# EDGAR Filing Document

**Accession Number:** 0001424212
**File Stem:** 0001752724-25-155850
**Filing Date:** 2025-6
**Character Count:** 114777
**Document Hash:** 4e46648a90fe84a42bd9df15795f6ca2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-155850.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-155850

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22245
- **FILM NUMBER:** 251072769

**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 Horizon Managed Volatility Small/Mid ETF (Series ID: S000068212)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000218390 | First Trust Horizon Managed Volatility Small/Mid ETF | HSMV            |

## Nport-Ex

**First Trust Horizon Managed Volatility Domestic ETF (HUSV)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1391 | Northrop Grumman Corp. | $676721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7414 | RTX Corp. | 935128 |
|  |  | 1611849 |
|  | **Beverages — 5.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34547 | Coca-Cola (The) Co. | 2506385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39802 | Keurig Dr Pepper, Inc. | 1376751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7665 | PepsiCo, Inc. | 1039221 |
|  |  | 4922357 |
|  | **Capital Markets — 4.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5072 | CME Group, Inc. | 1405350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10886 | Intercontinental Exchange, Inc. | 1828522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3268 | S&P Global, Inc. | 1634163 |
|  |  | 4868035 |
|  | **Chemicals — 3.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5337 | Linde PLC | 2418889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5943 | &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., <br> Class A | 345942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8385 | PPG Industries, Inc. | 912791 |
|  |  | 3677622 |
|  | **Commercial Services &** <br> **Supplies — 5.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11035 | Republic Services, Inc. | 2767026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10131 | Veralto Corp. | 971563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6241 | Waste Management, Inc. | 1456400 |
|  |  | 5194989 |
|  | **Communications Equipment** <br> **— 4.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36122 | Cisco Systems, Inc. | 2085323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4744 | Motorola Solutions, Inc. | 2089210 |
|  |  | 4174533 |
|  | **Containers & Packaging —** <br> **1.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5624 | Avery Dennison Corp. | 962323 |
|  | **Diversified Telecommunication** <br> **Services — 0.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17939 | Verizon Communications, Inc. | 790392 |
|  | **Electric Utilities — 7.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11235 | Duke Energy Corp. | 1370895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34882 | Evergy, Inc. | 2410346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43034 | FirstEnergy Corp. | 1845298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40804 | PPL Corp. | 1489346 |
|  |  | 7115885 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 3.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11856 | TE Connectivity PLC | 1735481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3659 | Teledyne Technologies, Inc. (a) | 1705204 |
|  |  | 3440685 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Financial Services — 6.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4139 | &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., <br> Class B (a) | $2207122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7397 | Jack Henry & Associates, Inc. | 1282861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2429 | Mastercard, Inc., Class A | 1331238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3996 | Visa, Inc., Class A | 1380618 |
|  |  | 6201839 |
|  | **Gas Utilities — 2.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12032 | Atmos Energy Corp. | 1932700 |
|  | **Health Care Equipment &** <br> **Supplies — 4.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7532 | Abbott Laboratories | 984809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4628 | Becton Dickinson & Co. | 958413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8770 | Boston Scientific Corp. (a) | 902170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9591 | Hologic, Inc. (a) | 558196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7512 | Medtronic PLC | 636717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562 | Stryker Corp. | 584063 |
|  |  | 4624368 |
|  | **Health Care Providers &** <br> **Services — 2.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4446 | Cencora, Inc. | 1301211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4314 | Quest Diagnostics, Inc. | 768841 |
|  |  | 2070052 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2520 | Hilton Worldwide Holdings, Inc. | 568209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4458 | McDonald's Corp. | 1425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8518 | Yum! Brands, Inc. | 1281448 |
|  |  | 3274657 |
|  | **Household Products — 4.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18421 | Colgate-Palmolive Co. | 1698232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11086 | Kimberly-Clark Corp. | 1460913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8149 | Procter & Gamble (The) Co. | 1324783 |
|  |  | 4483928 |
|  | **Industrial Conglomerates —** <br> **0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3991 | Honeywell International, Inc. | 840105 |
|  | **Insurance — 5.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2842 | Aon PLC, Class A | 1008313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10209 | Brown & Brown, Inc. | 1129116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10122 | Marsh & McLennan Cos., Inc. | 2282207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3251 | Willis Towers Watson PLC | 1000658 |
|  |  | 5420294 |
|  | **IT Services — 6.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24174 | &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br> Corp., Class A | 1778481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6678 | &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp. | 1614874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9749 | VeriSign, Inc. (a) | 2750388 |
|  |  | 6143743 |

