp;&nbsp; 442511 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $9865219 | &nbsp;&nbsp; $435714 | &nbsp;&nbsp; $850468 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust RiverFront Dynamic** <br> **Developed International ETF** <br> **(RFDI)** | **First Trust RiverFront Dynamic** <br> **Developed International ETF** <br> **(RFDI)** | **First Trust RiverFront Dynamic** <br> **Europe ETF (RFEU)** | **First Trust RiverFront Dynamic** <br> **Europe ETF (RFEU)** |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1696811 | &nbsp;&nbsp; $3971138 | &nbsp;&nbsp; $98284 | &nbsp;&nbsp; $166016 |
| Net realized gain (loss) | 4538546 | &nbsp;&nbsp; 4625807 | &nbsp;&nbsp; 2856 | &nbsp;&nbsp; 382011 |
| Net change in unrealized appreciation (depreciation) | 3629862 | &nbsp;&nbsp; 17503838 | &nbsp;&nbsp; 334574 | &nbsp;&nbsp; 928660 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 9865219 | &nbsp;&nbsp; 26100783 | &nbsp;&nbsp; 435714 | &nbsp;&nbsp; 1476687 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (2388782)<br>| &nbsp;&nbsp; (4246165)<br>| &nbsp;&nbsp; (193464)<br>| &nbsp;&nbsp; (197623)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 6321681<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Cost of shares redeemed | (23069941) <br>| &nbsp;&nbsp; (12755355) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (3307604) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (16748260)<br>| &nbsp;&nbsp; (12755355)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3307604)<br>|
| Total increase (decrease) in net assets | (9271823)<br>| &nbsp;&nbsp; 9099263 | &nbsp;&nbsp; 242250 | &nbsp;&nbsp; (2028540)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 120088234 | &nbsp;&nbsp; 110988971 | &nbsp;&nbsp; 6354852 | &nbsp;&nbsp; 8383392 |
| End of period | $110816411 | &nbsp;&nbsp; $120088234 | &nbsp;&nbsp; $6597102 | &nbsp;&nbsp; $6354852 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 1867387 | &nbsp;&nbsp; 2067387 | &nbsp;&nbsp; 100002 | &nbsp;&nbsp; 150002 |
| Shares sold | 100000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (350000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (50000)<br>|
| Shares outstanding, end of period | 1617387 | &nbsp;&nbsp; 1867387 | &nbsp;&nbsp; 100002 | &nbsp;&nbsp; 100002 |

---

See Notes to Financial Statements

------

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

---

| | |
|:---|:---|
| **First Trust RiverFront Dynamic** <br> **Emerging Markets ETF (RFEM)** | **First Trust RiverFront Dynamic** <br> **Emerging Markets ETF (RFEM)** |
| **Six Months** <br>**Ended** <br>**4/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**10/31/2024** <br>|
| $407957 | &nbsp;&nbsp; $895023 |
| 52441 | &nbsp;&nbsp; 1595003 |
| 390070 | &nbsp;&nbsp; 5444145 |
| 850468 | &nbsp;&nbsp; 7934171 |
| (559307)<br>| &nbsp;&nbsp; (889648)<br>|
| —<br>| &nbsp;&nbsp; (9424319) <br>|
|  | &nbsp;&nbsp; (9424319)<br>|
| 291161 | &nbsp;&nbsp; (2379796)<br>|
| 29111673 | &nbsp;&nbsp; 31491469 |
| $29402834 | &nbsp;&nbsp; $29111673 |
| 450002 | &nbsp;&nbsp; 600002 |
|  | &nbsp;&nbsp; (150000)<br>|
| 450002 | &nbsp;&nbsp; 450002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust RiverFront Dynamic Developed International ETF (RFDI)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $64.31 | &nbsp;&nbsp;&nbsp;&nbsp; $53.69 | &nbsp;&nbsp;&nbsp;&nbsp; $49.10 | &nbsp;&nbsp;&nbsp;&nbsp; $72.52 | &nbsp;&nbsp;&nbsp;&nbsp; $54.60 | &nbsp;&nbsp;&nbsp;&nbsp; $57.70 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>|
| Net realized and unrealized gain (loss) | 4.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.84) <br>|
| Total from investment operations | 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp; (19.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp; (1.99)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>|
| Net asset value, end of period | $68.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $72.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.60<br>|
| **Total return** (b) | 9.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (28.21)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.45)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $110816<br>| &nbsp;&nbsp;&nbsp;&nbsp; $120088<br>| &nbsp;&nbsp;&nbsp;&nbsp; $110989<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121147<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175317<br>| &nbsp;&nbsp;&nbsp;&nbsp; $131049<br>|
| Ratio of total expenses to average net assets | 0.83<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 3.12<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> % <br>|
| Portfolio turnover rate (d) | 2<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust RiverFront Dynamic Europe ETF (RFEU)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $63.55 | &nbsp;&nbsp;&nbsp;&nbsp; $55.89 | &nbsp;&nbsp;&nbsp;&nbsp; $53.75 | &nbsp;&nbsp;&nbsp;&nbsp; $76.55 | &nbsp;&nbsp;&nbsp;&nbsp; $55.76 | &nbsp;&nbsp;&nbsp;&nbsp; $59.49 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br>|
| Net realized and unrealized gain (loss) | 3.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.71) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.50) <br>|
| Total from investment operations | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp; (20.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp; (2.54)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>|
| Net asset value, end of period | $65.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.76<br>|
| **Total return** (b) | 7.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (27.33)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.22)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $6597<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6355<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8383<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18813<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22966<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16729<br>|
| Ratio of total expenses to average net assets | 0.83<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 3.17<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> % <br>|
| Portfolio turnover rate (e) | 2<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 tax expense. If the tax expense was not included, the expense ratio would have been 0.83%.