---

------

**First Trust Horizon Managed Volatility Domestic ETF (HUSV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Machinery — 2.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6779 | Illinois Tool Works, Inc. | $1626350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12228 | Otis Worldwide Corp. | 1177189 |
|  |  | 2803539 |
|  | **Media — 0.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18752 | News Corp., Class B | 589188 |
|  | **Multi-Utilities — 4.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22940 | CMS Energy Corp. | 1689531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39663 | NiSource, Inc. | 1551220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11950 | WEC Energy Group, Inc. | 1308764 |
|  |  | 4549515 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4550 | Chevron Corp. | 619073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2524 | EOG Resources, Inc. | 278473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6479 | Exxon Mobil Corp. | 684377 |
|  |  | 1581923 |
|  | **Pharmaceuticals — 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8607 | Johnson & Johnson | 1345360 |
|  | **Professional Services — 4.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6818 | Automatic Data Processing, Inc. | 2049491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4273 | &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br> Inc. | 1035775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6102 | Paychex, Inc. | 897726 |
|  |  | 3982992 |
|  | **Retail REITs — 3.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8566 | Federal Realty Investment Trust | 805375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19415 | Realty Income Corp. | 1123352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14748 | Regency Centers Corp. | 1064511 |
|  |  | 2993238 |
|  | **Software — 5.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4313 | Microsoft Corp. | 1704757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8960 | PTC, Inc. (a) | 1388531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3650 | Roper Technologies, Inc. | 2044292 |
|  |  | 5137580 |
|  | **Specialized REITs — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26570 | VICI Properties, Inc. | 850771 |
|  | **Specialty Retail — 2.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | AutoZone, Inc. (a) | 560627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 | Home Depot (The), Inc. | 342105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | O'Reilly Automotive, Inc. (a) | 900067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8482 | TJX (The) Cos., Inc. | 1091464 |
|  |  | 2894263 |
|  | **Total Common Stocks** | 98478725 |
|  | (Cost $90,144,842) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163735 | &nbsp;&nbsp;&nbsp; Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | $163735 |
|  | (Cost $163,735) |  |
|  | **Total Investments — 100.0%** | 98642460 |
|  | (Cost $90,308,577) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 118 |
|  | **Net Assets — 100.0%** | $98642578 |

---

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

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

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

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

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

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**4/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $98478725 | $98478725 | $— | $— |
| Money Market Funds | &nbsp;&nbsp; 163735 | &nbsp;&nbsp; 163735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $98642460 | $98642460 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** |
|  | **Australia — 7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6158 | &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. <br> (AUD) | $117783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21233 | Coles Group Ltd. (AUD) | 288608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356 | CSL Ltd. (AUD) | 218128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56038 | Lottery (The) Corp., Ltd. (AUD) | 187372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 | Macquarie Group Ltd. (AUD) | 75588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42009 | Medibank Pvt Ltd. (AUD) | 125126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8511 | Orica Ltd. (AUD) | 88536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48075 | Scentre Group (AUD) | 111476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131890 | Telstra Group Ltd. (AUD) | 381014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9028 | &nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & <br> Co., Ltd. (AUD) | 215181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4530 | Westpac Banking Corp. (AUD) | 95291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7365 | Woolworths Group Ltd. (AUD) | 148936 |
|  |  | 2053039 |
|  | **Belgium — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682 | Ageas S.A./N.V. (EUR) | 230456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4551 | &nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert N.V. <br> (EUR) | 373781 |
|  |  | 604237 |
|  | **Cayman Islands — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24692 | &nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. <br> (HKD) | 139449 |
|  | **Denmark — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988 | Danske Bank A/S (DKK) | 104165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299 | Novonesis Novozymes B (DKK) | 84004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8951 | Tryg A/S (DKK) | 213553 |
|  |  | 401722 |
|  | **France — 10.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 | Air Liquide S.A. (EUR) | 180206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3666 | AXA S.A. (EUR) | 172641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4417 | Bureau Veritas S.A. (EUR) | 139506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7593 | Credit Agricole S.A. (EUR) | 141842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5062 | Danone S.A. (EUR) | 435591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21271 | Engie S.A. (EUR) | 438201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 | EssilorLuxottica S.A. (EUR) | 186935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11213 | Getlink SE (EUR) | 211880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9516 | Klepierre S.A. (EUR) | 347554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20551 | Orange S.A. (EUR) | 297650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1368 | Sanofi S.A. (EUR) | 148620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850 | TotalEnergies SE (EUR) | 107220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4241 | &nbsp;&nbsp;&nbsp; Veolia Environnement S.A. <br> (EUR) | 154606 |
|  |  | 2962452 |
|  | **Germany — 7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 | Allianz SE (EUR) | 358024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979 | Beiersdorf AG (EUR) | 137523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 | Deutsche Boerse AG (EUR) | 299645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7769 | Deutsche Telekom AG (EUR) | 278115 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Germany (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8053 | E.ON SE (EUR) | $140629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5007 | Evonik Industries AG (EUR) | 112025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA <br> (EUR) (c) | 95322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3470 | GEA Group AG (EUR) | 225246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 | Hannover Rueck SE (EUR) | 95335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084 | Scout24 SE (EUR) (d) (e) | 128573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479 | Symrise AG (EUR) | 170145 |
|  |  | 2040582 |
|  | **Hong Kong — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34932 | &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. <br> (HKD) | 145032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45842 | CLP Holdings Ltd. (HKD) | 391888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192470 | &nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co., <br> Ltd. (HKD) | 173470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20590 | &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. <br> (HKD) | 136327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125233 | Sino Land Co., Ltd. (HKD) | 128856 |
|  |  | 975573 |
|  | **Ireland — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813 | &nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A <br> (EUR) | 85884 |
|  | **Israel — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; Check Point Software <br> Technologies Ltd. (c) | 51597 |
|  | **Italy — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28240 | Enel S.p.A. (EUR) | 244544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12526 | Eni S.p.A. (EUR) | 180214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4641 | Generali (EUR) | 168978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15633 | &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane <br> S.p.A. (EUR) (d) (e) | 186662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12682 | &nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. <br> (EUR) (d) (e) | 256303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50331 | Snam S.p.A. (EUR) | 288508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30057 | &nbsp;&nbsp;&nbsp; Terna-Rete Elettrica Nazionale <br> (EUR) | 298551 |
|  |  | 1623760 |
|  | **Japan — 9.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | Aeon Co., Ltd. (JPY) | 97560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 | ANA Holdings, Inc. (JPY) | 145430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8300 | Astellas Pharma, Inc. (JPY) | 82866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 | Central Japan Railway Co. (JPY) | 90197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; Daito Trust Construction Co., <br> Ltd. (JPY) | 122017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; Daiwa House Industry Co., Ltd. <br> (JPY) | 86530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. <br> (JPY) | 99580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100 | Japan Airlines Co., Ltd. (JPY) | 110135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | JFE Holdings, Inc. (JPY) | 81270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | Kao Corp. (JPY) | 85425 |

---

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**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)** |
|  | **Japan (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200 | KDDI Corp. (JPY) | $127075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9700 | Kirin Holdings Co., Ltd. (JPY) | 146470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp; McDonald's Holdings Co., Japan <br> Ltd. (JPY) | 134956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800 | MEIJI Holdings Co., Ltd. (JPY) | 167123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone <br> Corp. (JPY) | 169161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | Obic Co., Ltd. (JPY) | 83777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co., Ltd. <br> (JPY) | 113693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 | Otsuka Corp. (JPY) | 97583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | Otsuka Holdings Co., Ltd. (JPY) | 63254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | Secom Co., Ltd. (JPY) | 91761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131100 | SoftBank Corp. (JPY) | 197961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co., Ltd. <br> (JPY) | 178799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500 | Tokyu Corp. (JPY) | 91167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4100 | Yakult Honsha Co., Ltd. (JPY) | 84090 |
|  |  | 2747880 |
|  | **Netherlands — 8.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2402 | ASR Nederland N.V. (EUR) | 150749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 | Euronext N.V. (EUR) (d) (e) | 213990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1599 | EXOR N.V. (EUR) | 150167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2711 | Ferrovial SE (EUR) | 131691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655 | Heineken Holding N.V. (EUR) | 206931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1832 | Heineken N.V. (EUR) | 163332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8396 | &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize <br> N.V. (EUR) | 343742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131254 | Koninklijke KPN N.V. (EUR) | 608890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4564 | NN Group N.V. (EUR) | 278681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 | Wolters Kluwer N.V. (EUR) | 205686 |
|  |  | 2453859 |
|  | **New Zealand — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10352 | &nbsp;&nbsp;&nbsp; Auckland International Airport <br> Ltd. (NZD) | 46241 |
|  | **Norway — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14885 | Orkla ASA (NOK) | 165398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11031 | Telenor ASA (NOK) | 165623 |
|  |  | 331021 |
|  | **Singapore — 7.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120600 | &nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT <br> (SGD) | 245614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130300 | &nbsp;&nbsp;&nbsp; CapitaLand Integrated <br> Commercial Trust (SGD) | 214490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (SGD) | 130980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40400 | Keppel Ltd. (SGD) | 202913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22200 | &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp., <br> Ltd. (SGD) | 274504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59200 | Singapore Airlines Ltd. (SGD) | 304136 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Singapore (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | Singapore Exchange Ltd. (SGD) | $186908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45100 | &nbsp;&nbsp;&nbsp; Singapore Technologies <br> Engineering Ltd. (SGD) | 255869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52300 | &nbsp;&nbsp;&nbsp; Singapore Telecommunications <br> Ltd. (SGD) | 151362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. <br> (SGD) | 198913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60800 | Wilmar International Ltd. (SGD) | 142445 |
|  |  | 2308134 |
|  | **Spain — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061 | &nbsp;&nbsp;&nbsp; ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | 128648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960 | Aena SME S.A. (EUR) (d) (e) | 240780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718 | Amadeus IT Group S.A. (EUR) | 134641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4886 | Endesa S.A. (EUR) | 146680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14732 | Iberdrola S.A. (EUR) | 265274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10326 | Redeia Corp. S.A. (EUR) | 216409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11982 | Repsol S.A. (EUR) | 146733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65571 | Telefonica S.A. (EUR) | 335606 |
|  |  | 1614771 |
|  | **Sweden — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 | Alfa Laval AB (SEK) | 71861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3368 | Assa Abloy AB, Class B (SEK) | 101610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5296 | Essity AB, Class B (SEK) | 152543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657 | Holmen AB, Class B (SEK) | 105175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3194 | &nbsp;&nbsp;&nbsp; Industrivarden AB, Class A <br> (SEK) | 112024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3491 | &nbsp;&nbsp;&nbsp; Industrivarden AB, Class C <br> (SEK) | 122332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5916 | Investor AB, Class B (SEK) | 174625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666 | &nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, <br> Class B (SEK) | 140533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342 | Tele2 AB, Class B (SEK) | 93337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40221 | Telia Co., AB (SEK) | 150431 |
|  |  | 1224471 |
|  | **Switzerland — 14.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491 | Alcon AG (CHF) | 143906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise <br> (CHF) | 148043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | BKW AG (CHF) | 132344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4649 | Coca-Cola HBC AG (GBP) | 241632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1262 | Helvetia Holding AG (CHF) | 277216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224 | Holcim AG (CHF) | 135843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324 | Nestle S.A. (CHF) | 247056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 | Novartis AG (CHF) | 302842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 | Roche Holding AG (CHF) | 145850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 | Schindler Holding AG (CHF) | 282450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 | Swiss Life Holding AG (CHF) | 490003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4417 | Swiss Prime Site AG (CHF) | 622399 |