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

See Notes to Financial Statements

------

**First Trust Exchange-Traded Fund III**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended** <br>**4/30/2025** <br>**(Unaudited)** | **2024** | **2023** | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $64.69 | &nbsp;&nbsp;&nbsp;&nbsp; $52.49 | &nbsp;&nbsp;&nbsp;&nbsp; $47.68 | &nbsp;&nbsp;&nbsp;&nbsp; $67.67 | &nbsp;&nbsp;&nbsp;&nbsp; $61.57 | &nbsp;&nbsp;&nbsp;&nbsp; $60.76 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.91<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br>|
| Net realized and unrealized gain (loss) | 0.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br>|
| Total from investment operations | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp; (16.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.77) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.73) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>|
| Total distributions | (1.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.77) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.10) <br>|
| Net asset value, end of period | $65.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.57<br>|
| **Total return** (b) | 2.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.97)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.74<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $29403<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29112<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31491<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28608<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47372<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46178<br>|
| Ratio of total expenses to average net assets | 0.95<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 2.83<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> % <br>|
| Portfolio turnover rate (d) | 1<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 89<br> % <br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

**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 under the Investment Company Act of 1940, as amended (the "1940 Act").

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

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

First Trust RiverFront Dynamic Developed International ETF – (ticker "RFDI") <br> First Trust RiverFront Dynamic Europe ETF – (ticker "RFEU") <br> 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 ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. 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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

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

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

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

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.

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

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

1)

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

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

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

7)

relationships among various securities;

8)

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

9)

an analysis of the issuer's financial statements;

10)

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

11)

other relevant factors.

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

1)

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

2)

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

3)

ADR trading of similar securities;

4)

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

5)

foreign currency exchange activity;

6)

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

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

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

10)

other relevant factors.

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

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

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

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

o Quoted prices for similar investments in active markets.

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

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

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

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

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

**B. Securities Transactions and Investment Income** 

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

Each 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. Each 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 a 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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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 and securities values and interest rates. Due to the risks, a Fund could incur losses in excess of the net unrealized value shown on the Forward Foreign Currency Contracts table in the 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 the Fund. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a 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 Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) on foreign currency transactions" on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) on investments" on the Statements of Operations.

**E. Dividends and Distributions to Shareholders**

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust RiverFront Dynamic Developed International ETF | $4246165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust RiverFront Dynamic Europe ETF | 197623 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust RiverFront Dynamic Emerging Markets ETF | 889648 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust RiverFront Dynamic Developed International ETF | $1582047 | &nbsp;&nbsp; $(80326340)<br>| &nbsp;&nbsp; $13867183 |
| First Trust RiverFront Dynamic Europe ETF | 154406 | &nbsp;&nbsp; (21273383)<br>| &nbsp;&nbsp; (150048)<br>|
| First Trust RiverFront Dynamic Emerging Markets ETF | 314921 | &nbsp;&nbsp; (22169583)<br>| &nbsp;&nbsp; 3402397 |

---

**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, if any, is included in "Net realized gain (loss) on foreign capital gains tax" on the Statements of Operations.

**Capital Gains.** India's Finance Act, 2024 ("Finance Act, 2024") was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax ("STT") is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.

In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.

Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.

**Buy back.** Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.

Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

**Dividend income.** The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.

**Interest income.** Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).

**Other income.** Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).

Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund's shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.