---

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**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)** |
|  | **Switzerland (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 | Swisscom AG (CHF) | $600412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG <br> (CHF) | 534170 |
|  |  | 4304166 |
|  | **United Kingdom — 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17140 | Aviva PLC (GBP) | 127917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3454 | Bunzl PLC (GBP) | 108173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2770 | &nbsp;&nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC | 251350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10998 | Compass Group PLC (GBP) | 369062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58756 | Haleon PLC (GBP) | 294735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14113 | Informa PLC (GBP) | 136887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077 | &nbsp;&nbsp;&nbsp; InterContinental Hotels <br> Group PLC (GBP) | 113992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2277 | &nbsp;&nbsp;&nbsp; London Stock Exchange <br> Group PLC (GBP) | 352766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54973 | M&G PLC (GBP) | 151946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9883 | National Grid PLC (GBP) | 142642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4373 | RELX PLC (GBP) | 237020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4366 | Shell PLC (GBP) | 142002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43726 | Tesco PLC (GBP) | 216019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5403 | Unilever PLC (GBP) | 342674 |
|  |  | 2987185 |
|  | **Total Common Stocks** | 28956023 |
|  | (Cost $25,180,169) |  |
| **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159845 | &nbsp;&nbsp;&nbsp; Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (f) | 159845 |
|  | (Cost $159,845) |  |
|  | **Total Investments — 99.6%** | 29115868 |
|  | (Cost $25,340,014) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.4%** | 102722 |
|  | **Net Assets — 100.0%** | $29218590 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Sector Allocation table.

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

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

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

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

&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) 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: |
| AUD | – Australian Dollar |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| JPY | – Japanese Yen |
| NOK | – Norwegian Krone |
| NZD | – New Zealand Dollar |
| SEK | – Swedish Krona |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Total** <br>**Investments**<br>|
| Financials | &nbsp;&nbsp; 25.4% |
| Consumer Staples | &nbsp;&nbsp; 14.3 |
| Communication Services | &nbsp;&nbsp; 13.8 |
| Industrials | &nbsp;&nbsp; 12.6 |
| Utilities | &nbsp;&nbsp; 10.9 |
| Health Care | &nbsp;&nbsp;&nbsp; 6.8 |
| Real Estate | &nbsp;&nbsp;&nbsp; 6.4 |
| Materials | &nbsp;&nbsp;&nbsp; 3.3 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp; 3.2 |
| All Other | &nbsp;&nbsp;&nbsp; 3.3 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | &nbsp;&nbsp; 39.1% |
| CHF | &nbsp;&nbsp; 14.0 |
| GBP | &nbsp;&nbsp; 10.2 |
| JPY | &nbsp;&nbsp;&nbsp; 9.4 |
| SGD | &nbsp;&nbsp;&nbsp; 7.9 |
| AUD | &nbsp;&nbsp;&nbsp; 7.1 |
| SEK | &nbsp;&nbsp;&nbsp; 4.2 |
| HKD | &nbsp;&nbsp;&nbsp; 3.8 |
| USD | &nbsp;&nbsp;&nbsp; 1.6 |
| DKK | &nbsp;&nbsp;&nbsp; 1.4 |
| NOK | &nbsp;&nbsp;&nbsp; 1.1 |
| NZD | &nbsp;&nbsp;&nbsp; 0.2 |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

------

**First Trust Horizon Managed Volatility Developed International ETF (HDMV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\* | $28956023 | $28956023 | $— | $— |
| Money Market Funds | &nbsp;&nbsp; 159845 | &nbsp;&nbsp; 159845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $29115868 | $29115868 | $— | $— |

---

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

\* See Portfolio of Investments for country breakout.

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments**

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** |
|  | **Aerospace & Defense — 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 | BWX Technologies, Inc. | $71364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | Curtiss-Wright Corp. | 73117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1628 | Hexcel Corp. | 78909 |
|  |  | 223390 |
|  | **Automobile Components —** <br> **1.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007 | Autoliv, Inc. | 93883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7870 | Gentex Corp. | 171408 |
|  |  | 265291 |
|  | **Banks — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695 | Commerce Bancshares, Inc. | 102955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207 | Prosperity Bancshares, Inc. | 81955 |
|  |  | 184910 |
|  | **Building Products — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 | Carlisle Cos., Inc. | 87660 |
|  | **Capital Markets — 4.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 | Affiliated Managers Group, Inc. | 80662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5743 | Federated Hermes, Inc. | 233223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2201 | Janus Henderson Group PLC | 73095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 | Jefferies Financial Group, Inc. | 27758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 | Morningstar, Inc. | 184214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2740 | SEI Investments Co. | 214514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 | Stifel Financial Corp. | 44302 |
|  |  | 857768 |
|  | **Chemicals — 2.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 | Ashland, Inc. | 70163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 | Balchem Corp. | 148253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 | Innospec, Inc. | 63978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705 | RPM International, Inc. | 182009 |
|  |  | 464403 |
|  | **Commercial Services &** <br> **Supplies — 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056 | ABM Industries, Inc. | 100209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 | Clean Harbors, Inc. (a) | 82795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343 | MSA Safety, Inc. | 211415 |
|  |  | 394419 |
|  | **Construction & Engineering** <br> **— 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549 | AECOM | 152809 |
|  | **Consumer Finance — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 | FirstCash Holdings, Inc. | 114134 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc. (a) | 109096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | Casey's General Stores, Inc. | 117960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455 | Performance Food Group Co. (a) | 117360 |
|  |  | 344416 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Containers & Packaging —** <br> **4.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2901 | AptarGroup, Inc. | $435005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4965 | Graphic Packaging Holding Co. | 125664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2181 | Silgan Holdings, Inc. | 112649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5790 | Sonoco Products Co. | 237390 |
|  |  | 910708 |
|  | **Diversified Consumer Services** <br> **— 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; Grand Canyon Education, <br> Inc. (a) | 99887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653 | H&R Block, Inc. | 99792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508 | Service Corp. International | 200389 |
|  |  | 400068 |
|  | **Diversified REITs — 1.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3739 | &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br> Inc. | 120284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039 | WP Carey, Inc. | 127315 |
|  |  | 247599 |
|  | **Electric Utilities — 5.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2242 | IDACORP, Inc. | 264758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6630 | OGE Energy Corp. | 300869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7617 | Portland General Electric Co. | 320828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5190 | TXNM Energy, Inc. | 276108 |
|  |  | 1162563 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 | Arrow Electronics, Inc. (a) | 100892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460 | Avnet, Inc. | 115596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | Littelfuse, Inc. | 65996 |
|  |  | 282484 |
|  | **Entertainment — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br> Corp. (a) | 333916 |
|  | **Financial Services — 2.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893 | Essent Group Ltd. | 107768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4403 | MGIC Investment Corp. | 109679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 | Mr. Cooper Group, Inc. (a) | 65812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315 | NMI Holdings, Inc. (a) | 83734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 | Radian Group, Inc. | 60111 |
|  |  | 427104 |
|  | **Food Products — 4.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16032 | Flowers Foods, Inc. | 282003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 | Ingredion, Inc. | 120601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953 | J & J Snack Foods Corp. | 123499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 | Lancaster Colony Corp. | 77646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3904 | Post Holdings, Inc. (a) | 441816 |
|  |  | 1045565 |
|  | **Gas Utilities — 3.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245 | Chesapeake Utilities Corp. | 163929 |

---

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Gas Utilities (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311 | MDU Resources Group, Inc. | $39610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2404 | National Fuel Gas Co. | 184579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5272 | New Jersey Resources Corp. | 258012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2211 | ONE Gas, Inc. | 173586 |
|  |  | 819716 |
|  | **Ground Transportation —** <br> **1.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932 | Landstar System, Inc. | 125028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | Ryder System, Inc. | 81913 |
|  |  | 206941 |
|  | **Health Care Providers &** <br> **Services — 2.8%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | Chemed Corp. | 148285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2257 | Encompass Health Corp. | 264047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357 | Ensign Group (The), Inc. | 175039 |
|  |  | 587371 |
|  | **Health Care REITs — 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233 | CareTrust REIT, Inc. | 36090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1970 | Healthcare Realty Trust, Inc. | 30594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3980 | LTC Properties, Inc. | 142763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3776 | Omega Healthcare Investors, Inc. | 147453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1944 | Sabra Health Care REIT, Inc. | 34700 |
|  |  | 391600 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013 | Choice Hotels International, Inc. | 127749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 | Churchill Downs, Inc. | 113736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 | Vail Resorts, Inc. | 62083 |
|  |  | 303568 |
|  | **Household Products — 0.5%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3790 | Energizer Holdings, Inc. | 102482 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 | Ormat Technologies, Inc. | 49804 |
|  | **Industrial REITs — 2.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 | EastGroup Properties, Inc. | 111943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2225 | First Industrial Realty Trust, Inc. | 105865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6518 | LXP Industrial Trust | 51427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798 | Rexford Industrial Realty, Inc. | 26414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3522 | STAG Industrial, Inc. | 116332 |
|  |  | 411981 |
|  | **Insurance — 6.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 | American Financial Group, Inc. | 173398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932 | Assured Guaranty Ltd. | 81764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350 | CNO Financial Group, Inc. | 51219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2669 | Fidelity National Financial, Inc. | 170950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138 | First American Financial Corp. | 130012 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8112 | Old Republic International Corp. | $305011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672 | Primerica, Inc. | 176111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; Reinsurance Group of America, <br> Inc. | 88972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | RenaissanceRe Holdings Ltd. | 64111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2484 | RLI Corp. | 183841 |
|  |  | 1425389 |
|  | **Machinery — 5.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 | AGCO Corp. | 61162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3949 | Donaldson Co., Inc. | 259568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797 | Federal Signal Corp. | 64900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383 | Flowserve Corp. | 62553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209 | Franklin Electric Co., Inc. | 102716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3288 | Graco, Inc. | 268334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | ITT, Inc. | 94270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 | Lincoln Electric Holdings, Inc. | 83695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 | Oshkosh Corp. | 56873 |
|  |  | 1054071 |
|  | **Marine Transportation —** <br> **0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757 | Kirby Corp. (a) | 72952 |
|  | **Media — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp; New York Times (The) Co., <br> Class A | 192101 |
|  | **Metals & Mining — 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | Reliance, Inc. | 94828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738 | Royal Gold, Inc. | 134840 |
|  |  | 229668 |
|  | **Mortgage REITs — 6.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15425 | &nbsp;&nbsp;&nbsp; Annaly Capital Management, <br> Inc. | 302330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10979 | &nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, <br> Inc. | 180824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31009 | Ellington Financial, Inc. | 404047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20125 | &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment <br> Trust | 258405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14289 | Starwood Property Trust, Inc. | 274206 |
|  |  | 1419812 |
|  | **Multi-Utilities — 2.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4267 | Avista Corp. | 176953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3127 | Black Hills Corp. | 190434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3464 | &nbsp;&nbsp;&nbsp; Northwestern Energy Group, <br> Inc. | 201709 |
|  |  | 569096 |
|  | **Office REITs — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5559 | COPT Defense Properties | 145146 |