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

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

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

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust RiverFront Dynamic Developed International ETF | $80326340 |
| First Trust RiverFront Dynamic Europe ETF | 21273383 |
| First Trust RiverFront Dynamic Emerging Markets ETF | 22169583 |

---

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

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust RiverFront Dynamic Developed International ETF | $1971308 |
| First Trust RiverFront Dynamic Europe ETF | 24397 |
| First Trust RiverFront Dynamic Emerging Markets ETF | 1550588 |

---

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust RiverFront Dynamic Developed International <br> ETF<br>| $91068647 | &nbsp;&nbsp; $24589907 | &nbsp;&nbsp; $(5501261)<br>| &nbsp;&nbsp; $19088646 |
| First Trust RiverFront Dynamic Europe ETF | 6368562 | &nbsp;&nbsp; 1236876 | &nbsp;&nbsp; (967710)<br>| &nbsp;&nbsp; 269166 |
| First Trust RiverFront Dynamic Emerging Markets ETF | 25109785 | &nbsp;&nbsp; 6670596 | &nbsp;&nbsp; (2307805)<br>| &nbsp;&nbsp; 4362791 |

---

**G. Expenses**

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

**H. Segment Reporting**

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

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

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for 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. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedules:

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

---

| | | | |
|:---|:---|:---|:---|
| Breakpoints | RFDI | RFEU | RFEM |
| Fund net assets up to and including $2.5 billion | 0.83000<br> %<br>| 0.83000<br> %<br>| 0.95000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.80925<br> %<br>| 0.80925<br> %<br>| 0.92625<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.78850<br> %<br>| 0.78850<br> %<br>| 0.90250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.76775<br> %<br>| 0.76775<br> %<br>| 0.87875<br> %<br>|
| Fund net assets greater than $10 billion | 0.74700<br> %<br>| 0.74700<br> %<br>| 0.85500<br> %<br>|

---

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-advisory fee payable to the Sub-Advisor by First Trust out of its annual unitary management fee is reduced at certain breakpoints and calculated pursuant to the following schedule:

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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.35000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.34125<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.33250<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.32375<br> %<br>|
| Fund net assets greater than $10 billion | 0.31500<br> %<br>|

---

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

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

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

**4. Purchases and Sales of Securities** 

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

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust RiverFront Dynamic Developed International ETF | $3336667 | &nbsp;&nbsp; $1972379 |
| First Trust RiverFront Dynamic Europe ETF | 142953 | &nbsp;&nbsp; 229045 |
| First Trust RiverFront Dynamic Emerging Markets ETF | 319767 | &nbsp;&nbsp; 547320 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust RiverFront Dynamic Developed International ETF | $6261275 | &nbsp;&nbsp; $22910114 |
| First Trust RiverFront Dynamic Europe ETF |  | &nbsp;&nbsp; — |
| First Trust RiverFront Dynamic Emerging Markets ETF |  | &nbsp;&nbsp; — |

---

**5. Derivative Transactions** 

The following table presents the types of derivatives held by the following fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative** <br>**Instrument**<br>| **Risk** <br>**Exposure**<br>| **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** | **Statements of Assets and** <br>**Liabilities Location**<br>| **Value** |
| **RFEM** |  |  |  |  |  |
| Forward foreign <br> currency contracts<br>| Currency Risk | &nbsp;&nbsp; Unrealized appreciation on <br> forward foreign currency <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; Unrealized depreciation on <br> forward foreign currency <br> contracts<br>| &nbsp;&nbsp; $50451 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2025, on RFEM's derivative instruments, as well as the primary underlying risk exposure associated with the instruments.

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

---

| | |
|:---|:---|
| **Statements of Operations Location** | **RFEM**  |
| **Currency Risk Exposure** |  |
| Net realized gain (loss) on forward foreign <br> currency contracts<br>| $74809 |
| Net change in unrealized appreciation <br> (depreciation) on forward foreign currency <br> contracts<br>| (38710)<br>|

---

For RFEM, the average notional value of forward foreign currency contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $3,060,110.

The Funds do not have the right to offset financial assets and financial liabilities related to forward foreign currency contracts on the Statements of Assets and Liabilities.

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

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

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

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

**7. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 28, 2026.

**8. Indemnification**

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

**9. Subsequent Events**

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

------

**Other Information**

**First Trust Exchange-Traded Fund III**

**April 30, 2025 (Unaudited)**

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

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

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

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

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

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

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

Not applicable for the most recent fiscal half year.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
 of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) Not applicable to semi-annual reports on Form N-CSR.

(a)(2) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_302.htm).

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_906.htm) .

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust Exchange-Traded Fund 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> July 9, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> July 9, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u> July 9, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund 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: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded Fund 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: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded Fund 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: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded Fund 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: | July 9, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---