---

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9806 | Antero Midstream Corp. | $162290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 | DT Midstream, Inc. | 70081 |
|  |  | 232371 |
|  | **Personal Care Products —** <br> **0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4635 | Edgewell Personal Care Co. | 141599 |
|  | **Pharmaceuticals — 3.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19658 | Innoviva, Inc. (a) | 367408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762 | Jazz Pharmaceuticals PLC (a) | 89124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2631 | &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, <br> Inc. (a) | 213716 |
|  |  | 670248 |
|  | **Professional Services — 3.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 | FTI Consulting, Inc. (a) | 121218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1922 | Genpact Ltd. | 96600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924 | KBR, Inc. | 101606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | Korn Ferry | 76261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492 | ManpowerGroup, Inc. | 64260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980 | Maximus, Inc. | 132581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; Science Applications <br> International Corp. | 91499 |
|  |  | 684025 |
|  | **Residential REITs — 1.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6310 | &nbsp;&nbsp;&nbsp; American Homes 4 Rent, <br> Class A | 235931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1743 | Equity LifeStyle Properties, Inc. | 112911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548 | Independence Realty Trust, Inc. | 49508 |
|  |  | 398350 |
|  | **Retail REITs — 4.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2964 | Agree Realty Corp. | 230036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261 | Brixmor Property Group, Inc. | 106142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Getty Realty Corp. | 111960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806 | NNN REIT, Inc. | 197575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5236 | Phillips Edison & Co., Inc. | 181689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6172 | Urban Edge Properties | 111528 |
|  |  | 938930 |
|  | **Software — 1.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., <br> Class A | 102899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 | InterDigital, Inc. | 83214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1691 | Progress Software Corp. | 101392 |
|  |  | 287505 |
|  | **Specialized REITs — 5.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430 | CubeSmart | 58158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4356 | EPR Properties | 215579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8600 | Four Corners Property Trust, Inc. | 240370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5391 | &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, <br> Inc. | 258013 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Specialized REITs (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068 | Lamar Advertising Co., Class A | $121549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 | National Storage Affiliates Trust | 32773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742 | PotlatchDeltic Corp. | 28485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4878 | Rayonier, Inc. | 119316 |
|  |  | 1074243 |
|  | **Specialty Retail — 0.7%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 | Murphy USA, Inc. | 150568 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1507 | Columbia Sportswear Co. | 93690 |
|  | **Trading Companies &** <br> **Distributors — 0.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 | GATX Corp. | 113557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., <br> Class A | 82675 |
|  |  | 196232 |
|  | **Water Utilities — 1.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1860 | American States Water Co. | 150864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2532 | California Water Service Group | 128246 |
|  |  | 279110 |
|  | **Total Common Stocks** | 21027776 |
|  | (Cost $20,142,616) |  |
| **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106497 | &nbsp;&nbsp;&nbsp; Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 106497 |
|  | (Cost $106,497) |  |
|  | **Total Investments — 100.0%** | 21134273 |
|  | (Cost $20,249,113) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 2142 |
|  | **Net Assets — 100.0%** | $21136415 |

---

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

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

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

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

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

------

**First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)**

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\* | $21027776 | $21027776 | $— | $— |
| Money Market Funds | &nbsp;&nbsp; 106497 | &nbsp;&nbsp; 106497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $21134273 | $21134273 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Exchange-Traded Fund III**

**Additional Information**

**April 30, 2025 (Unaudited)**

**Valuation Inputs**

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust Horizon Managed Volatility Small/Mid ETF

- **b. EDGAR series identifier (if any):** S000068212

- **c. LEI of Series:** 5493003PJU7KHDQNZ665

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $21150090.10

**Total Liabilities:** $13674.66

**Net Assets:** $21136415.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218390 | 0.72%                | -1.28%               | -2.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $819101.90               | $-692704.67                                |
| Month 2  | $0.00                    | $-348823.06                                |
| Month 3  | $0.00                    | $-504101.80                                |

### Schedule of Portfolio Investments

| Name                               | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prosperity Bancshares Inc          | Prosperity Bancshares Inc               | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1207 | NS      | $81955.30     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                   | InterDigital Inc                        | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       414 | NS      | $83214.00     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                      | Ingredion Inc                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |       908 | NS      | $120600.56    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                  | Post Holdings Inc                       | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      3904 | NS      | $441815.68    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp          | New Jersey Resources Corp               | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |      5272 | NS      | $258011.68    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc      | Annaly Capital Management Inc           | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15425 | NS      | $302330.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                   | NMI Holdings Inc                        | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      2315 | NS      | $83733.55     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc             | Ormat Technologies Inc                  | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |       686 | NS      | $49803.60     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In     | Four Corners Property Trust Inc         | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |      8600 | NS      | $240370.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                        | Genpact Ltd                             | CUSIP: 000000000<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | US        |      1922 | NS      | $96599.72     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                            | KBR Inc                                 | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      1924 | NS      | $101606.44    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                 | CareTrust REIT Inc                      | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      1233 | NS      | $36089.91     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corp                          | GATX Corp                               | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |       778 | NS      | $113556.88    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co       | Portland General Electric Co            | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      7617 | NS      | $320828.04    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                     | MSA Safety Inc                          | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      1343 | NS      | $211415.06    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I     | Reinsurance Group of America Inc        | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       475 | NS      | $88972.25     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp              | Encompass Health Corp                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      2257 | NS      | $264046.43    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc      | Independence Realty Trust Inc           | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |      2548 | NS      | $49507.64     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                       | NNN REIT Inc                            | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      4806 | NS      | $197574.66    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group     | California Water Service Group          | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      2532 | NS      | $128245.80    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc         | Grand Canyon Education Inc              | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       560 | NS      | $99887.20     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I     | Prestige Consumer Healthcare Inc        | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2631 | NS      | $213716.13    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc        | Healthcare Realty Trust Inc             | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      1970 | NS      | $30594.10     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp              | Antero Midstream Corp                   | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9806 | NS      | $162289.30    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc               | BWX Technologies Inc                    | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |       654 | NS      | $71364.48     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                   | Black Hills Corp                        | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      3127 | NS      | $190434.30    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In     | Equity LifeStyle Properties Inc         | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      1743 | NS      | $112911.54    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                | Silgan Holdings Inc                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      2181 | NS      | $112648.65    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc        | Starwood Property Trust Inc             | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     14289 | NS      | $274205.91    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                 | Sonoco Products Co                      | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      5790 | NS      | $237390.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr     | Essential Properties Realty Trust Inc   | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      3739 | NS      | $120283.63    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                        | Avista Corp                             | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      4267 | NS      | $176952.49    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                     | AptarGroup Inc                          | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2901 | NS      | $435004.95    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent              | American Homes 4 Rent                   | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      6310 | NS      | $235930.90    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc      | Lincoln Electric Holdings Inc           | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       475 | NS      | $83695.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                            | ITT Inc                                 | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |       688 | NS      | $94269.76     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc           | Phillips Edison & Co Inc                | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |      5236 | NS      | $181689.20    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In     | Fidelity National Financial Inc         | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      2669 | NS      | $170949.45    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                       | Reliance Inc                            | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       329 | NS      | $94827.67     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc         | Casey's General Stores Inc              | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       255 | NS      | $117960.45    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                | Federal Signal Corp                     | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |       797 | NS      | $64899.71     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                  | Agree Realty Corp                       | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2964 | NS      | $230036.04    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                   | Vail Resorts Inc                        | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |       446 | NS      | $62083.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp              | Stifel Financial Corp                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |       517 | NS      | $44301.73     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust      | First Industrial Realty Trust Inc       | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2225 | NS      | $105865.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc             | Energizer Holdings Inc                  | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |      3790 | NS      | $102481.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO         | Commerce Bancshares Inc/MO              | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1695 | NS      | $102954.30    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc              | Arrow Electronics Inc                   | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |       906 | NS      | $100892.16    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment T     | PennyMac Mortgage Investment Trust      | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |     20125 | NS      | $258405.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                          | Graco Inc                               | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      3288 | NS      | $268333.68    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc        | ARMOUR Residential REIT Inc             | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |     10979 | NS      | $180824.13    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C     | Madison Square Garden Sports Corp       | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1734 | NS      | $333916.38    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                         | Kirby Corp                              | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |       757 | NS      | $72952.09     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                    | TXNM Energy Inc                         | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |      5190 | NS      | $276108.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                   | Radian Group Inc                        | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      1882 | NS      | $60111.08     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc             | FirstCash Holdings Inc                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       852 | NS      | $114133.92    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd               | Assured Guaranty Ltd                    | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |       932 | NS      | $81764.36     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                | Mr Cooper Group Inc                     | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |       553 | NS      | $65812.53     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                   | DT Midstream Inc                        | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       721 | NS      | $70081.20     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati     | Science Applications International Corp | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       756 | NS      | $91498.68     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties      | Gaming and Leisure Properties Inc       | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      5391 | NS      | $258013.26    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc         | Sabra Health Care REIT Inc              | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      1944 | NS      | $34700.40     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                   | Carlisle Cos Inc                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       231 | NS      | $87659.88     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                        | Chemed Corp                             | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       255 | NS      | $148285.05    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                              | AECOM                                   | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      1549 | NS      | $152808.85    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                | Churchill Downs Inc                     | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |      1258 | NS      | $113735.78    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                  | Clean Harbors Inc                       | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |       387 | NS      | $82794.78     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                        | Hexcel Corp                             | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |      1628 | NS      | $78909.16     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                   | Donaldson Co Inc                        | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      3949 | NS      | $259567.77    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                 | ABM Industries Inc                      | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      2056 | NS      | $100209.44    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                      | H&R Block Inc                           | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      1653 | NS      | $99791.61     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                   | Essent Group Ltd                        | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |      1893 | NS      | $107768.49    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                  | Getty Realty Corp                       | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      4000 | NS      | $111960.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                     | Murphy USA Inc                          | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       302 | NS      | $150568.14    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                        | ONE Gas Inc                             | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      2211 | NS      | $173585.61    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In     | Choice Hotels International Inc         | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      1013 | NS      | $127749.43    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co           | American States Water Co                | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1860 | NS      | $150864.60    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                          | CubeSmart                               | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1430 | NS      | $58158.10     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd         | RenaissanceRe Holdings Ltd              | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       265 | NS      | $64111.45     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                       | Innoviva Inc                            | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     19658 | NS      | $367408.02    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC           | Jazz Pharmaceuticals PLC                | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |       762 | NS      | $89123.52     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                     | EPR Properties                          | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      4356 | NS      | $215578.44    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                         | Korn Ferry                              | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      1236 | NS      | $76261.20     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp             | J & J Snack Foods Corp                  | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |       953 | NS      | $123499.27    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc      | Affiliated Managers Group Inc           | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       487 | NS      | $80661.81     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I     | BJ's Wholesale Club Holdings Inc        | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |       928 | NS      | $109095.68    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                        | Maximus Inc                             | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      1980 | NS      | $132580.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                          | Avnet Inc                               | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      2460 | NS      | $115595.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                        | IDACORP Inc                             | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      2242 | NS      | $264757.78    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc            | MDU Resources Group Inc                 | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2311 | NS      | $39610.54     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties            | COPT Defense Properties                 | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      5559 | NS      | $145145.49    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc       | MSC Industrial Direct Co Inc            | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |      1081 | NS      | $82674.88     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The              | New York Times Co/The                   | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      3690 | NS      | $192101.40    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp             | Progress Software Corp                  | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      1691 | NS      | $101392.36    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc      | Jefferies Financial Group Inc           | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |       594 | NS      | $27757.62     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                       | Balchem Corp                            | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       947 | NS      | $148252.85    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                  | Flowers Foods Inc                       | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     16032 | NS      | $282002.88    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                    | OGE Energy Corp                         | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      6630 | NS      | $300869.40    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor     | Old Republic International Corp         | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      8112 | NS      | $305011.20    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust               | LXP Industrial Trust                    | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      6518 | NS      | $51427.02     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc              | RPM International Inc                   | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      1705 | NS      | $182008.75    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC          | Janus Henderson Group PLC               | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | GB        |      2201 | NS      | $73095.21     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                        | Gentex Corp                             | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      7870 | NS      | $171408.60    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties              | Urban Edge Properties                   | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6172 | NS      | $111528.04    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc               | Federated Hermes Inc                    | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      5743 | NS      | $233223.23    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                 | LTC Properties Inc                      | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      3980 | NS      | $142762.60    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                | STAG Industrial Inc                     | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |      3522 | NS      | $116331.66    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    106497 | NS      | $106497.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co          | Performance Food Group Co               | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      1455 | NS      | $117360.30    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co               | National Fuel Gas Co                    | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      2404 | NS      | $184579.12    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc            | Ellington Financial Inc                 | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     31009 | NS      | $404047.27    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc     | Omega Healthcare Investors Inc          | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      3776 | NS      | $147452.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                    | Morningstar Inc                         | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       647 | NS      | $184213.84    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co          | Edgewell Personal Care Co               | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      4635 | NS      | $141599.25    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc      | Rexford Industrial Realty Inc           | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |       798 | NS      | $26413.80     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                     | Littelfuse Inc                          | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |       362 | NS      | $65996.22     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc         | Brixmor Property Group Inc              | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      4261 | NS      | $106141.51    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                 | FTI Consulting Inc                      | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |       729 | NS      | $121218.12    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                       | WP Carey Inc                            | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      2039 | NS      | $127315.16    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O     | American Financial Group Inc/OH         | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      1369 | NS      | $173397.54    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc           | EastGroup Properties Inc                | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |       685 | NS      | $111942.70    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp          | Chesapeake Utilities Corp               | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |      1245 | NS      | $163929.15    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc           | Franklin Electric Co Inc                | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      1209 | NS      | $102716.64    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                     | Royal Gold Inc                          | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       738 | NS      | $134839.98    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                        | Ashland Inc                             | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |      1290 | NS      | $70163.10     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co             | Columbia Sportswear Co                  | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |      1507 | NS      | $93690.19     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                        | Autoliv Inc                             | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      1007 | NS      | $93882.61     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp      | First American Financial Corp           | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |      2138 | NS      | $130011.78    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                  | ManpowerGroup Inc                       | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      1492 | NS      | $64260.44     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                   | Ryder System Inc                        | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       595 | NS      | $81913.65     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co               | Lamar Advertising Co                    | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      1068 | NS      | $121549.08    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                       | Innospec Inc                            | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       715 | NS      | $63978.20     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                | Landstar System Inc                     | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |       932 | NS      | $125027.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                          | AGCO Corp                               | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       721 | NS      | $61162.43     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                | PotlatchDeltic Corp                     | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |       742 | NS      | $28485.38     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp               | MGIC Investment Corp                    | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      4403 | NS      | $109678.73    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                           | RLI Corp                                | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      2484 | NS      | $183840.84    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr     | National Storage Affiliates Trust       | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |       881 | NS      | $32773.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc      | Northwestern Energy Group Inc           | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      3464 | NS      | $201708.72    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                       | Rayonier Inc                            | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      4878 | NS      | $119315.88    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc            | CNO Financial Group Inc                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      1350 | NS      | $51219.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                 | SEI Investments Co                      | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      2740 | NS      | $214514.60    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US      | Service Corp International/US           | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      2508 | NS      | $200389.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                      | Primerica Inc                           | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |       672 | NS      | $176111.04    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                     | Flowserve Corp                          | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      1383 | NS      | $62553.09     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                       | Oshkosh Corp                            | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       679 | NS      | $56873.04     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The               | Ensign Group Inc/The                    | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      1357 | NS      | $175039.43    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancaster Colony Corp              | Lancaster Colony Corp                   | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |       477 | NS      | $77646.06     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co       | Graphic Packaging Holding Co            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4965 | NS      | $125664.15    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                | Curtiss-Wright Corp                     | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |       212 | NS      | $73116.68     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc             | Dolby Laboratories Inc                  | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |      1340 | NS      | $102898.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

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